Document:

Exhibit 10.1

 

BROOKFIELD ASSET MANAGEMENT INC.

 

- and -

 

BROOKFIELD BUSINESS PARTNERS L.P.

 

- and -

 

BROOKFIELD BUSINESS L.P.

 

- and -

 

BROOKFIELD BBP CANADA HOLDINGS INC.

 

- and -

 

BROOKFIELD BBP US HOLDINGS CORPORATION

 

- and -

 

BROOKFIELD BBP BERMUDA HOLDINGS LIMITED

 

- and —

 

BROOKFIELD ASSET MANAGEMENT PRIVATE INSTITUTIONAL 
 CAPITAL ADVISER (PRIVATE EQUITY), L.P.

 

- and —

 

BROOKFIELD CANADIAN BUSINESS ADVISOR L.P.

 

- and —

 

BROOKFIELD CANADIAN GP L.P.

 

- and —

 

BROOKFIELD ASSET MANAGEMENT (BARBADOS) INC.

 

- and —

 

BROOKFIELD GLOBAL BUSINESS ADVISOR LIMITED

 

 

FORM OF MASTER SERVICES AGREEMENT

 

 

[·], 2016

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1
    	
 
    
	
INTERPRETATION
    	
2
    
	
 
    	
 
    	
 
    
	
1.1
    	
Definitions
    	
2
    
	
1.2
    	
Headings and Table of   Contents
    	
8
    
	
1.3
    	
Interpretation
    	
9
    
	
1.4
    	
Actions by the Service   Providers or the Service Recipients
    	
9
    
	
1.5
    	
Generally Accepted   Accounting Principles
    	
10
    
	
1.6
    	
Invalidity of   Provisions
    	
10
    
	
1.7
    	
Entire Agreement
    	
10
    
	
1.8
    	
Waiver, Amendment
    	
10
    
	
1.9
    	
Governing Law
    	
11
    
	
 
    	
 
    	
 
    
	
ARTICLE 2 
    	
 
    
	
APPOINTMENT OF THE SERVICE PROVIDERS
    	
11
    
	
 
    	
 
    	
 
    
	
2.1
    	
Appointment and   Acceptance
    	
11
    
	
2.2
    	
Other Holding Entities
    	
11
    
	
2.3
    	
Other Service Providers
    	
11
    
	
 
    	
 
    	
 
    
	
ARTICLE 3
    	
 
    
	
SERVICES AND POWERS OF THE SERVICE PROVIDERS
    	
11
    
	
 
    	
 
    	
 
    
	
3.1
    	
Services
    	
11
    
	
3.2
    	
Responsibility for, and   Receipt of, Certain Services
    	
13
    
	
3.3
    	
Supervision of Service   Providers’ Activities
    	
13
    
	
3.4
    	
Restrictions on the   Service Providers
    	
14
    
	
3.5
    	
Errors and Omissions   Insurance
    	
14
    
	
3.6
    	
Operational and Other   Services
    	
14
    
	
 
    	
 
    	
 
    
	
ARTICLE 4
    	
 
    
	
RELATIONSHIP BETWEEN THE SERVICE PROVIDERS AND   THE SERVICE RECIPIENTS
    	
14
    
	
 
    	
 
    	
 
    
	
4.1
    	
Other Activities
    	
14
    
	
4.2
    	
Exclusivity
    	
15
    
	
4.3
    	
No Partnership, Joint   Venture or Agency
    	
15
    
	
 
    	
 
    	
 
    
	
ARTICLE 5
    	
 
    
	
MANAGEMENT AND EMPLOYEES
    	
15
    
	
 
    	
 
    	
 
    
	
5.1
    	
Management and   Employees
    	
15
    
	
5.2
    	
Compensation Charges
    	
15
    
	
 
    	
 
    	
 
    
	
ARTICLE 6 
    	
 
    
	
INFORMATION AND RECORDS
    	
16
    
	
 
    	
 
    	
 
    
	
6.1
    	
Books and Records
    	
16
    
	
6.2
    	
Examination of Records   by the Service Recipients
    	
16
    
	
6.3
    	
Access to Information   by Service Providers Group
    	
16
    
	
6.4
    	
Additional Information
    	
17
    

 

 

	
ARTICLE 7
    	
 
    
	
FEES AND EXPENSES
    	
17
    
	
 
    	
 
    	
 
    
	
7.1
    	
Net Base Management Fee   and Base Management Fee Adjustment
    	
17
    
	
7.2
    	
Maximum Fees Payable by   the Holding LP
    	
18
    
	
7.3
    	
Currency
    	
18
    
	
7.4
    	
Computation and Payment   of Net Base Management Fee
    	
18
    
	
7.5
    	
Failure to Pay When Due
    	
19
    
	
7.6
    	
Expenses
    	
19
    
	
7.7
    	
Governmental Charges
    	
20
    
	
7.8
    	
Computation and Payment   of Expenses and Governmental Charges
    	
20
    
	
 
    	
 
    	
 
    
	
ARTICLE 8
    	
 
    
	
BROOKFIELD’S OBLIGATIONS
    	
20
    
	
 
    	
 
    
	
ARTICLE 9
    	
 
    
	
REPRESENTATIONS AND WARRANTIES
    	
 
    
	
OF BROOKFIELD, THE SERVICE PROVIDERS AND THE   SERVICE RECIPIENTS
    	
21
    
	
 
    	
 
    	
 
    
	
9.1
    	
Representations and   Warranties of the Service Providers and Brookfield
    	
21
    
	
9.2
    	
Representations and   Warranties of the Service Recipients
    	
22
    
	
 
    	
 
    	
 
    
	
ARTICLE 10
    	
 
    
	
LIABILITY AND INDEMNIFICATION
    	
22
    
	
 
    	
 
    	
 
    
	
10.1
    	
Indemnity
    	
22
    
	
10.2
    	
Limitation of Liability
    	
24
    
	
10.3
    	
No Waiver
    	
24
    
	
 
    	
 
    	
 
    
	
ARTICLE 11
    	
 
    
	
TERM AND TERMINATION
    	
24
    
	
 
    	
 
    	
 
    
	
11.1
    	
Term
    	
24
    
	
11.2
    	
Termination by the   Service Recipients
    	
24
    
	
11.3
    	
Termination by the   Service Providers
    	
25
    
	
11.4
    	
Survival Upon   Termination
    	
26
    
	
11.5
    	
Action Upon Termination
    	
26
    
	
11.6
    	
Release of Money or   other Property Upon Written Request
    	
27
    
	
 
    	
 
    	
 
    
	
ARTICLE 12
    	
 
    
	
GENERAL PROVISIONS
    	
27
    
	
 
    	
 
    	
 
    
	
12.1
    	
Limited Liability of   Limited Partners of BBP and Holding LP
    	
27
    
	
12.2
    	
Assignment
    	
28
    
	
12.3
    	
Subcontracting and   Other Arrangements
    	
28
    
	
12.4
    	
Enurement
    	
28
    
	
12.5
    	
Notices
    	
29
    
	
12.6
    	
Further Assurances
    	
32
    
	
12.7
    	
Counterparts
    	
32
    
	
12.8
    	
Other Holding Entities
    	
32
    

 

ii

 

MASTER SERVICES AGREEMENT

 

THIS AGREEMENT made as of the [·] day of [·], 2016.

 

B E T W E E N:

 

BROOKFIELD ASSET MANAGEMENT INC. (“Brookfield”), a corporation existing under the laws of the Province of Ontario

 

- and -

 

BROOKFIELD BUSINESS PARTNERS L.P. (“BBP”), a limited partnership existing under the laws of Bermuda

 

- and -

 

BROOKFIELD BUSINESS L.P. (the “Holding LP”), a limited partnership existing under the laws of Bermuda

 

- and -

 

BROOKFIELD BBP CANADA HOLDINGS INC. (“CanHoldco”), a corporation existing under the laws of the Province of Ontario

 

- and -

 

BROOKFIELD BBP US HOLDINGS CORPORATION (“US Holdco”), a corporation existing under the laws of the State of Delaware

 

- and -

 

BROOKFIELD BBP BERMUDA HOLDINGS LIMITED (“Bermuda Holdco”), an exempted company existing under the laws of Bermuda

 

- and -

 

BROOKFIELD ASSET MANAGEMENT PRIVATE INSTITUTIONAL CAPITAL ADVISER (PRIVATE EQUITY), L.P., (the “BAM PIC (PE)”), a limited partnership existing under the laws of Manitoba

 

- and —

 

BROOKFIELD CANADIAN BUSINESS ADVISOR L.P., (the “Canadian Service Provider”), a limited partnership existing under the laws of Ontario

 

- and —

 

BROOKFIELD CANADIAN GP L.P., (“CanGP LP”), a limited partnership existing under the laws of Ontario

 

- and —

 

BROOKFIELD ASSET MANAGEMENT (BARBADOS) INC., (the “Barbados Service Provider”), a registered international business company existing under the laws of Barbados

 

 

- and —

 

BROOKFIELD GLOBAL BUSINESS ADVISOR LIMITED (the “UK Service Provider”), a company existing under the laws of England

 

RECITALS:

 

A.                                    The Service Recipients (as defined below) directly or indirectly hold interests in the business services and industrial operations, including construction services, residential real estate services, logistics, facilities management, industrial manufacturing, mining, oil and gas exploration and production, and other similar operations or services,  and will directly or indirectly acquire, from time to time, interests in such business services and industrial operations; and

 

B.                                    BBP, the Holding LP and the Holding Entities (as defined below) wish to engage the Service Providers (as defined below) to provide or arrange for other members of the Service Providers Group (as defined below) to provide to the Service Recipients certain management and administration services, subject to the terms and conditions of this Agreement.

 

NOW THEREFORE in consideration of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:

 

ARTICLE 1
 INTERPRETATION

 

1.1                                                                               Definitions

 

In this Agreement, except where the context otherwise requires, the following terms will have the following meanings:

 

1.1.1                               “Additional Information” has the meaning assigned thereto in Section 6.4;

 

1.1.2                               “Advisers Act” means the U.S. Investment Advisers Act of 1940, as amended;

 

1.1.3                               “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person;

 

1.1.4                               “Agreement” means this Master Services Agreement as the same may be amended from time to time, and “herein”, “hereof”, “hereby”, “hereunder” and similar expressions refer to this Agreement and include every instrument supplemental or ancillary to this Agreement and, except where the context otherwise requires, not to any particular article or section thereof;

 

1.1.5          “Associate” means an entity that, in relation to the Person concerned, is a parent undertaking, a subsidiary or a subsidiary of their parent undertaking (as such terms are defined within the Directive 2004/39/EC of the European Union);

 

1.1.6                               “Available Cash” means all cash and cash equivalents of the BBP Group available for distribution by the Service Recipients determined at the sole discretion of the BBP General Partner, which, for greater certainty, (i) may not in all cases equal an amount of cash held by the Service Recipients after the payment of expenses, debt service obligations on any indebtedness and any other expense or reserve for any liability, working

 

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capital or capital expenditure and (ii) may include cash that has been borrowed by any of the Service Recipients;

 

1.1.7                               “BAM PIC (PE)” has the meaning ascribed thereto in the preamble;

 

1.1.8                               “Barbados Service Provider” has the meaning ascribed thereto in the preamble;

 

1.1.9                               “Base Management Fee” means the base management fee, calculated quarterly in arrears, in an aggregate amount equal to 0.3125% (1.25% annually) of the Total Capitalization;

 

1.1.10                        “Base Management Fee Adjustment” has the meaning assigned thereto in Section 7.1.2;

 

1.1.11                        “BBP” has the meaning assigned thereto in the preamble;

 

1.1.12                        “BBP General Partner” means the general partner of BBP, which currently is 1922859 Alberta ULC, a company incorporated under the laws of the Province of Alberta;

 

1.1.13                        “BBP Group” means BBP, the Holding LP, the Holding Entities, the Operating Entities and any other direct or indirect Subsidiary of a Holding Entity;

 

1.1.14                        “Bermuda Holdco” has the meaning assigned thereto in the preamble;

 

1.1.15                        “Brookfield” has the meaning assigned thereto in the preamble;

 

1.1.16                        “Brookfield Fund” means any private investment entity, managed account, joint venture, consortium, partnership or investment fund established, sponsored or managed by a member of the Brookfield Group;

 

1.1.17                        “Brookfield Group” means Brookfield, any of its Affiliates and any Brookfield Fund, but excludes members of the BBP Group;

 

1.1.18                        “Business Day” means every day except a Saturday or Sunday, or a day which is a statutory or civic holiday in Bermuda, the Province of Ontario, or the State of New York;

 

1.1.19                        “Canadian Service Provider” has the meaning ascribed thereto in the preamble;

 

1.1.20                        “CanGP LP” has the meaning assigned thereto in the preamble;

 

1.1.21                        “CanHoldco” has the meaning assigned thereto in the preamble;

 

1.1.22                        “Capital Commitment” means, with respect to any Operating Entity, at any time, the amount that a Service Recipient has committed at such time to contribute (either as debt or equity) to such Operating Entity as set forth in the terms of the subscription agreement or other underlying documentation with respect to such Operating Entity at or prior to such time;

 

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1.1.23                        “Capital Contribution” means, with respect to any Operating Entity, at any time, the amount of capital that a Service Recipient has contributed (either as debt or equity) to such Operating Entity at or prior to such time;

 

1.1.24                        “Claims” has the meaning assigned thereto in Section 10.1.1;

 

1.1.25                        “Compensation Charge” has the meaning assigned thereto in Section 5.2.1;

 

1.1.26                        “Control” means the control by one Person of another Person in accordance with the following: a Person (“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example, the status of A being the general partner of B) or by virtue of the beneficial ownership of or control over a majority of the voting interests in B; and, for greater certainty and without limitation, if A owns or has control over shares or other securities to which are attached more than 50% of the votes permitted to be cast in the election of directors to the Governing Body of B, or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose; and the term “Controlled” has the corresponding meaning;

 

1.1.27                        “Credit Facilities” means the revolving credit facilities provided by one or more members of the Brookfield Group on or before the distribution by Brookfield of its interests in BBP to the shareholders of Brookfield;

 

1.1.28                        “Creditable Operating Entity Payment” means the proportion of each cash payment made by an Operating Entity to any member of the Brookfield Group, including any payment made in the form of a dividend, distribution or other profit entitlement, which the Service Providers determine to be comparable to the Base Management Fee that is attributable to the Partnership Capital invested in or committed to that Operating Entity, as applicable; provided that the aggregate amount of any Creditable Operating Entity Payments made by such Operating Entity shall not exceed an amount equal to 0.3125% of the amount of Partnership Capital invested in such Operating Entity;

 

1.1.29                        “Expense Statement” has the meaning assigned thereto in Section 7.8;

 

1.1.30                        “Expenses” has the meaning assigned thereto in Section 7.6.2;

 

1.1.31                        “Governing Body” means (i) with respect to a corporation or limited company, the board of directors of such corporation or limited company, (ii) with respect to a limited liability company, the manager(s), director(s) or managing member(s) of such limited liability company, (iii) with respect to a partnership, the board, committee or other body of each general partner or managing partner of such partnership, that serves a similar function (or if any such general partner or managing partner is itself a partnership, the board, committee or other body of such general or managing partner’s general or managing partner that serves a similar function), and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or other subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer or managing director;

 

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1.1.32                        “Governing Instruments” means (i) the memorandum of association and bye-laws in the case of an exempted company existing under the laws of Bermuda, (ii) the certificate of incorporation, amalgamation or continuance, as applicable, and by-laws in the case of a corporation, (iii) the memorandum and articles of association and by-laws, as applicable, in the case of a limited company, (iv) the partnership agreement in the case of a partnership, (v) the articles of formation and operating agreement in the case of a limited liability company, (vi) the trust instrument in the case of a trust and (vii) any other similar governing document under which an entity was organized, formed or created and operates, in each case as amended, supplemented or otherwise modified from time to time;

 

1.1.33                        “Governmental Authority” means any (a) multinational, federal, provincial, state, regional, municipal, local or other government, governmental or public department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign, (b) self-regulatory organization or stock exchange, (c) subdivision, agent, commission, board, or authority of any of the foregoing, or (d) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing;

 

1.1.34                        “Governmental Charges” has the meaning assigned thereto in Section 7.7;

 

1.1.35                        “Holding Entities” means CanHoldco, US Holdco, Bermuda Holdco and any other primary holding Subsidiaries of the Holding LP created or acquired after the date of this Agreement through which Holding LP indirectly holds its interest in the Operating Entities, excluding, for greater certainty, any Operating Entities;

 

1.1.36                        “Holding LP” has the meaning assigned thereto in the preamble;

 

1.1.37                        “Incentive Distribution” means any performance-based dividend, distribution or other profit entitlement but, for greater certainty, does not include Service Agreement Fees or Creditable Operating Entity Payments;

 

1.1.38                        “Indemnified Party” has the meaning assigned thereto in Section 10.1.1;

 

1.1.39                        “Indemnifying Party” has the meaning assigned thereto in Section 10.1.1;

 

1.1.40                        “Independent Committee” means a committee of the board of directors of the BBP General Partner made up of directors that are “independent” of Brookfield and its Affiliates, in accordance with the BBP General Partner’s Governing Instruments;

 

1.1.41                        “Interest Rate” means, for any day, the annual rate of interest equal to the London Interbank Offering Rate;

 

1.1.42                        “Investment Advisory Services” means any recommendation to buy, sell, vote or take any similar action with respect to a “Security” (which, for purposes of this definition only, shall have the meaning assigned thereto in the Advisers Act);

 

1.1.43                        “Laws” means all laws (including common law), statutes, regulations, statutory rules, by-laws, orders, ordinances, directives and the terms and conditions of any

 

5

 

approvals, permits, licences or judgements of any Governmental Authority, together with any applicable enforceable published notes, guidelines or policies, and the term “applicable”, with respect to such Laws and in the context that refers to one or more Persons, means such Laws that apply to such Person or Persons or its or their business, undertaking, property or securities at the relevant time and that emanate from a Governmental Authority having jurisdiction over the Person or Persons or its or their business, undertaking, property or securities;

 

1.1.44                        “Liabilities” has the meaning assigned thereto in Section 10.1.1;

 

1.1.45                        “Licensing Agreements” means the licensing agreements between Brookfield Global Asset Management Inc. and each of BBP and the Holding LP, pursuant to which BBP and the Holding LP have been granted a non-exclusive, royalty-free license to use the “Brookfield” name and the “Brookfield” logo;

 

1.1.46                        “Market Value” means, with respect to a Unit or Security, (i) if such Unit or Security is listed on a stock exchange or public quotation system, the Trading Price of such Unit or Security, as applicable, or (ii) if such Unit or Security is not listed on a stock exchange or public quotation system, the fair market value of such Unit or Security, as applicable, as determined by the Governing Body of the BBP General Partner;

 

1.1.47                        “Net Base Management Fee” means the Base Management Fee, as adjusted pursuant to Section 7.1.2;

 

1.1.48                        “Operating Entities” means, from time to time, the Persons in which the Holding Entities, directly or indirectly, hold interests and that (i) directly hold BBP’s operations and assets, or (ii) indirectly hold BBP’s operations and assets but all of the interests of which are not held, directly or indirectly, by the Holding Entities, other than, in the case of each of (i) and (ii), any Person in which the Holding Entities, directly or indirectly, hold interests for investment purposes only of less than 5% of the outstanding equity securities of that Person;

 

1.1.49                        “Operational and Other Services” means any services provided by any member of the Brookfield Group, to the Operating Entities, including financial advisory, operations and maintenance, development, operating management and other services;

 

1.1.50                        “Partnership Capital” means any Capital Commitment and/or (as the context requires) any Capital Contribution;

 

1.1.51                        “Permit” means any consent, license, approval, registration, permit or other authorization granted by any Governmental Authority;

 

1.1.52                        “Person” means any natural person, partnership, limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability company, unlimited liability company, joint stock company, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or

 

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governmental agency, authority or other entity however designated or constituted and pronouns have a similarly extended meaning;

 

1.1.53                        “Principal Exchange” means the principal stock exchange or public quotation system (determined on the basis of aggregate trading volume for the applicable Quarter) on which the Units or Securities, as applicable, are listed;

 

1.1.54                        “Quarter” means a calendar quarter ending on the last day of March, June, September or December;

 

1.1.55                        “Redemption-Exchange Units” means the limited partnership units of the Holding LP with the rights and obligations specified in the limited partnership agreement of the Holding LP;

 

1.1.56                        “Relationship Agreement” means the relationship agreement dated as of the date hereof entered into among BBP, the Holding LP, the Holding Entities, Brookfield and the Service Providers that governs aspects of the relationship among them;

 

1.1.57                        “SEC” means the U.S. Securities and Exchange Commission;

 

1.1.58                        “Security” means with respect to each Service Recipient, any issued and outstanding security of such Service Recipient (other than, in the case of BBP, the Units) that is not held by any member of the BBP Group;

 

1.1.59                        “Service Agreement” means any agreement or arrangement entered into pursuant to Section 12.3 between any Service Recipient and any member of the Service Providers Group pursuant to which Services are provided;

 

1.1.60                        “Service Agreement Fee” means, in any Quarter, any cash payment, including any such payment made in the form of a dividend, distribution or other profit entitlement, which the Service Providers determine to be comparable to the Base Management Fee, and which is payable by a Service Recipient to a member of the Brookfield Group with respect to such Quarter;

 

1.1.61                        “Service Providers”  means the BAM PIC (PE), the Barbados Service Provider, the Canadian Service Provider, CanGP LP and the UK Service Provider and any other Affiliate of Brookfield that is appointed by a Service Provider from time to time to act as a service provider pursuant to this Agreement;

 

1.1.62                        “Service Providers Group” means the Service Providers and any qualified member of the Brookfield Group that any Service Provider has arranged to provide the Services to any Service Recipient;

 

1.1.63                        “Service Recipient” means BBP, the Holding LP, the Holding Entities and, at the option of the Holding Entities, any entity in which any of the foregoing or any combination of the foregoing holds, directly or indirectly, all of the common equity or equivalent interests, excluding, for greater certainty, any Operating Entities;

 

7

 

1.1.64                        “Services” has the meaning assigned thereto in Section 3.1;

 

1.1.65                        “Subsidiary” means, with respect to any Person, (i) any other Person that is directly or indirectly Controlled by such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any partnership, limited liability company or similar entity in which such Person holds all of the interests other than the interests of any general partner, managing member or similar Person;

 

1.1.66                        “Third Party Claim” has the meaning assigned thereto in Section 10.1.2;

 

1.1.67                        “Total Capitalization” means, with respect to any Quarter, the sum of (i) the Market Value of a Unit multiplied by the number of issued and outstanding Units on the last trading day of the Quarter (assuming full conversion of any Redemption-Exchange Units into Units), plus (ii) for each class or series of Security, the Market Value of a Security of such class or series multiplied by the number of Securities of such class or series issued and outstanding on the last trading day of the Quarter (calculated on a fully-diluted basis), plus (iii) the principal amount of any debt not captured by paragraph (ii) of this 1.1.66 owed by each Service Recipient (excluding for this purpose any amounts owed to any member of the Brookfield Group under the Credit Facilities) as of the last trading day of the applicable Quarter to any Person that is not a member of the BBP Group, which debt has recourse to any Service Recipient, less any amount of cash held by all Service Recipients on such day;

 

1.1.68                        “Trading Price” means, for any Quarter, with respect to any Unit or Security that is listed on a stock exchange or public quotation system, the volume-weighted average trading price of such Unit or Security on the Principal Exchange for the days on which the Unit or Security traded during such Quarter, provided that where the Trading Price of such Unit or Security is calculated in any currency other than U.S. dollars, such amount will be converted to U.S. dollars for purposes of this Agreement in accordance with the applicable exchange rate, as determined by the Service Providers acting reasonably;

 

1.1.69                        “Transaction Fees” means fees paid or payable by the Service Recipients, which are on market terms, with respect to financial advisory services ordinarily carried out by investment banks in the context of mergers and acquisitions transactions;

 

1.1.70                        “UK Service Provider” has the meaning assigned thereto in the preamble;

 

1.1.71                        “Units” means the limited partnership units of BBP; and

 

1.1.72                        “US Holdco” has the meaning assigned thereto in the preamble.

 

1.2                                                                               Headings and Table of Contents

 

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

 

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1.3                                                                               Interpretation

 

In this Agreement, unless the context otherwise requires:

 

1.3.1                               words importing the singular will include the plural and vice versa, words importing gender will include all genders or the neuter, and words importing the neuter will include all genders;

 

1.3.2                               the words “include”, “includes”, “including”, or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement;

 

1.3.3                               references to any Person include such Person’s successors and permitted assigns;

 

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

 

1.3.5                               any reference to this Agreement or any other agreement, document or instrument will be construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise modified;

 

1.3.6                               in the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not a Business Day, then such amount will be determined or such action will be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and

 

1.3.7                               except where otherwise expressly provided, all amounts in this Agreement are stated and will be paid in U.S. currency.

 

1.4                                                                               Actions by the Service Providers or the Service Recipients

 

Unless the context requires otherwise, where the consent or a determination is required by any Service Provider or Service Recipient hereunder, the parties shall be entitled to conclusively rely upon it having been given or taken, as applicable, if, such Service Provider or Service Recipient, as applicable, has communicated the same in writing.

 

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1.5                                                                               Generally Accepted Accounting Principles

 

In this Agreement, references to “generally accepted accounting principles” mean the generally accepted accounting principles used by BBP in preparing its financial statements from time to time.

 

1.6                                                                               Invalidity of Provisions

 

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

 

1.7                                                                               Entire Agreement

 

This Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement.  There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement.  No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, or any amendment or supplement thereto, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement or any amendment or supplement by reason of any such warranty, representation, opinion, advice or assertion of fact.  Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above.

 

1.8                                                                               Waiver, Amendment

 

Except as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless executed in writing by the party to be bound thereby.  No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right. A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right.

 

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1.9                                                                               Governing Law

 

This Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable therein. Each party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Toronto and waives objection to the venue of any proceeding in such court or any argument that such court provides an inconvenient forum.

 

ARTICLE 2
 APPOINTMENT OF THE SERVICE PROVIDERS

 

2.1                                                                               Appointment and Acceptance

 

2.1.1                               Subject to and in accordance with the terms, conditions and limitations in this Agreement, the Service Recipients hereby appoint the Service Providers to provide or arrange for other members of the Service Providers Group to provide the Services to the Service Recipients. This appointment will be subject to each Service Recipient’s Governing Body’s supervision of the Service Providers and obligation to manage and control the affairs of such Service Recipient.

 

2.1.2                               The Service Providers hereby accept the appointment provided for in Section 2.1.1 and agree to act in such capacity and to provide or arrange for other members of the Service Providers Group to provide the Services to the Service Recipients upon the terms, conditions and limitations in this Agreement.

 

2.2                                                                               Other Holding Entities

 

The parties acknowledge that any Holding Entity that is not a party to this Agreement will execute a counterpart of this Agreement agreeing to be bound by the terms of this Agreement.

 

2.3                                                                               Other Service Providers

 

Any Service Provider may, from time to time, appoint an Affiliate of Brookfield to act as a new Service Provider under this Agreement, effective upon the execution of a joinder agreement by the new Service Provider in the form set forth on Schedule A hereto.

 

ARTICLE 3
 SERVICES AND POWERS OF THE SERVICE PROVIDERS

 

3.1                                                                               Services

 

The Service Providers will provide or arrange for the provision by other members of the Service Providers Group of, and will have the exclusive power and authority to provide or arrange for the provision by other members of the Service Providers Group of, the services (the “Services”) described below:

 

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3.1.1                               providing overall strategic advice to the Holding Entities including advising with respect to the expansion of their business into new markets;

 

3.1.2                               identifying, evaluating and recommending to the Service Recipients acquisitions or dispositions from time to time and, where requested to do so, assisting in negotiating the terms of such acquisitions or dispositions;

 

3.1.3                               recommending and, where requested to do so, assisting in the raising of funds whether by way of debt, equity or otherwise, including the preparation, review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications support in connection therewith;

 

3.1.4                               recommending to the Service Recipients suitable candidates to serve on the Governing Bodies of the Operating Entities;

 

3.1.5                               making recommendations with respect to the exercise of any voting rights to which the Service Recipients are entitled in respect of the Operating Entities;

 

3.1.6                               making recommendations with respect to the payment of dividends or other distributions by the Service Recipients, including distributions by BBP to its unitholders;

 

3.1.7                               monitoring and/or oversight of the applicable Service Recipient’s accountants, legal counsel and other accounting, financial or legal advisors and technical, commercial, marketing and other independent experts, including making recommendations with respect to, and supervising the, making of tax elections, determinations and designations, the timely calculation and payment of taxes payable, and the filing of all tax returns due, by each Service Recipient, and overseeing the preparation of the Service Recipients’ annual consolidated financial statements and quarterly interim financial statements;

 

3.1.8                               making recommendations in relation to and effecting, when requested to do so, the entry into insurance of each Service Recipient’s assets, together with other insurances against other risks, including directors and officers insurance, as the relevant member of the Service Providers Group and the relevant Governing Body may from time to time agree;

 

3.1.9                               arranging for individuals to carry out the functions of the principal executive, accounting and financial officers for BBP only for purposes of applicable securities laws; and

 

3.1.10                        providing individuals to act as senior officers of the Service Recipients as agreed from time to time, subject to the approval of the relevant Governing Body.

 

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3.2                                                                               Responsibility for, and Receipt of, Certain Services

 

3.2.1                               Notwithstanding any provision herein to the contrary:

 

3.2.1.1                              the Barbados Service Provider and, subject to the remainder of this Section 3.2, the UK Service Provider shall be responsible for the provision of the Services to BBP and the Holding LP and no entity resident in Canada shall be responsible for the provision of any Services to BBP and the Holding LP;

 

3.2.1.2                              the Barbados Service Provider shall be responsible for the provision of the Services described in Subsections 3.1.3, 3.1.6 and 3.1.7 to BBP and the Holding LP, and the UK Service Provider shall not be responsible for the provision of, nor shall it provide, any such Services;

 

3.2.1.3                              the Barbados Service Provider shall be responsible for the provision of the Services to any Service Recipient that is not (i) an Affiliate of the UK Service Provider, or (ii) acting as principal, and the UK Service Provider shall be under no obligation to provide any of the Services to any Service Recipient that is not both (i) an Associate of the UK Service Provider and (ii) acting as principal; and

 

3.2.1.4                              any services provided to the Holding LP in connection with any securities, whether equity or debt, of CanHoldco that are held by the Holding LP shall be provided by the Barbados Service Provider or an Affiliate of the Barbados Service Provider that is not resident in Canada with whom the Barbados Service Provider has made arrangements for the provision of such Services, or to whom the Barbados Service Provider has subcontracted the provision of such Services;

 

provided, however, that nothing in this Section 3.2 shall restrict the provision of Investment Advisory Services to the Holding LP in accordance with Section 3.1.

 

3.2.2                               Notwithstanding any provision herein to the contrary, all Investment Advisory Services shall (i) be provided solely to the Holding LP and (ii) be provided by a Service Provider that is registered with the SEC as an investment adviser (or through such a Service Provider by participating affiliates thereof relying on the SEC’s Uniao de Bancos de Brasileiros S.A. no action letter dated July 28, 1992 and the subsequent letters related thereto).

 

3.3                                                                               Supervision of Service Providers’ Activities

 

The Service Providers will perform their duties hereunder as independent contractors of the Service Recipients and will, at all times, be subject to the supervision of the relevant Service Recipient’s Governing Body and will only provide or arrange for the provision of such Services as such Governing Body may request including the Services identified herein and provided that the relevant Governing Body shall remain responsible for all investment and divestment decisions made by the Service Recipient.

 

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3.4                                                                               Restrictions on the Service Providers

 

3.4.1                               The Service Providers will and will cause any other member of the Service Providers Group to refrain from taking any action that is not in compliance with or would violate any Law or that otherwise would not be permitted by the Governing Instruments of the Service Recipients.  If any Service Provider or any member of the Service Providers Group is instructed to take any action that is not in such compliance by a Service Recipient’s Governing Body, such person will promptly notify such Governing Body of its judgment that such action would adversely affect such status or violate any such Law or Governing Instrument.

 

3.4.2                               In performing its duties under this Agreement, each member of the Service Providers Group will be entitled to rely in good faith on qualified experts, professionals and other agents (including on accountants, appraisers, consultants, legal counsel and other, professional advisors) and will be permitted to rely in good faith upon the direction of the secretary of a Service Recipient’s Governing Body (or any Person serving in a similar capacity) to evidence any approvals or authorizations that are required under this Agreement.  All references in this Agreement to the Service Recipients or Governing Body for the purposes of instructions, approvals and requests to the Service Providers will refer to the Governing Body.

 

3.5                                                                               Errors and Omissions Insurance

 

Each of the Service Providers and any other member of the Service Providers Group will at all times during the term of this Agreement maintain “errors and omissions” insurance coverage and other insurance coverage which is customarily carried by Persons performing functions that are similar to those performed by members of the Service Providers Group under this Agreement and in an amount which is comparable to that which is customarily maintained by such other Persons.

 

3.6                                                                               Operational and Other Services

 

For greater certainty, this Agreement does not provide for Operational and Other Services to be provided to the Service Recipients, and nothing in this Agreement shall prevent the Service Recipients from retaining any member of the Brookfield Group to provide Operational and Other Services pursuant to a separate agreement.

 

ARTICLE 4
 RELATIONSHIP BETWEEN THE SERVICE PROVIDERS AND THE SERVICE RECIPIENTS

 

4.1                                                                               Other Activities

 

Subject to the terms of the Relationship Agreement, no member of the Service Providers Group (and no Affiliate, director, officer, member, partner, shareholder or employee of any member of the Service Providers Group) will be prohibited from engaging in other business activities or sponsoring, or providing services to, third parties that compete directly or indirectly with the Service Recipients.

 

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4.2                                                                               Exclusivity

 

The Service Recipients will not, during the term of this Agreement, engage any other Person to provide any services comparable to those to be provided by the Service Providers Group hereunder without the prior written consent of the Service Providers, which may be withheld in the absolute discretion of the Service Providers.

 

4.3                                                                               No Partnership, Joint Venture or Agency

 

The Service Recipients and the Service Providers are not partners or joint venturers with or agents of each other, and nothing herein will be construed so as to make them partners, joint venturers or agents or impose any liability as such on any of them as a result of this Agreement; provided however that nothing herein will be construed so as to prohibit the Service Recipients and the Service Providers from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever.

 

ARTICLE 5
 MANAGEMENT AND EMPLOYEES

 

5.1                                                                               Management and Employees

 

The Service Providers will arrange or will arrange for another member of the Service Providers Group to arrange for such qualified personnel and support staff to be available to carry out the Services.  Such personnel and support staff will devote such of their time to the provision of the Services to the Service Recipients as the relevant member of the Service Providers Group reasonably deems necessary and appropriate in order to fulfill its obligations hereunder.  Such personnel and support staff need not have as their primary responsibility the provision of the Services to the Service Recipients or be dedicated exclusively to the provision of the Services to the Service Recipients.

 

To the extent applicable, each of the Service Recipients will make available to the Service Providers Group, and grant the Service Providers Group access to, the employees or contractors of the Service Recipients as the Service Providers Group may from time to time reasonably request in order for the Service Providers Group to perform its obligations, covenants and responsibilities and exercise its rights pursuant to the terms hereof.

 

5.2                                                                               Compensation Charges

 

5.2.1                               The parties acknowledge and agree that it may be desirable for employees and other personnel of any member of the BBP Group or the Brookfield Group to provide services not included in the Services to a member of the other group. In these cases, all or a portion of the compensation (including cash, options or other security-based compensation) paid or payable to employees or other personnel who devote a portion of their time to the provision of services to the other group may be allocated to a member of such other group (a “Compensation Charge”).

 

5.2.2                               At the end of each calendar year, Brookfield and BBP agree to negotiate in good faith the terms of any Compensation Charge in respect of that calendar year; provided that

 

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the amount of any Compensation Charge allocated to a member of the BBP Group must be approved by the governance and nominating committee of the BBP General Partner.

 

ARTICLE 6
 INFORMATION AND RECORDS

 

6.1                                                                               Books and Records

 

6.1.1                               The Service Providers will, or will cause any other member of the Service Providers Group, as applicable, to maintain proper books, records and documents in which complete, true and correct entries, in conformity in all material respects with generally accepted accounting principles consistently applied and all requirements of applicable Laws, will be made in respect of the performance of the Services under this Agreement.

 

6.1.2                               The Service Recipients will maintain proper books, records and documents in which complete, true and correct entries, in conformity in all material respects with generally accepted accounting principles and all requirements of applicable Laws, will be made.

 

6.2                                                                               Examination of Records by the Service Recipients

 

Upon reasonable prior notice by the Service Recipients to the relevant member of the Service Providers Group, the relevant member of the Service Providers Group will make available to the Service Recipients and their authorized representatives, for examination during normal business hours on any Business Day, all books, records and documents required to be maintained under Section 6.1.1.  In addition, the Service Providers Group will make available to the Service Recipients or their authorized representatives such financial and operating data in respect of the performance of the Services under this Agreement as may be in existence and as the Service Recipients or their authorized representatives will from time to time reasonably request, including for the purposes of conducting any audit in respect of expenses of the Service Recipients or other matters necessary or advisable to be audited in order to conduct an audit of the financial affairs of the Service Recipients.  Any examination of records will be conducted in a manner which will not unduly interfere with the conduct of the Service Recipients’ activities or of the Service Providers Group’s business in the ordinary course.

 

6.3                                                                               Access to Information by Service Providers Group

 

6.3.1                               The Service Recipients will:

 

6.3.1.1                              grant, or cause to be granted, to the Service Providers Group full access to all documentation and information necessary in order for the Service Providers Group to perform its obligations, covenants and responsibilities pursuant to the terms hereof, including all of the books, records, and documents, financial and operating data of the Service Recipients required to be maintained under Section 6.1.2 and to enable the Service Providers Group to provide the Services; and

 

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6.3.1.2                              provide, or cause to be provided, all documentation and information as may be reasonably requested by any member of the Service Providers Group, and promptly notify the appropriate member of the Service Providers Group of any material facts or information of which the Service Recipients is aware, which may affect the performance of the obligations, covenants or responsibilities of the Service Providers Group pursuant to this Agreement, including maintenance of proper financial records, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against the Service Recipients, or any of its Subsidiaries, before any court of administrative tribunal.

 

6.4                                                                               Additional Information

 

The parties acknowledge and agree that conducting the activities and providing the Services contemplated herein may have the incidental effect of providing additional information (“Additional Information”) which may be utilized with respect to, or may augment the value of, business interests and related assets in which the relevant Service Provider or its Affiliates have an interest and, subject to compliance with this Agreement, that neither the relevant Service Providers nor its Affiliates will be liable to account to the Service Recipients with respect to such activities or results; provided, however, that the relevant Service Provider will not (and will cause its Affiliates not to), in making any use of Additional Information, do so in any manner that the relevant Service Provider or its Affiliates know, or ought reasonably to know, would cause or result in a breach of any confidentiality provision of agreements to which any Service Recipient is a party or is bound.

 

ARTICLE 7
 FEES AND EXPENSES

 

7.1                                                                               Net Base Management Fee and Base Management Fee Adjustment

 

7.1.1                               The Holding LP hereby agrees to pay as provided by this Article 7, during the term of this Agreement, the Net Base Management Fee, quarterly in arrears.

 

7.1.2                               The amount of the Net Base Management Fee payable hereunder for any Quarter will be equal to the amount of the Base Management Fee reduced by the following amounts (the “Base Management Fee Adjustment”), to the extent that such amounts have not previously reduced the amount of the Base Management Fee as a result of the application of the Base Management Fee Adjustment in a previous Quarter:

 

7.1.2.1                              any Service Agreement Fees paid in or payable for that Quarter; and

 

7.1.2.2                              any Creditable Operating Entity Payments paid in or payable for that Quarter.

 

7.1.3                               For greater certainty, the Base Management Fee will not be reduced by operation of this Agreement by the amount of any (i) Incentive Distribution paid or payable by any Service Recipient or Operating Entity to any member of the Brookfield Group; (ii) any fees for Operational and Other Services that are paid or payable by any Operating Entity to any member of the Brookfield Group; or (iii) any Transaction Fees.

 

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7.2                                                                               Maximum Fees Payable by the Holding LP

 

In no event shall the Holding LP be obligated under this Agreement and the Service Agreements to pay, in the aggregate in respect of any Quarter, any amount exceeding the Base Management Fee payable for that Quarter, after giving effect to any reductions for Creditable Operating Entity Payments contemplated by Section 7.1.2.

 

7.3                                                                               Currency

 

For the purposes of Section 7.1.2 hereof, if a payment giving rise to a Base Management Fee Adjustment was denominated in a currency other than U.S. dollars, the amount of such payment will be converted to U.S. dollars for purposes of this Agreement in accordance with the applicable exchange rate, as determined by the Service Providers acting reasonably.

 

7.4                                                                               Computation and Payment of Net Base Management Fee

 

7.4.1                               The Service Providers or another member of the Service Providers Group will compute each instalment of the Net Base Management Fee (including computation of the Base Management Fee Adjustment and by and to whom the Net Base Management Fee is payable) as soon as practicable, but in any event no later than 5 (five) Business Days, following the end of the Quarter with respect to which such instalment is payable.  A copy of the computations made will thereafter, for informational purposes only, promptly be delivered to each Service Recipient by the relevant member of the Service Providers Group upon request.  Payment of such instalment of the Net Base Management Fee shown therein will be due and payable no later than the forty-fifth (45th) day following the end of such Quarter.

 

7.4.2                               For any Quarter in which the BBP General Partner determines that the Service Recipients have insufficient Available Cash to pay the Net Base Management Fee as well as the next regular distribution on Units, the Service Recipients may elect to pay all or a portion of the Net Base Management Fee payable in such Quarter in Units or Redemption-Exchange Units, provided that (i) any such election will be made by the end of the applicable Quarter, and (ii) no such payment will be made in Redemption-Exchange Units without the written consent of the Service Providers. If the Service Recipients elect to pay all or a portion of the Net Base Management Fee in Units or Redemption-Exchange Units, BBP or the Holding LP, as applicable, will issue, and the applicable Service Provider hereby agrees to acquire, Units or Redemption-Exchange Units, as applicable, equal to the portion of the Net Base Management Fee elected to be paid in Units or Redemption-

 

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Exchange Units divided by the volume-weighted average trading price of a Unit on the Principal Stock Exchange during the previous five (5) consecutive trading days ending on the trading day prior to the date the Service Recipients make such election (provided that no fractional Units or Redemption-Exchange Units will be issued, and such number will be rounded down to the nearest whole number with the remainder payable to the Service Providers in cash). In such case, BBP or the Holding LP, as applicable, shall apply such payment against the subscription price for such Units or Redemption-Exchange Units, as applicable.

 

7.4.3                               If the Service Recipients elect to pay all or any portion of the Net Base Management Fee for any Quarter in Units or Redemption-Exchange Units, the Service Recipients will take or cause to be taken all appropriate action to issue such Units or Redemption-Exchange Units, as applicable, including any action required to ensure that such Units or Redemption-Exchange Units, as applicable, are issued in accordance with applicable Laws and, solely with respect to such Units, listed on any applicable stock exchanges and public quotation systems.

 

7.5                                                                               Failure to Pay When Due

 

Any amount payable by any Service Recipient to any member of the Service Providers Group hereunder which is not remitted when so due will remain due (whether on demand or otherwise) and interest will accrue on such overdue amounts (both before and after judgment) at a rate per annum equal to the Interest Rate.

 

7.6                                                                               Expenses

 

7.6.1                               The Service Providers acknowledge and agree that the Service Recipients will not be required to reimburse any member of the Service Providers Group for the salaries and other remuneration of the management, personnel or support staff who provide the Services to such Service Recipients or overhead for such persons, other than as contemplated by Section 5.2.

 

7.6.2                               Each of the Service Recipients will reimburse the relevant member of the Service Providers Group for all out-of-pocket fees, costs and expenses, including those of any third party, (other than those contemplated by Section 7.6.1) (“Expenses”) incurred by the relevant member of the Service Providers Group in connection with the provision of the Services.  Such Expenses are expected to include, among other things:

 

7.6.2.1                              fees, costs and expenses relating to any debt or equity financing;

 

7.6.2.2                              fees, costs and expenses incurred in connection with the general administration of any Service Recipient;

 

7.6.2.3                              taxes, licenses and other statutory fees or penalties levied against or in respect of a Service Recipient;

 

7.6.2.4                              amounts owed under indemnification, contribution or similar arrangements;

 

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7.6.2.5                              fees, costs and expenses relating to financial reporting, regulatory filings and investor relations and the fees, costs and expenses of agents, advisors and other Persons who provide Services to a Service Recipient;

 

7.6.2.6                              any other fees, costs and expenses incurred by the relevant member of the Service Providers Group that are reasonably necessary for the performance by the relevant member of the Service Providers Group of its duties and functions under this Agreement or any Service Agreement; and

 

7.6.2.7                              fees, costs and expenses incurred in connection with the investigation, acquisition, holding or disposal of any asset or business that is made or that is proposed to be made.

 

7.7                                                                               Governmental Charges

 

Without limiting Section 7.6, the Service Recipients shall, in addition to the Net Base Management Fee, pay or reimburse the relevant member of the Service Providers Group for all sales taxes, use taxes, value added taxes, goods and services taxes, harmonized sales taxes, withholding taxes or other similar taxes, customs duties or other governmental charges (“Governmental Charges”), which are levied or imposed by any Governmental Authority by reason of this Agreement, any Service Agreement or any other agreement contemplated by this Agreement, except for any income taxes, corporation taxes, capital taxes or other similar taxes payable by any member of the Service Providers Group which are personal to such member of the Service Providers Group.  Any failure by the Service Providers Group to collect monies on account of these Governmental Charges shall not constitute a waiver of the right to do so.

 

7.8                                                                               Computation and Payment of Expenses and Governmental Charges

 

The Service Providers or another member of the Service Providers Group will prepare a statement (the “Expense Statement”) documenting the Expenses and Governmental Charges to be reimbursed by the Service Recipients pursuant to this Article 7 and will deliver such statement to each Service Recipient. All Expenses and Governmental Charges reimbursable pursuant to this Article 7 will be reimbursed by the relevant Service Recipient no later than the date which is thirty (30) days after the receipt of the Expense Statement.  The provisions of this Section 7.8 will survive the termination of this Agreement.

 

ARTICLE 8
 BROOKFIELD’S OBLIGATIONS

 

Brookfield’s sole obligation pursuant to this Agreement shall be to use its commercially reasonable efforts to cause its Subsidiaries (other than any member of the BBP Group) to provide Services to the Service Recipients, as applicable, in accordance with the direction of the Service Providers. Brookfield’s obligations pursuant to this Article 8 shall terminate at such time that all of the Service Providers cease to be Affiliates of Brookfield.

 

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ARTICLE 9
 REPRESENTATIONS AND WARRANTIES
 OF BROOKFIELD, THE SERVICE PROVIDERS AND THE SERVICE RECIPIENTS

 

9.1                                                                               Representations and Warranties of the Service Providers and Brookfield

 

Each of the Service Providers (or, as applicable, its general partner on its behalf) and Brookfield hereby represents and warrants to the Service Recipients that:

 

9.1.1                               it (and, as applicable, its general partner) is validly organized and existing under the Laws governing its formation and existence;

 

9.1.2                               it, or another member of the Service Providers Group, holds such Permits necessary to perform its duties hereunder and is not aware of any reason why such Permits might be cancelled;

 

9.1.3                               it (or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

9.1.4                               it (or, as applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

9.1.5                               the execution and delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, as applicable, the Governing Instruments of its general partner) or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable law to which it is a party or by which it or any of its properties or assets may be bound;

 

9.1.6                               no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it (or, as applicable, its general partner on its behalf) of this Agreement; and

 

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

 

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9.2                                                                               Representations and Warranties of the Service Recipients

 

Each of the Service Recipients that is a party to this Agreement (or, as applicable, its general partner on its behalf) hereby represents and warrants to the Service Providers and Brookfield that:

 

9.2.1                               it (and, if applicable, its general partner) is validly organized and existing under the relevant laws governing its formation and existence;

 

9.2.2                               it, or the relevant Operating Entity, holds such Permits necessary to own the assets and operate the business that it directly or indirectly owns or operates from time to time and is not aware of any reason why such Permits might be cancelled;

 

9.2.3                               it (or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

9.2.4                               it (or, as applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

9.2.5                               the execution and delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its Governing Instruments (or, if applicable, the Governing Instruments of its general partner), or under any mortgage, lease, agreement or other legally binding instrument, Permit or applicable Law to which it is a party or by which any of its properties or assets may be bound;

 

9.2.6                               no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it (or, as applicable, its general partner on its behalf) of this Agreement; and

 

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

 

ARTICLE 10
 LIABILITY AND INDEMNIFICATION

 

10.1                                                                        Indemnity

 

10.1.1                        The Service Recipients (for purposes of this Article 10, each an “Indemnifying Party”) hereby jointly and severally agree, to the fullest extent permitted by applicable Law, to indemnify and hold harmless each member of the Service Providers Group, any of its Affiliates (other than any member of the BBP Group) and any directors, officers, agents, subcontractors, contractors, delegates, members, partners, shareholders, employees

 

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and other representatives of each of the foregoing (each, an “Indemnified Party”) from and against any claims, liabilities, losses, damages, costs or expenses (including legal fees) (“Liabilities”) incurred by them or threatened in connection with any and all actions, suits, investigations, proceedings or claims of any kind whatsoever, whether arising under statute or action of a Governmental Authority or otherwise or in connection with the business, investments and activities of the Service Recipients or in respect of or arising from this Agreement or the Services provided hereunder (“Claims”), including any Claims arising on account of the Governmental Charges contemplated by Section 7.7; provided that no Indemnified Party will be so indemnified with respect to any Claim to the extent that such Claim is finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction, or pursuant to a settlement agreement agreed to by such Indemnified Party, to have resulted from such Indemnified Party’s bad faith, fraud, wilful misconduct, gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful.

 

10.1.2                        The Service Providers and the Service Recipients agree that in case any Claim should be made or brought by a third party arising from or with respect to this Agreement or the Services provided hereunder (a “Third Party Claim”), the Indemnified Party will have the right to employ its own counsel in connection therewith, and the reasonable fees and expenses of such counsel, as well as the reasonable costs (excluding an amount reimbursed to such Indemnified Party for the time spent in connection therewith) and out-of-pocket expenses incurred in connection therewith will be paid by the Indemnifying Party in such case, as incurred but subject to recoupment by the Indemnifying Party if ultimately it is not liable to pay indemnification hereunder.

 

10.1.3                        The Service Providers and the Service Recipients agree that, promptly after the receipt of notice of the commencement of any Third Party Claim, the Indemnified Party in such case will notify the Indemnifying Party in writing of the commencement of such Third Party Claim (provided that any accidental failure to provide any such notice will not prejudice the right of any such Indemnified Party hereunder) and, throughout the course of such Third Party Claim, such Indemnified Party will use its best efforts to provide copies of all relevant documentation to such Indemnifying Party and will keep the Indemnifying Party apprised of the progress thereof and will discuss with the Indemnifying Party all significant actions proposed.

 

10.1.4                        The parties hereto expressly acknowledge and agree that the right to indemnity provided in this Section 10.1 will be in addition to and not in derogation of any other liability which the Indemnifying Party in any particular case may have or of any other right to indemnity or contribution which any Indemnified Party may have by statute or otherwise at law.

 

10.1.5                        The indemnity provided in this Section 10.1 will survive the completion of Services rendered under, or any termination or purported termination of, this Agreement.

 

23

 

10.2                                                                        Limitation of Liability

 

10.2.1                        The Service Providers assume no responsibility under this Agreement other than to render the Services in good faith and will not be responsible for any action of a Service Recipient’s Governing Body in following or declining to follow any advice or recommendations of any member of the Service Providers Group, including as set forth in Section 3.3 hereof.

 

10.2.2                        The Service Recipients hereby agree that no Indemnified Party will be liable to a Service Recipient, a Service Recipient’s Governing Body, an officer of a Service Recipient or any security holder or partner of a Service Recipient for any Liabilities that may occur as a result of any acts or omissions by the Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities are finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from the Indemnified Party’s bad faith, fraud, wilful misconduct, gross negligence, or in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful.

 

10.2.3                        The maximum amount of the aggregate liability of the Indemnified Parties pursuant to this Agreement will be equal to the amounts previously paid in the two most recent calendar years by the Service Recipients pursuant to Article 7.

 

10.2.4                        For the avoidance of doubt, the provisions of this Section 10.2 will survive the termination of this Agreement.

 

10.3                                                                        No Waiver

 

U.S. federal and state securities laws impose liabilities under certain circumstances on Persons who act in good faith; nothing herein shall constitute a waiver or limitation of any rights which the Service Recipients may have, if any, under any applicable U.S. federal and state securities laws.

 

ARTICLE 11
 TERM AND TERMINATION

 

11.1                                                                        Term

 

The Service Providers’ engagement hereunder will continue in full force and effect until terminated in accordance with Section 11.2 or Section 11.3.

 

11.2                                                                        Termination by the Service Recipients

 

11.2.1                        The Service Recipients may, subject to Section 11.2.2, terminate this Agreement effective upon thirty (30) days’ prior written notice of termination to the Service Providers without payment of any termination fee if:

 

11.2.1.1                       any of the Service Providers or any of their permitted assignees or subcontractors defaults in the performance or observance of any material term,

 

24

 

condition or agreement contained in this Agreement that results in material harm to the Service Recipients and such default continues for a period of thirty (30) days after written notice thereof specifying such default and requesting that the same be remedied in such thirty (30)-day period; provided, however, that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied within such thirty (30)-day period and if, within such period, the Service Providers provide reasonable evidence to the Service Recipients that they have commenced, and thereafter proceed with all due diligence, to remedy the fact, circumstance or condition that is the subject of such obligation, such period will be extended for a reasonable period satisfactory to the Service Recipients, acting reasonably, for the Service Providers to remedy the same;

 

11.2.1.2                       the Service Providers or any of their permitted assignees or subcontractors engages in any act of fraud, misappropriation of funds or embezzlement against any Service Recipient that results in material harm to the Service Recipients;

 

11.2.1.3                       there is an event of any gross negligence on the part of the Service Providers or any of their permitted assignees or subcontractors in the performance of the duties under this Agreement and such gross negligence results in material harm to the Service Recipients; or

 

11.2.1.4                       each of the Service Providers makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency.

 

11.2.2                        This Agreement may only be terminated by the BBP General Partner on behalf of BBP with the prior unanimous approval of the members of the Independent Committee.

 

11.2.3                        Each of the Service Recipients hereby agrees and confirms that this Agreement may not be terminated due solely to the poor performance or underperformance of any investments that are made for the account of a Service Recipient provided that the Services called for herein are rendered in good faith by the Service Providers, the other members of the Service Providers Group and each of their permitted assignees and subcontractors, if any.

 

11.3                                                                        Termination by the Service Providers

 

11.3.1                        The Service Providers may terminate this Agreement effective upon thirty (30) days’ prior written notice of termination to the Service Recipients:

 

25

 

11.3.1.1                       if any Service Recipient defaults in the performance or observance of any material term, condition or agreement contained in this Agreement in a manner that results in material harm to the Service Providers and such default continues for a period of thirty (30) days after written notice thereof specifying such default and requesting that the same be remedied in such thirty (30)-day period; provided, however, that if the fact, circumstance or condition that is the subject of such obligation cannot reasonably be remedied within such thirty (30)-day period and if, within such period, the Service Recipients provide reasonable evidence to the Service Providers that they have commenced, and thereafter proceed with all due diligence, to remedy the fact, circumstance or condition that is the subject of such obligation, such period will be extended for a reasonable period satisfactory to the Service Providers, acting reasonably, for the Service Recipients to remedy the same; or

 

11.3.1.2                       at any time, if any Service Recipient makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency.

 

11.4                                                                        Survival Upon Termination

 

If this Agreement is terminated pursuant to this Article 11, such termination will be without any further liability or obligation of any party hereto, except as provided in Section 6.4, Section 7.5, Article 10, Section 11.5 and Section 11.6 hereof.

 

11.5                                                                        Action Upon Termination

 

11.5.1                        From and after the effective date of the termination of this Agreement, the Service Providers will not be entitled to receive the Base Management Fee for further Services under this Agreement, but will be paid all compensation accruing to and including the date of termination.

 

11.5.2                        Upon any termination of this Agreement, the Service Providers will forthwith:

 

11.5.2.1                       after deducting any accrued compensation and reimbursements for any Expenses to which it is then entitled, pay over to the Service Recipients all money collected and held for the account of the Service Recipients pursuant to this Agreement;

 

11.5.2.2                       deliver to the Service Recipients’ Governing Bodies a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Governing Bodies with respect to the Service Recipients; and

 

26

 

11.5.2.3                       deliver to the Service Recipients’ Governing Bodies all property and documents of the Service Recipients then in the custody of the Service Providers Group.

 

11.5.3                        Upon any termination of this Agreement, unless otherwise agreed by the Service Providers, the relevant Service Recipient will, or will cause any Operating Entity to, cease using the name “Brookfield” as part of its name or the “Brookfield” logo in accordance with the Licensing Agreements.

 

11.6                                                                        Release of Money or other Property Upon Written Request

 

The Service Providers hereby agree that any money or other property of the Service Recipients or their Subsidiaries held by the Service Providers Group under this Agreement shall be held by the relevant member of the Service Providers Group as custodian for such Person, and the relevant member of the Service Providers Group’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by such Person.  Upon the receipt by the relevant member of the Service Providers Group of a written request signed by a duly authorized representative of a Service Recipient requesting the relevant member of the Service Providers Group to release to the Service Recipient any money or other property then held by the relevant member of the Service Providers Group for the account of such Service Recipient under this Agreement, the relevant member of the Service Providers Group shall release such money or other property to the Service Recipient within a reasonable period of time, but in no event later than sixty (60) days following such request.  The relevant member of the Service Providers Group shall not be liable to any Service Recipient, a Service Recipient’s Governing Body or any other Person for any acts performed or omissions to act by a Service Recipient in connection with the money or other property released to the Service Recipient in accordance with the second sentence of this Section 11.6.  Each Service Recipient shall indemnify and hold harmless the relevant member of the Service Providers Group and any of its Affiliates (other than any member of the BBP Group) and any directors, officers, agents, subcontractors, delegates, members, partners, shareholders, employees and other representatives of each of the foregoing from and against any and all Liabilities which arise in connection with the relevant member of the Service Providers Group’s release of such money or other property to the Service Recipient in accordance with the terms of this Section 11.6.  Indemnification pursuant to this provision shall be in addition to any right of such Persons to indemnification under Section 10.1 hereof.  For the avoidance of doubt, the provisions of this Section 11.6 shall survive termination of this Agreement.

 

ARTICLE 12
 GENERAL PROVISIONS

 

12.1                                                                        Limited Liability of Limited Partners of BBP and Holding LP

 

12.1.1                        The parties acknowledge that each of BBP and Holding LP is a limited partnership formed under the laws of Bermuda, a limited partner of which is liable for any liabilities or losses of the relevant partnership only to the extent of the amount that such

 

27

 

limited partner has contributed, or agreed to contribute, to the capital of the relevant partnership and such limited partner’s pro rata share of any undistributed income.

 

12.2                                                                        Assignment

 

12.2.1                        This Agreement shall not be assigned by the Service Providers without the prior written consent of BBP, except in the case of assignment by any of the Service Providers to an Affiliate or to a Person that is its successor by merger, amalgamation, consolidation or acquisition of the business of the Service Providers, in which case the Affiliate or successor shall be bound under this Agreement and by the terms of the assignment in the same manner as such of the Service Providers is bound under this Agreement.  In addition, provided that the Service Providers provide prior written notice to the Service Recipients for informational purposes only, nothing contained in this Agreement shall preclude any pledge, hypothecation or other transfer or assignment of the Service Providers’ rights under this Agreement, including any amounts payable to the Service Providers under this Agreement, to a bona fide lender as security.  In addition, nothing contained in this Section 12.2 will affect the Service Providers’ ability to enter into subcontracting and other arrangements pursuant to Section 12.3.

 

12.2.2                        Notwithstanding Section 12.2.1, this Agreement will not be assigned (within the meaning of the Advisers Act) by any Service Provider that is registered with the SEC as an investment adviser without the prior written consent of BBP.

 

12.2.3                        This Agreement shall not be assigned by any of the Service Recipients without the prior written consent of the Service Providers, except in the case of assignment by a Service Recipient to a Person that is its successor by merger, amalgamation, consolidation or acquisition of the business of the Service Recipient, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as the Service Recipient is bound under this Agreement.

 

12.2.4                        Any purported assignment of this Agreement in violation of this Article 12 shall be null and void.

 

12.3                                                                        Subcontracting and Other Arrangements

 

Any Service Provider may subcontract to any other member of the Service Providers Group or any of its other Affiliates, or arrange for the provision of any or all of the Services to be provided by it under this Agreement by any other member of the Service Providers Group or any other of its Affiliates, and the Service Recipients hereby consent to any such subcontracting or arrangement; provided that the Service Providers shall remain responsible to the Service Recipients for any Services provided by such other member of the Service Providers Group or Affiliate.

 

12.4                                                                        Enurement

 

This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

28

 

12.5                                                                        Notices

 

Any notice or other communication required or permitted to be given hereunder will be in writing and will be given by prepaid first-class mail, by facsimile or other means of electronic communication or by hand-delivery as hereinafter provided.  Any such notice or other communication, if mailed by prepaid first-class mail at any time other than during a general discontinuance of postal service due to strike, lockout or otherwise, will be deemed to have been received on the fourth Business Day after the post-marked date thereof, or if sent by facsimile or other means of electronic communication, will be deemed to have been received on the Business Day following the sending, or if delivered by hand will be deemed to have been received at the time it is delivered to the applicable address noted below either to the individual designated below or to an individual at such address having apparent authority to accept deliveries on behalf of the addressee.  Notice of change of address will also be governed by this Section 12.5.  In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices or other communications will be delivered by hand or sent by facsimile or other means of electronic communication and will be deemed to have been received in accordance with this Section 12.5. Notices and other communications will be addressed as follows:

 

12.5.1                        if to Brookfield:

 

Brookfield Asset Management Inc.
 Suite 300, Brookfield Place
 181 Bay Street, Box 762,
 Toronto, Ontario
 M5J 2T3

 

Attention:                                  Vice President, Legal Affairs
 Fax number:                   416-365-9642

 

12.5.2                        if to BBP or the Holding LP:

 

Brookfield Business Partners Limited
  73 Front Street
 Hamilton HM 12
 Bermuda

 

Attention:                               Secretary

Fax number:                441-296-4475

 

29

 

12.5.3                        if to CanHoldco:

 

Brookfield BBP Canada Holdings Inc.
 Suite 300, Brookfield Place
 181 Bay Street, Box 762,
 Toronto, Ontario
 M5J 2T3

 

Attention:                                  Secretary

Fax number:                 416-365-3642

 

12.5.4                        if to US Holdco:

 

Brookfield BBP US Holdings Corporation 
 Brookfield Place

250 Vesey Street, 15th Floor

New York, NY 10281-1023
 USA

 

Attention:                                  Secretary

Fax number:                   212-417-7196

 

12.5.5                        if to Bermuda Holdco:

 

Brookfield BBP Bermuda Holdings Limited
 73 Front Street
 Hamilton HM 12
 Bermuda

 

Attention:                                  Secretary

Fax number:                 441-298-3304

 

12.5.6                        if to the BAM PIC (PE):

 

Brookfield Asset Management Private Institutional Capital Adviser (Private Equity), L.P.
 Suite 300, Brookfield Place
 181 Bay Street, Box 762
 Toronto, Ontario
 M5J 2T3

 

Attention:                                  Secretary

Fax number:                 416-363-2856

 

30

 

12.5.7                        if to the Canadian Service Provider:

 

Brookfield Canadian Business Advisor L.P.

Suite 300, Brookfield Place
 181 Bay Street, Box 762
 Toronto, Ontario
 M5J 2T3

 

Attention:                                         Secretary

Fax number:                          416-363-2856

 

12.5.8                        if to CanGP LP:

 

Brookfield Canadian GP L.P.

Suite 300, Brookfield Place
 181 Bay Street, Box 762
 Toronto, Ontario
 M5J 2T3

 

Attention:                                         Secretary

Fax number:                          416-363-2856

 

12.5.9                        if to the Barbados Service Provider:

 

Brookfield Asset Management (Barbados) Inc.
 Cedar Court, 2nd Floor
 Wildey Business Park
 St. Michael, Barbados
 14006

 

Attention:                                         Assistant Corporate Secretary

Fax number:                          246-436-6967

 

12.5.10                 if to the UK Service Provider:

 

Brookfield Global Business Advisor Limited

23 Hanover Square
 London, England
 W1S 1JB

 

Attention:                                         Secretary
 Fax number:                          44 (0) 20 7659 3501

 

31

 

12.5.11                 if to any new Service Provider appointed pursuant to Section 2.3, at the address listed in the joinder agreement executed by the new Service Providers.

 

12.6                                                                        Further Assurances

 

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

 

12.7                                                                        Counterparts

 

This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument.

 

12.8                                                                        Other Holding Entities

 

The parties acknowledge that any Holding Entity that is not a party to this Agreement will execute a counterpart of this Agreement agreeing to be bound by the terms of this Agreement.

 

32

 

IN WITNESS WHEREOF the parties have executed this Agreement as of the day and year first above written.

 

	
 
    	
BROOKFIELD ASSET MANAGEMENT   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD BUSINESS PARTNERS L.P.,
   by its general partner BROOKFIELD
   BUSINESS PARTNERS LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD BUSINESS L.P.,
    
	
 
    	
by its managing general   partner, BROOKFIELD
   BUSINESS PARTNERS L.P.,
    
	
 
    	
by its general partner,   BROOKFIELD
   BUSINESS PARTNERS LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD BBP CANADA HOLDINGS
   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD BBP US HOLDINGS
   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Master Services Agreement]

 

 

	
 
    	
BROOKFIELD BBP BERMUDA HOLDINGS
   LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD ASSET MANAGEMENT

PRIVATE INSTITUTIONAL CAPITAL
   ADVISER (PRIVATE EQUITY), L.P., by its
   general partner, BROOKFIELD CAPITAL
   PARTNERS LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD   CANADIAN BUSINESS
   ADVISOR L.P., by its general partner,
    BROOKFIELD PRIVATE EQUITY   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD   CANADIAN GP L.P., by its
   general partner, BROOKFIELD   CANGP
   LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BROOKFIELD   ASSET MANAGEMENT (BARBADOS) INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Master Services Agreement]

 

 

	
 
    	
BROOKFIELD GLOBAL BUSINESS
   ADVISOR LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Master Services Agreement]

 

 

Schedule A

 

JOINDER TO MASTER SERVICES AGREEMENT

 

THIS JOINDER to the Master Services Agreement dated as of ·, 2016 among Brookfield Asset Management Inc. (“Brookfield”), Brookfield Business Partners L.P., Brookfield Business L.P., the Holding Entities and the Service Providers (the “Master Services Agreement”) is made and entered into as of this · day of · by ·, a [corporation/partnership/limited partnership] governed by the laws of · (the “New Service Provider”).  Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Master Services Agreement.

 

RECITALS:

 

A.                                    The Master Services Agreement provides that any Service Provider may, from time to time, appoint an Affiliate of Brookfield to act as a new Service Provider under that agreement;

 

B.                                    The New Service Provider is an Affiliate of Brookfield; and

 

C.                                    The · Service Provider wishes to appoint the New Service Provider to act as a new Service Provider under the Master Services Agreement and the New Service Provider wishes to accept such appointment.

 

NOW THEREFORE in consideration of the mutual covenants and agreements contained in this Joinder and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:

 

1.                                      Agreement to be Bound.  The New Service Provider hereby agrees that upon execution of this Joinder, it shall become a party to the Master Services Agreement and acknowledges that it is fully bound by, and subject to, all of the covenants, representations, terms and conditions of the Service Providers under the Master Services Agreement.

 

2.                                      Successors and Assigns.  Any purported assignment of this Joinder in violation of section 12.2 of the Master Services Agreement will be null and void.

 

3.                                      Enurement.  This Joinder will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

 

4.                                      Notices.  Notices and other communications to the New Service Provider will be addressed as follows:

 

·

 

5.                                      Counterparts.  This Joinder may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument.

 

 

6.                                      Governing Law.  This Joinder will be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

 

[NEXT PAGE IS SIGNATURE PAGE]

 

 

IN WITNESS WHEREOF the parties have executed this Joinder as of the day and year first above written.

 

	
 
    	
[· SERVICE PROVIDER]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[NEW SERVICE PROVIDER]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name: 
    
	
 
    	
 
    	
Title:
    

 

[Joinder to Master Services Agreement]EX-10.2

 Exhibit 10.2 

BROADCOM LIMITED 

SECOND AMENDED AND RESTATED EMPLOYEE SHARE PURCHASE PLAN 

(EFFECTIVE AS OF MARCH 15, 2016) 

Broadcom Limited, a company organized under the laws of Singapore (the “Company”), hereby adopts the Broadcom Limited
Employee Share Purchase Plan, as amended and restated herein and as may be amended from time to time (the “Plan”), effective as of March 15, 2016. This Plan amends and restates in its entirety the Avago Technologies Limited
Employee Share Purchase Plan, as amended and restated effective as of June 2, 2010 (the “First Amended and Restated Plan”). 

1. Purpose. The purposes of the Plan are as follows: 

(a) To assist employees of the Company and its Designated Subsidiaries (as defined below) in acquiring a share ownership interest in the
Company. 
 (b) To help employees provide for their future security and to encourage them to remain in the employment of the Company and its
Designated Subsidiaries. 
 This Plan includes two components: the Section 423 Component (as defined below) and the
Non-Section 423 Component (as defined below). It is the intention of the Company to have the Section 423 Component qualify as an “employee stock purchase plan” under Section 423(b) of the United States Internal Revenue Code
of 1986, as amended (the “Code”). The provisions of the Section 423 Component, accordingly, shall be construed so as to extend and limit participation on a uniform and nondiscriminatory basis consistent with the requirements of
Section 423 of the Code. In addition, this Plan authorizes the grant of Options under the Non-Section 423 Component, which need not qualify as options granted pursuant to an “employee stock purchase plan” under Section 423
of the Code; such Options granted under the Non-Section 423 Component shall be granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax,
securities laws or other objectives for Eligible Employees and the Designated Subsidiaries in locations outside of the U.S. Except as otherwise provided herein, the Non- Section 423 Component will operate and be administered in the same manner
as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the Administrator at or prior to the time of such Offering. 

For purposes of this Plan, the Administrator may designate separate Offerings under the Plan, the terms of which need not be identical, in
which Eligible Employees will participate, even if the dates of the applicable Offering Period(s) in each such Offering is identical, provided that the terms of participation are the same within each separate Offering under the Section 423
Component as determined under Section 423 of the Code. 
 2. Definitions. 

(a) “Administrator” shall mean the administrator of the Plan, as determined pursuant to Section 14 hereof. 

(b) “Board” shall mean the Board of Directors of the Company. 

  
 1 

 (c) “Code” shall mean the United States Internal Revenue Code of 1986, as
amended. 
 (d) “Committee” shall mean the committee appointed to administer the Plan pursuant to Section 14 hereof.

 (e) “Company” shall mean Broadcom Limited, a company organized under the laws of Singapore, and any successor by merger,
consolidation or otherwise. 
 (f) “Compensation” shall mean all base straight time gross earnings and commissions,
exclusive of payments for overtime, shift premium, incentive compensation, incentive payments, bonuses, expense reimbursements, fringe benefits and other compensation. 

(g) “Designated Subsidiary” shall mean any Subsidiary which is a “related corporation” of the Company within the
meaning of Section 6 of the Companies Act (Chapter 50 of Singapore) and has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan, such designation to specify whether such
participation is in the Section 423 Component or Non-Section 423 Component. For the avoidance of doubt, a Designated Subsidiary that participates in the Section 423 Component will not participate in the Non-Section 423 Component.
The Administrator may designate, or terminate the designation of, a Subsidiary as a Designated Subsidiary in either the Section 423 Component or Non-Section 423 Component without the approval of the shareholders of the Company. 

(h) “Effective Date” shall mean July 31, 2009 (the date on which shareholders of the Company approved the original
Employee Stock Purchase Plan). 
 (i) “Eligible Employee” shall mean an Employee of the Company or a Designated Subsidiary:
(i) who does not, immediately after the Option is granted, own shares possessing five percent (5%) or more of the total combined voting power or value of all classes of shares of the Company, a Parent or a Subsidiary; (ii) whose
customary employment is for more than twenty (20) hours per week; and (iii) whose customary employment is for more than five (5) months in any calendar year. For purposes of clause (i), the rules of Section 424(d) of the Code
with regard to the attribution of share ownership shall apply in determining the share ownership of an Employee, and shares which an Employee may purchase under outstanding Options shall be treated as shares owned by the Employee. Notwithstanding
the foregoing the Administrator may exclude from participation in the Section 423 Component of the Plan as an Eligible Employee any Employee who is a citizen or resident of a jurisdiction other than the United States (without regard to whether
they are also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (A) the grant of the Option is prohibited under the laws of the jurisdiction governing such Employee, or
(B) compliance with the laws of such jurisdiction would cause the Section 423 Component, any Offering thereunder or the Option granted thereunder to violate the requirements of Section 423 of the Code; provided that any such exclusion
shall be applied in an identical manner under each Offering to all Employees in such Offering, in accordance with Treasury Regulation Section 1.423-2(e). Further notwithstanding the foregoing, with respect to the Non-Section 423 Component,
sentences one through three hereof shall apply in determining who is an “Eligible Employee,” except (A) the Administrator may limit eligibility further within the Company or a Designated Subsidiary so as to only designate some
Employees of the Company or a Designated Subsidiary as Eligible Employees, and (B) to the extent sentences one through three hereof are not consistent with applicable local laws, in which case applicable local laws shall control. 

  
 2 

 (j) “Employee” shall mean any person who renders services to the Company or a
Subsidiary in the status of an employee within the meaning of Code Section 3401(c). “Employee” shall not include any director of the Company or a Subsidiary who does not render services to the Company or a Subsidiary in the status of
an employee within the meaning of Code Section 3401(c). For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the Company or
Designated Subsidiary and meeting the requirements of Treasury Regulation Section 1.421-1(h)(2). Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by
contract, the employment relationship shall be deemed to have terminated on the first day following such three (3)-month period. 
 (k)
“Enrollment Date” shall mean the first Trading Day of each Offering Period. 
 (l) “Enrollment Deadline”
shall have the meaning given to it in Section 5(a). 
 (m) “Equity Restructuring” means a non-reciprocal transaction
(i.e. a transaction in which the Company does not receive consideration or other resources in respect of the transaction approximately equal to and in exchange for the consideration or resources the Company is relinquishing in such transaction)
between the Company and its shareholders, such as a share split, spin-off, rights offering, nonrecurring share dividend or recapitalization through a large, nonrecurring cash dividend, that affects the Ordinary Shares (or other securities of the
Company) or the share price of Ordinary Shares (or other securities) and causes a change in the per share value of the Ordinary Shares underlying outstanding Options. 

(n) “Exercise Date” shall mean the last Trading Day of each Offering Period. 

(o) “Fair Market Value” shall mean, as of any date, the per share value of the Ordinary Shares determined as follows: 

(i) If the Ordinary Shares are listed on any established stock exchange or a national market system, Fair Market Value shall be the per share
closing sales price for the Ordinary Shares (or the per share closing bid, if no sales were reported) as quoted on such exchange or system for such date, or if no bids or sales were reported for such date, then the per share closing sales price (or
the per share closing bid, if no sales were reported) on the trading date immediately prior to such date during which a bid or sale occurred, in each case, as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; 
 (ii) If the Ordinary Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, Fair
Market Value shall be the mean of the per share closing bid and asked prices for the Ordinary Shares on such date, or if no per share closing bid and asked prices were reported for such date, the date immediately prior to such date during which
closing bid and asked prices were quoted for the Ordinary Shares, in each case, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

(iii) In the absence of an established market for the Ordinary Shares, the Fair Market Value thereof shall be determined in good faith by the
Administrator. 
 (p) “Non-Section 423 Component” shall mean those Offerings under the Plan, together with the
sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which Options may be granted to non-U.S. Eligible Employees that need not satisfy the requirements for options granted
pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code. 

  
 3 

 (q) “Offering” shall mean an offer under the Plan of an Option that may be
exercised during an Offering Period as further described in Sections 4 and 8. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees of the Company or a Designated Subsidiary shall be deemed a separate Offering,
even if the dates and other terms of the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by U.S. Treasury Regulation
Section 1.423-2(a)(1), the terms of each separate Offering under the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder together satisfy U.S. Treasury
Regulation Section 1.423-2(a)(2) and (a)(3). 
 (r) “Offering Date” shall mean March 15, 2016 and each
September 15 and March 15 thereafter. Offering Dates may be changed pursuant to Section 4 of this Plan. 
 (s)
“Offering Period” shall mean subject to Section 24, each approximately six (6) month period beginning on an Offering Date and ending on the next succeeding Exercise Date. The first Offering Period shall commence
March 15, 2016. The duration and timing of Offering Periods may be changed pursuant to Section 4 of this Plan. 
 (t)
“Option” means an option to purchase the Ordinary Shares on an Exercise Date that is granted under the Plan. 
 (u)
“Ordinary Shares” shall mean the ordinary shares of the Company, no par value. 
 (v) “Parent” means any
entity, other than the Company, in an unbroken chain of entities ending with the Company if, at the time of the determination, each of the entities other than the Company owns shares possessing 50% or more of the total combined voting power of all
classes of shares in one of the other entities in such chain. 
 (w) “Participant” means an Eligible Employee who is
granted an Option under this Plan. 
 (x) “Plan” shall mean this Broadcom Limited Employee Share Purchase Plan, including
both the Section 423 Component and the Non-Section 423 Component and any other sub-plans or appendices hereto, as amended and/or restated from time to time. 

(y) “Purchase Price” shall mean 85% of the Fair Market Value of one Ordinary Share on the Enrollment Date or on the Exercise
Date, whichever is lower; provided, however, that the Purchase Price may be adjusted by the Administrator pursuant to Section 20. 

(z) “Section 409A” shall mean Section 409A of the Code and the Department of Treasury regulations and other interpretive
guidance issued thereunder, including, without limitation, any such regulations or other guidance issued after the Effective Date. 
 (aa)
“Section 423 Component” shall mean those Offerings under the Plan that are intended to meet the requirements set forth in Section 423(b) of the Code. 

(bb) “Subsidiary” shall mean any entity, other than the Company, in an unbroken chain of entities beginning with the Company
if, at the time of the determination, each of the entities other than the last entity in an unbroken chain owns shares possessing 50% or more of the total combined voting power of all classes of shares in one of the other entities in such chain.

 (cc) “Trading Day” shall mean a day on which the Nasdaq Stock Market is open for trading. 

  
 4 

 3. Eligibility. 

(a) Any Eligible Employee who shall be employed by the Company or a Designated Subsidiary on a given Enrollment Date for an Offering Period
shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Section 5 and, with respect to the Section 423 Component of the Plan, the limitations imposed by Section 423(b) of the Code. 

(b) Each person who, during the course of an Offering Period, first becomes an Eligible Employee subsequent to the Enrollment Date will be
eligible to become a Participant in the Plan on the first Enrollment Date following the day on which such person becomes an Eligible Employee, subject to the requirements of Section 5 and, with respect to the Section 423 Component of the
Plan, the limitations imposed by Section 423(b) of the Code. 
 (c) No Eligible Employee shall be granted an Option under the Plan
which permits such Eligible Employee rights to purchase Ordinary Shares under the Plan, and to purchase shares under all other employee share purchase plans of the Company, any Parent or any Subsidiary subject to the Section 423, to accrue at a
rate which exceeds $25,000 of fair market value of such shares (determined at the time the Option is granted) for each calendar year in which the Option is outstanding at any time. For purpose of the limitation imposed by this subsection, the right
to purchase Ordinary Shares under an Option accrues when the Option (or any portion thereof) first becomes exercisable during the calendar year, the right to purchase Ordinary Shares under an Option accrues at the rate provided in the Option, but in
no case may such rate exceed $25,000 of fair market value of such Ordinary Shares (determined at the time such Option is granted) for any one calendar year, and a right to purchase Ordinary Shares which has accrued under an Option may not be carried
over to any other Option. This limitation shall be applied in accordance with Section 423(b)(8) of the Code and the Treasury Regulations thereunder. 

4. Offering Periods. Subject to Section 24, the Plan shall be implemented by successive approximately six (6) month Offering
Periods, the first of which shall commence on March 15, 2016. A new Offering Period shall commence following the expiration of each preceding Offering Period until the Plan expires or is terminated in accordance with Section 20 hereof. The
Administrator shall have the power to change the duration of Offering Periods (including the Offering Dates and the Exercise Dates thereof) with respect to future offerings if such change is announced at least five (5) days prior to the
scheduled beginning of the first Offering Period to be affected thereafter. In no event may an Offering Period exceed twenty-seven (27) months in duration. 

5. Participation. 
 (a)
An Eligible Employee may become a Participant in the Plan by completing a subscription agreement authorizing payroll deductions in a form acceptable to the Company and filing it with the Company’s payroll office or external stock plan agent, as
determined by the Administrator, five (5) days (or such shorter or longer period as may be determined by the Administrator, in its sole discretion) prior to the applicable Enrollment Date (the “Enrollment Deadline”). 

  
 5 

 (b) Each person who first becomes an Eligible Employee subsequent to the Enrollment Date for any
Offering Period, will be eligible to become a Participant in the Plan on the first Enrollment Date following the day on which such person becomes an Eligible Employee. Such person may become a Participant in the Plan by completing a subscription
agreement authorizing payroll deductions in a form acceptable to the Company and filing it with the Company’s payroll office no later than the Enrollment Deadline. 

(c) Except as provided in subsection (a), payroll deductions for a Participant shall commence on the first payroll following the Enrollment
Date and shall end on the last payroll in the Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 10 hereof. 

(d) During a leave of absence approved by the Company or a Subsidiary and meeting the requirements of Treasury Regulation
Section 1.421-1(h)(2), a Participant may continue to participate in the Plan by making cash payments to the Company on each pay day equal to the amount of the Participant’s payroll deductions under the Plan for the pay day immediately
preceding the first day of such Participant’s leave of absence. If a leave of absence is unapproved or fails to meet the requirements of Treasury Regulation Section 1.421-1(h)(2), the Participant will cease automatically to participate in
the Plan. In such event, the Company will automatically cease the Participant’s payroll deductions under the Plan. The Company will pay to the Participant his or her total payroll deductions for the Offering Period, in cash in one lump sum
(without interest), as soon as practicable after the Participant ceases to participate in the Plan. 
 (e) A Participant’s completion
of a subscription agreement will enroll such Participant in the Plan for each successive Offering Period on the terms contained herein and therein until the Participant either submits a new subscription agreement, withdraws from participation under
the Plan as provide in Section 10 hereof or otherwise becomes ineligible to participate in the Plan. 
 (f) Notwithstanding any other
provisions of the Plan to the contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited, the Administrator may provide that an Eligible Employee may elect to participate through contributions to his
or her account under the Plan in a form acceptable to the Administrator in lieu of or in addition to payroll deductions; provided, however, that, for any Offering under the Section 423 Component, the Administrator must determine that any
alternative method of contribution is applied on an equal and uniform basis to all Eligible Employees in the Offering. 
 6. Payroll
Deductions. 
 (a) At the time a Participant files his or her subscription agreement, he or she shall elect to have payroll deductions
made on each pay day during the Offering Period in an amount from one percent (1%) to ten percent (10%) of the Compensation, up to a maximum of $25,000 in any Offering Period, which he or she receives on each pay day during the Offering
Period. 
 (b) All payroll deductions made for a Participant shall be credited to his or her account under the Plan and shall be withheld in
whole percentages only. Except as described in Section 5(a) hereof, a Participant may not make any additional payments into such account. 

(c) A Participant may discontinue his or her participation in the Plan as provided in Section 10 hereof. A Participant may not make any
changes to the rate of his or her payroll deductions during the period starting on the day immediately following the Enrollment Deadline for an Offering Period and running through the end of the applicable Offering Period. 

  
 6 

 (d) Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8)
of the Code and Section 3(c) hereof, the Company may decrease a Participant’s payroll deductions to zero percent (0%) at any time during an Offering Period. 

(e) At the time the Option is exercised, in whole or in part, or at the time some or all of the Ordinary Shares issued under the Plan are
disposed of, the Participant must make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the Option or the disposition of the Ordinary Shares. At any time, the
Company may, but shall not be obligated to, withhold from the Participant’s compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any
tax deductions or benefits attributable to sale or early disposition of Ordinary Shares by the Employee. 
 7. Grant of Option. On
the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering Period shall be granted an Option to purchase on the Exercise Date for such Offering Period (at the applicable Purchase Price) up to a number of
Ordinary Shares determined by dividing such Participant’s payroll deductions accumulated prior to such Exercise Date and retained in the Participant’s account as of the Exercise Date by the applicable Purchase Price; provided, however,
that in no event shall a Participant be permitted to purchase during each Offering Period more than two thousand five hundred (2,500) Ordinary Shares (subject to any adjustment pursuant to Section 19); and provided, further, that such
purchase shall be subject to the limitations set forth in Sections 3(c) and 13 hereof. The Administrator may, for future Offering Periods, increase or decrease, in its sole discretion, the maximum number of Ordinary Shares a Participant may
purchase during each Offering Period. Exercise of the Option shall occur as provided in Section 8 hereof, unless the Participant has withdrawn pursuant to Section 10 hereof or otherwise becomes ineligible to participate in the Plan. The
Option shall expire on the last day of the Offering Period. 
 8. Exercise of Option. 

(a) Unless a Participant withdraws from the Plan as provided in Section 10 hereof or otherwise becomes ineligible to participate in the
Plan, such Participant’s Option to purchase Ordinary Shares shall be exercised automatically on the Exercise Date, and the maximum number of whole Ordinary Shares subject to the Option shall be purchased for such Participant at the applicable
Purchase Price with the accumulated payroll deductions in his or her account. No fractional shares shall be purchased; any payroll deductions accumulated in a Participant’s account which are not sufficient to purchase a full share shall be
either retained in the Participant’s account for the subsequent Offering Period, or refunded to the Participant within sixty (60) days following the end of the applicable Offering Period, to be determined by the Administrator (in its sole
discretion). During a Participant’s lifetime, a Participant’s Option to purchase shares hereunder is exercisable only by him or her. 

(b) Where a Participant’s payroll deductions are made in a currency other than U.S. dollars, such contributions will be converted into
U.S. dollars on the Exercise Date using an exchange ratio determined by the Administrator in its discretion. 
 (c) If the Administrator
determines that, on a given Exercise Date, the number of shares with respect to which Options are to be exercised may exceed (i) the number of Ordinary Shares that were available for sale under the Plan on the Enrollment Date of the applicable
Offering Period, or 

  
 7 

 
(ii) the number of shares available for sale under the Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company shall make a pro rata
allocation of the Ordinary Shares available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants
exercising Options to purchase Ordinary Shares on such Exercise Date, and continue all Offering Periods then in effect, or (y) provide that the Company shall make a pro rata allocation of the shares available for purchase on such Enrollment
Date or Exercise Date, as applicable, in as uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants exercising Options to purchase Ordinary Shares on such Exercise Date, and
terminate any or all Offering Periods then in effect pursuant to Section 20 hereof. The Company may make pro rata allocation of the shares available on the Enrollment Date of any applicable Offering Period pursuant to the preceding sentence,
notwithstanding any authorization of additional shares for issuance under the Plan by the Company’s shareholders subsequent to such Enrollment Date. The balance of the amount credited to the account of each Participant which has not been
applied to the purchase of Ordinary Shares shall be paid to such Participant in one lump sum in cash as soon as reasonably practicable after the Exercise Date, without any interest thereon. 

9. Deposit of Shares. As promptly as practicable after each Exercise Date on which a purchase of Ordinary Shares occurs, but in no
event later than sixty (60) days after the applicable Exercise Date, the Company may arrange for the deposit, into each Participant’s account with any broker designated by the Company to administer this Plan, of the number of Ordinary
Shares purchased upon exercise of Participant’s Option. 
 10. Withdrawal. 

(a) A Participant may withdraw all but not less than all of the payroll deductions credited to Participant’s account and not yet used to
exercise Participant’s Option under the Plan by giving written notice to the Company in the form prescribed by the Company for use under the Plan at least five business days prior to an Exercise Date or such other deadline as is determined by
the Administrator. All of the Participant’s payroll deductions credited to the Participant’s account during the Offering Period shall be paid to such Participant as soon as reasonably practicable after receipt of notice of withdrawal and
such Participant’s Option for the Offering Period shall be automatically terminated (but in no event more than sixty (60) days thereafter), and no further payroll deductions for the purchase of Ordinary Shares shall be made for such
Offering Period. If a Participant withdraws from an Offering Period, payroll deductions shall not resume at the beginning of the succeeding Offering Period unless the Participant delivers to the Company a new subscription agreement. 

(b) A Participant’s withdrawal from an Offering Period shall not have any effect upon the Participant’s eligibility to participate
in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the Participant withdraws. 

11. Termination or Transfer of Employment. Upon a Participant’s ceasing to be an Eligible Employee, for any reason, the
Participant shall be deemed to have elected to withdraw from the Plan and the payroll deductions credited to such Participant’s account during the Offering Period, up to the date of such termination of employment, shall be paid to such
Participant or, in the case of the Participant’s death, to the person or persons entitled thereto under Section 15 hereof, as soon as reasonably practicable and such Participant’s Option for the Offering Period shall be automatically
terminated. If a Participant transfers employment from the Company or any Designated Subsidiary participating in the Section 423 Component to any Designated Subsidiary participating in the Non-Section 423 Component, such transfer

  
 8 

 
shall not be treated as a termination of employment, but he or she shall immediately cease to participate in the Section 423 Component; however, any Contributions made for the Offering
Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and such Participant shall immediately join the then current Offering under the Non-Section 423 Component upon the same terms and conditions in
effect for his or her participation in the Section 423 Component, except for such modifications otherwise applicable for Participants in such Offering. A Participant who transfers employment from any Designated Subsidiary participating in the
Non-Section 423 Component to the Company or any Designated Subsidiary participating in the Section 423 Component shall not be treated as terminating his or her employment and shall remain a Participant in the Non-Section 423 Component
until the earlier of (i) the end of the current Offering Period under the Non-Section 423 Component, or (ii) the Enrollment Date of the first Offering Period in which he or she is eligible to participate following such transfer.
Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment between companies participating in the Section 423 Component and the Non-Section 423 Component, consistent with the applicable
requirements of Section 423 of the Code. 
 12. Interest. No interest shall accrue on the payroll deductions or lump sum
contributions of a Participant in the Plan. 
 13. Shares Subject to Plan. 

(a) Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum initial number of
Ordinary Shares which were available for sale under the Plan was eight million (8,000,000) shares. In addition to the foregoing, subject to Section 19 hereof, commencing on the first day of the Company’s 2012 fiscal year and on the
first day of each fiscal year thereafter during the term of the Plan, the number of Ordinary Shares which shall be made available for sale under the Plan shall be increased by that number of Ordinary Shares equal to the least of (i) one percent
(1%) of the Company’s outstanding Ordinary Shares on such date, (ii) two million (2,000,000) shares or (iii) a lesser amount determined by the Board. Notwithstanding the foregoing, in no event shall the aggregate number of
Ordinary Shares reserved for issuance under the Plan, during the term of the Plan, exceed twenty-four million (24,000,000) Ordinary Shares during the term of the Plan, subject to adjustment as provided in Section 19 hereof. For periods
prior to February 1, 2016, references to the Company in this paragraph shall be deemed to mean Avago Technologies Limited (“Avago”) and references to the Board in this paragraph shall be deemed to mean the board of directors of
Avago. 
 (b) If any Option granted under the Plan shall for any reason terminate without having been exercised, the Ordinary Shares not
purchased under such Option shall again become available for issuance under the Plan. The Ordinary Shares subject to the Plan may be unissued shares or reacquired shares, bought on the market or otherwise. 

(c) With respect to Ordinary Shares subject to an Option granted under the Plan, a Participant shall not be deemed to be a shareholder of the
Company, and the Participant shall not have any of the rights or privileges of a shareholder, until such Ordinary Shares have been issued to the Participant or the Participant’s nominee following exercise of the Participant’s Option. No
adjustments shall be made for dividends (ordinary or extraordinary, whether in cash securities, or other property) or distribution or other rights for which the record date occurs prior to the date of such issuance, except as otherwise expressly
provided herein. 

  
 9 

 14. Administration. 

(a) The Plan shall be administered by the Board unless and until the Board delegates administration to a Committee as set forth below. The
Board may delegate administration of the Plan to a Committee comprised of two or more members of the Board, each of whom is a “non-employee director” within the meaning of Rule 16b-3 which has been adopted by the United States Securities
and Exchange Commission under the United States Securities Exchange Act of 1934, as amended, and which is otherwise constituted to comply with applicable law, and the term “Committee” shall apply to any persons to whom such
authority has been delegated. If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a
subcommittee any of the administrative powers the Committee is authorized to exercise, subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. Each member of the
Committee shall serve for a term commencing on a date specified by the Board and continuing until the member dies or resigns or is removed from office by the Board. References in this Plan to the “Administrator” shall mean the Board unless
administration is delegated to a Committee or subcommittee, in which case references in this Plan to the Administrator shall thereafter be to the Committee or subcommittee. 

(b) It shall be the duty of the Administrator to conduct the general administration of the Plan in accordance with the provisions of the Plan.
The Administrator shall have the power to interpret the Plan and the terms of the Options and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret, amend or revoke any
such rules. Subject to Section 24, the Administrator shall have the discretion to include any restriction or limitation regarding Shares purchased pursuant to the Plan based on such factors as the Administrator, in its sole discretion, shall
determine. The Administrator at its option may delegate its duties hereunder, including duties under Section 5(a) hereof, and may utilize the services of an agent to assist in the administration of the Plan, including establishing and
maintaining an individual securities account under the Plan for each Participant. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan. For the
avoidance of doubt, the Administrator shall have the exclusive authority to determine which Designated Subsidiaries shall participate in the Non-Section 423 Component and which shall participate in the Section 423 Component. 

(c) All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne by the
Company. The Administrator may, with the approval of the Board, employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Administrator, the Company and its officers and directors shall be entitled to rely upon the
advice, opinions or valuations of any such persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company and all other interested persons.
No member of the Board shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Options, and all members of the Board shall be fully protected by the Company in respect to any such
action, determination, or interpretation. 
 15. Designation of Beneficiary. 

(a) Subject to applicable law, a Participant may file a written designation of a beneficiary who is to receive any shares and cash, if any,
from the Participant’s account under the Plan in the event of such Participant’s death subsequent to an Exercise Date on which the Option is exercised but prior to delivery to such Participant of such shares and cash. In addition, subject
to applicable law, a 

  
 10 

 
Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such Participant’s death prior to
exercise of the Option. If a Participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 

(b) Subject to applicable law, such designation of beneficiary may be changed by the Participant at any time by written notice to the Company.
In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver such shares and/or cash to the executor or
administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more
dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

16. Transferability. 

(a) Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of an Option or to receive
shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the Participant. Any such attempt at assignment,
transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof. 

(b) Subject to Sections 19(c) and 19(d), no Ordinary Shares issued upon exercise of an Option under this Plan may be assigned, transferred,
pledged or otherwise disposed of in any way by the Participant until the six (6) month anniversary of the Exercise Date upon which such Ordinary Shares were purchased. Notwithstanding the foregoing, in the event a Participant ceases to be an
Eligible Employee for any reason, this Section 16(b) shall no longer apply to any Ordinary Shares then held by such Participant. 
 17.
Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to segregate such payroll deductions, provided, that nothing in
this Section 17 shall diminish the Company’s obligations pursuant to Section 8(a) hereof. 
 18. Reports. Individual
accounts shall be maintained for each Participant in the Plan. Statements of account shall be given to participating Employees at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of
shares purchased and the remaining cash balance, if any. 
 19. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation,
Merger or Asset Sale. 
 (a) Changes in Capitalization. In the event that any dividend or other distribution, reorganization,
merger, consolidation, combination, repurchase, or exchange of Ordinary Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Ordinary Shares occurs such that an adjustment is determined
by the Administrator (in its sole discretion) to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Administrator shall, in such manner as it may
deem equitable, adjust the number and class of Ordinary Shares which have been authorized for issuance under 

  
 11 

 
this Plan but have not yet been placed under Option, the number of shares subject to the Plan and limitations provided in Section 13, the maximum number of shares each Participant may
purchase each Offering Period (pursuant to Section 7), the number and class of Ordinary Shares covered by each outstanding Option, the purchase price per share of Ordinary Shares covered by each Option which has not yet been exercised. 

(b) Equity Restructuring. In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary
in Section 19(a), the number and type of securities subject to each outstanding Option and the purchase price per share thereof, if applicable, will be equitably adjusted by the Administrator. The adjustments provided under this
Section 19(b) shall be nondiscretionary and shall be final and binding on the affected Participants and the Company. 
 (c)
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Period then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall
terminate immediately prior to the consummation of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. In addition, the restrictions on transferability set forth in Section 16(b) shall immediately lapse.
The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each Participant in writing, at least ten (10) business days prior to the New Exercise Date, that the
Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from
the Offering Period as provided in Section 10 hereof. 
 (d) Merger or Asset Sale. In the event of a proposed sale of all or
substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each outstanding Option shall be assumed or an equivalent Option substituted by the successor corporation or a Parent or Subsidiary of the
successor corporation. In the event that the successor corporation refuses to assume or substitute for the Option, any Offering Period then in progress shall be shortened by setting a New Exercise Date and any Offering Periods then in progress shall
end on the New Exercise Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger. In addition, the restrictions on transferability set forth in Section 16(b) shall immediately lapse. The Administrator
shall notify each Participant in writing, at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option
shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof. 

20. Amendment or Termination. 

(a) The Administrator may at any time and for any reason terminate or amend the Plan. Except as provided in Section 19 hereof, no such
termination can affect Options previously granted, provided that an Offering Period may be terminated by the Board if the Board determines that the termination of the Offering Period or the Plan is in the best interests of the Company and its
shareholders. Except as provided in Section 19 and this Section 20 hereof, no amendment may make any change in any Option theretofore granted which adversely affects the rights of any Participant without the consent of such Participant. To
the extent necessary to comply with Section 423 of the Code (or any successor rule or provision), with respect to the Section 423 Component, or any other applicable law, regulation or stock exchange rule, the Company shall obtain
shareholder approval of any such amendment to the Plan in such a manner and to such a degree as required by Section 423 of the Code or such other law, regulation or rule. 

  
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 (b) Without shareholder consent and without regard to whether any Participant rights may be
considered to have been “adversely affected,” the Administrator shall be entitled to change the Offering Periods, limit the frequency and/or number of changes in the amount withheld during an Offering Period, establish the exchange ratio
applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed
withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Ordinary Shares for each Participant properly correspond with amounts
withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable which are consistent with the Plan. 

(c) In the event the Board determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the
Board may, in its discretion and, to the extent necessary or desirable, modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i) altering the Purchase Price for any Offering Period including an Offering Period underway at the time of the change in Purchase Price;

 (ii) shortening any Offering Period so that the Offering Period ends on a new Exercise Date, including an Offering Period underway at
the time of the Administrator action; and 
 (iii) allocating Ordinary Shares. 

Such modifications or amendments shall not require shareholder approval or the consent of any Participants. 

21. Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

22. Conditions To Issuance of Shares. The Company shall not be required to issue or deliver any certificate or certificates for
Ordinary Shares purchased upon the exercise of Options prior to fulfillment of all the following conditions: 
 (a) The admission of such
shares to listing on all stock exchanges, if any, on which is then listed; and 
 (b) The completion of any registration or other
qualification of such shares under any state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem
necessary or advisable; and 
 (c) The obtaining of any approval or other clearance from any state or federal governmental agency which the
Administrator shall, in its absolute discretion, determine to be necessary or advisable; and 
 (d) The payment to the Company of all
amounts which it is required to withhold under federal, state or local law upon exercise of the Option; and 
 (e) The lapse of such
reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for reasons of administrative convenience. 

  
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 23. Term of Plan. The original Employee Stock Purchase Plan became effective on the
Effective Date, and the First Amended and Restated Plan became effective on June 2, 2010. The Plan as amended and restated herein shall become effective as of March 15, 2016. The Plan shall be in effect until July 27, 2019 (the tenth
(10th) anniversary of the date of the initial adoption of the original Employee Stock Purchase Plan by the Board) unless sooner terminated under Section 20 hereof. 

24. Equal Rights and Privileges. All Eligible Employees of the Company (or of any Designated Subsidiary) granted Options pursuant to an
Offering under the Section 423 Component will have equal rights and privileges so that the Section 423 Component of this Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code or
applicable Treasury regulations thereunder. Any provision of the Section 423 Component of this Plan that is inconsistent with Section 423 or applicable Treasury regulations will, without further act or amendment by the Company, the Board
or the Administrator, be reformed to comply with the equal rights and privileges requirement of Section 423 or applicable Treasury regulations. Eligible Employees participating in the Non-Section 423 Component of this Plan need not have
the same rights and privileges as Eligible Employees participating in the Section 423 Component. 
 25. No Employment Rights.
Nothing in the Plan shall be construed to give any person (including any Eligible Employee or Participant) the right to remain in the employ of the Company, a Parent or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary
to (i) terminate the employment of any person (including any Eligible Employee or Participant) at any time, with or without cause, or (ii) terminate or amend the Plan or any Offering Period in accordance with Section 20 hereof, in
each case, subject to applicable law. 
 26. Notice of Disposition of Shares. Each Participant shall give prompt notice to the
Company of any disposition or other transfer of any Ordinary Shares purchased upon exercise of an Option granted pursuant to an Offering under the Section 423 Component of the Plan if such disposition or transfer is made: (a) within two
(2) years from the Enrollment Date of the Offering Period in which the shares were purchased or (b) within one (1) year after the Exercise Date on which such shares were purchased. Such notice shall specify the date of such
disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by the Participant in such disposition or other transfer. 

27. Rules Particular To Specific Countries. Notwithstanding anything herein to the contrary, the terms and conditions of the Plan with
respect to Participants who are tax residents of a particular country or who are foreign nationals or employed in non-U.S. jurisdictions may be subject to an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may
be designed to govern Offerings under the Section 423 Component or the Non-Section 423 Component, as determined by the Administrator). To the extent that the terms and conditions set forth in an appendix or sub-plan conflict with any
provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 17 above. Without limiting the generality of the foregoing, the Administrator is
specifically authorized to adopt rules and procedures, with respect to Participants who are who are foreign nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Subsidiaries from participation in the Plan,
eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures,
establishment of bank or trust accounts to hold payroll deductions or contributions, 

  
 14 

 
determination of beneficiary designation requirements, and handling of stock certificates. The Administrator also is authorized to determine that, to the extent permitted by U.S. Treasury
Regulation Section 1.423-2(f), the terms of an Option granted under the Plan or an Offering to citizens or residents of a non-U.S. jurisdiction will be less favorable than the terms of Options granted under the Plan or the same Offering to
Employees resident solely in the U.S. To the extent any appendix, sub-plan or changes thereto approved by the Administrator are inconsistent with the requirements of Section 423 of the Code or would jeopardize the tax-qualified status of the
Section 423 Component, the Designated Subsidiaries affected thereby shall be considered Designated Subsidiaries in a separate Offerings under the Non-Section 423 Component instead of the Section 423 Component. 

28. Governing Law. The validity and enforceability of this Plan shall be governed by and construed in accordance with the laws of the
State of California without regard to otherwise governing principles of conflicts of law. 
 29. Section 409A. The
Section 423 Component of the Plan and the Options granted pursuant to Offerings thereunder are intended to be exempt from the application of Section 409A. Neither the Non-Section 423 Component nor any Option granted pursuant to an
Offering thereunder is intended to constitute or provide for “nonqualified deferred compensation” within the meaning of Section 409A. Notwithstanding any provision of the Plan to the contrary, if the Administrator determines that any
Option granted under the Plan may be or become subject to Section 409A or that any provision of the Plan may cause an Option granted under the Plan to be or become subject to Section 409A, the Administrator may adopt such amendments to the
Plan and/or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions as the Administrator determines are necessary or appropriate to avoid the imposition of taxes under
Section 409A, either through compliance with the requirements of Section 409A or with an available exemption therefrom. 

  
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