Document:

Form of Medium-Term Notes, Series K, Notes Linked to 3 Month LIBOR

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

	 CUSIP NO. 94986RWL1 
	 PRINCIPAL AMOUNT: $___________ 

REGISTERED NO. __ 
 WELLS FARGO &
COMPANY 
 MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due March 26, 2020 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
___________________________________________ DOLLARS ($____________) on March 26, 2020 (the “Stated Maturity Date”) and to pay interest thereon from March 26, 2015 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for quarterly on each March 26, June 26, September 26 and December 26, commencing June 26, 2015 and at Maturity (each, an “Interest Payment Date”), at the rate per
annum specified below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date
shall be one Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same force and effect as if made on such
Interest Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking
institutions are authorized or required by law or regulation to close in New York, New York and (ii) that is also a London Banking Day (as defined below). 

Except as described below for the first Interest Period, on each Interest Payment Date, interest will be paid for the period
commencing on and including the immediately preceding 

 
Interest Payment Date and ending on and including the day immediately preceding that Interest Payment Date. This period is referred to as an “Interest Period.” The first Interest
Period will commence on and include March 26, 2015 and end on and include June 25, 2015. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 
 The interest rate on this Security that will apply during the first four
Interest Periods (up to and including the Interest Period ending March 25, 2016) will be equal to 1.30% per annum. For all Interest Periods commencing on or after March 26, 2016, the interest rate on this Security will be determined
by the calculation agent for this Security (the “Calculation Agent”) and will be equal to 3 month LIBOR on the Determination Date for such Interest Period plus 0.40%, but in no event will such rate be more than the Maximum Interest
Rate or less than the Minimum Interest Rate. 
 The “Determination Date” for an Interest Period commencing
on or after March 26, 2016 will be two London Banking Days prior to the first day of such Interest Period. A “London Banking Day” is any day on which commercial banks and foreign exchange markets settle payments in London. 

“3 month LIBOR” means, for any Determination Date, the arithmetic mean of the offered rates for deposits in
U.S. dollars having a 3 month maturity, commencing on the second London Banking Day immediately following that Determination Date that appear on the Designated LIBOR Page as of 11:00 a.m., London time, on that Determination Date, if at
least two offered rates appear on the Designated LIBOR Page, provided that if the Designated LIBOR Page by its terms provides only for a single rate, that single rate will be used. The “Designated LIBOR Page” means the display on
Reuters, or any successor service, on page LIBOR01, or any other page as may replace that page on that service, for the purpose of displaying the London Interbank rates for U.S. dollars. 

If (i) fewer than two offered rates appear or (ii) no rate appears and the Designated LIBOR Page by its terms
provides only for a single rate, then the Calculation Agent will request the principal London offices of each of four major banks in the London Interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered
quotation for deposits in U.S. dollars for a 3 month period commencing on the second London Banking Day immediately following that Determination Date to prime banks in the London Interbank market at approximately 11:00 a.m., London time,
on that Determination Date and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, 3 month LIBOR determined on that Determination Date will
be the arithmetic mean of those quotations. 
 If fewer than two quotations are provided, 3 month LIBOR will be the
arithmetic mean of the rates quoted at approximately 11:00 a.m. in New York, New York on that Determination Date by three major banks in New York, New York selected by the Calculation Agent for loans in U.S. dollars to leading European banks,
having a 3 month maturity and in a principal amount that is representative of a single transaction in U.S. dollars in that market at that time. 

  
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 If the banks so selected by the Calculation Agent are not quoting as set forth
above, 3 month LIBOR on such Determination Date will be determined by the Calculation Agent in a commercially reasonable manner. 

The “Maximum Interest Rate” applicable to an Interest Period commencing on or after March 26, 2016 is
4.00% per annum. 
 The “Minimum Interest Rate” applicable to an Interest Period commencing on or
after March 26, 2016 is 0.00% per annum. 
 The Calculation Agent shall, upon the request of a Holder of this Security,
provide the interest rate then in effect and, if determined, the interest rate that will become effective for the next Interest Period. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive for all purposes
and binding on the Company and the Holder hereof. The Calculation Agent shall notify the Paying Agent of each determination of the interest applicable to this Security promptly after the determination is made. Wells Fargo Securities, LLC will
initially act as Calculation Agent. The Company may appoint a successor Calculation Agent with the written consent of the Trustee. 

Any interest not punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of interest on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of
the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person.
Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the
foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to March 26, 2020. This Security is not entitled to any sinking fund. 
  

 

  
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 Reference is hereby made to the further provisions of this Security set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page has been left intentionally blank] 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED: ___________ 
  

					
	WELLS FARGO & COMPANY
		
	By:		 
			 
			Its:		 

 [SEAL] 
  

					
	Attest:		 
			 
			Its:		 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the Securities of the 

series designated therein described 
 in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.,

      as Trustee

	
	
		
	By:		 
			Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:		 
			Authorized Signature

  
 5 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes Linked to 3 Month LIBOR due March 26, 2020 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 6 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee 

  
 7 

 
of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not
be considered the Holders hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
		 --
		 as tenants in common

			
	 TEN ENT
		 --
		 as tenants by the entireties

			
	 JT TEN
		 --
		 as joint tenants with right

of survivorship and not
 as tenants in
common

  

									
	 UNIF GIFT MIN ACT
		  -- 
		 		 Custodian
		 
					(Cust)				(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 9 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint __________________ attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
_________________________ 
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 10Exhibit 4.3

 

BROOKFIELD PROPERTY PARTNERS

 

AMENDED AND RESTATED BPY UNIT OPTION PLAN

 

Amended February 3, 2015

 

 

BROOKFIELD PROPERTY PARTNERS

 

AMENDED AND RESTATED BPY UNIT OPTION PLAN

 

SECTION 1.                         GENERAL PROVISION

 

1.1                               Purpose

 

The purpose of the Brookfield Property Partners BPY Unit Option Plan (the “Plan”) is to (i) promote the alignment of interests of Eligible Persons with the unitholders of BPY; (ii) encourage Eligible Persons to remain with Brookfield Property Partners; and (iii) attract new employees and officers.

 

1.2                               Administration

 

(a)                                 The Plan shall be administered by the Board.

 

(b)                                 Subject to the limitations of the Plan, the Board shall have the authority to:  (i) grant Options to Eligible Persons; (ii) determine the terms, limitations, restrictions and conditions upon such grants, including vesting and exercise; (iii) interpret the Plan and adopt, amend and rescind such administrative guidelines and other rules and regulations relating to the Plan as it shall from time to time deem advisable; and (iv) make all other determinations and take all other actions in connection with the implementation and administration of the Plan as it may deem necessary or advisable.  The Board’s guidelines, rules, regulations, interpretations and determinations shall be conclusive and binding upon BPY and all Participants.

 

(c)                                  To the extent permitted by applicable law, the Board may, from time to time, delegate to the Administrative Committee all or any of the powers conferred on the Board under the Plan.  In such event, references to the Board mean and include the Administrative Committee and the Administrative Committee will exercise all of the powers delegated to it by the Board in the manner and on the terms authorized by the Board.

 

1.3                               Interpretation

 

For the purposes of the Plan, the following terms shall have the following meanings:

 

(a)                                 “Administrative Committee” means a committee comprised of senior executives of (i) the Brookfield Property Group acting in their capacity as officers or directors of Brookfield Property Partners, and/or (ii) Brookfield Asset Management Inc. as determined by the Chief Executive Officer of the Brookfield Property Group;

 

(b)                                 “Affiliate” means with respect to any person, another person that directly, or indirectly through one or more persons, Controls or is Controlled by or is under common Control with, such person or a related body corporate;

 

 

(c)                                  “Blackout Period” means any period imposed by BPY, during which specified individuals, including insiders of BPY, may not trade in BPY’s securities (including, for greater certainty, where specific individuals are restricted from trading because they have material non-public information), but does not include any period when a regulator has halted trading in BPY’s securities;

 

(d)                                 “Board” means the board of directors of Brookfield Property Partners Limited, the general partner of BPY;

 

(e)                                  “BPY” means Brookfield Property Partners L.P., a Bermuda exempted limited partnership;

 

(f)                                   “BPY Unit” means a publicly-traded non-voting limited partnership unit of BPY;

 

(g)                                  “Brookfield Group” means Brookfield Asset Management Inc. and any of its Affiliates;

 

(h)                                 “Brookfield Property Group” means the operating and asset management entities within the property platform of Brookfield Asset Management Inc. and includes the service providers to BPY pursuant to its Master Services Agreement;

 

(i)                                     “Brookfield Property Partners” means BPY and any Affiliate of BPY that employs Eligible Persons;

 

(j)                                    “Cause” means:

 

(i)                                     a Participant’s willful failure or refusal to perform his or her employment duties after being given notice and a reasonable opportunity to remedy such failure or refusal;

 

(ii)                                  a Participant’s gross misconduct in connection with the Participant’s employment;

 

(iii)                               a Participant’s act of dishonesty or breach of trust in connection with the Participant’s employment;

 

(iv)                              a Participant’s conviction of, or a plea of guilty or no contest to, any indictable criminal offence or any other criminal offence involving fraud, dishonesty or misappropriation;

 

(v)                                 a Participant’s conduct which is likely to injure the reputation or business of the Brookfield Group, including, without limitation, any breach of the Brookfield Group’s Code of Business Conduct and Ethics or the willful violation by the Participant of any of the Brookfield Group’s policies;

 

(vi)                              a Participant’s breach of confidentiality, non-solicitation or non-competition obligations; or

 

2

 

(vii)                           any other conduct of a Participant which would be treated as cause and/or serious misconduct under the laws of the jurisdiction in which the termination occurs;

 

(k)                                 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder;

 

(l)                                     “Control” and similar expressions mean a relationship between two persons wherein one of such persons has the power, through the ownership of equity securities, by contract or otherwise, to directly or indirectly direct the management and policies of the other of such persons;

 

(m)                             “Eligible Persons” means:

 

(i)                                     directors, officers or Employees of BPY or any Affiliate of BPY whose location of employment is within the United States, without regard to that individual’s tax residence or citizenship and for which BPY Units constitute “service recipient stock” within the meaning of Section 409A;

 

(ii)                                  officers or Employees of Brookfield Property Partners whose location of employment is within the United Kingdom or any jurisdiction other than the United States, Australia or Canada, without regard to that individual’s tax residence or citizenship; and

 

(iii)                               any other persons so designated by the Board, subject to applicable laws and regulations;

 

(n)                                 “Employee” means full-time and part-time employees, but does not include consultants or independent contractors;

 

(o)                                 “Employer” means the entity that employs the Participant (or that employed the Participant immediately prior to his or her Termination Date);

 

(p)                                 “Exercise Price” has the meaning set out in Section 2.2(a);

 

(q)                                 “Expiry Period” has the meaning set out in Section 2.3(b);

 

(r)                                    “Fair Market Value” means the closing price of a BPY Unit on the NYSE on the last trading day preceding the applicable day;

 

(s)                                   “Notice of Exercise” means a notice substantially in the form set out in Schedule B, as amended from time to time;

 

(t)                                    “NYSE” means the New York Stock Exchange or successor thereto;

 

(u)                                 “Option” means an option granted to a Participant which represents the right to receive, pursuant to the terms of the Plan, BPY Units or a cash payment on

 

3

 

exercise equal to the amount, if any, by which the Fair Market Value of a BPY Unit on the date of exercise exceeds the Exercise Price;

 

(v)                                 “Option Agreement” has the meaning set out in Section 2.1(c);

 

(w)                               “Participants” means Eligible Persons to whom Options have been granted but have not been exercised or cancelled;

 

(x)                                 “Plan” has the meaning set out in Section 1.1;

 

(y)                                 “Retirement” means the resignation of a Participant in circumstances determined by the Board, in its absolute discretion, to be retirement;

 

(z)                                  “Section 409A” has the meaning set out in Section 2.4;

 

(aa)                          “Security-Based Compensation Arrangement” has the meaning set out in the TSX Company Manual;

 

(bb)                          “Specified Maximum” has the meaning set out in Section 1.4(b);

 

(cc)                            “Tax” means any tax liability payable by a Participant in relation to their participation in the Plan under the laws of the jurisdiction in which the Participant is employed;

 

(dd)                          “Termination Date” means, unless otherwise determined by the Board, a Participant’s last day of active employment, as further clarified below:

 

(i)                                     in the event a Participant’s employment is terminated by the Employer for any reason, the last day of active employment will be the date and time notice of termination is delivered to the Participant and will not include any period the Participant is under notice of termination or any period of deemed employment, pay in lieu of notice of termination or salary continuance provided or required to be provided by the Employer to the Participant;

 

(ii)                                  in the event of a continuous leave of absence (including for disability), the Participant’s last day of active employment will be the earlier of the date of termination of employment and two years from the start of the Participant’s continuous leave of absence;

 

(iii)                               in the event of a Participant’s resignation or Retirement, the last day of active employment will be the effective date of resignation or Retirement; and

 

(iv)                              in the event of a Participant’s death, the last day of active employment means the date of the Participant’s death;

 

(ee)                            “TSX” means the Toronto Stock Exchange or successor thereto;

 

4

 

(ff)                              “U.S. Participant” means a Participant who is a United States citizen or United States resident alien as defined for purposes of Section 7701(b)(1)(A) of the Code; and

 

(gg)                            “Vested” means any period imposed before a granted Option becomes vested and exercisable.

 

Words importing the singular number only shall include the plural and vice versa and words importing the masculine shall include the feminine.

 

The Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance with the laws of the State of New York, without regard to its principles of conflicts of law.

 

1.4                               Units Reserved

 

(a)                                 The only securities issuable under the Plan shall be BPY Units.

 

(b)                                 The maximum number of BPY Units (“Specified Maximum”) that are issuable for all purposes under the Plan shall be 15,000,000 BPY Units. Where, upon exercise of an Option, BPY Units are issued to a Participant, the number of BPY Units issued as determined in accordance with Section 2.3(c) of the Plan will be deducted from the Specified Maximum. The Specified Maximum is subject to adjustment in accordance with the provisions of the Plan.

 

(c)                                  The maximum number of BPY Units that are issuable to any one person under the Plan shall not exceed 5% of the outstanding BPY Units (on a non-diluted basis), less the aggregate number of BPY Units reserved for issuance to such person under any other Security-Based Compensation Arrangement of BPY.

 

(d)                                 The maximum number of BPY Units that are issuable to insiders of BPY at any time pursuant to the Plan and issuable under all other Security-Based Compensation Arrangements of BPY shall not exceed 10% of issued and outstanding BPY Units.

 

(e)                                  The maximum number of BPY Units that are issued to insiders of BPY within a one-year period pursuant to the Plan and issued under all other Security-Based Compensation Arrangements of BPY shall not exceed 10% of issued and outstanding BPY Units.

 

(f)                                   In the event of any change in the outstanding BPY Units by reason of any subdivision or consolidation of BPY Units, payment of distributions in units (other than normal distributions), reclassification or conversion of BPY Units, recapitalization, reorganization, or any other event which, in the judgment of the Board, justifies action by way of adjustment to the number of Options, the Board shall make appropriate substitution or adjustment in the number and kind of units on which unexercised Options are based and in the Exercise Price of such Options.

 

5

 

(g)                                  In the event of the reorganization of BPY or the amalgamation, merger or consolidation of BPY with another company, or the payment of a special or extraordinary distribution, the Board shall make such provision for the protection of the rights of Participants as the Board in its discretion deems appropriate. Any such adjustments shall, to the extent applicable, be in accordance with Section 409A so as not to cause a modification or a deemed new grant of the Option to a U.S. Participant.

 

1.5                               Non-Exclusivity

 

Nothing contained herein shall prevent the Employer from adopting other or additional compensation arrangements, subject to any required approval.

 

1.6                               Amendment and Termination

 

(a)                                 The Board may amend, suspend or terminate the Plan, or any portion thereof, at any time, subject to those provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX), if any, that require the approval of security holders or any governmental or regulatory body. However, except as expressly set forth herein, no action of the Board, or security holders may adversely alter or impair the rights of a Participant without the consent of the affected Participant, under any Option previously granted to the Participant. Without limiting the generality of the foregoing, the Board may make the following types of amendments to the Plan without seeking security holder approval:

 

(i)                                     amendments of a “housekeeping” or administrative nature including, without limiting the generality of the foregoing, any amendment for the purpose of curing any ambiguity, error or omission in the Plan or to correct or supplement any provision of the Plan that is inconsistent with any other provision of the Plan;

 

(ii)                                  amendments necessary to comply with the provisions of applicable law (including, without limitation, the rules, regulations and policies of the TSX and the NYSE);

 

(iii)                               amendments necessary for awards to qualify for favorable treatment under applicable tax laws;

 

(iv)                              any amendment to the vesting provisions of the Plan or any Option;

 

(v)                                 any amendment to the termination or early termination provisions of the Plan or any Option, whether or not such Option is held by an insider, provided such amendment does not entail an extension beyond the Expiry Period; and

 

(vi)                              amendments necessary to suspend or terminate the Plan.

 

6

 

(b)                                 Security holder approval will be required for the following types of amendments:

 

(i)                                     amendments to the number of BPY Units issuable under the Plan, including an increase to a fixed maximum number of BPY Units or a change from a fixed maximum number of BPY Units to a fixed maximum percentage;

 

(ii)                                  any amendment to the Plan that increases the length of the period after a Blackout Period during which Options may be exercised;

 

(iii)                               any amendment which would result in the Exercise Price for any Option granted under the Plan being lower than the Fair Market Value of the BPY Units at the time the Option is granted;

 

(iv)                              any amendment which reduces the Exercise Price of an Option, other than pursuant to Sections 1.4(f) and 1.4(g) of the Plan;

 

(v)                                 any amendment expanding the categories of Eligible Persons which would have the potential of broadening or increasing insider participation;

 

(vi)                              any amendment extending the term of an Option held by an insider beyond its Expiry Period, except as provided in Section 2.3(b);

 

(vii)                           any amendment to the amendment provisions granting additional powers to the Board to amend the Plan without security holder approval; and

 

(viii)                        amendments required to be approved by security holders under applicable law (including, without limitation, the rules, regulations and policies of the TSX).

 

1.7                               Right of Service

 

Neither participation in the Plan nor any action under the Plan shall be construed to give any Participant a right to be retained in the services of the Employer.

 

SECTION 2.                         OPTIONS

 

2.1                               Grants

 

(a)                                 Subject to the provisions of the Plan, the Board shall have the authority to determine the limitations, restrictions and conditions, if any, in addition to those set forth in Sections 2.2, 2.3 and 3.1 hereof, applicable to the exercise of an Option.

 

(b)                                 An Eligible Person may, subject to the Board’s discretion, be granted Options on more than one occasion under the Plan and may receive separate Options on any one occasion.

 

7

 

(c)                                  Each Option shall be confirmed by, and subject to, an option agreement (an “Option Agreement”) executed by the Participant. The grant of an Option is conditional on the Participant signing the Option Agreement.

 

2.2                               Option Exercise Price

 

(a)                                 The exercise price (“Exercise Price”) of each Option will be established at the time such Option is granted, which shall be awarded in U.S. dollars and shall not be less than the Fair Market Value on the date of grant of such Option, and shall, in all cases, be not less than such amount required by applicable regulatory authorities from time to time.

 

(b)                                 In the event that the approval date for Options to be granted falls within a Blackout Period, the effective grant date for such Options will be no earlier than six business days after the date on which the Blackout Period ends, and the Exercise Price for such Options shall not be less than the volume-weighted average price of a BPY Unit on the NYSE for the five business days preceding the effective grant date.

 

(c)                                  The Exercise Price shall be subject to adjustment in accordance with the provisions of Section 1.4 hereof.

 

2.3                               Exercise of Options

 

(a)                                 The Board may determine when any Option shall become Vested and exercisable and may determine that the Option shall be Vested and exercisable in installments. Unless otherwise specified in the Option Agreement or other agreement with the Participant, Options become Vested as to 20% at the first anniversary date after the grant and as to 20% at the end of each subsequent anniversary date up to and including the fifth anniversary date of the grant.

 

(b)                                 The Board may determine the maximum period following the grant date during which a Vested Option may be exercised (the “Expiry Period”), subject to the provision that Options shall not be exercisable later than 10 years after the date of grant, provided that, if an Option would otherwise expire during a Blackout Period or within 10 days after the end of the Blackout Period, to the extent permitted by applicable law, the term of such Option shall automatically be extended until 10 days after the end of the Blackout Period.

 

(c)                                  Subject to (a) and (b) above and the applicable provisions of Section 3.1 below, a Vested Option may be exercised at the election of a Participant by delivering to BPY a completed Notice of Exercise.  On exercise, and subject to Section 2.3(d), the Participant is entitled to receive the number of BPY Units with an aggregate Fair Market Value at the date of exercise equal to (i) the amount by which the Fair Market Value of a BPY Unit at the date of exercise exceeds the Exercise Price, multiplied by (ii) the number of Options exercised. Cash will be paid in lieu of fractional BPY Units based on the Fair Market Value of a BPY Unit on the date of exercise. BPY shall have the right in lieu of issuing BPY Units on exercise to

 

8

 

pay the Participant, subject to Section 2.3(d), cash equal to (i) the amount by which the Fair Market Value of a BPY Unit at the date of exercise exceeds the Exercise Price, multiplied by (i) the number of Options exercised. Such issuance of BPY Units or cash payment shall be made within 10 days after the applicable Notice of Exercise.

 

(d)                                 BPY may and shall deduct from any payment to which a Participant is entitled upon the exercise of an Option any applicable withholdings and deductions relating to any amount of Tax or other government deduction or withholding that BPY is obliged to deduct or withhold in respect of the payment.

 

(e)                                  Except as required by law, BPY is not responsible for any Tax which may become payable by a Participant in connection with the grant, acquisition or exercise of Options, or any other dealing by a Participant with Options.

 

(f)                                   A Participant shall not be deemed for any purpose to be, or to have rights as, a unitholder of BPY by such exercise of an Option, except to the extent such units are issued therefor and then only from the date such units are issued. No adjustment shall be made for dividends or distributions or other rights for which the record date is prior to the date such units are issued to a Participant pursuant to the exercise of Options.

 

(g)                                  If, as and when any BPY Units have been duly issued upon the exercise of an Option and in accordance with the terms of such Option and the Plan and any regulations made hereunder, such BPY Units shall be conclusively deemed allotted as fully paid and non-assessable units of BPY.

 

2.4                               Compliance with Legislation

 

The Board may postpone any exercise of any Option or the issue of any BPY Units pursuant to the Plan for such time as the Board in its discretion may deem necessary in order to permit BPY to effect or maintain registration of the Plan or the BPY Units issuable pursuant thereto under the securities laws of any applicable jurisdiction, or to determine that such units and the Plan are exempt from such registration. BPY shall not be obligated by any provision of the Plan or grant thereunder to issue BPY Units in violation of the law of any government having jurisdiction therein. In addition, BPY shall have no obligation to issue any BPY Units pursuant to the Plan unless such BPY Units shall have been duly listed, upon official notice of issuance, with a stock exchange on which such BPY Units are listed for trading.

 

With respect to U.S. Participants, each Option is intended to be exempt from the application of Section 409A of the Code and the regulations thereunder as in effect from time to time (“Section 409A”), and all of the provisions of this Plan shall be construed and interpreted in a manner consistent with requirements for avoiding taxes, interest and penalties under Section 409A.  If any provision of the Plan contravenes Section 409A or could cause the U.S. Participant to incur any tax, interest or penalties under Section 409A, the Board may, in its sole discretion and without the U.S. Participant’s consent, modify such provision to: (i) comply with, or avoid being subject to, Section 409A, or to avoid the incurrence of taxes, interest and penalties under Section

 

9

 

409A; and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the U.S. Participant of the applicable provision without materially increasing the cost to BPY or contravening Section 409A.  However, the Board shall have no obligation to modify the Plan or any Option and does not guarantee that Options will not be subject to taxes, interest and penalties under Section 409A.

 

SECTION 3.                         EMPLOYMENT STATUS

 

3.1                               Change in Employment Status

 

Except as otherwise determined by the Board in accordance with applicable laws and regulations, the following provisions apply to the exercise and cancellation of Options on or following a change in the employment status of a Participant.  For greater certainty, no Option shall be exercisable after its Expiry Period, except as set out in Section 2.3(b).

 

(a)                                 In the event of termination of the employment of a Participant by the Employer other than for Cause, each of the Vested Options held by the Participant shall cease to be exercisable 60 calendar days after the Participant’s Termination Date.  Each Option held by a Participant that is Vested but not exercised by such time shall be cancelled.  Each Option held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(b)                                 In the event of termination of the employment of a Participant by the Employer for Cause, all Options whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(c)                                  In the event of resignation by a Participant, all Options whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(d)                                 In the event of Retirement by a Participant, each of the Vested Options held by the Participant shall continue to be exercisable in accordance with the terms of the Plan until its original Expiry Period.  Each Option held by a Participant that is Vested but not exercised by such time shall be cancelled. Each Option held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(e)                                  In the event of a Participant being on a continuous leave of absence other than as a result of disability or leave authorized by statute, all Options whether Vested or not Vested by the Termination Date shall be cancelled on the Termination Date.

 

(f)                                   In the event of a Participant being on an authorized continuous leave of absence as a result of disability or leave authorized by statute, each of the Vested Options held by the Participant shall cease to be exercisable 60 calendar days after the Participant’s Termination Date. Each Option held by a Participant that is Vested but not exercised by such time shall be cancelled. Each Option held by a Participant that is not Vested by the Termination Date shall be cancelled on the Termination Date.

 

10

 

(g)                                  In the event of the death of a Participant, the legal representatives of the Participant may exercise each of the Vested Options held by the Participant for six months after the Participant’s Termination Date to the extent such Options are by their terms Vested and exercisable by the Termination Date or become so within a period of six months following the Participant’s death.  Each Option held by a Participant that is Vested but not exercised by the legal representatives of the Participant by such time shall be cancelled. Each Option held by a Participant that is not Vested by the Termination Date that would not otherwise become Vested within a period of six months following the Participant’s death shall be cancelled on the Termination Date.

 

(h)                                 If an Option would otherwise cease to be exercisable during a Blackout Period pursuant to Section 3.1(a), (c), (d), (e), (f) or (g), the term of such Option shall automatically be extended until 10 days after the end of the Blackout Period.

 

SECTION 4.                         GENERAL

 

4.1                               Unfunded Plan

 

Neither the establishment of the Plan nor the granting of Options to a Participant (if, in the Board’s sole discretion it chooses to do so) shall be deemed to create a trust. Amounts payable to any Participant under the Plan shall be a general unsecured obligation of BPY.  The right of the Participant or a legal representative of the Participant to receive payment pursuant to the Plan shall be no greater than the rights of a general unsecured creditor of BPY.

 

4.2                               Inalienability of Benefits

 

Subject to the provisions herein set forth, none of the benefits, payments, proceeds, allocations, claims or rights of any Participant hereunder shall be subject to any claim of any creditor of any Participant, nor shall the same be subject to attachment or garnishment or other legal process by any creditor of the Participant, nor shall any Participant have the right to alienate, anticipate, commute, pledge, transfer, sell, encumber or assign any Options or any of the benefits, payments, proceeds, allocations, claims or rights to which he or she is entitled, contingently or otherwise, under the Plan, except the payments under the Plan may be directed to a legal representative of the Participant as contemplated by this Plan.

 

SECTION 5.                         APPROVAL

 

5.1                               Approval

 

The Plan was adopted effective June 9, 2014. Amendments to the Plan were approved by the Board on February 3, 2015 and approved by the unitholders of BPY at its Special Meeting held March 26, 2015.

 

11

 

SCHEDULE A — OPTION AGREEMENT TEMPLATE

 

Participant name:

 

[Date]

 

Dear [First Name],

 

RE:                          Brookfield Property Partners Amended and Restated BPY Unit Option Plan (the “Plan”)

 

I am pleased to advise you that, effective [insert date of grant], you were granted options under the Plan with respect to an aggregate [number] units of Brookfield Property Partners L.P. (the “Options”) with an exercise price of $[exercise price] USD, which was the closing price of a BPY Unit on the NYSE on the last trading day prior to the date of grant (the “Exercise Price”).  Each Option represents the right to receive BPY Units or a cash payment on exercise equal to the amount by which the fair market value of a BPY Unit at the time of exercise exceeds the Exercise Price.

 

These Options are subject to the terms of the Plan and 20% of the Options granted will vest on [initial vesting date] and a further 20% on each anniversary thereafter up to and including [final vesting date].  Once vested, these Options are subject to the terms of the Plan and these Options are exercisable in whole or in part up to [expiry date].

 

Vested Options may be exercised at your election.  Upon exercise, you will receive either the number of BPY Units or a cash payment (less applicable withholdings and deductions) with a value equal to the amount by which the fair market value of a BPY Unit on the date of exercise exceeds the Exercise Price.  If BPY Units are issued, cash will be paid in lieu of fractional BPY Units based on the fair market value of a BPY Unit on the date of exercise.

 

Vested Options may not be exercised in amounts related to less than 100 units in the case of any one exercise unless such exercise would entirely exhaust all vested Options.

 

Trading pre-clearance is required before you can initiate an exercise of Option grants.  To request pre-clearance, please e-mail BPY.TradesOfficer@brookfield.com indicating the number of Options, grant year and Option Exercise Price you wish to exercise.  Your request will be reviewed and a communication will follow indicating either the approval of your request or noting that the request cannot be granted at such time. You cannot exercise Options until you have received pre-clearance approval. Pre-clearance is valid for two business days (the day approval is received through the close of markets on the next business day).  If the transaction is not executed within this window, you must seek pre-clearance again. Once pre-clearance has been granted, you may exercise vested Options by submitting a Notice of Exercise to [insert contact].

 

Additionally, trading restrictions, blackout periods and reporting requirements in the Brookfield Group’s Personal Trading Policy and Code of Business Conduct and Ethics must be adhered to at all times.

 

 

The Plan, which is available for your review, outlines all of the terms and conditions of the Options. Specifically, unless provided for separately under the terms of the Plan, in the event of termination of your employment with your Employer, all vested Options must be exercised by or coincident with your Termination Date. Your Termination Date is determined in accordance with the terms of the Plan. However, all of your Options, whether vested or unvested will be cancelled if you are terminated for Cause. All other Options which are not vested or which are not exercised on or before your Termination Date shall be cancelled.

 

Nothing herein contained shall affect the right of your Employer to terminate your services, responsibilities, duties and authority to represent BPY or any of its Affiliates at any time for any reason whatsoever. All decisions made by the Board with regard to any questions arising under the Plan, whether of interpretation or otherwise, shall be binding and conclusive on you and your legal representatives and upon your Employer and its successors and all other persons.  Words defined in the Plan and not otherwise defined herein shall have the meaning assigned to them in the Plan.

 

Please acknowledge acceptance hereof by affixing your signature where indicated and returning to [insert contact] by [insert deadline for returning letter].  Execution of this letter signifies your acceptance of all the terms and conditions of this letter and of the Plan.

 

	
Yours   truly,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
Richard   B. Clark
    	
 
    
	
Chief   Executive Officer
    	
 
    

 

Acknowledgement

 

I acknowledge having received the foregoing letter and understand and agree that the awarding of these Options is conditional on my signing and returning a copy of this award letter and is subject to its terms and conditions and those of the Brookfield Property Partners Amended and Restated BPY Unit Option Plan.

 

	
Date:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
 
    	
 
    

 

2

 

SCHEDULE B

 

BROOKFIELD PROPERTY PARTNERS

AMENDED AND RESTATED BPY UNIT OPTION PLAN

 

NOTICE OF EXERCISE

 

TO:                                                                           [Insert contact info]

 

Pursuant to the Brookfield Property Partners Amended and Restated BPY Unit Option Plan (the “Plan”), the undersigned elects to exercise                            Options, as indicated in the table below.

 

	
Grant Year
    	
 
    	
Number of
   Exercisable Options
   Available
    	
 
    	
Number of Options
   to Exercise
    	
 
    	
Exercise Price
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

	
 
    	
 
    	
 
    
	
Name   of Employee
    	
 
    	
Date

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