Document:

Exhibit 4.10

 

CAPRICOR THERAPEUTICS, INC.

 

2020 EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

 

 

Unless otherwise defined
herein, the terms defined in the 2020 Equity Incentive Plan of Capricor Therapeutics, Inc. (the “Plan”) shall
have the same defined meanings in this Stock Option Agreement (the “Agreement”).

 

		I.	NOTICE OF STOCK OPTION GRANT

 

Name: _______________________ (“Participant”)

 

The undersigned Participant
has been granted an Option to purchase Common Stock of the Company (“Shares”), subject to the terms and conditions
of the Plan and this Agreement, as follows:

 

Grant Date:[_____________________]

 

Vesting Commencement
Date:[_____________________]

 

Exercise Price per
Share:[_____________________]

 

Total No. of Option
Shares Granted:[_____________________]

 

Total Exercise Price:[_____________________]

 

Type of Option:[ISO/NSO]

 

Term/Expiration Date
 10th Anniversary of the Grant Date

 

Vesting Schedule:

 

This Option shall be
exercisable, in whole or in part, according to the following vesting schedule:

 

[Insert vesting schedule
for Participant]

 

The vesting of the
Option Shares may be accelerated upon a Corporate Transaction, subject to the sole discretion of the Administrator in accordance
with Section 12(c) of the Plan.

 

    	 	1	 

     

    

 

		II.	AGREEMENT

 

1.                 
Grant of Option.

 

Capricor Therapeutics,
Inc. (the “Company”) hereby grants to the Participant named in the Notice of Stock Option Grant in Part I of
this Agreement (the “Grant Notice”), an option (the “Option”) to purchase the number of Shares
set forth in the Grant Notice, at the exercise price per Share set forth in the Grant Notice (the “Exercise Price”),
and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 17(c) of the
Plan, in the event of a conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the
Plan shall prevail.

 

If designated in the
Grant Notice as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock
Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d),
this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option
(or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof)
shall be regarded as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary
or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of
the Option to qualify for any reason as an ISO.

 

2.                 
Exercise of Option.

 

(a)             
Right to Exercise. Except as otherwise provided in this Agreement, this Option shall be exercisable during
its term and prior to the Option Expiration Date stated in the Grant Notice in accordance with the Vesting Schedule set forth therein
and with the applicable provisions of the Plan and this Agreement. No fractional shares of Common Stock shall be issued upon conversion
of this Option, nor shall the Company be required to pay cash in lieu of fractional interests, it being the intent of the parties
that all fractional shares shall be eliminated and that all issuances of Common Stock shall be rounded up to the nearest whole
share.

 

(b)             
Continuous Relationship with the Company Required. Except as otherwise provided in this Section 2, and Section
6(f) of the Plan, this Option may not be exercised unless the Participant, at the time he or she exercises this Option, is, and
has been at all times since the Grant Date, a Service Provider to the Company (as defined in the Plan).

 

(c)              
Termination Period.

 

(i)               
If Participant ceases to be a Service Provider for any reason, then, except as provided in Paragraph (ii) below,
the right to exercise this Option shall terminate ninety (90) days after such cessation of services, but in no event after the
Option Expiration Date applicable to such Option; provided that this Option shall be exercisable only to the extent that the Participant
was entitled to exercise this Option on the date of such cessation (an “Eligible Participant”).

 

    	 	2	 

     

    

 

(ii) If the Participant
dies or experiences a Disability prior to the Option Expiration Date while he or she is an Eligible Participant, or if the Participant
dies within three (3) months after the Participant ceases to be an Eligible Participant, this Option shall be exercisable, within
the period of one (1) year following the date of death or Disability of the Participant (whether or not such exercise occurs before
the applicable Expiration Date), by the Participant or by the person to whom this Option is transferred by will or the laws of
descent and distribution, provided that this Option shall be exercisable only to the extent that this Option was exercisable
by the Participant on the date of his or her death or Disability. Except as otherwise indicated by the context, the term “Participant”,
as used in this Agreement, shall be deemed to include the estate of the Participant or any person who acquires the right to exercise
this Option by bequest or inheritance or otherwise by reason of the death of the Participant.

 

(d)             
Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached
as Exhibit A (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Company or
any appointed Administrator of the Plan may determine, which shall state the election by Participant to exercise the Option, the
number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required
by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares,
together with any applicable tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully
executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding. No Shares shall
be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such
compliance, for income tax purposes, the Shares shall be considered transferred to Participant on the date on which the Option
is exercised with respect to such Shares.

 

(e)             
Exercise Prior To Vesting. If permitted by the Grant Notice (i.e., the “Exercise Schedule”
indicates “Early Exercise Permitted”) and subject to the provisions of this Agreement and the Plan, Participant
may elect at any time that is both (i) during a period while he or she is an Eligible Participant and (ii) prior to the Option
Expiration Date, to exercise all or part of the Option, including the unvested portion of the Option; provided, however, that:

 

(i)               
a partial exercise of the Option shall be deemed to cover first vested shares of Common Stock and then the earliest
vesting installment of unvested shares of Common Stock;

 

(ii)             
any shares of Common Stock so purchased from installments that have not vested as of the date of exercise shall be
subject to a repurchase right in favor of the Company;

 

(iii)          
the repurchase price for unvested shares of Common Stock shall be the lower of (y) the Fair Market Value (as defined
below) of the shares of Common Stock on the date of repurchase or (z) their original purchase price. However, if and to the extent
that the Company elects to exercise its repurchase right, the Company shall not exercise its repurchase right until at least six
(6) months (or such longer or shorter period of time necessary to avoid classification of the Award as a liability for financial
accounting purposes) have elapsed following delivery of shares of Common Stock subject to the Option; and

 

    	 	3	 

     

    

 

(iv)           
in no event may a Participant exercise an Option prior to the Company’s receipt of stockholder approval of
the Plan.

 

3.                 
Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination
thereof, at the election of the Participant:

 

(a)             
cash;

 

(b)             
check;

 

(c)              
consideration received by the Company under a formal cashless exercise program adopted by the Company in connection
with the Plan;

 

(d)             
surrender of other Shares already owned by the Participant which (i) shall be valued at its Fair Market Value on
the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting
such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the Company;
or

 

(e)             
any combination of the aforementioned methods or by any other means deemed acceptable by the Board of Directors.

 

For purposes of Section
2 and this Section 3, the term “Fair Market Value” shall mean the closing price of the Common Stock on an established
national stock exchange or on an established securities market (if there is more than one such exchange or market the Board shall
determine the appropriate exchange or market) on the Grant Date or such other determination date (or if there is no such reported
closing price, the Fair Market Value shall be the mean between the highest bid and lowest asked prices or between the high and
low sale prices on such trading day) or, if no sale of Common Stock is reported for such trading day, on the next preceding day
on which any sale shall have been reported. If the Common Stock is not listed on such an exchange, quoted on such system or traded
on such a market, Fair Market Value shall be the value of the Common Stock as determined by the Board in good faith.

 

4.                 
Listing, Qualification, Etc. This Option shall be subject to the requirement that if, at any time, counsel
to the Company shall determine that the listing, registration or qualification of the Shares subject hereto upon or with any securities
exchange or regulatory body, or that the disclosure of non-public information or the satisfaction of any other condition is necessary
as a condition of, or in connection with, the issuance or purchase of Shares hereunder, this Option may not be exercised, in whole
or in part, unless such listing, registration, qualification, consent or approval, disclosure or satisfaction of such other condition
shall have been effected or obtained on terms acceptable to the Board of Directors (or an opinion of counsel has been obtained
that such registration, qualification, consent, or approval is not necessary). Nothing herein shall be deemed to require the Company
to apply for, effect or obtain such listing, registration, qualification, or disclosure, or to satisfy such other condition. 

 

5.                 
Restrictions on Exercise. This Option may not be exercised if the issuance of such Shares upon such exercise
or the method of payment of consideration for such shares would constitute a violation of any Applicable Law.

 

    	 	4	 

     

    

 

6.                 
Non-Transferability of Option. Unless determined otherwise by the Administrator, this Option may not be sold,
pledged, assigned, hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution,
or pursuant to beneficiary designation procedures approved by the Administrator, or to the Participant’s family members,
a trust or entity established by the Participant for estate planning purposes, a charitable organization designated by the Participant
or pursuant to a domestic relations order, in each case, without consideration, and may be exercised, during the lifetime of the
Participant, only by the Participant or the Participant’s legal representative or similar person. Upon any attempt to so
sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of this Option, other than in accordance with this Section
6, this Option and all rights thereunder shall immediately become null and void. The terms of the Plan and this Agreement shall
be binding upon the executors, administrators, heirs, successors and assigns of Participant.

 

7.                 
Term of Option. This Option may be exercised only within the term set out in the Grant Notice, and may be
exercised during such term only in accordance with the Plan and the terms of this Option. This Option may not be exercised prior
to the Company’s receipt of stockholder approval of the Plan.

 

8.                 
Tax Obligations.

 

(a)             
Tax Withholding. Participant agrees to make appropriate arrangements with the Company for the satisfaction
of all federal, state, local, foreign or other tax withholding requirements applicable to the Option exercise. Participant acknowledges
and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not
delivered at the time of exercise.

 

(b)             
Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO,
and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i)
the date two (2) years after the Grant Date, or (ii) the date one (1) year after the date of exercise, Participant shall immediately
notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding
by the Company on the compensation income recognized by Participant.

 

(c)              
Code Section 409A. Under Code Section 409A, an Option that was granted with a per Share exercise price that
is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair Market Value of a Share on
the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that
is a “discount option” may result in (i) income recognition by Participant prior to the exercise of the Option, (ii)
an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option”
may also result in additional state income, penalty and interest tax to the Participant. Participant acknowledges that the Company
cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair
Market Value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that the Option
was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant
shall be solely responsible for Participant’s costs related to such a determination.

 

    	 	5	 

     

    

 

(d)             
Corporate Transaction. Notwithstanding anything in Section 9(c) of the Plan to the contrary, if a payment
under this Agreement is subject to Code Section 409A and if the “Corporate Transaction” definition contained in the
Plan does not comply with the definition of “change of control” for purposes of a distribution under Code Section 409A,
then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such
payment would be permissible under Code Section 409A without triggering any penalties applicable under Code Section 409A.

 

9.                 
Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights
as a stockholder shall exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option.
The Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with this Agreement.
No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as
provided in the Plan.

 

10.             
Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Agreement
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely
to the Participant’s interest except by means of a writing signed by the Company and Participant. This Agreement is governed
by the internal substantive laws but not the choice of law rules of Delaware.

 

11.             
No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT
TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR
SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, ELECTED OR APPOINTED, BEING GRANTED THIS
OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF ANY CONTINUED ENGAGEMENT
AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S
RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S
RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

 

    	 	6	 

     

    

 

Participant acknowledges
receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts
this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option in their entirety,
has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the
Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator
upon any questions arising under the Plan or this Option. Participant further agrees to notify the Company upon any change in the
residence address indicated below.

 

 

	PARTICIPANT	 	CAPRICOR THERAPEUTICS, INC.
	 	 	 
	 	 	 
	Signature	 	By:
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	Residence Address	 	Title
	 	 	 
	 	 	 
	City, State, Zip Code	 	 
	 	 	 
	 	 	 
	Email Address  	 	 

 

 

 

    	 	7	 

     

    

 

EXHIBIT A

 

2020 EQUITY INCENTIVE PLAN STOCK OPTION
AGREEMENT

 

EXERCISE NOTICE

 

Capricor Therapeutics, Inc.

8840 Wilshire Blvd., 2nd Floor

Beverly Hills, CA 90211

Attention: Chief Executive Officer

 

1.                 
Exercise of Option. Effective as of today, ________________, 20___, the undersigned (“Participant”)
hereby elects to exercise Participant’s option (the “Option”) to purchase ________________ shares of the
Common Stock (the “Shares”) of Capricor Therapeutics, Inc. (the “Company”) under and pursuant
to the 2020 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement with a Grant Date of ______________,
20___ (the “Agreement”).

 

2.                 
Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as
set forth in the Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.                 
Representations of Participant. Participant acknowledges that Participant has received, read and understood
the Plan and the Agreement and agrees to abide by and be bound by their terms and conditions.

 

4.                 
Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books
of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights
as a stockholder shall exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option.
The Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Agreement.
No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as
provided in the Plan.

 

5.                 
Tax Consultation. Participant understands that Participant may suffer adverse tax consequences as a result
of Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax
consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not
relying on the Company for any tax advice.

 

6.                 
Stop-Transfer Orders.

 

(a)             
Stop-Transfer Notices. Participant agrees that, in order to ensure compliance with the restrictions referred
to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that,
if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

    	 	A-1	 

     

    

 

(b)             
Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been
sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares
or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

7.                 
Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple
assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions
on transfer herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators,
successors and assigns.

 

8.                 
Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant
or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of
such a dispute by the Administrator shall be final and binding on all parties.

 

9.                 
Governing Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the
choice of law rules, of Delaware. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction
to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect.

 

10.             
Entire Agreement. The Plan and Agreement are incorporated herein by reference. This Exercise Notice, the Plan,
and the Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may
not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant.

 

 

	Submitted by:	 	Accepted by:
	 	 	 
	PARTICIPANT	 	CAPRICOR THERAPEUTICS, INC.
	 	 	 
	 	 	 
	Signature	 	By:
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	Residence Address	 	Title
	 	 	 
	 	 	 
	City, State, Zip Code	 	Date Received

	 	 	 
	Email Address  _____________________________________	 	 

 

 

 

    	 	A-2EX-10.44

 Exhibit 10.44 

FORM OF GUARANTEE 
 THIS
GUARANTEE is made as of the ∎ day of ∎, 2020, 
  

			
	BY:	  	 BEP SUBCO INC., a company incorporated under the laws of the Province of Ontario

 
 (the “Guarantor” or the
“Corporation”)

		
	IN FAVOUR OF:                	  	 BNY TRUST COMPANY OF CANADA, a trust company existing under the laws of Canada

 
 (the “Trustee”)

 RECITALS: 
  

	A.	 The Borrower (as defined below), The Bank of New York Mellon and the Trustee have entered into an amended
and restated trust indenture dated as of November 23, 2011 (as amended, extended, restated, supplemented or otherwise modified from time to time, the “Indenture”), providing for the issuance of Debentures as therein described.

  

	B.	 Brookfield Renewable Energy Partners L.P., Brookfield Renewable Energy L.P. (“BRELP”),
Brookfield BRP Holdings (Canada) Inc., BRP Bermuda Holdings I Limited (collectively, the “Original Guarantors”), Brookfield BRP Europe Holdings (Bermuda) Limited (“Europe Holdco”) and Brookfield Renewable
Investments Limited (“Investco”) have each unconditionally, jointly and severally, guaranteed the due payment of all Guaranteed Obligations (as defined below) pursuant to guarantees in favour of the Trustee dated as of
November 23, 2011, in respect of the Original Guarantors, October 7, 2014, in respect of Europe Holdco and February 26, 2015, in respect of Investco. 

 

	C.	 The Borrower is an Affiliate of the Guarantor and the Borrower and the Guarantor have agreed that the
Guarantor will guarantee the Guaranteed Obligations in accordance with this Agreement. 

  

	D.	 The Guarantor will, directly or indirectly, benefit from the issuance of Debentures under the Indenture from
time to time and, accordingly, desires to execute this Guarantee. 

 NOW THEREFORE in consideration
of the foregoing and other benefits accruing to the Guarantor, the receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby covenants and agrees with the Trustee as follows: 

  
 - 2 - 

 

 ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions 

In this Agreement, all capitalized terms used and not defined in this Agreement will have the meanings given to such terms in
the Indenture. In addition, the following terms will have the following meanings: 

1.1.1    “Additional Guarantor” means a “Guarantor” as that term is defined in
the Indenture, other than the Guarantor under this Agreement, and any other Person that has guaranteed the Guaranteed Obligations; 

1.1.2    “this Agreement”, “this Guarantee”, “herein”,
“hereof”, “hereby”, “hereunder” and any similar expressions refer to this Guarantee as it may be supplemented, amended or restated from time to time, and not to any particular Article, section or
other portion hereof; 
 1.1.3    “Borrower” means Brookfield Renewable Partners ULC
(formerly Brookfield Renewable Energy Partners ULC) a corporation incorporated under the laws of Alberta, and its successors; 

1.1.4    “Event of Default” means the occurrence of any of the following: 

 

	 	(a)	 any Event of Default under the Indenture; 

 

	 	(b)	 failure on the part of the Guarantor to perform or comply with Section 5.6 of this Agreement;

  

	 	(c)	 failure on the part of the Guarantor to perform any other covenant or agreement of the Guarantor under this
Agreement for the benefit of the Debentureholders, which failure continues for 60 days after written notice thereof is given to the Guarantor by the Trustee or Holders of at least 25% in aggregate principal amount of outstanding Debentures; or

  

	 	(d)	 failure on the part of the Guarantor to make payment of any amounts payable by it under this Agreement;

 1.1.5    “Guaranteed Obligations” means the
principal of, premium, if any, and interest on all Debentures issued by the Borrower under the Indenture from time to time when and as the same shall become due and payable, whether at maturity, upon redemption, acceleration or otherwise, and all
other obligations and liabilities owing by the Borrower to the Trustee under the Indenture, whether present or future, absolute or contingent, liquidated or unliquidated, as principal or as surety, alone or with others, of whatsoever nature or kind,
in any currency, under or in respect of the Indenture; 
 1.1.6    “Guarantor Counsel”
means legal counsel retained by the Guarantor; 

  
 - 3 - 

 

 1.1.7    “Officers’ Certificate” means
a certificate of the Guarantor signed by any two officers of the Guarantor in their capacities as officers and not in their personal capacities; and 

1.1.8    “Proceedings” means any receivership, insolvency, proposal, bankruptcy,
compromise, arrangement, winding-up, dissolution or other similar judicial proceedings. 
  

	1.2	 Headings 

The inclusion of headings in this Agreement is for convenience of reference only and shall not affect the construction or
interpretation hereof. 
  

	1.3	 References to Articles and Sections 

Whenever in this Agreement a particular Article, section or other portion thereof is referred to, such reference pertains to
the Article, section or portion thereof contained herein unless otherwise indicated. 
  

	1.4	 Currency 

All amounts in this Agreement are stated and shall be paid in Canadian currency. 

 

	1.5	 Gender and Number 

In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa,
words importing gender include all genders or the neuter, and words importing the neuter include all genders. 
  

	1.6	 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 shall 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. 
  

	1.7	 Entire Agreement 

This Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement. 

 

	1.8	 Governing Law, Attornment 

This Agreement shall be governed by and construed in accordance with the laws of the Province of Ontario and the laws of
Canada applicable therein and the Guarantor hereby irrevocably attorns to the jurisdiction of the courts of Ontario. 

  
 - 4 - 

 

 ARTICLE 2 

GUARANTEE 
  

	2.1	 Guarantee 

The Guarantor unconditionally guarantees the due payment of all Guaranteed Obligations. 

 

	2.2	 Continuing Guarantee 

The guarantee herein shall be a continuing guarantee of the payment of all the Guaranteed Obligations and shall apply to and
secure any ultimate balance thereof due or remaining unpaid. The guarantee herein shall not be considered as wholly or partially satisfied by the intermediate payment or satisfaction at any time of all or any part of the Guaranteed Obligations. 

ARTICLE 3 

ENFORCEMENT OF GUARANTEE 
  

	3.1	 Demand 

Upon the occurrence of an Event of Default, the Guarantor shall, on demand by the Trustee, forthwith pay to the Trustee all
Guaranteed Obligations for which such demand was made. 
  

	3.2	 Right to Immediate Payment or Performance 

The Trustee shall not be bound to make any demand on or to seek or exhaust its recourse against the Borrower or any other
Person before being entitled to demand payment from the Guarantor and enforce its rights under this Agreement, and the Guarantor hereby renounces all benefits of discussion and division. 

 

	3.3	 Trustee’s Statement 

The statement in writing of the Trustee as to the amount payable hereunder shall be binding upon the Guarantor and conclusive
against it in the absence of manifest error. 
 ARTICLE 4 

PROTECTION OF TRUSTEE 
  

	4.1	 Liability Absolute 

The liability of the Guarantor hereunder shall be absolute and unconditional and shall not be discharged, diminished or in any
way affected by: 
 4.1.1    any amalgamation, merger, consolidation or reorganization of the Borrower,
the Guarantor or the Trustee, or any continuation of the Borrower, the Guarantor or the Trustee from the statute under which it now or hereafter exists to another statute, whether under the laws of the same jurisdiction or another jurisdiction; 

  
 - 5 - 

 

 4.1.2    any change in the name, business, objects, capital
structure, ownership, constating documents, by-laws or resolutions of the Borrower, the Guarantor or the Trustee, including without limitation any transaction (whether by way of transfer, sale or otherwise)
whereby all or any part of the undertaking, property and assets of the Borrower, the Guarantor or the Trustee becomes the property of any other Person; 

4.1.3    any Proceedings of or affecting the Borrower, the Guarantor, the Trustee or any other Person, and
any court orders made or action taken by the Borrower, the Guarantor, the Trustee or any other Person under or in connection with those Proceedings, whether or not those Proceedings or orders or that action results in any of the matters described in
Section 4.2 occurring with or without the consent of the Trustee; 
 4.1.4    any defence,
counterclaim or right of set-off available to the Borrower; and 

4.1.5    any other circumstance which might otherwise constitute in whole or in part a defence available
to, or a discharge of, the Guarantor, the Borrower or any other Person in respect of the Guaranteed Obligations or the liability of the Guarantor. 
  

	4.2	 Dealings by Trustee 

The Trustee may from time to time in its absolute discretion, without discharging, diminishing or in any way affecting the
liability of the Guarantor hereunder: 
 4.2.1    enforce or take action under or abstain from enforcing
or taking action under the Indenture, any other guarantee or any other agreement; 
 4.2.2    renew all
or any part of the Guaranteed Obligations or grant extensions of time or any other indulgences to the Borrower or to any other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed Obligations; 

4.2.3    accept or make any compositions or arrangements with or release, discharge or otherwise deal with
or abstain from dealing with the Borrower or any other guarantor or other Person liable directly or as surety for all or any part of the Guaranteed Obligations; 

4.2.4    in whole or in part prove or abstain from proving a claim of the Trustee in any Proceedings of or
affecting the Borrower or any other Person; and 
 4.2.5    agree with the Borrower, any other guarantor
or any other Person to do anything described in Sections 4.2.1 to 4.2.4, 
 whether or not any of the matters described above
occur alone or in connection with one or more other such matters. 

  
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 ARTICLE 5 

COVENANTS OF THE GUARANTOR 
  

	5.1	 Limitations on Indebtedness 

The Guarantor will not, and will not permit any of its Subsidiaries to, directly or indirectly, issue, incur, assume or
otherwise become liable for or in respect of any Funded Indebtedness unless, after giving effect thereto, the Funded Indebtedness of BREP, calculated on a consolidated basis, would not exceed 75% of Total Consolidated Capitalization. 

 

	5.2	 Limitation on Liens 

The Guarantor will not create or permit to exist any lien on any present or future assets of the Guarantor to secure any
borrowed money, or permit any of its Subsidiaries to create or permit to exist any lien on any present or future assets of such Subsidiary to secure any borrowed money, unless at the same time the Guaranteed Obligations are secured equally and
ratably with such borrowed money, provided that this shall not apply to liens existing on the date hereof or Permitted Encumbrances. Upon being advised by the Guarantor in writing in an Officers’ Certificate that security has been provided for
the Guaranteed Obligations on an equal and ratable basis in connection with the grant to a third party of security for borrowed money and subsequently that such security to the third party has been released, the Trustee will forthwith release the
security granted for the Guaranteed Obligations. 
  

	5.3	 Limitations Concerning Merger, Consolidations and Certain Asset Sales 

So long as any Debentures are outstanding, the Guarantor will not enter into any transaction, directly or indirectly through a
Subsidiary of the Guarantor, whereby all or substantially all of the undertaking, property and assets of the Guarantor would become the property of any other Person (any such Person being herein referred to as a “Successor”),
whether by way of reorganization, consolidation, amalgamation, arrangement, merger, transfer, sale or otherwise, provided that nothing contained in this Indenture will prevent any such transaction if: 

 

	 	(a)	 the Successor shall have executed, prior to or contemporaneously with the consummation of any such
transaction, an assumption of the obligations of the Guarantor under this Agreement, including the due and punctual payment of all amounts payable hereunder, and such other instruments as in the opinion of the Guarantor’s Counsel are necessary
or advisable to evidence the agreement of the Successor to observe and perform all the covenants and obligations of the Guarantor under this Indenture; 

  

	 	(b)	 no condition or event shall exist as to the Guarantor or the Successor, either at the time of or immediately
after the consummation of any such transaction and after giving full effect thereto or immediately after compliance by the Successor with the provisions of this Section 5.6, which constitutes or would constitute, after the giving of notice or
lapse of time, or both, an Event of Default; and 

  
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	 	(c)	 the Guarantor shall have delivered to the Trustee an Opinion of the Guarantor Counsel and an Officers’
Certificate stating that the conditions precedent in this Section 5.6 have been satisfied, 

 provided, however, the
provisions of this Section 5.6 shall not be applicable to any transaction between or among any one or more of the Borrower, the Guarantor, an Additional Guarantor and/or any Subsidiary of any of them. 

Whenever the conditions of this Section 5.6 have been duly observed and performed, (i) the Person who was a party to this Agreement
as Guarantor immediately prior to the transaction described in Section 5.6 shall be released and discharged from all liability under this Agreement, (ii) references to the Guarantor under this Agreement will thereafter refer to the
Successor which has complied with the provisions of this Section 5.6, and (iii) the Trustee will execute and deliver any documents which it may be advised are necessary, desirable or advisable for effecting or evidencing such release and
discharge. 
 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES 
  

	6.1	 Representations and Warranties 

The Guarantor represents and warrants to the Trustee as follows: 

6.1.1    it is duly created and existing under the laws of its jurisdiction of formation and has the power
and capacity to own its properties and assets and to carry on its business as presently carried on by it; 

6.1.2    it has the power and capacity to enter into this Agreement and to do all acts and things as are
required or contemplated hereunder to be done, observed and performed by it; 
 6.1.3    it has taken
all necessary corporate and, if applicable, partnership action to authorize the execution, delivery and performance of this Agreement; 

6.1.4    there is no unanimous shareholder agreement which restricts, in whole or in part, the powers of
the directors of the Guarantor to manage or supervise the business and affairs of the Guarantor; 

6.1.5    the entering into of this Agreement and the performance by the Guarantor of its obligations
hereunder does not and will not contravene, breach or result in any default under the constating documents of the Guarantor or under any material mortgage, lease, agreement or other legally binding instrument, license, permit or law to which the
Guarantor is a party or by which the Guarantor or any of its properties or assets may be bound and will not result in or permit the acceleration of the maturity of any indebtedness, liability or obligation of the Guarantor under any material
mortgage, lease, agreement or other legally binding instrument of or affecting the Guarantor; and 

  
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 6.1.6    no authorization, consent or approval of, of filing
with or notice to, any Person or governmental body is required in connection with the execution, delivery or performance of this Agreement by the Guarantor. 

ARTICLE 7 
 DEFAULT

  

	7.1	 Judgment Against the Guarantor 

In case of any judicial or other proceedings to enforce the rights of the Debentureholders, judgment may be rendered against
the Guarantor in favour of the Debentureholders or in favour of the Trustee, as trustee for the Debentureholders, for any amount which may remain due in respect of the Debentures and the interest thereon. 

 

	7.2	 Immunity of Shareholders, Directors and Officers 

The Trustee and the Holders by their acceptance of the Debentures hereby waive and release any right, cause of action or
remedy now or hereafter existing in any jurisdiction against any past, present or future incorporator, shareholder, director, officer or partner of the Guarantor or of any successor thereof for the payment of the principal of or premium or interest
on any of the Debentures or on any covenant, agreement, representation or warranty by the Guarantor herein or in the Debentures contained. 
  

	7.3	 Recourse 

Notwithstanding anything contained in this Guarantee or the Indenture to the contrary, the obligations of the Guarantor
hereunder will be performed, satisfied and paid only out of, and enforced only against, and recourse will only be had against, the assets of the Guarantor. 

ARTICLE 8 

MISCELLANEOUS 
  

	8.1	 Incorporation by Reference 

The provisions of Articles 11 (Meetings of Debentureholders), 12 (Notices), 13 (Concerning the Trustee) and 14 (Supplemental
Indentures) of the Trust Indenture shall apply mutatis mutandis to this Guarantee. 
  

	8.2	 Payment of Costs and Expenses 

The Guarantor shall pay to the Trustee on demand all costs and expenses of the Trustee, its officers, employees and agents and
any receiver or receiver-manager appointed by it or by a court in connection with this Agreement, including, without limitation, in connection with: 

8.2.1    any actual or proposed amendment or modification hereof or any waiver hereunder and all
instruments supplemental or ancillary thereto; 

  
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 8.2.2    obtaining advice as to the Trustee’s rights and
responsibilities under this Agreement; and 
 8.2.3    the defence, establishment, protection or
enforcement of any of the rights or remedies of the Trustee under this Agreement including, without limitation, all costs and expenses of establishing the validity and enforceability of, or of collection of amounts owing under, this Agreement; 

and further including, without limitation, all of the reasonable fees, expenses and disbursements of the Trustee’s lawyers, on a
substantial indemnity basis, incurred in connection therewith and all sales or value-added taxes payable by the Trustee (whether refundable or not) on all such costs and expenses. 

 

	8.3	 No Waiver 

No delay on the part of the Trustee in the exercise of any right, power or remedy hereunder or otherwise shall operate as a
waiver thereof, and no single or partial exercise by the Trustee of any right, power or remedy shall preclude other or further exercise thereof or the exercise of any other right, power or remedy. No action of the Trustee permitted hereunder shall
in any way impair or affect its rights, powers or remedies under this Agreement. 
  

	8.4	 Termination 

8.4.1    This Guarantee shall terminate and be of no further force and effect at the earlier of the date
that: (i) the Guaranteed Obligations have been indefeasibly paid or performed in full; and (ii) all of the Debentures have been purchased by one or more Affiliates of the Borrower. 

8.4.2    This Guarantee shall terminate automatically upon the occurrence of any of the following events:

 8.4.2.1    the Guarantor becomes a wholly-owned subsidiary entity of an Additional Guarantor; or 

8.4.2.2    the Guarantor becomes a wholly-owned subsidiary entity of Brookfield Renewable Partners L.P. or
BRELP. 
 The Guarantor shall notify the Trustee in writing of the occurrence of either of the events under this
Section 8.4.2. 
 8.4.3    Notwithstanding the definition of Guaranteed Obligations in
Section 1.1.5, upon five days’ notice in writing to the Trustee, the Guarantor may terminate this Guarantee in respect of Guaranteed Obligations relating to any Series issued after the expiry of that
five-day period, but not in respect of any Guaranteed Obligations incurred or arising before the expiry of that five-day period. 

  
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	8.5	 Successors and Assigns 

This Agreement shall be binding upon the Guarantor and its successors and enure to the benefit of the Trustee and its
successors and assigns. 
  

	8.6	 Copy Received 

The Guarantor acknowledges receipt of a copy of this Agreement. 

 IN WITNESS WHEREOF the Guarantor has executed this Agreement as of
the date first above written. 
  

			
	BEP SUBCO INC.
		
	by:	 	 
		 	 Name:   

		 	 Title:

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