Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

BROOKFIELD ASSET MANAGEMENT INC. 

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BROOKFIELD ASSET MANAGEMENT LTD. 

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BROOKFIELD ASSET MANAGEMENT ULC 
  

 
 RELATIONSHIP
AGREEMENT 
  
  

November 8 , 2022 

 RELATIONSHIP AGREEMENT 

This RELATIONSHIP AGREEMENT is made as of November 8, 2022 (this “Agreement”) between Brookfield Asset Management Inc. (the
“Corporation”), a corporation existing under the laws of the Province of Ontario, Brookfield Asset Management Ltd. (the “Manager”), a company incorporated under the laws of the Province of British Columbia, and
Brookfield Asset Management ULC (the “Asset Management Company”), an unlimited liability company incorporated under the laws of the Province of British Columbia (the Corporation, the Manager and the Asset Management Company are
collectively referred to as the “Parties” and individually as a “Party”). 
 WHEREAS the Corporation intends to
complete a plan of arrangement (the “Arrangement”) pursuant to which, among other things, (i) the Corporation’s asset management business will be transferred to the Asset Management Company and (ii) the Corporation
and the Manager will acquire the shares of the Asset Management Company; 
 WHEREAS the Parties are entering into this Agreement to govern certain
aspects of the relationship between the Corporation and other members of the Corporation Group (as defined below) on the one hand and the Manager and the Asset Management Group (as defined below) on the other hand upon completion of the Arrangement;

 NOW THEREFORE, in consideration of the respective covenants and agreements provided in this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties agree as follows: 

ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions 

In this Agreement, the following words or expressions will have the following meanings: 

 

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

  

	 	(b)	 “Affiliate Relationship Agreement” means a relationship agreement entered into between the
Corporation, one or more Service Providers and one or more Perpetual Affiliates, and “Affiliate Relationship Agreements” means all such agreements. 

 

	 	(c)	 “Agreement” has the meaning assigned thereto in the preamble. 

 

	 	(d)	 “Arrangement” has the meaning assigned thereto in the preamble. 

 

	 	(e)	 “Asset Management Company” has the meaning assigned thereto in the preamble.

	 	(f)	 “Asset Management Group” means the Asset Management Company and its Subsidiaries.

  

	 	(g)	 “Brookfield” means, collectively, the Corporation Group, the Brookfield Reinsurance Group, the
Manager and its Subsidiaries, and the Asset Management Group. 

  

	 	(h)	 “Brookfield Reinsurance Group” means Brookfield Asset Management Reinsurance Partners Ltd. and
its Subsidiaries. 

  

	 	(i)	 “Carried Interest” means the dividends and distributions, payable by entities such as
corporations, partnerships and trusts, which result from any incentive-based payment or performance fee from a Manager Fund. 

  

	 	(j)	 “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 beneficial
ownership of a majority of the voting interests in B; and for certainty and without limitation, if A owns shares 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. 

 

	 	(k)	 “Corporation” has the meaning assigned thereto in the preamble. 

 

	 	(l)	 “Corporation Group” means the Corporation together with its Subsidiaries, including the
Perpetual Affiliates. 

  

	 	(m)	 “Current Funds” means those Manager Funds listed on Schedule A hereto under the heading
“Current Funds” and any other Manager Fund launched after the date hereof but prior to the Effective Date. 

  

	 	(n)	 “Effective Date” means the date of the Arrangement. 

 

	 	(o)	 “Fund” means any limited life or perpetual private investment entity, managed account, joint
venture, consortium, partnership or investment fund. 

  

	 	(p)	 “Governing Body” means (i) with respect to a corporation or company, the board of
directors of such corporation or company, (ii) with respect to a limited liability company, the manager(s) or managing partner(s) of such limited liability company, (iii) with respect to a partnership, the board, committee or other body of
the general partner of such partnership that serves a similar function (or if any such general partner is itself a partnership, the board, committee or other body of such general partner’s general partner that serves a similar function) and
(iv) with respect to any other Person, the body of such Person that serves a similar function. 

  
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	 	(q)	 “Gross Carried Interest” means an amount equal to 100% of the Carried Interest prior to any
allocations, distributions or deductions towards taxes or expenses of any nature. 

  

	 	(r)	 “Liabilities” means any claims, liabilities, losses, damages, costs or expenses (including
legal fees). 

  

	 	(s)	 “Manager” has the meaning assigned thereto in the preamble. 

 

	 	(t)	 “Manager Fund” means a Fund or other investment strategy established, sponsored or managed by
the Asset Management Company or any of its Subsidiaries, whether or not existing on the date hereof, and includes each Mature Fund, Current Fund and Open-ended Fund. 

 

	 	(u)	 “Master Services Agreement” means a master services agreement entered into between one or more
Service Providers and one or more Perpetual Affiliates, and “Master Services Agreements” means all such agreements. 

  

	 	(v)	 “Mature Funds” means those Manager Funds listed on Schedule A hereto under the heading
“Mature Funds”. 

  

	 	(w)	 “New Funds” means all Manager Funds launched on or after the Effective Date.

  

	 	(x)	 “Open-ended Funds” means those Manager Funds listed on Schedule A hereto under the heading
“Open-ended Funds”. 

  

	 	(y)	 “Parties” has the meaning assigned thereto in the preamble. 

 

	 	(z)	 “Perpetual Affiliates” means Brookfield Renewable Partners L.P., Brookfield Infrastructure
Partners L.P., Brookfield Business Partners L.P. and Brookfield Property Partners L.P., in each case, together with each of their Subsidiaries. 

  

	 	(aa)	 “Person” has the meaning set out in Section 1.2(c). 

 

	 	(bb)	 “Service Providers” means the relevant members of the Asset Management Group appointed to act
as service providers pursuant to a Master Services Agreement. 

  

	 	(cc)	 “Service Recipients” means, collectively, those Persons who receive services under a Master
Services Agreement. 

  

	 	(dd)	 “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; provided that, for purposes of this Agreement, in the case of the Corporation, “Subsidiary” does not include the Asset Management Company or its Subsidiaries.

  
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	 	(ee)	 “Tax Matters Agreement” means the tax matters agreement between the Corporation, the Manager
and the Asset Management Company relating to the Arrangement. 

  

	 	(ff)	 “Term” has the meaning set out in Section 11.1. 

 

	1.2	 Interpretation 

Unless the context otherwise requires: 
  

	 	(a)	 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; 

  

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

  

	 	(c)	 references to any an individual, sole proprietorship, partnership, unincorporated association, unincorporated
organization, unincorporated syndicate, trust, body corporate, and a natural person in his or her capacity as trustee, executor, administrator or other legal or personal representative (each, a “Person”) include such Person’s
successors and permitted assigns; 

  

	 	(d)	 except as otherwise provided in this Agreement, any reference in this Agreement to a statute, regulation,
policy, rule or instrument 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; 

 

	 	(e)	 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; and

  

	 	(f)	 in the event that any day on which any amount is to be determined or any action is required to be taken
hereunder is not a business day, then such amount 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. 

  
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	1.3	 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. 
  

	1.4	 Entire Agreement 

This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter of this Agreement. There are no warranties, conditions, or
representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty,
representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, or any amendment or supplement hereto, by any Party or its directors, officers, employees or agents, to any other
Party 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 have been induced to enter into this Agreement or any amendment
or supplement hereto 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. 
  

	1.5	 Amendment; Waiver 

This Agreement may not be amended or modified except by an agreement in writing executed by each of the Parties. Except as expressly provided in this
Agreement, no 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. 
  

	1.6	 Governing Law 

This Agreement 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. Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of Ontario and waives objection to the venue of any proceeding in such court or
any argument that such court provides an inconvenient forum. 

  
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 ARTICLE 2 

ACQUISITIONS 
  

	2.1	 Pre-emptive Right to Asset Management Acquisitions

 The Corporation agrees that during the Term, the Asset Management Company will have a
pre-emptive right over acquisition opportunities that are presented to the Corporation Group that relate to businesses or business groups whose revenues are predominantly from asset management activities. 

 

	2.2	 Corporation Group Operations 

The Manager and the Asset Management Company acknowledge and agree that the members of the Corporation Group carry on a diverse range of businesses worldwide
and that, except as explicitly provided herein, nothing in this Agreement shall in any way limit or restrict members of the Corporation Group from carrying on their respective businesses, commencing or acquiring new lines of businesses or pursuing
other types of acquisitions, investments or other transactions. 
 ARTICLE 3 

CAPITAL ALLOCATION AND FEE ARRANGEMENTS 
  

	3.1	 No Obligation 

The Manager and the Asset Management Company acknowledge and agree that no member of the Corporation Group has an obligation to commit capital to a Manager
Fund or to provide support to the Manager or any member of the Asset Management Group, whether by way of guaranteeing obligations, warehousing investments, providing backstops, participating in co-investments,
seeding new strategies or otherwise. Notwithstanding the foregoing, the Corporation agrees that any arrangements or understandings existing as of the Effective Date between the Corporation Group and the Asset Management Group will be maintained in
accordance with existing terms until such time that they are amended or terminated. 
  

	3.2	 Right of Participation 

3.2.1 The Manager and the Asset Management Company agree that the Corporation will have an ongoing and perpetual right to participate up to 25%
in every New Fund. Such 25% participation in a New Fund shall be exclusive of any direct or indirect participation by the Manager or the Asset Management Company and may be made directly or indirectly through one or more members of the Corporation
Group or the Brookfield Reinsurance Group. The Parties agree to abide by the terms of each of the Affiliate Relationship Agreements in relation to any capital committed through the Corporation Group. 

3.2.2 To the extent capital is committed to a New Fund (i) by any of the Perpetual Affiliates, the same fee arrangements that were
applicable prior to the Arrangement will continue to apply; and (ii) by a member of the Corporation Group (other than a Perpetual Affiliate) or a member of the Brookfield Reinsurance Group, no fee will apply unless otherwise agreed to in the
specific instance. The Parties acknowledge that capital committed pursuant to clause (ii) will generally be of strategic value, such as where the Corporation is an anchor investor or a large co-investor,
which entitles such capital to be invested in New Funds on a no-fee basis. 

  
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	3.3	 Guarantees and Support 

3.3.1 The Corporation may, in its sole discretion, provide support to the Asset Management Group, by way of warehousing investments,
guaranteeing obligations, providing backstops, seeding new strategies or otherwise, by itself or through one or more members of the Corporation Group. 

3.3.2 To the extent any member of the Corporation Group provides any support to the Asset Management Group pursuant to Section 3.3.1, it
will receive compensation as follows: 
  

	 	(a)	 in relation to any warehousing of investments, the same cost of carry that the Asset Management Company (or the
relevant Subsidiary) is entitled to under the relevant fund documents; provided that, if no cost of carry rate is specified therein, a cost of carry of 8% per annum; 

 

	 	(b)	 in relation to any backstops or guarantees, standby or commitment fees at market rates; and

  

	 	(c)	 in relation to any other arrangements not covered by the above, such other fees or compensation as agreed to
between the relevant Parties. 

 Notwithstanding clauses (a) and (b) above, the Parties may, on a case by case basis
and in accordance with any applicable conflicts protocols, agree to any other fees or compensation. 
 ARTICLE 4 

CARRIED INTEREST 
  

	4.1	 Apportionment of Carried Interest 

4.1.1 The Parties agree that the Gross Carried Interest in relation to each Manager Fund shall be allocated in the following manner: 

 

							
	 Type of Manager Fund
	  	
Entitlement to Gross Carried Interest
	 
	  	 Corporation
	  	Asset Management
Group	 
	 Mature Funds
	  	100%	  	 	—  	 
	 Current Funds
	  	33.3%	  	 	66.7	% 
	 Open-ended Funds
	  	33.3%	  	 	66.7	% 
	 New Funds
	  	33.3%	  	 	66.7	% 

  
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 4.1.2 The Parties agree that (a) the Corporation, as a result of directly or indirectly
owning securities or other equity interests, will be entitled to the Gross Carried Interest set out above on an ongoing and perpetual basis notwithstanding the Corporation’s percentage ownership interest in the Asset Management Company and
regardless of participation in New Funds; and (b) except as set out in Section 5.2, no member of the Corporation Group is entitled to any voting rights in, and is not otherwise entitled to participate in the governance of, any of the
Manager Funds by virtue of its entitlement to a portion of the Carried Interest. 
  

	4.2	 Clawback of Carried Interest 

Each of the Corporation and the Asset Management Group will be responsible for clawback obligations in relation to Carried Interest in the same proportion as
set out in Section 4.1 and otherwise in accordance with the provisions of the relevant Fund documents. To the extent that a Party or a Subsidiary thereof (for the purposes of this Section 6.2, each a “Clawback Indemnitor”)
is responsible for satisfying any clawback obligations to the other Party or a Subsidiary thereof (for the purposes of this Section 6.2, each a “Clawback Indemnitee”), such Party will (or will cause the relevant Clawback
Indemnitor to) keep the Clawback Indemnitee indemnified to that extent and will fulfill their obligations in a manner as agreed between them. 
  

	4.3	 Employee Entitlement to Carried Interest 

The Parties acknowledge that certain employees of the Manager, the Asset Management Company and their Subsidiaries are eligible to receive a portion of the
Carried Interest related to certain Mature Funds. Where such eligible employees own an interest in a legal entity (“Direct Interest”) through which their entitlement to Carried Interest is distributable to them, nothing further
needs to be done by the Parties. Where such eligible employees only have the ability to receive distributions of their Carried Interest entitlement as a contractual or similar right and not as a Direct Interest (“Notional Carry”),
the Corporation will endeavour to pay an amount equal to such employee’s Notional Carry directly to that employee. To the extent it is not feasible for the Corporation to pay the Notional Carry directly, the Corporation agrees to make a payment
to the Manager, the Asset Management Company or any Subsidiary thereof, as applicable (in such Person’s capacity as the employer of the relevant employee), in the full amount of Notional Carry owed to that employee. The Manager and the Asset
Management Company each agree to, and agree to cause their Subsidiaries to, forward to the relevant employee any payment received from the Corporation pursuant to this Section 4.3. 

ARTICLE 5 

MANAGEMENT 
  

	5.1	 Individuals Performing Overlapping Roles 

The Parties acknowledge that certain officers and directors of the Corporation will serve as officers and directors of the Corporation, the Manager and/or a
member of the Asset Management Group. For so long as this is the case, the Parties agree that (a) each Party will separately compensate such individuals for such individuals’ services to each of them, and (b) the allocation of such
individuals’ time between the businesses shall be as agreed to by them from time to time taking into account the needs of each of their businesses. 

  
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	5.2	 Investment Committees 

The Asset Management Company has existing investment committees for each of its core strategies and may in the future have additional investment committees for
new strategies or products. Each of the investment committees will consist of (a) the chief executive officer of the Manager, the chief executive officer of the relevant business group, and other senior management personnel of the Manager and
the Asset Management Group; and (b) the chief executive officer of the Corporation and another senior management nominee from the Corporation. 
  

	5.3	 Access to Information 

5.3.1 Upon the request of the Corporation or the Manager from time to time, in such Person’s capacity as a shareholder of the Asset
Management Company (in such capacity, a “Shareholder”), the Asset Management Company agrees to provide such Shareholder (together with its representatives and advisors) with full access to its premises, assets, books, records,
accounts, tax returns, contracts, commitments and records during normal business hours. Additionally, upon the reasonable request of a Shareholder, such Shareholder and its representatives and advisors shall also be provided with opportunities to
meet with the auditors, officers, employees, advisors or personnel of the Asset Management Company during normal business hours. 
 5.3.2 The
Asset Management Company acknowledges that the Corporation and the Manager may be required to provide their shareholders with financial information of the Asset Management Company. Without limiting the generality of Section 5.3.1, for so long
as the Corporation and the Manager are required to provide such information, the Asset Management Company agrees that the Corporation’s and the Manager’s respective audit committees may engage directly with the external and internal
auditors of the Asset Management Company and be involved in the preparation of the Asset Management Company’s quarterly and annual financial statements, and any related management’s discussion and analysis. 

5.3.3 The Asset Management Company consents to the use of its information for any purpose reasonably related to a Shareholder’s
shareholding in the Asset Management Company, including for any presentation by such Shareholder to its board of directors or any committee thereof, or such Shareholder’s shareholders, or for the preparation of such Shareholder’s own
financial statements. 
 ARTICLE 6 

AFFILIATE RELATIONSHIP AGREEMENTS 
  

	6.1	 Obligations under Affiliate Relationship Agreements and Master Services Agreements

 Each of the Manager and the Asset Management Company agrees in favour of the Corporation that: (a) it will be bound by, and
will perform and/or cause the relevant Service Providers to perform the obligations of the Service Providers under, the Affiliate Relationship Agreements and the Master Services Agreements; and (b) it will not terminate, or permit any Service
Provider to terminate, any Master Services Agreement or the related Affiliate Relationship Agreement, in each case, without the written consent of the Corporation. 

  
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	6.2	 Indemnity 

6.2.1 The Manager and the Asset Management Company (for the purposes of this Section 6.2, each an “Indemnifying Party”)
hereby jointly and severally agree, to the fullest extent permitted by applicable law, to indemnify and hold harmless the Corporation and any directors, officers, agents, subcontractors, contractors, delegates, members, partners, shareholders,
employees and other representatives of the Corporation (each, an “Indemnified Party”) from and against any Liabilities incurred by them arising from the business and activities of the Indemnifying Parties in connection with any
Affiliate Relationship Agreement, any Master Services Agreement or the services provided thereunder, solely to the extent that any such Liability is finally determined by a final and non-appealable judgment
entered by a court of competent jurisdiction to have resulted from an Indemnifying Party’s bad faith, fraud, willful misconduct, gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was
unlawful. 
 6.2.2 The Parties expressly acknowledge and agree that the right to indemnity provided in this Section 6.2 will be in
addition to and not in derogation of any other liability which an 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. 

6.2.3 The aggregate liability of the Indemnifying Parties, any of their Affiliates, and any directors, officers, employees, contractors,
agents, advisors, members, partners, shareholders and other representatives of any of the foregoing pursuant to this Section 6.2 shall not exceed the aggregate amount paid by the Service Recipients in the two most recent calendar years pursuant
to the Master Services Agreement or the related Affiliate Relationship Agreement giving rise to the indemnity claim. 
 6.2.4 The indemnity
provided in this Section 6.2 will survive the termination or purported termination of this Agreement and of the applicable Master Services Agreement or Affiliate Relationship Agreement. 

ARTICLE 7 

EMPLOYMENT MATTERS 
  

	7.1	 Employees 

Each Party agrees to make its full operational capabilities available to the other Parties in accordance with any agreed upon rates or otherwise on terms
consistent with past practice and based on protocols existing immediately prior to the Arrangement. Additionally, the Parties will, and will cause their Subsidiaries and portfolio companies to implement secondments and other employment or training
initiatives in an effort to ensure the development of all employees of Brookfield and to allocate all of Brookfield’s employment resources effectively. Such secondments and other initiatives shall be carried out on terms consistent with past
practice and based on protocols existing immediately prior to the Arrangement. 

  
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	7.2	 Long Term Incentive Awards 

7.2.1 Certain employees of the Manager and the Asset Management Company may hold options and other equity or equity-based awards issued by the
Corporation. The Parties agree that, except for the costs related to the tracking deferred share unit program established by a Subsidiary of the Corporation in respect of the Manager shares (which costs will be reimbursed by the Asset Management
Company as and when they arise on cash settlement of the awards), the Corporation shall be responsible for the cost associated with such options and other awards notwithstanding that such employees are employed by another Party at the relevant time.

 7.2.2 Certain employees of the Corporation may hold options and other equity or equity-based awards in the Manager. The Parties agree that
the Manager shall be responsible for the cost associated with such options and other awards notwithstanding that such employees are employed by another Party at the relevant time. 

 

	7.3	 Compensation Policies of Asset Management Company 

The Parties agree that the Manager’s management resources and compensation committee will implement and oversee the compensation policies and practices of
the Asset Management Company. 
 ARTICLE 8 

EXCHANGE ARRANGEMENTS AND GOVERNANCE RIGHTS 
  

	8.1	 Consent Right - Exchange Arrangements 

The Parties acknowledge that one or more Subsidiaries of the Asset Management Company are party to, or may from time to time become party to, agreements
pursuant to which a Subsidiary of the Asset Management Company has the right to elect to deliver shares of the Corporation and/or shares of the Manager in satisfaction of cash amounts owed by that Subsidiary under such agreement. The Asset
Management Company agrees to seek the written consent of the Corporation or the Manager (each, an “Issuing Entity”), as applicable, prior to any election by a Subsidiary of the Asset Management Company to deliver shares of an
Issuing Entity. To the extent that an Issuing Entity consents to a Subsidiary making such an election, but subject to the restrictions provided in the Tax Matters Agreement and the receipt of all applicable regulatory and stock exchange approvals:

  

	 	(a)	 such Issuing Entity agrees that it will cause such shares to be issued and delivered as directed by the
applicable Subsidiary; and 

  

	 	(b)	 the Asset Management Company agrees to compensate such Issuing Entity for the value of the issued shares (as
determined in accordance with the applicable agreement), such compensation to be payable as agreed to by such Issuing Entity. 

  

	8.2	 Governance Rights 

The Corporation and the Asset Management Company acknowledge that the Corporation has been granted governance rights in respect of certain investments forming
part of the asset management business being transferred to the Asset Management Company, including the right to nominate directors and consent rights over certain significant decisions. The Corporation agrees that to the extent it possesses such
rights, prior to exercising any such rights, it will consult with the Asset Management Company with respect to the manner in which those governance rights are exercised. 

  
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 ARTICLE 9 

OTHER MATTERS 
  

	9.1	 Indebtedness of Brookfield Finance LLC 

The Parties acknowledge that prior to the date hereof, Brookfield Finance LLC incurred indebtedness pursuant to various debt instruments (the
“Brookfield Finance Debt”). The Brookfield Finance Debt was assumed by Brookfield Finance Inc. and guaranteed by the Corporation. The Corporation agrees to indemnify and hold harmless (or cause any of its Subsidiaries to indemnify
and hold harmless) Brookfield Finance LLC from and against any Liabilities incurred, directly or indirectly, by the Asset Management Company arising from or related to the Brookfield Finance Debt. 

 

	9.2	 Office Space 

The Parties agree to share the existing physical office space used by the Corporation and its Affiliates. The Parties agree to enter into, or cause their
relevant Subsidiaries to enter into, customary office sharing arrangements consistent with past practice and based on protocols existing immediately prior to the Arrangement with respect to such matters. In connection with the sharing of physical
office space, the Parties agree that there is no expectation to implement additional information barriers beyond those that exist at the date of this Agreement. The Parties will agree from time to time on the cost to be allocated to each of the
Parties in connection with any such arrangements. 
  

	9.3	 Intellectual Property 

The Corporation shall provide the Manager and the Asset Management Group with the right to access and use intellectual property owned by the Corporation based
on protocols existing immediately prior to the Arrangement with respect to such matters. 
 ARTICLE 10 

REPRESENTATIONS AND WARRANTIES 
  

	10.1	 Representations and Warranties 

Each of the Parties hereby represents and warrants to each of the other Parties that: 
  

	 	(a)	 it is validly organized and existing under the relevant laws governing its formation and existence;

  

	 	(b)	 it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations
hereunder; 

  

	 	(c)	 it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

  
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	 	(d)	 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do
not and will not contravene, breach or result in any default under its articles, notice of articles, by-laws, constituent documents or other organizational documents; 

 

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

  

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

 ARTICLE 11 

GENERAL 
  

	11.1	 Term 

The term of this Agreement (the “Term”) will begin on the Effective Date, immediately following the completion of the “Corporation Spin-off Butterfly” transactions as part of the Arrangement, and will continue in full force and effect, in perpetuity, until terminated in accordance with Section 11.2. 

 

	11.2	 Termination 

This Agreement may be terminated at any time upon mutual agreement of the Corporation and the Manager. 

 

	11.3	 Further Assurances 

Each of the Parties 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 Parties 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. 
  

	11.4	 Enurement 

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

  
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	11.5	 Assignment 

No Party may assign this Agreement or any of its rights, interests or obligations under this Agreement (whether by operation of law or otherwise) without the
prior written consent of each other Party. 
  

	11.6	 Notices 

Any demand, notice or other communication to be given in connection with this Agreement must be given in writing and delivered personally or by courier or by
facsimile or other means of electronic communication addressed to the recipient as follows: 
  

	 	(a)	 in the case of the Corporation: 

Brookfield Asset Management Inc. 

Brookfield Place 
 181 Bay
Street, Suite 100 
 Toronto, Ontario M5J 2T3 

Attention: Swati Mandava 
 E-mail: swati.mandava@brookfield.com 
  

	 	(b)	 in the case of the Manager: 

Brookfield Asset Management Ltd. 

Brookfield Place 
 181 Bay
Street, Suite 100 
 Toronto, Ontario M5J 2T3 

Attention: Kathy Sarpash 
 E-mail: kathy.sarpash@brookfield.com 
  

	 	(c)	 in the case of the Asset Management Company: 

Brookfield Asset Management ULC 

Brookfield Place 
 181 Bay
Street, Suite 100 
 Toronto, Ontario M5J 2T3 

Attention: Kathy Sarpash 
 E-mail: kathy.sarpash@brookfield.com 
 or other such address that a Party may, from time to time, advise the other
Parties by notice in writing given in accordance with the foregoing. Date of receipt of any such notice will be deemed to be the date of actual delivery thereof or, if given by facsimile or other electronic communication, on the day of transmittal
thereof if given during the normal business hours of the recipient with written confirmation of receipt by fax or other electronic communication and verbal confirmation of same and on the next business day, if not given during such hours. 

  
 - 14 - 

	11.7	 Counterparts 

This Agreement may be executed in counterparts (by facsimile or otherwise), each of which will be deemed an original, and all of which taken together will
constitute one and the same instrument. 
  

	11.8	 Specific Performance 

The Parties agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. It is accordingly agreed that each of the Parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement, this being in addition to any other remedy to which such Party is entitled at law or in equity. 
 [Remainder of Page
Intentionally Left Blank] 

  
 - 15 - 

 IN WITNESS WHEREOF the Parties have duly executed this Agreement on the date written on the first
page of this Agreement. 
  

			
	BROOKFIELD ASSET MANAGEMENT INC.
		
	By:	 	/s/ Nicholas H. Goodman
		 	 Name: Nicholas H. Goodman
 Title: Chief
Financial Officer
  
 I have authority to bind the corporation.

	
	BROOKFIELD ASSET MANAGEMENT LTD.
		
	By:	 	/s/ Kathy Sarpash
		 	 Name: Kathy Sarpash
 Title: Authorized
Signatory
  
 I have authority to bind the company.

	
	BROOKFIELD ASSET MANAGEMENT ULC
		
	By:	 	/s/ Justin B. Beber
		 	 Name: Justin B. Beber
 Title: Director

 
 I have authority to bind the company.

 Relationship Agreement 

 SCHEDULE A 

MANAGER FUNDS 
  

					
	 Current Funds
	  	 Mature Funds
	  	 Open-ended Funds

	Brookfield Strategic Real Estate Partners IV	  	Brookfield Real Estate Turnaround Fund	  	Brookfield Premier Real Estate Partners
			
	Brookfield Infrastructure Fund V	  	Brookfield Strategic Real Estate Partners I	  	Brookfield Premier Real Estate Partners Australia
			
	Brookfield Global Transition Fund	  	Brookfield Strategic Real Estate Partners II	  	Super-Core Infrastructure Partners
			
	Brookfield Capital Partners VI	  	Brookfield Strategic Real Estate Partners III	  	Brookfield Senior Mezzanine Real Estate Finance Fund
			
	Brookfield Technology Growth III	  	Thayer VI	  	Brookfield European Real Estate Partnership
			
	Brookfield Infrastructure Debt III	  	Brookfield Opportunity Zone Partners	  	Brookfield Infrastructure Income Fund
			
	Brookfield Real Estate Secondaries	  	U.S. Multifamily Value Add Fund II	  	Brookfield REIT
			
		  	U.S. Multifamily Value Add Fund III	  	
			
		  	U.S. Office Fund	  	
			
		  	DTLA	  	
			
		  	Brookfield Single Family Rental	  	
		  	Brookfield Infrastructure Fund I	  	
		  	Brookfield Infrastructure Fund II	  	
		  	Brookfield Infrastructure Fund III	  	
		  	Brookfield Infrastructure Fund IV	  	
		  	Brookfield Infrastructure Fund IV Renewable Sidecar	  	
		  	Brookfield Capital Partners Fund III	  	
		  	Brookfield Capital Partners Fund IV	  	
		  	Brookfield Capital Partners Fund V	  	
		  	Brookfield Technology Partners II	  	
		  	Brookfield Special Investments Fund	  	
		  	Brookfield Real Estate Finance Fund I	  	
		  	Brookfield Real Estate Finance Fund IV	  	
		  	Brookfield Real Estate Finance Fund V	  	
		  	Brookfield Real Estate Finance Fund VI	  	
		  	Brookfield Infrastructure Debt Fund I	  	
		  	Brookfield Infrastructure Debt (Europe)	  	
		  	Brookfield Infrastructure Debt Fund II	  	
		  	Brookfield Infrastructure Debt (Europe) II	  	
		  	Peninsula Brookfield India Real Estate FundEX-10.3

 Exhibit 10.3 

Execution Version 

BROOKFIELD ASSET MANAGEMENT LTD. 

- and - 

BROOKFIELD ASSET MANAGEMENT ULC 
  

 
 ASSET
MANAGEMENT SERVICES AGREEMENT 
  
  

November 8, 2022 

 ASSET MANAGEMENT SERVICES AGREEMENT 

This ASSET MANAGEMENT SERVICES AGREEMENT is made as of November 8, 2022 (this “Agreement”) between Brookfield Asset Management Ltd. (the
“Manager”), a company incorporated under the laws of the Province of British Columbia, and Brookfield Asset Management ULC (the “Asset Management Company”), an unlimited liability company incorporated under the laws
of the Province of British Columbia (the Manager and the Asset Management Company are collectively referred to as the “Parties” and individually as a “Party”). 

WHEREAS Brookfield Asset Management Inc. intends to complete a plan of arrangement (the “Arrangement”) pursuant to which, among other
things, its asset management business (the “Business”) will be transferred to the Asset Management Company; 
 WHEREAS several
employees of the Business are employees of the Manager and the Manager has agreed to provide the services of such employees for the benefit of the Asset Management Company in connection with the operation of the Business, and the Asset Management
Company has agreed to receive such services; 
 NOW THEREFORE, in consideration of the respective covenants and agreements provided in this Agreement
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties agree as follows: 

ARTICLE 1 

INTERPRETATION 
  

	1.1	 Definitions 

In this Agreement, the following words or expressions will have the following meanings: 

 

	 	(a)	 “Agreement” has the meaning assigned thereto in the preamble. 

 

	 	(b)	 “Arrangement” has the meaning assigned thereto in the preamble. 

 

	 	(c)	 “Asset Management Company” has the meaning assigned thereto in the preamble.

  

	 	(d)	 “Business” has the meaning assigned thereto in the preamble. 

 

	 	(e)	 “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 beneficial
ownership of a majority of the voting interests in B; and for certainty and without limitation, if A owns shares 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. 

	 	(f)	 “Effective Date” means the date of the Arrangement. 

 

	 	(g)	 “Governing Body” means (i) with respect to a corporation or company, the board of
directors of such corporation or company, (ii) with respect to a limited liability company, the manager(s) or managing partner(s) of such limited liability company, (iii) with respect to a partnership, the board, committee or other body of
the general partner of such partnership that serves a similar function (or if any such general partner is itself a partnership, the board, committee or other body of such general partner’s general partner that serves a similar function) and
(iv) with respect to any other Person, the body of such Person that serves a similar function. 

  

	 	(h)	 “Liabilities” means any claims, liabilities, losses, damages, costs or expenses (including
legal fees). 

  

	 	(i)	 “Manager” has the meaning assigned thereto in the preamble, including its Subsidiaries.

  

	 	(j)	 “Manager Employees” means the employees of the Manager, as may be employed by it from time to
time, whether full-time, part-time or contracted. 

  

	 	(k)	 “Parties” has the meaning assigned thereto in the preamble. 

 

	 	(l)	 “Pass-Through Costs” means (i) all salaries, payments, bonuses, compensation and other
amounts paid to the Manager Employees in connection with their employment, (ii) all required employer pension and benefit plan contributions (including any governmental pension plan), Employment Insurance employer contributions and workplace
safety and insurance premiums, and (iii) all reasonable overhead and administrative costs incurred by the Manager in connection with the Manager Employees, in each case, without duplication and without
mark-up of any kind. For greater certainty, “Pass-Through Costs” shall not include the costs and expenses associated with any equity compensation or long-term incentive compensation received by a
Manager Employee, which shall be reimbursed in accordance with Article 4, and shall not include any harmonized sales taxes, sales taxes, value added taxes or any other taxes that are recoverable by the Manager by way of credit, refund, rebate or
otherwise. 

  

	 	(m)	 “Person” has the meaning set out in Section 1.2(c). 

 

	 	(n)	 “Service Recipient” has the meaning set out in Section 2.1.1. 

 

	 	(o)	 “Services” has the meaning set out in Section 2.1.1. 

 

	 	(p)	 “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. 

  
 - 2 - 

	 	(q)	 “Term” has the meaning set out in Section 8.1. 

 

	1.2	 Interpretation 

Unless the context otherwise requires: 
  

	 	(a)	 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; 

  

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

  

	 	(c)	 references to any an individual, sole proprietorship, partnership, unincorporated association, unincorporated
organization, unincorporated syndicate, trust, body corporate, and a natural person in his or her capacity as trustee, executor, administrator or other legal or personal representative (each, a “Person”) include such Person’s
successors and permitted assigns; 

  

	 	(d)	 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; and

  

	 	(e)	 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. 

 

	1.3	 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. 

  
 - 3 - 

	1.4	 Entire Agreement 

This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter of this Agreement. There are no warranties, conditions, or
representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty,
representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this Agreement, or any amendment or supplement hereto, by any Party or its directors, officers, employees or agents, to the other
Party 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 neither of the Parties has been induced to enter into this Agreement or any amendment
or supplement hereto 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. 
  

	1.5	 Amendment; Waiver 

This Agreement may not be amended or modified except by an agreement in writing executed by each of the Parties. Except as expressly provided in this
Agreement, no 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. 
  

	1.6	 Governing Law 

This Agreement will be governed by and interpreted and enforced in accordance with the laws of the Province of British Columbia and the federal laws of Canada
applicable therein. Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the courts of the Province of British Columbia and waives objection to the venue of any proceeding in such
court or any argument that such court provides an inconvenient forum. 
 ARTICLE 2 

SERVICES 
  

	2.1	 Services 

2.1.1 During the Term, the Manager will provide such services of the Manager Employees as the Asset Management Company and any of its
Subsidiaries (each, a “Service Recipient”) may from time to time require for the proper, efficient and economic management, operation and conduct of the Business (the “Services”). The Services include
investment services, representation on investment committees for managed strategies, asset management services, fundraising, investor relations services and other services as may be required in the conduct of the Business. 

2.1.2 The Manager agrees that it will adopt, and will ensure that its employees comply with, all of the corporate policies applicable to the
Asset Management Company and its Subsidiaries, including any rules and policies relating to regulatory matters, personal trading, anti-bribery and corruption, information barriers, confidentiality, code of conduct and work environment. The Manager
agrees that the Services will at all times be provided in accordance with all applicable laws and such policies. 

  
 - 4 - 

	2.2	 Supervision of Services by Asset Management Company 

2.2.1 The Asset Management Company or any other Service Recipient designated by it will from time to time establish the responsibilities and
duties of the Manager Employees and oversee the performance of the Services. 
 2.2.2 The Asset Management Company or any other Service
Recipient designated by it will immediately report to the Manager any conduct or performance concerns relating to any Manager Employee should such concerns arise. In such case, the Asset Management Company will have the right to require that such
Manager Employee be excluded from the persons providing Services pursuant to this Agreement with immediate effect. The Manager shall have no duty to discipline or dismiss a Manager Employee, but shall consider and respond on a timely basis to any
conduct or performance concerns reported by the Asset Management Company or such other Service Recipient. 
  

	2.3	 Manager to Remain Employer 

Each Manager Employee will remain exclusively employed by the Manager pursuant to the existing terms and conditions of such Manager Employee’s employment.
The Manager will be solely responsible for all matters relating to a Manager Employee’s employment, including compensation, entitlement to profit sharing or fees, vacation and holiday entitlements, bonuses and other incentives, benefits,
perquisites, expenses, allowances, discipline, termination, termination pay, severance pay and leaves of absence. 
  

	2.4	 Intellectual Property Rights 

The Manager agrees that the applicable Service Recipient shall be legally and beneficially entitled to any and all copyright and intellectual property rights
arising from the Services provided to such Service Recipient. In furtherance of the foregoing, the Manager hereby assigns to the applicable Service Recipient, as the Service Recipient’s sole and exclusive property, without additional
consideration, all rights, title and interest in all ideas, processes, inventions, technology, writings, computer programs, designs, formulas, discoveries, patents, copyrights, trademarks, service marks, works of authorship, any claims or rights,
and any improvements or modifications to the foregoing, whether or not subject to patent or copyright protection, that may be conceived, developed, or reduced to practice by any Manager Employee alone or with others made during the Term and arising
from the Services to the Service Recipient. 
  

	2.5	 Maintenance of Insurance 

The Manager agrees to maintain in effect during the Term policies of directors’ and officers’ liability insurance and other insurance coverage which
is customarily carried by Persons performing functions similar to those to be performed by the Manager Employees, in each case, having such coverage and amounts, and containing terms and conditions that are deemed appropriate by its board of
directors. To the extent the Manager’s Employees are covered by any group level insurance policies, this condition shall be deemed to be satisfied. 

  
 - 5 - 

 ARTICLE 3 

PAYMENT OF PASS-THROUGH COSTS 
  

	3.1	 Pass-Through Costs 

3.1.1 The Asset Management Company agrees to pay (or cause the applicable Service Recipient to pay) to the Manager its pro rata portion of the
Pass-Through Costs incurred by the Manager based on a methodology to be agreed to by the Manager and the Asset Management Company, acting reasonably, which costs shall be invoiced and billed in accordance with this Section 3.1. Such
Pass-Through Costs are to be reimbursed on a cost recovery basis such that the Manager does not receive financial gain nor suffer financial loss. All Pass-Through Costs to be reimbursed hereunder are exclusive of any harmonized sales taxes, sales
taxes, value added taxes or any other taxes that may be imposed thereon pursuant to applicable law (which taxes will be paid in addition to the reimbursement of the Pass-Through Costs contemplated herein). 

3.1.2 The Manager agrees that if any of the Manager Employees provide services for the benefit of the Manager or any other Person in addition
to the Services provided for the benefit of the Asset Management Company (or any other Service Recipient) pursuant to this Agreement, the appropriate portion of the Pass-Through Costs incurred by the Manager and arising from or relating to such
Manager Employees will be allocated to such other Persons (including the Manager) for whom such Manager Employees provided services. 
 3.1.3
The Manager will prepare an invoice for the Pass-Through Costs and all applicable taxes. The frequency of such invoices shall be as agreed to by the Parties from time to time, provided that the Manager will prepare such invoice no less frequently
than annually. After delivery of an invoice, a copy of the computations of the Pass-Through Costs and all applicable taxes will, for informational purposes only, promptly be delivered to the applicable Service Recipient upon request. 

3.1.4 Payment of the Pass-Through Costs and all applicable taxes invoiced shall be due and payable by the applicable Service Recipient promptly
within 30 calendar days following the receipt of an invoice. 
 3.1.5 Any notice or statement from the Manager of the Pass-Through
Costs that are required to be reimbursed by a Service Recipient will be final and binding on the Service Recipient, absent manifest error. 
  

	3.2	 Failure to Pay When Due 

Any amount payable hereunder and which is not remitted to the Manager when so due shall remain due and interest shall accrue on such overdue amounts (both
before and after judgment) at a rate per annum equal to the prime rate charged by the Manager’s principal banker plus 100 basis points per annum from the date which is ninety (90) days after the date payment was originally due and until
the date payment is received by the Manager. 

  
 - 6 - 

 ARTICLE 4 

EMPLOYEE AWARDS 
  

	4.1	 Awards to Asset Management Company Employees 

The Manager intends to provide options or other long term incentive awards to eligible Manager Employees pursuant to the long-term incentive plans adopted by
the Manager. Additionally, upon request of the Asset Management Company, the Manager agrees to provide such options or other long term incentive awards to employees of the Asset Management Company and its Subsidiaries. 

 

	4.2	 Reimbursement Obligations 

If the Manager awards options or other long term incentive awards in accordance with Section 4.1, the cost and expense that the Manager incurs in making
any such award to employees of the Asset Management Company or to Manager Employees (in connection with providing the Services) shall be reimbursed by the Asset Management Company. The Parties may agree on the frequency and process for such
reimbursement from time to time. If requested by either Party, the Parties agree to execute such additional agreements as the Parties determine are necessary to evidence any additional details relating to the awards, the calculation of the costs and
expenses and the form of reimbursement. 
 ARTICLE 5 

CONFIDENTIALITY AND PRIVACY 
  

	5.1	 Confidentiality 

Each Party hereby agrees that it will not (and will not permit any of its Subsidiaries to) at any time use, disclose or make available to any Person, and will
take reasonable steps to prevent such disclosure and restrain further disclosure by any other Person, any information about the other Party or any of its Subsidiaries acquired or developed pursuant to the performance of the Services, except that
consent shall not be required with respect to the following disclosure: 
  

	 	(a)	 information disclosed as required by applicable law or the regulations, rules or policies of any stock
exchanges on which shares or securities of a Party are listed or as may be required by the regulations or policies of any governmental authority; 

  

	 	(b)	 information disclosed as necessary for the purposes of any debt or equity financing undertaken by a Party; or

  

	 	(c)	 information disclosed that a Party, acting reasonably, deems to be necessary to be disclosed on a confidential
basis for the proper performance of its duties and obligations under this Agreement (or any other agreement ancillary hereto to which the Parties are party), including disclosure of information to consultants and other third parties engaged by or
assisting a Party or its Subsidiaries in accordance with the terms of this Agreement in order to carry out the purposes of this Agreement (or any other agreement ancillary hereto to which the Parties are party). 

  
 - 7 - 

 The provisions of this Section 5.1 will survive the termination of this Agreement. 

 

	5.2	 Privacy 

5.2.1 The Manager acknowledges and agrees that: (i) all Personal Information disclosed by a Service Recipient to the Manager, or otherwise
accessed or transferred by the Manager, in the course of the Manager performing its obligations hereunder, is deemed the proprietary and confidential information of the applicable Service Recipient for the purposes of this Agreement; and
(ii) it will not use such Personal Information for any purposes other than as specifically contemplated hereunder and shall comply with applicable laws relating to privacy, including any such applicable laws relating to the collection, use,
storage, protection or disclosure of Personal Information or the privacy policy and practices of the applicable Service Recipient as they relate to the collection, use, storage, protection, and disclosure of Personal Information. For the purposes of
this Agreement, “Personal Information” means information about an identifiable individual or information which relates to a natural person and allows that person to be identified. 

5.2.2 The Manager represents and warrants, in connection with the Personal Information of a Service Recipient, that it: (i) has in place
the appropriate technical and organizational security measures to protect such Personal Information against accidental or unlawful destruction or unauthorized disclosure or access; (ii) has maintained and will continue to maintain suitable
records in commercially reasonable detail with respect to such Personal Information; (iii) will not use such Personal Information for any purpose other than as set out in this Agreement and in compliance with applicable law; and (iv) will
not transfer such Personal Information to any third party, or to any foreign jurisdiction, except as otherwise agreed to in writing by the Service Recipient. 

5.2.3 If the Manager receives a privacy complaint, inquiry or other notice or communication in connection with Personal Information (a
“Complaint”), the Manager shall, to the extent permitted by applicable law, promptly notify the applicable Service Recipient. Unless otherwise required by applicable law or approved in writing by the applicable Service Recipient,
the Manager will not respond to the Complaint other than to communicate that the matter will be forwarded to the Service Recipient to which such Complaint relates for immediate handling. The Manager shall cooperate fully with the applicable Service
Recipient in response to any Complaints. 
 5.2.4 The Manager agrees that it will immediately inform the applicable Service Recipient of any
accidental or unauthorized use or disclosure of the Personal Information of the Service Recipient or if it receives notice alleging that the Service Recipient or the Manager have failed to comply with applicable law relating to the collection, use,
storage, protection or disclosure of such Personal Information in connection with the performance of this Agreement. 

  
 - 8 - 

 5.2.5 At the request of a Service Recipient, the Manager will cooperate with the Service
Recipient in connection with any audit of the Personal Information of the Service Recipient or of the practices of the Service Recipient in relation thereto and in connection with any request to the Service Recipient for access to any such Personal
Information, and will further make available to the Service Recipient, on reasonable notice, the Manager’s books and records solely in relation to the Service Recipient’s Personal Information to enable the Service Recipient to investigate
the Manager’s compliance with this Section 5.2; in each case in sufficient time to enable the Service Recipient to comply with any deadlines applicable under applicable law or, if the Service Recipient’s request is not made within a
reasonable period prior to the applicable deadline (bearing in mind the timing upon which the Service Recipient received such request), as soon as reasonably practicable in the circumstances. 

5.2.6 Notwithstanding anything else in this Agreement, the Manager shall indemnify and hold the applicable Service Recipient harmless from and
against all Liabilities resulting from or connected with the Manager’s failure to comply with the obligations of this Section 5.2, provided that to the extent such Liability has been incurred as a result of a Manager Employee performing
his or her obligations as a director or officer of a Service Recipient, the Manager shall have no obligation to indemnify the Service Recipient. 

5.2.7 The provisions of this Section 5.2 will survive the termination of this Agreement. 

ARTICLE 6 

INDEMNITY 
  

	6.1	 Liability 

In furnishing the Service Recipients with the Services pursuant to this Agreement, neither the Manager nor any of its partners, managers, shareholders,
directors, officers, employees, representatives or agents shall be liable to any Service Recipient or its Affiliates, creditors, shareholders, officers, directors, employees, representatives or agents or any governmental bodies for errors of
judgment or for other liabilities or obligations relating to the work undertaken by the Manager Employees in fulfillment of the Services. 
  

	6.2	 Indemnity by Asset Management Company 

The Asset Management Company hereby agrees, to the fullest extent permitted by applicable law, to indemnify and hold harmless the Manager and any directors,
officers, agents, subcontractors, contractors, delegates, members, partners, shareholders, employees and other representatives of the Manager (each, an “Indemnified Party”) from and against any Liabilities incurred by them arising
from the lawful performance by the Manager of its obligations hereunder except to the extent that any such Liability is finally determined by a final and non-appealable judgment entered by a court of competent
jurisdiction to have resulted from an Indemnified Party’s bad faith, fraud, willful misconduct, gross negligence or, in the case of a criminal matter, conduct undertaken with knowledge that the conduct was unlawful. 

  
 - 9 - 

	6.3	 Survival 

The provisions of this Article 6 will survive the termination of this Agreement. The Parties expressly acknowledge and agree that the right to indemnity
provided in this Article 6 will be in addition to and not in derogation of any other liability which the Asset Management Company 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. 
 ARTICLE 7 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
  

	7.1	 General Representations and Warranties 

Each Party hereby represents and warrants to the other Party that: 
  

	 	(a)	 it is validly organized and existing under the relevant laws governing its formation and existence;

  

	 	(b)	 it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations
hereunder; 

  

	 	(c)	 it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

  

	 	(d)	 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do
not and will not contravene, breach or result in any default under its articles, notice of articles, by-laws, constituent documents or other organizational documents; 

 

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

  

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

  
 - 10 - 

	7.2	 Representations and Warranties of the Manager 

The Manager represents and warrants that 
  

	 	(a)	 it has complied, and is in compliance, with all material terms and conditions of employment and all applicable
laws respecting employment and labour matters, including any provision thereof relating to pay equity, wages, hours of work, vacation pay, employment equity, overtime pay, workers’ compensation, human rights and occupational health and safety,
and there are no outstanding material claims, complaints, investigations or orders under any such laws, and, to its knowledge, there is no basis for such claim; 

 

	 	(b)	 it has made all material contributions and paid all material premiums in respect of each employee plan in a
timely fashion in accordance with the terms thereof and applicable laws, or has made provision for such contributions and premiums in its books and records; and 

 

	 	(c)	 it is duly registered for harmonized sales tax under Subdivision (d) of Division V of Part IX of the
Excise Tax Act (Canada) and will provide its registration number in the applicable invoices. 

  

	7.3	 Covenants 

Each Party agrees that it will, at all times, comply with all applicable laws with respect to or in respect of the Manager Employees, including compliance with
all employment standards, human rights, health and safety, labour relations, employment insurance, pension plan, workers’ compensation, workplace safety and insurance and pay equity laws, whether arising under statute, contract, common law or
otherwise. 
 ARTICLE 8 

GENERAL 
  

	8.1	 Term 

The term of this Agreement (the “Term”) will begin on the Effective Date, immediately following the completion of the “Corporation Spin-off Butterfly” transactions as part of the Arrangement, and will continue in full force and effect, in perpetuity, until terminated in accordance with Section 8.2. 

 

	8.2	 Termination 

This Agreement may be terminated at any time upon mutual agreement of the Parties. 
  

	8.3	 Enurement 

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

 

	8.4	 Assignment 

Neither Party may assign this Agreement or any of its rights, interests or obligations under this Agreement (whether by operation of law or otherwise) without
the prior written consent of the other Party. 

  
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	8.5	 Notices 

Any demand, notice or other communication to be given in connection with this Agreement must be given in writing and delivered personally or by courier or by
facsimile or other means of electronic communication addressed to the recipient as follows: 
  

	 	(a)	 in the case of the Manager: 

Brookfield Asset Management Ltd. 

Brookfield Place 
 181 Bay
Street, Suite 100 
 Toronto, Ontario M5J 2T3 

Attention: Kathy Sarpash 
 E-mail: kathy.sarpash@brookfield.com 
  

	 	(b)	 in the case of the Asset Management Company: 

Brookfield Asset Management ULC 

Brookfield Place 
 181 Bay
Street, Suite 100 
 Toronto, Ontario M5J 2T3 

Attention: Kathy Sarpash 
 E-mail: kathy.sarpash@brookfield.com 
 or other such address that a Party may, from time to time, advise the other Party
by notice in writing given in accordance with the foregoing. Date of receipt of any such notice will be deemed to be the date of actual delivery thereof or, if given by facsimile or other electronic communication, on the day of transmittal thereof
if given during the normal business hours of the recipient with written confirmation of receipt by fax or other electronic communication and verbal confirmation of same and on the next business day, if not given during such hours. 

 

	8.6	 Counterparts 

This Agreement may be executed in counterparts (by facsimile or otherwise), each of which will be deemed an original, and all of which taken together will
constitute one and the same instrument. 
  

	8.7	 No Partnership or Other Relationship 

Nothing in this Agreement shall be deemed or construed to create the relationship of a partnership, joint venture or similar relationship between the Parties,
and neither Party shall be deemed to be the agent of the other Party. 
 [Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF the Parties have duly executed this Agreement on the date written on the first
page of this Agreement. 
  

			
	BROOKFIELD ASSET MANAGEMENT LTD.
		
	By:	 	/s/ Kathy Sarpash
		 	 Name: Kathy Sarpash
 Title: Authorized
Signatory
  
 I have authority to bind the company.

	
	BROOKFIELD ASSET MANAGEMENT ULC
		
	By:	 	/s/ Justin B. Beber
		 	 Name: Justin B. Beber
 Title: Director

 
 I have authority to bind the company.

 Asset Management Services Agreement

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