Document:

Guarantee Indenture (Series 5)

 Exhibit 4.17 

THIS GUARANTEE INDENTURE dated as of January 29, 2013; 

AMONG: 

BROOKFIELD RENEWABLE ENERGY PARTNERS L.P., an exempted limited partnership formed under the laws of Bermuda,

 (hereinafter referred to as “BREP”), 

- and - 
 BROOKFIELD RENEWABLE ENERGY L.P., an exempted limited partnership formed under the laws of Bermuda, 
 (hereinafter referred to as “BRELP”), 
 - and - 

BROOKFIELD BRP HOLDINGS (CANADA) INC., a corporation incorporated under the laws of the Province of Ontario,

 (hereinafter referred to as “CanHoldco”), 

- and - 
 BRP BERMUDA HOLDINGS I LIMITED, a corporation formed under the laws of Bermuda, 
 (hereinafter referred to as “Bermuda Holdco” and collectively with BREP, BRELP and CanHoldco, the “Guarantors”), 

- and - 
 BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC., a corporation incorporated under the federal laws of Canada, 

(hereinafter referred to as the “Corporation”), 

- and - 
 COMPUTERSHARE TRUST COMPANY OF CANADA, a trust company organized and existing under the laws of Canada, 
 (hereinafter referred to as the “Security Trustee”). 

  
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 WHEREAS pursuant to the terms of this guarantee indenture (the
“Guarantee”) the Guarantors have agreed to guarantee in favour of the Holders (as defined below) the payment of the Series 5 Share Obligations (as defined below), pursuant to the terms of the Series 5 Shares (as defined below);

 AND WHEREAS as at the date hereof, the Corporation has authorized for issuance up to 7,000,000 Series 5
Shares; 
 AND WHEREAS all necessary acts and proceedings have been done and taken and all necessary
resolutions have been passed to authorize the execution and delivery of this Guarantee and to make the same legal, valid and binding upon the Guarantors; 
 AND WHEREAS the foregoing recitals are made as representations and statements of fact by the Guarantors and not by the Security Trustee; 

NOW THEREFORE THIS GUARANTEE WITNESSES that for good and valuable consideration (the receipt and sufficiency of which
are hereby acknowledged by each of the parties), the parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

 

	1.1	Definitions 

 For all purposes of this Guarantee, except as otherwise expressly provided or unless the context otherwise requires: 
  

	 	(a)	 the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular;

  

	 	(b)	 the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this
Guarantee as a whole and not to any particular Article, Section or other subdivision; and 

  

	 	(c)	 all references to “the Guarantee” or “this Guarantee” are to this Guarantee as modified, supplemented or amended
from time to time. 

 The following terms shall have the following meanings: 

“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; 
 “Authorized
Investments” has the meaning given to such term in Section 5.7; 
 “Bermuda Holdco” means BRP
Bermuda Holdings I Limited; 

  
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INDENTURE FOR SERIES 5 SHARES] 

  
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 “Board Resolution” means, with respect to a Guarantor, a copy of a
resolution duly passed by the board of directors (or the equivalent) of the Governing Body of such Guarantor, to be in full force and effect on the applicable date, and delivered to the Security Trustee; 

“BRELP” means Brookfield Renewable Energy L.P.; 

“BREP” means Brookfield Renewable Energy Partners L.P.; 

“Business Day” means a day other than a Saturday, a Sunday or any other day that is a statutory or civic holiday in the
place where the Corporation has its head office; 
 “CanHoldco” means Brookfield BRP Holdings (Canada) Inc.

 “CBCA” means the Canada Business Corporations Act; 

“Class A Preference Shares” means class A preference shares, of which the Corporation is authorized to issue an
unlimited number pursuant to its articles of incorporation; 
 “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 or control over a majority of the voting interests in B; and, for certainty and without limitation, if A owns or has control over shares to which are attached more than 50% of
the votes permitted to be cast in the election of directors to the board of directors (or the equivalent) of 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; 
 “Corporate Trust Office” means the office
of the Security Trustee, at which at any particular time its corporate trust business shall be principally administered, which office on the date of execution of this Guarantee is located at 100 University Ave, 8th Floor, Toronto ON M5J 2Y1;

 “Corporation” means Brookfield Renewable Power Preferred Equity Inc. and its successors and assigns;

 “Event of Default” has the meaning given to such term in Section 4.2; 

“Governing Body” means (i) with respect to a corporation or limited company, such corporation or limited company,
(ii) with respect to a limited liability company, a manager or managing partner of such limited liability company, (iii) with respect to a limited partnership, a general partner of such limited partnership (or if any such general partner
is itself a partnership, such general partner’s general partner), (iv) with respect to a general partnership, the managing partner (or if there is no managing partner, each partner) and (v) with respect to any other Person, the Person
that has the power to determine the management and policies of such Person by status, and in the case of each of (i) through (v) includes any Person to whom such Person has delegated any power or authority; 

“Guaranteed Obligations” has the meaning given to such term in Section 3.4; 

  
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INDENTURE FOR SERIES 5 SHARES] 

  
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 “Guarantors” means, collectively, BREP, BRELP, CanHoldco and Bermuda Holdco
and their respective successors and assigns; and “Guarantor” means any of them; 
 “Guarantor
Order” or “Guarantor Request” means, with respect to a Guarantor, a written request or order signed in the name of such Guarantor by any officer or director (or the equivalent) of the Governing Body of such Guarantor and
delivered to the Security Trustee; 
 “Holders” means the registered holders of the Series 5 Shares from time
to time, provided that, in determining whether the Holders of the requisite percentage of the aggregate Liquidation Amount of outstanding Series 5 Shares have given any request, notice, consent or waiver hereunder, “Holders” shall not
include the Guarantors or any Affiliate of the Guarantors; 
 “Liquidation Amount” means an amount equal to
$25.00 per Series 5 Share plus an amount equal to all declared and unpaid dividends up to, but excluding, the date fixed for payment or distribution; 
 “Officer’s Certificate” means, with respect to a Guarantor, a certificate signed by any officer or director (or the equivalent) of the Governing Body of such Guarantor and delivered
to the Security Trustee; 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for a
Guarantor, including an employee of a Guarantor, a Governing Body of a Guarantor or the Corporation, and who shall be acceptable to the Security Trustee; 
 “Person” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency or
instrumentality thereof; 
 “Responsible Officer”, when used with respect to the Security Trustee, means any
President, Senior Vice President, General Manager, Manager -- Client Services, Manager -- Corporate Trust, Manager -- Mortgage-Backed Securities, Manager -- Stock Transfer & Client Services, Associate Trust Officer, Corporate Trust Officer,
Professional -- Mortgage-Backed Securities of the Security Trustee and any other officer of the Security Trustee customarily performing functions similar to those performed by any of the above-designated officers, and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject; 
 “Security Trustee” means Computershare Trust Company of Canada; 

“Senior Indebtedness” shall mean, in respect of any Guarantor, the principal of and the interest and premium (or any
other amounts payable thereunder), if any, on: 
  

	 	(i)	 all indebtedness (including any indebtedness to trade creditors), liabilities and obligations of such Guarantor (other than the Series 5 Share
Obligations and the Guaranteed Obligations), whether outstanding on the date of this Guarantee or thereafter created, incurred, assumed or guaranteed; and 

 

	 	(ii)	 all renewals, extensions, restructurings, refinancings and refundings of any such indebtedness, liabilities or obligations;

  
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 except only for any such indebtedness, liabilities or obligations that are, pursuant to the
terms of the instrument creating or evidencing such indebtedness, liabilities or obligations, expressly pari passu with or subordinate in right of payment to the Series 5 Share Obligations; 

“Series 5 Share Obligations” means all financial liabilities and obligations of the Corporation to the Holders in
respect of the Series 5 Shares including or in respect of (i) any declared and unpaid dividends on the Series 5 Shares, (ii) the applicable redemption price and all declared and unpaid dividends up to, but excluding, the date fixed for
redemption with respect to Series 5 Shares called for redemption, and (iii) the Liquidation Amount payable on the Series 5 Shares upon a voluntary or involuntary dissolution, liquidation or winding up of the Corporation, without regard to the
amount of assets of the Corporation available for distribution; 
 “Series 5 Shares” means the Class A
Preference Shares, Series 5 of the Corporation; 
  

	1.2	Compliance Certificates and Opinions 

 Upon any application or request by a Guarantor to the Security Trustee to take any action under any provision of this Guarantee, such Guarantor shall furnish to the Security Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in this Guarantee (including any covenant compliance with which constitutes a condition precedent) relating to the proposed action have been complied with and an Opinion of
Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by
any provision of this Guarantee relating to such particular application or request, no additional certificate or opinion need be furnished. 
 In addition to the foregoing, every certificate or opinion with respect to compliance with a covenant or condition provided for in this Guarantee (other than as otherwise specified herein) shall include:

  

	 	(a)	 a statement that each individual signing such certificate or opinion has read and understood such covenant or condition and the definitions herein
relating thereto; 

  

	 	(b)	 a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate
or opinion are based; 

  

	 	(c)	 a statement that, in the opinion of each such individual, he or she has made such examination or investigation as is necessary to enable him or her
to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  

	 	(d)	 a statement as to whether, in the opinion of each such individual, such covenant or condition has been complied with. 

  
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INDENTURE FOR SERIES 5 SHARES] 

  
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	1.3	Form of Documents Delivered to Security Trustee 

 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion
of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an
officer of the Governing Body of a Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the Governing Body of a Guarantor stating that the information with respect to such factual matters is in the possession of such Guarantor, unless such counsel knows, or in
the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Guarantee, they may, but need not, be
consolidated and form one instrument. 
  

	1.4	Acts of Holders 

  

	 	(a)	 Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Guarantee to be given or taken by one or
more Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed by them in writing. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Security Trustee and, where it is hereby expressly required, to the Guarantors and/or the Corporation. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such
agent, or of the holding by any Person of a Series 5 Share, shall be sufficient for any purpose of this Guarantee and conclusive in favour of the Security Trustee, the Guarantors and the Corporation, if made in the manner provided in this Section.

  

	 	(b)	 The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or
by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is

  
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by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Security Trustee deems sufficient. 

 

	 	(c)	 If a Guarantor shall solicit from the Holders of Series 5 Shares any request, demand, authorization, direction, notice, consent, waiver or other
Act, such Guarantor may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but
such Guarantor shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite percentage of outstanding Series 5 Shares have authorized or
agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Series 5 Shares shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Guarantee not later than eleven months after the record date. 

 

	1.5	Notices, Etc. to Security Trustee and Guarantors 

 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other documents provided or permitted by this Guarantee to be made upon, given or furnished to, or filed with,

  

	 	(a)	 the Security Trustee by any Holder, any Guarantor or the Corporation shall be sufficient for every purpose hereunder if in writing and delivered,
mailed (first-class postage prepaid) or sent by facsimile to the Security Trustee at 100 University Ave, 8th Floor, Toronto ON M5J 2Y1 Attention: Manager, Corporate Trust, Facsimile No. 416-981-9777; or 

  

	 	(b)	 BREP by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to BREP addressed to it at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda or at any other address previously furnished in
writing to the Security Trustee by BREP, Attention: Corporate Secretary, Facsimile No. 441-294-3304; or 

  
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	 	(c)	 BRELP by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to BRELP addressed to it at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda or at any other address previously furnished in writing
to the Security Trustee by BRELP, Attention: Corporate Secretary, Facsimile No. 441-294-3304; or 

  

	 	(d)	 (d)      CanHoldco by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to CanHoldco addressed to it at Suite 1700 - 180 Kent St., Ottawa ON K1P 0B6, or at any other
address previously furnished in writing to the Security Trustee by CanHoldco, Attention: Corporate Secretary, Facsimile No. 819-561-7188; or 

  

	 	(e)	 Bermuda Holdco by any Holder, the Security Trustee, any other Guarantor or the Corporation shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to Bermuda Holdco addressed to it at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda or at any other address previously
furnished in writing to the Security Trustee by Bermuda Holdco, Attention: Corporate Secretary, Facsimile No. 441-294-3304; or 

  

	 	(f)	 the Corporation by any Holder, the Security Trustee or any Guarantor shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and delivered, mailed (first-class postage prepaid) or sent by facsimile to the Corporation addressed to it at P.O. Box 762, Suite 300, Brookfield Place, 181 Bay Street, Toronto, Ontario M5J 2T3, or at any other
address previously furnished in writing to the Security Trustee by the Corporation, Attention: Corporate Secretary, Facsimile No. (819) 561-7188. 

Any delivery made or facsimile sent on a day other than a Business Day, or after 3:00 p.m. (Toronto time) on a
Business Day, shall be deemed to be received on the next following Business Day. Anything mailed shall not be deemed to have been given until it is actually received. A Guarantor or the Corporation may from time to time notify the Security Trustee
of a change in address or facsimile number which thereafter, until changed by like notice, shall be the address or facsimile number of the Guarantor or the Corporation for all purposes of this Guarantee. 

 

	1.6	Notice to Holders; Waiver 

 Where this Guarantee provides for notice of any event to the Holders of Series 5 Shares by the Guarantors or the Security Trustee, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at the Holder’s address as it appears in the list of Holders as provided by the Corporation, not later than the latest date,
and not earlier than the earliest date, 

  
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prescribed for the giving of such notice or in any other manner from time to time permitted by applicable laws, including, without limitation, internet-based or other electronic communications.
In any case where notice to the Holders of Series 5 Shares is given by mail, neither the accidental failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders of Series 5 Shares, but upon such failure to mail or such defect in any notice so mailed being discovered, the notice (as corrected to address any defects) shall be mailed forthwith to such Holder. Any notice mailed to a
Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice. 

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Guarantee
shall be in the English language. 
 Where this Guarantee provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Security Trustee, but such filing shall
not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  

	1.7	Effect of Headings and Table of Contents 

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

 

	1.8	Successors and Assigns 

 All covenants and agreements in this Guarantee by the Guarantors shall bind their respective successors and assigns, whether so expressed or not. 

 

	1.9	Severability Clause 

 In case any provision in this Guarantee shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
  

	1.10	Governing Law 

 This Guarantee shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

 

	1.11	No Recourse Against Certain Persons 

 A director (or the equivalent for a Guarantor that is not a corporation), officer, employee or securityholder, as such, of a Guarantor or the Governing Body of a Guarantor shall not have any liability for
any obligations of such Guarantor under this Guarantee or for any claim based on, in respect of or by reason of such obligations or its creation. Each of the parties hereto acknowledges that BREP and BRELP are limited partnerships and that there is
no recourse to the limited partners of BREP or BRELP. 

  
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	1.12	Multiple Originals 

 The parties may sign any number of copies of this Guarantee. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this
Guarantee. 
  

	1.13	Language 

Les parties aux présentes ont exigé que la présente convention ainsi que tous les documents et avis
qui s’y rattachent et/ou qui en decouleront soient rediges et exécutés en langue anglaise. The parties hereto have required that this Guarantee and all documents and notices related thereto be drafted and executed in English.

  

	1.14	Force Majeure 

 The Security Trustee shall not be liable to any party to this Guarantee, or held in breach of this Guarantee by any party to this Guarantee, if prevented, hindered, or delayed in the performance or
observance of any provision contained herein by reason of acts of God, riots, terrorism, acts of war, epidemics, governmental action or judicial order, earthquakes, or any other similar causes (including, but not limited to, mechanical, electronic
or communication interruptions, disruptions or failures). Performance times applicable to the Security Trustee’s obligations under this Guarantee shall be extended for a period of time equivalent to the time lost because of any delay that is
excusable under this Section. 
 ARTICLE 2 
 GUARANTEE 
  

	2.1	Guarantee 

 The Guarantors irrevocably and unconditionally, jointly and severally, guarantee in favour of the Holders the due and punctual payment of the Series 5 Share Obligations, regardless of any defense (except
for the defense of payment by the Corporation), right of set-off or counterclaim which a Guarantor may have or assert. Each Guarantor’s obligation to pay Series 5 Share Obligations may be satisfied by (i) direct payment to the Holders or
(ii) payment to the Holders through the facilities of the Security Trustee. A Guarantor shall give prompt written notice to the Security Trustee in the event it makes a direct payment to the Holders hereunder. 

 

	2.2	Waiver of Notice 

 Each Guarantor hereby waives notice of acceptance of this Guarantee. 

  
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	2.3	Guarantee Absolute 

 Each Guarantor guarantees that the Series 5 Share Obligations will be paid strictly in accordance with the terms of the Series 5 Shares and this Guarantee within the time required by Section 2.1,
regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any such terms or the rights of the Holders with respect thereto. The liability of each Guarantor under this Guarantee shall be absolute and
unconditional irrespective of: 
  

	 	(a)	 any sale, transfer or assignment by any Holder of any Series 5 Shares or any right, title, benefit or interest of such Holder therein or thereto;

  

	 	(b)	 any amendment or change in or to, or any waiver of, any of the terms of the Series 5 Shares; 

 

	 	(c)	 any change in the name, objects, constitution, capacity, capital or the constating documents of a Guarantor; 

 

	 	(d)	 any change in the name, objects, constitution, capacity, capital or the constating documents of the Corporation; 

 

	 	(e)	 any partial payment by the Corporation, or any release or waiver, by operation of law or otherwise, of the performance or observance by the
Corporation of any express or implied agreement, covenant, term or condition relating to the Series 5 Shares to be performed or observed by the Corporation; 

 

	 	(f)	 the extension of time for the payment by the Corporation of all or any portion of the Series 5 Share Obligations or the extension of time for the
performance of any other obligation under, arising out of, or in connection with, the Series 5 Shares; 

  

	 	(g)	 any failure, omission, delay or lack of diligence on the part of the Holders to enforce, assert or exercise any right, privilege, power or remedy
conferred on the Holders pursuant to the terms of the Series 5 Shares, or any action on the part of the Corporation granting indulgence or extension of any kind; 

 

	 	(h)	 subject to Section 4.1(b), the recovery of any judgment against the Corporation, any voluntary or involuntary liquidation, dissolution, sale of
any collateral, winding up, merger or amalgamation of the Corporation or a Guarantor, any sale or other disposition of all or substantially all of the assets of the Corporation, or any judicial or extrajudicial receivership, insolvency, bankruptcy,
assignment for the benefit of, or proposal to, creditors, reorganization, moratorium, arrangement, composition with creditors, or readjustment of debt of, or other proceedings affecting the Corporation, a Guarantor or any of the assets of the
Corporation or a Guarantor; 

  

	 	(i)	 any circumstance, act or omission that would prevent subrogation operating in favour of a Guarantor; 

  
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	 	(j)	 any invalidity of, or defect or deficiency in, the Series 5 Shares or this Guarantee; 

 

	 	(k)	 the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 

 

	 	(l)	 any other circumstance, act or omission that might otherwise constitute a defence available to, or a discharge of, the Corporation in respect of any
of the Series 5 Share Obligations, or a Guarantor in respect of any of the Series 5 Share Obligations (other than, and to the extent of, the payment or satisfaction thereof); 

it being the intent of the Guarantors that their obligations in respect of the Series 5 Share Obligations shall be absolute and
unconditional under all circumstances and shall not be discharged except by payment in full of the Series 5 Share Obligations. The Holders shall not be bound or obliged to exhaust their recourse against the Corporation or any other Persons or to
take any other action before being entitled to demand payment from the Guarantors hereunder. 
 There shall be
no obligation of the Holders to give notice to, or obtain the consent of, any or all of the Guarantors with respect to the happening of any of the foregoing. 
  

	2.4	Continuing Guarantee 

 This Guarantee shall apply to and secure any ultimate balance due or remaining due to the Holders in respect of the Series 5 Share Obligations and shall be binding as an absolute and continuing obligation
of each Guarantor. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time payment of any of the Series 5 Share Obligations must or may be rescinded, is declared or may become voidable, or must or may
otherwise be returned by the Holders for any reason, including the insolvency, bankruptcy, dissolution or reorganization of the Corporation or upon or as a result of the appointment of a custodian, receiver, trustee or other officer with similar
powers with respect to the Corporation or any substantial part of its property, all as though such payment had not been made. If at any time the Corporation is precluded from making payment when due in respect of any Series 5 Share Obligations by
reason of the provisions of the CBCA or otherwise, such amounts shall nonetheless be deemed to be due and payable by the Corporation to the Holders for all purposes of this Guarantee and the Series 5 Share Obligations shall be immediately due and
payable to the Holders. This is a guarantee of payment, and not merely a deficiency or collection guarantee. 
  

	2.5	Rights of Holders 

 Each Guarantor expressly acknowledges that: (i) this Guarantee will be deposited with the Security Trustee to be held for the benefit of the Holders; and (ii) the Security Trustee has the right
to enforce this Guarantee on behalf of the Holders. 
  

	2.6	Guarantee of Payment 

 If the Corporation shall fail to pay any of the Series 5 Share Obligations when due, the Guarantors shall, jointly and severally, pay to the Holders the Series 5 Share Obligations immediately after demand
made in writing by one or more Holders or the Security Trustee, but in any event within 15 days of any failure by the Corporation to pay the Series 5 Share 

  
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Obligations when due, without any evidence that the Holders or the Security Trustee have demanded that the Corporation or the Guarantors pay any of the Series 5 Share Obligations or that the
Corporation has failed to do so. 
  

	2.7	Subrogation 

 The Guarantors shall have no right of subrogation in respect of any payment made to the Holders hereunder until such time as the Series 5 Share Obligations have been fully satisfied. In the case of the
liquidation, dissolution, winding-up or bankruptcy of the Corporation (whether voluntary or involuntary), or if the Corporation makes an arrangement or compromise or proposal with its creditors, the Holders shall have the right to rank for their
full claim and to receive all dividends or other payments in respect thereof until their claims have been paid in full, and the Guarantors shall continue to be liable, jointly and severally, to the Holders for any balance which may be owing to the
Holders by the Corporation. The Series 5 Share Obligations shall not, however, be released, discharged, limited or affected by the failure or omission of the Holders to prove the whole or part of any claim against the Corporation. If any amount is
paid to a Guarantor on account of any subrogation arising hereunder at any time when the Series 5 Share Obligations have not been fully satisfied, such amount shall be held in trust by such Guarantor for the benefit of the Holders and shall
forthwith be paid to the Holders to be credited and applied against the Series 5 Share Obligations. 
  

	2.8	Independent Obligations 

 Each Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Corporation with respect to the Series 5 Shares and that such Guarantor shall be liable to make payment
of the Series 5 Share Obligations pursuant to the terms of this Guarantee notwithstanding the occurrence of any event referred to in subsections (a) through (l), inclusive, of Section 2.3 and regardless of whether the Holders make a
demand upon such Guarantor. Each Guarantor will pay the Series 5 Share Obligations without regard to any equities between it and the Corporation or any defence or right of set-off, compensation, abatement, combination of accounts or cross-claim that
it or the Corporation or the other Guarantors may have. 
  

	2.9	Guarantors to Investigate Financial Condition of the Corporation 

Each Guarantor acknowledges that it has fully informed itself about the financial condition of the Corporation. Each
Guarantor assumes full responsibility for keeping fully informed of the financial condition of the Corporation and all other circumstances affecting the Corporation’s ability to pay the Series 5 Share Obligations. 

ARTICLE 3 

SUBORDINATION OF OBLIGATIONS TO SENIOR INDEBTEDNESS 
  

	3.1	Applicability of Article 

 The obligations of each Guarantor hereunder shall be subordinate and subject in right of payment, to the extent and in the manner hereinafter set forth in the following sections of this Article 3, to
the prior payment in full of all Senior Indebtedness of such Guarantor, and the Security Trustee and each Holder of Series 5 Shares as a condition to and by acceptance of the benefits conferred hereby agrees to and shall be bound by the provisions
of this Article 3. 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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	3.2	Order of Payment 

 Upon any distribution of the assets of a Guarantor on any dissolution, winding up, liquidation or reorganization of such Guarantor (whether in bankruptcy, insolvency or receivership proceedings, or upon
an “assignment for the benefit of creditors” or any other marshalling of the assets and liabilities of such Guarantor, or otherwise): 
  

	 	(a)	 all Senior Indebtedness of such Guarantor shall first be paid in full, or provision made for such payment, before any payment is made on account of
the Series 5 Share Obligations; and 

  

	 	(b)	 any payment or distribution of assets of such Guarantor, whether in cash, property or securities, to which the Holders of the Series 5 Shares or the
Security Trustee on behalf of such Holders would be entitled except for the provisions of this Article 3, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors, or other liquidating agent
making such payment or distribution, directly to the holders of Senior Indebtedness of such Guarantor or their representative or representatives, or to the trustee or trustees under any indenture pursuant to which any instruments evidencing any of
such Senior Indebtedness may have been issued, to the extent necessary to pay all Senior Indebtedness of such Guarantor in full after giving effect to any concurrent payment or distribution, or provision therefor, to the holders of such Senior
Indebtedness. 

  

	3.3	Subrogation to Rights of Holders of Senior Indebtedness 

 Subject to the payment in full of all Senior Indebtedness of a Guarantor, the Holders of the Series 5 Shares shall be subrogated to the rights of the holders of Senior Indebtedness of such Guarantor to
receive payments or distributions of assets of such Guarantor (to the extent of the application thereto of such payments or other assets which would have been received by the Holders of the Series 5 Shares but for the provisions hereof) until the
Series 5 Share Obligations shall be paid in full, and no such payments or distributions to the Holders of the Series 5 Shares of cash, property or securities, which otherwise would be payable or distributable to the holders of such Senior
Indebtedness, shall, as between such Guarantor, its creditors (other than the holders of Senior Indebtedness), and the Holders of Series 5 Shares, be deemed to be a payment by such Guarantor to the holders of such Senior Indebtedness or on account
of such Senior Indebtedness, it being understood that the provisions of this Article 3 are and are intended solely for the purpose of defining the relative rights of the Holders of the Series 5 Shares, on the one hand, and the holders of Senior
Indebtedness of such Guarantor, on the other hand. 
  

	3.4	Pari Passu Ranking 

 Notwithstanding anything herein contained to the contrary, the obligations of each Guarantor hereunder rank on a pro rata and pari passu basis with any other obligations of such

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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Guarantor in respect of similar guarantees that may be provided by such Guarantor in respect of other series of Class A Preference Shares of the Corporation (collectively, the
“Guaranteed Obligations”). 
  

	3.5	Obligation to Pay Not Impaired 

 Nothing contained in this Article 3 or elsewhere in this Guarantee or in the Series 5 Shares is intended to or shall impair, as between a Guarantor, its creditors (other than the holders of Senior
Indebtedness), and the Holders of the Series 5 Shares, the obligation of such Guarantor, which is absolute and unconditional, to pay to the Holders of the Series 5 Shares the Series 5 Share Obligations in accordance herewith, as and when the same
shall become due and payable in accordance with this Guarantee, or affect the relative rights of the Holders of the Series 5 Shares and creditors of such Guarantor other than the holders of the Senior Indebtedness; nor shall anything herein or
therein prevent the Security Trustee or the Holder of any Series 5 Share from exercising all remedies otherwise permitted by applicable law upon default under this Guarantee, subject to the rights, if any, under this Article 3 of the holders of
Senior Indebtedness in respect of cash, property or securities of such Guarantor that are received upon the exercise of any such remedy. 
  

	3.6	No Payment if Senior Indebtedness in Default 

 Upon the maturity of any Senior Indebtedness of a Guarantor by lapse of time, acceleration, demand or otherwise, then, except as provided in Section 3.7, all principal of and interest on all such
matured Senior Indebtedness shall first be paid in full, or shall first have been duly provided for, before any payment by such Guarantor is made on account of the Series 5 Share Obligations. 

In case of default with respect to any Senior Indebtedness of a Guarantor permitting the holders thereof to accelerate
the maturity thereof, unless and until such default shall have been cured or waived or shall have ceased to exist, no payment (by purchase of the Series 5 Shares or otherwise) shall be made by such Guarantor with respect to the Series 5 Share
Obligations, and neither the Security Trustee nor the Holders of Series 5 Shares shall be entitled to demand, institute proceedings for the collection of, or receive any payment or benefit from such Guarantor (including without limitation by
set-off, combination of accounts or otherwise in any manner whatsoever) on account of the Series 5 Share Obligations after the happening of such a default (except as provided in Section 3.8), and unless and until such default shall have been
cured or waived or shall have ceased to exist, such payments received from such Guarantor shall be held in trust for the benefit of, and, if and when the Senior Indebtedness of such Guarantor shall have become due and payable, shall be paid over to,
the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture under which any instruments evidencing an amount of such Senior Indebtedness remaining unpaid, until all such Senior
Indebtedness shall have been paid in full, after giving effect to any concurrent payment or distribution to the holders of such Senior Indebtedness. 
 The fact that any payment hereunder is prohibited by this Section 3.6 shall not prevent the failure to make such payment from being an Event of Default hereunder. 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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	3.7	Payment on Series 5 Shares Permitted 

 Nothing contained in this Article 3 or elsewhere in this Guarantee, or in any of the Series 5 Shares, shall affect the obligation of a Guarantor to make, or prevent such Guarantor from making, at any
time except during the pendency of any dissolution, winding up or liquidation of such Guarantor or reorganization proceedings specified in Section 3.2 affecting the affairs of such Guarantor, any payment on account of the Series 5 Share
Obligations, except that such Guarantor shall not make any such payment other than as contemplated by this Article 3, if it is in default in payment of any of its Senior Indebtedness. The fact that any such payment is prohibited by this
Section 3.7 shall not prevent the failure to make such payment from being an Event of Default hereunder. Nothing contained in this Article 3 or elsewhere in this Guarantee, or in any of the Series 5 Shares, shall prevent the application by
the Security Trustee of any moneys deposited with the Security Trustee hereunder for the purpose so deposited, to the payment of or on account of the Series 5 Share Obligations unless and until the Security Trustee shall have received written notice
from a Guarantor or from the holder of Senior Indebtedness or from the representative of any such holder of default with respect to any Senior Indebtedness permitting the holders thereof to accelerate the maturity thereof. 

 

	3.8	Confirmation of Subordination 

 As a condition to the benefits conferred hereby on each Holder of Series 5 Shares, each such Holder by acceptance thereof authorizes and directs the Security Trustee, on the Holder’s behalf, to take
such action as may be necessary or appropriate to effectuate the subordination as provided in this Article 3, and appoints the Security Trustee as the Holder’s attorney-in-fact for any and all such purposes. Upon request of a Guarantor,
and upon being furnished with an Officer’s Certificate stating that one or more named persons are holders of Senior Indebtedness of such Guarantor, or the representative or representatives of such holders, or the trustee or trustees under which
any instrument evidencing such Senior Indebtedness may have been issued, and specifying the amount and nature of such Senior Indebtedness, the Security Trustee shall enter into a written agreement or agreements with such Guarantor and the person or
persons named in such Officer’s Certificate providing that such person or persons are entitled to all the rights and benefits of this Article 3 as the holder or holders, representative or representatives, or trustee or trustees of such
Senior Indebtedness specified in such Officer’s Certificate and in such agreement. Such agreement shall be conclusive evidence that the indebtedness specified therein is Senior Indebtedness, however, nothing herein shall impair the rights of
any holder of Senior Indebtedness who has not entered into such an agreement. 
  

	3.9	Security Trustee May Hold Senior Indebtedness 

 The Security Trustee is entitled to all the rights set forth in this Article 3 with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Guarantee deprives the Security Trustee of any of its rights as such holder. 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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	3.10	Rights of Holders of Senior Indebtedness Not Impaired 

 No right of any present or future holder of any Senior Indebtedness to enforce the subordination herein will at any time or in any way be prejudiced or impaired by any act or failure to act on the part of
a Guarantor or by any non-compliance by a Guarantor with the terms, provisions and covenants of this Guarantee, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. 

 

	3.11	Altering Senior Indebtedness 

 A holder of Senior Indebtedness has the right to extend, renew, modify or amend the terms of such Senior Indebtedness or any security therefor and to release, sell or exchange such security and otherwise
to deal freely with a Guarantor or any other Person, all without notice to or consent of the Holders of the Series 5 Shares or the Security Trustee and without affecting the subordination herein, the liabilities and obligations of the parties to
this Guarantee or the Holders of the Series 5 Shares or the Security Trustee. 
  

	3.12	Additional Indebtedness 

 This Guarantee does not restrict any of the Guarantors from incurring any indebtedness for borrowed money or otherwise or mortgaging, pledging or charging its properties to secure any indebtedness.

 ARTICLE 4 

TERMINATION AND REMEDIES 
  

	4.1	Termination of Guarantee 

  

	 	(a)	 This Guarantee shall terminate upon the occurrence of the following events: 

 

	 	(i)	 either 

  

	 	(A)	all of the outstanding Series 5 Shares shall have been purchased and cancelled; or 

 

	 	(B)	 all of the Series 5 Shares shall have been redeemed, 

and, in each case, all amounts payable on the Series 5 Shares, including all accrued and unpaid dividends, shall have
been paid in full by the Corporation and/or the Guarantors, as the case may be; and 
  

	 	(ii)	 all other sums payable by the Corporation in respect of the Series 5 Share Obligations have been paid; and 

the Guarantors shall confirm to the Security Trustee in writing the occurrence of either event under
Section 4.1(a)(i). 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
 - 18 -

  

	 	(b)	 All of the rights, obligations and liabilities of a Guarantor pursuant to this Guarantee shall terminate upon the conveyance, distribution, transfer
or lease (including pursuant to a reorganization, consolidation, liquidation, dissolution, sale of any collateral, winding up, merger, amalgamation, arrangement or otherwise) of all or substantially all of such Guarantor’s properties,
securities and assets to a Person that is a Guarantor immediately prior to such conveyance, distribution, transfer or lease. 

  

	 	(c)	 Upon termination (including any partial termination with respect to a Guarantor) of this Guarantee the Security Trustee shall, upon request of a
Guarantor, provide to such Guarantor written documentation acknowledging the termination (or partial termination with respect to a Guarantor) of this Guarantee. Notwithstanding the termination (including any partial termination with respect to a
Guarantor) of this Guarantee, the obligations of each Guarantor to the Security Trustee under Section 5.3 shall survive. 

  

	4.2	Suits for Enforcement by the Security Trustee 

 In the event that the Guarantors fail to pay the Series 5 Share Obligations as required (an “Event of Default”) pursuant to the terms of this Guarantee, the Holders may institute judicial
proceedings for the collection of the moneys so due and unpaid, may prosecute such proceedings to judgment or final decree and may enforce the same against the Corporation and/or the Guarantors and may collect the moneys adjudged or decreed to be
payable in the manner provided by law out of the property of the Guarantors. 
 If an Event of Default occurs
and is continuing, the Security Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders, upon being indemnified and funded to its satisfaction by the Holders, by such appropriate judicial proceedings as
the Security Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Guarantee or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy. 
  

	4.3	Security Trustee May File Proofs of Claim 

 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to a Guarantor or the property
of a Guarantor, the Security Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, 
  

	 	(a)	 to file and prove a claim for any Series 5 Share Obligation then due and payable and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Security Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Security Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding; and 

  

	 	(b)	 to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Security Trustee. 
 Nothing herein contained shall be deemed to authorize the Security Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Series 5 Shares or the rights of any Holder thereof or to authorize the Security Trustee to vote in respect of the claim of any Holder in any such proceeding. 

 

	4.4	Security Trustee May Enforce Claims Without Possession of Series 5 Shares 

All rights of action and claims under this Guarantee may be prosecuted and enforced by the Security Trustee without the
possession of any of the Series 5 Shares in any proceeding relating thereto, and any such proceeding instituted by the Security Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Security Trustee, its agents and counsel, be for the rateable benefit of the Holders of the Series 5 Shares in respect of which such judgment has
been recovered. 
  

	4.5	Application of Money Collected 

 Any money collected by the Security Trustee pursuant to this Article shall be applied in the following order: 
 FIRST, To the payment of all amounts due to the Security Trustee including, without limitation, the reasonable compensation, expenses, disbursements and advances of the Security Trustee in
or about the execution of its trust, or otherwise in relation hereto, with interest thereon as herein provided; 
 SECOND, To the payment of all amounts due to the Holders of the Series 5 Shares in respect of the costs, charges, expenses and advances incurred in connection with enforcing their rights
hereunder; 
 THIRD, To the payment of any Series 5 Share Obligation then due and unpaid on a pro
rata basis; and 
 FOURTH, The balance, if any, to the Person or Persons entitled thereto.

  

	4.6	Limitation on Suits 

 No Holder of any outstanding Series 5 Shares shall have any right to institute any proceeding, judicial or otherwise, with respect to this Guarantee, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless: 
  

	 	(a)	 such Holder has previously given written notice to the Security Trustee of a continuing Event of Default with respect to this Guarantee;

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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	 	(b)	 the Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares affected by such Event
of Default (determined as one class), shall have made written request to the Security Trustee to institute proceedings in respect of such Event of Default in its own name as Security Trustee hereunder; 

 

	 	(c)	 such Holder or Holders have provided to the Security Trustee reasonable funding, if requested by the Security Trustee, and reasonable indemnity
against the costs, expenses and liabilities to be incurred in compliance with such request; 

  

	 	(d)	 the Security Trustee for 15 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and 

  

	 	(e)	 no direction inconsistent with such written request has been given to the Security Trustee during such 15-day period by the Holders representing a
majority of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares affected by such Event of Default (determined as one class); 

 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Guarantee to affect, disturb or
prejudice the rights of any other Holders of the outstanding Series 5 Shares, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Guarantee, except in the manner herein provided
and for the equal and rateable benefit of all Holders of the outstanding Series 5 Shares. 
  

	4.7	Restoration of Rights and Remedies 

 If the Security Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Guarantee and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Security Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Guarantors, the Security Trustee and the Holders of Series 5 Shares shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Security Trustee and the Holders shall continue as though no such proceeding had been instituted. 

 

	4.8	Rights and Remedies Cumulative 

 No right or remedy herein conferred upon or reserved to the Security Trustee or to the Holders of Series 5 Shares is intended to be exclusive of any other right or remedy, and every right and remedy
shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	4.9	Delay or Omission Not Waiver 

 No delay or omission of the Security Trustee or of any Holder of any Series 5 Shares to exercise any right or remedy accruing upon an Event of Default shall impair any such

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Security Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Security Trustee or by the Holders, as the case may be. 
  

	4.10	Control by Holders 

 The Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares affected by an Event of Default (determined as one class) shall have
the right to direct the time, method and place of conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power conferred on the Security Trustee, with respect to this Guarantee, provided that in each
case: 
  

	 	(a)	 such direction shall not be in conflict with any rule of law or with this Guarantee; 

 

	 	(b)	 the Security Trustee may take any other action deemed proper by the Security Trustee which is not inconsistent with such direction; and

  

	 	(c)	 the Security Trustee need not take any action which might involve it in personal liability or be unjustly prejudicial to the Holders of outstanding
Series 5 Shares not consenting to any such direction. 

  

	4.11	Waiver of Stay or Extension Laws 

 Each Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Guarantee; and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Security Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

  

	4.12	Undertaking for Costs 

 All parties to this Guarantee agree, and each Holder of any Series 5 Shares by acceptance thereof and by acceptance of the benefits hereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Guarantee, or in any suit against the Security Trustee for any action taken, suffered or omitted by it as Security Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable lawyers’ fees, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (i) any suit instituted by a Guarantor, (ii) any suit instituted by the Security Trustee, (iii) any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares, or (iv) any suit instituted by any Holder for the enforcement of the payment of the
Series 5 Share Obligations. 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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 ARTICLE 5 
 THE SECURITY TRUSTEE 
  

	5.1	Certain Duties and Responsibilities 

  

	 	(a)	 The Security Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Guarantee, and no implied
covenants or obligations shall be read into this Guarantee against the Security Trustee. 

  

	 	(b)	 The Security Trustee, in exercising its powers and discharging its duties prescribed or conferred by this Guarantee, shall

  

	 	(i)	 act honestly and in good faith with a view to the best interests of the Holders of the Series 5 Shares, and 

 

	 	(ii)	 exercise that degree of care, diligence and skill a reasonably prudent trustee, appointed in respect of a guarantee indenture would exercise in
comparable circumstances. 

  

	 	(c)	 In the absence of bad faith on its part, the Security Trustee, in the exercise of its rights and duties hereunder, may conclusively act and rely, as
to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, opinions or other evidence furnished to the Security Trustee and conforming to the requirements of this Guarantee. The Security Trustee shall
not be liable for or by reason of any statements of fact or recitals in this Guarantee or be required to verify the same, but all such statements or recitals are and shall be deemed to be made by the Guarantors (or by their agents). The Security
Trustee shall not in any way be responsible for the consequence of any breach on the part of a Guarantor (or by its agents) of any of the Guarantor’s covenants herein. 

 

	 	(d)	 No provision of this Guarantee shall be construed to relieve the Security Trustee from the duties imposed on it in Section 5.1(b) or from
liability for its own gross negligence or its own wilful misconduct, except that: 

  

	 	(i)	 this Section 5.1(d) shall not be construed to limit the effect of Section 5.1(a) and (b); 

 

	 	(ii)	 the Security Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the
Security Trustee was grossly negligent in ascertaining the pertinent facts; 

  

	 	(iii)	 the Security Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with an
appropriate direction of the Holders pursuant to Section 4.10 relating to the time, method and place of conducting any proceeding for any remedy available to the Security Trustee, or exercising any trust or power conferred upon the Security
Trustee, under this Guarantee; and 

  

	 	(iv)	 no provision of this Guarantee shall require the Security Trustee to expend or risk its own funds or otherwise incur any personal financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers except as herein expressly provided. 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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	 	(e)	 Whether or not herein expressly so provided, every provision of this Guarantee relating to the conduct or affecting the liability of or affording
protection to the Security Trustee shall be subject to the provisions of this Section. 

  

	5.2	Certain Rights of Security Trustee 

 Subject to the provisions of Section 5.1: 
  

	 	(a)	 the Security Trustee may rely absolutely and shall be protected in acting or refraining from acting upon any resolution, Officer’s Certificate
or other certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties, not only as to its
due execution and the validity and effectiveness of its provisions, but also as to the truth or accuracy of any information therein contained; 

  

	 	(b)	 any order, request or direction of a Guarantor mentioned herein shall be sufficiently evidenced by a Guarantor Request or Guarantor Order and any
resolution shall be sufficiently evidenced by a Board Resolution; 

  

	 	(c)	 whenever in the administration of this Guarantee the Security Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Security Trustee (unless other evidence be herein specifically prescribed) may act and rely upon an Officer’s Certificate (i) as evidence of the truth of any statements of fact, and
(ii) to the effect that any particular dealing or transaction or step or thing is, in the opinion of the officers so certifying, expedient, as evidence that it is expedient; provided that the Security Trustee may in its sole discretion, acting
reasonably, require from any Guarantor or otherwise further evidence or information before acting or relying on such certificate; 

  

	 	(d)	 the Security Trustee may employ or retain such agents, counsel and other assistants as it may reasonably require for the proper determination and
discharge of its duties hereunder and shall be entitled to receive reasonable remuneration for all services performed by it and compensation for all disbursements, costs and expenses made or incurred by it in the discharge of its duties hereunder
and shall not be responsible for any misconduct on the part of any of them, any such costs and expenses which shall immediately become and form part of the Security Trustee’s fees hereunder; 

 

	 	(e)	 the Security Trustee may, in relation to this Guarantee, act and rely on the opinion or advice of or on information obtained from any counsel,
notary, valuer, surveyor, engineer, broker, auctioneer, accountant or other expert, whether retained by the Security Trustee or by any Guarantor or otherwise; 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
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	 	(f)	 the Security Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in reliance thereon; 

  

	 	(g)	 the Security Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee at the request or direction
of any of the Holders pursuant to this Guarantee, unless such Holders shall have furnished to the Security Trustee reasonable funding and a reasonable indemnity, satisfactory to the Security Trustee, to protect and hold harmless the Security Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction and/or damage it may suffer by reason thereof as a condition to the commencement or continuation of such act, action or
proceeding. The Security Trustee may, before commencing or at any time during the continuance of any such act, action or proceeding require the Holders at whose instance it is acting, to deposit with the Security Trustee the share certificates held
by them respecting the Series 5 Shares for which such share certificates the Security Trustee shall issue receipts; 

  

	 	(h)	 the Security Trustee shall not be required to take notice of any default under this Guarantee, other than payment of any moneys required by any
provision of this Guarantee to be paid to it, unless and until notified in writing of such default, which notice shall clearly set out the nature of the default desired to be brought to the attention of the Security Trustee;

  

	 	(i)	 prior to the occurrence of an Event of Default under this Guarantee and after the curing of any such Event of Default which may have occurred, the
Security Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, or other paper or document or any
investigation of the books and records of any Guarantor (but the Security Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Security Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of a Guarantor, personally or by agent or attorney), unless requested to do so by the Act of the Holders representing a majority of the aggregate
Liquidation Amount of all of the then outstanding Series 5 Shares; provided, however, that the Security Trustee may require reasonable indemnity against the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation; and 

  

	 	(j)	 the Security Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys, and the Security Trustee shall not be responsible for any misconduct or 

  
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negligence on the part of any agent or attorney appointed with due care by it hereunder. Any solicitors employed or consulted by the Security Trustee as counsel may, but need not be solicitors
for a Guarantor. 

  

	5.3	Protection of Security Trustee 

 By way of supplement to the provisions of any law for the time being relating to trustees, it is expressly declared and agreed as follows: 

 

	 	(a)	 the recitals contained herein, shall be taken as the statements of the Guarantors, and the Security Trustee shall not be liable for or assume any
responsibility for their correctness; 

  

	 	(b)	 the Security Trustee makes no representations as to, and shall not be liable for, the validity or sufficiency of this Guarantee;

  

	 	(c)	 nothing herein contained shall impose any obligation on the Security Trustee to see or to require evidence of registration or filing (or renewals
thereof) of this Guarantee or any instrument ancillary or supplemental hereto; 

  

	 	(d)	 the Security Trustee shall not be bound to give any notice of the execution hereof; 

 

	 	(e)	 the Security Trustee shall not incur any liability or responsibility whatever or be in any way responsible for the consequence of any breach on the
part of a Guarantor of any of the covenants herein contained or of any act of the agents or servants of a Guarantor; and 

  

	 	(f)	 the Guarantors shall indemnify the Security Trustee (including its directors, officers, employees, representatives and agents) for, and hold it
harmless against, any claim, demand, suit, loss, liability or expense (including any and all reasonable legal and adviser fees and disbursements) incurred without gross negligence or bad faith on its part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. This
indemnity will survive the termination (including any partial termination with respect to a Guarantor) or discharge of this Guarantee and the resignation or removal of the Security Trustee. 

 

	5.4	Security Trustee Not Required to Give Security 

 The Security Trustee shall not be required to give security for the execution of the trusts or its conduct or administration hereunder. 

 

	5.5	No Person Dealing with Security Trustee Need Enquire 

 No person dealing with the Security Trustee shall be concerned to enquire whether the powers that the Security Trustee is purporting to exercise have become exercisable, or whether any money remains due
upon the Series 5 Shares or to see to the application of any money paid to the Security Trustee. 

  
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	5.6	May Hold Series 5 Shares 

 Subject to applicable law, the Security Trustee or any other agent of a Guarantor, in its individual or in any other capacity, may become the owner or pledgee of the Series 5 Shares and, subject to
Section 5.8, may otherwise deal with the Guarantors with the same rights it would have if it were not the Security Trustee, and without being liable to account for any profit made thereby. 

 

	5.7	Moneys Held in Trust 

 Upon receipt of a direction from the Guarantors (acting jointly), the Security Trustee shall invest funds held by the Security Trustee in Authorized Investments in its name in accordance with such
direction. Any direction from the Guarantors to the Security Trustee shall be in writing and shall be provided to the Security Trustee no later than 9:00 a.m. on the day on which the investment is to be made. Any such direction received by the
Security Trustee after 9:00 a.m. ET or received on a non-Business Day, shall be deemed to have been given prior to 9:00 a.m. ET the next Business Day. Any direction from the Guarantors (acting jointly) for the release of the funds must be
received prior to 11:00 a.m. ET on the day on which the release of funds is to be made. Any such direction for the release of funds received after 11:00 a.m. ET or on a non-Business Day, will be handled on a commercially reasonable efforts
basis and may result in funds being released on the next Business Day. For the purposes of this section, “Authorized Investments” means short term interest bearing or discount debt obligations issued or guaranteed by the Government of
Canada or a Province or a Canadian chartered bank (which may include an Affiliate or related party of the Security Trustee) provided that such obligation is rated at least R1 (middle) by DBRS Limited or an equivalent rating service. 

In the event that the Security Trustee does not receive a direction or only a partial direction, the Security Trustee
may hold cash balances constituting part or all of the funds and may, but need not, invest same in its deposit department, the deposit department of one of its Affiliates, or the deposit department of a Canadian chartered bank; but the Security
Trustee, its Affiliates or a Canadian chartered bank shall not be liable to account for any profit to any parties to this Guarantee or to any other person or entity other than at a rate, if any, established from time to time by the Security Trustee,
its Affiliates or a Canadian chartered bank. For the purpose of this Section, “Affiliate” means affiliated companies within the meaning of the CBCA, and includes Computershare Investor Services Inc. and each of their affiliates within the
meaning of the Business Corporations Act (Ontario). 
  

	5.8	Conflict of Interest 

  

	 	(a)	 The Security Trustee represents to the Guarantors that at the time of the execution and delivery hereof no material conflict of interest exists in
respect of the Security Trustee’s role as a fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will, within 90 days after becoming aware that a material conflict of interest exists,
either eliminate the same or resign its trust hereunder. 

  
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	 	(b)	 If, notwithstanding Section 5.8(a), the Security Trustee has a material conflict of interest, the validity and enforceability of this Guarantee
shall not be affected in any manner whatsoever by reason only of the existence of such material conflict of interest. 

  

	 	(c)	 If the Security Trustee contravenes Section 5.8(a), the Holders representing not less than 25% of the aggregate Liquidation Amount of all of
the then outstanding Series 5 Shares affected thereby may apply to the Ontario Superior Court of Justice for an order that the Security Trustee be replaced, and such court may make an order on such terms as it thinks fit.

  

	5.9	Corporate Trustee Required; Eligibility 

 There shall at all times be a trustee hereunder which shall be a corporation resident or authorized to carry on the business of a trust company in Canada. None of the Guarantors nor any Affiliate of a
Guarantor shall serve as trustee. If at any time the Security Trustee shall cease to be eligible in accordance with the provisions of this Section, the Security Trustee shall resign immediately in the manner and with the effect hereinafter specified
in this Article. 
  

	5.10	Resignation and Removal; Appointment of Successor 

  

	 	(a)	 Notwithstanding any other provisions hereof, no resignation or removal of the Security Trustee and no appointment of a successor trustee pursuant to
this Article shall become effective until the acceptance of appointment by the successor trustee in accordance with the applicable requirements of Section 5.11. 

 

	 	(b)	 The Security Trustee may resign its trust and be discharged from all further duties and liabilities hereunder at any time with respect to the
Guarantee by giving to the Guarantors 60 days’ notice in writing or such shorter notice as the Guarantors may accept as sufficient. If the instrument of acceptance by a successor trustee required by Section 5.11 shall not have been
delivered to the Security Trustee within 60 days after the giving of such notice of resignation, the resigning trustee may apply to the Ontario Superior Court of Justice for an order for the appointment of a successor trustee with respect to
the Guarantee. 

  

	 	(c)	 The Security Trustee may be removed at any time by the Guarantors, except during an Event of Default. 

 

	 	(d)	 If any time: 

  

	 	(i)	 the Security Trustee shall fail to comply with Section 5.8(a); or 

 

	 	(ii)	 the Security Trustee shall cease to be eligible under Section 5.9 and shall fail to resign after written request to do so by the Guarantors; or

  

	 	(iii)	 the Security Trustee shall be dissolved, shall become incapable of acting or shall become or be adjudged a bankrupt or insolvent or a receiver of
the Security Trustee or of its property shall be appointed or any public officer shall take charge or control of the Security Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,

  
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 then, in any such case the Guarantors by Board Resolutions may remove the
Security Trustee. 
  

	 	(e)	 If the Security Trustee shall resign, be removed or become incapable of acting or if a vacancy shall occur in the office of the Security Trustee for
any other reason, the Guarantors, by Board Resolutions, shall promptly appoint a successor trustee or trustees and shall comply with the applicable requirements of Section 5.11. If, within one year after such resignation, removal or
incapability or the occurrence of such vacancy, a successor trustee has not been successfully appointed in accordance with the terms hereof, a successor trustee shall be appointed by Act of the Holders representing a majority of the aggregate
Liquidation Amount of all of the then outstanding Series 5 Shares and the successor Trustee so appointed by the Holders shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 5.11,
become the successor trustee. If no successor trustee shall have been so appointed by the Guarantors or the Holders and such appointment accepted in the manner required by Section 5.11, the Security Trustee (at the Guarantors’ expense) or
any Holder who is a bona fide Holder of the Series 5 Shares may, on behalf of such Holder and all other Holders, apply to the Ontario Superior Court of Justice for any order for the appointment of a successor trustee.

  

	 	(f)	 The Guarantors shall give notice of each resignation and each removal of the Security Trustee and each appointment of a successor trustee to the
Holders by mailing such notice to such Holders at their addresses as they shall appear on the list of Holders as provided by the Corporation to the Guarantors. If the Guarantors shall fail to give such notice within 10 days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be given at the expense of the Guarantors. Each notice shall include the name of the successor trustee and the address of its Corporate Trust Office.

  

	5.11	Acceptance of Appointment by Successor Trustee 

  

	 	(a)	 In case of the appointment hereunder of a successor trustee, each successor trustee so appointed shall execute, acknowledge and deliver to the
Guarantors and to the retiring trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring trustee shall become effective and such successor trustee, without any further act, deed or conveyance (but
subject to Section 5.11(b)), shall become vested with all the rights, powers, trusts and duties of the retiring trustee; but, on the request of the Guarantors or the successor trustee, such retiring trustee shall, upon payment of its fees and
expenses then unpaid, execute, acknowledge and deliver an instrument transferring to such 

  
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successor trustee all such rights, powers and trusts of the retiring trustee and shall duly assign, transfer and deliver to such successor trustee all property and money, if any, held by such
retiring trustee hereunder. 

  

	 	(b)	 In case of the appointment hereunder of a successor trustee, the Guarantors, the retiring trustee and such successor trustee shall execute,
acknowledge and deliver an indenture supplemental hereto in which each successor trustee shall accept such appointment and which shall (i) contain such provisions as shall be deemed necessary or desirable to transfer and confirm to, and to vest
in, such successor trustee all the rights, powers, trusts and duties of the retiring trustee to which the appointment of such successor trustee relates, (ii) add to or change any of the provisions of this Guarantee to the extent necessary to
provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood that nothing herein or in such supplemental indenture (except as specifically provided for therein) shall constitute such trustees
co-trustees of the same trust and that each such trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such trustee; and upon the execution and delivery of such
supplemental indenture, the resignation or removal of the retiring trustee shall become effective to the extent provided therein, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring trustee with respect to the Guarantee to which the appointment of such successor trustee relates, and such retiring Trustee shall duly assign, transfer and deliver to each successor trustee all property and
money held, if any, by such retiring trustee hereunder which the appointment of such successor trustee relates. 

  

	 	(c)	 Upon request of any such successor trustee, the Guarantors shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor trustee all rights, power and trusts referred to in subsection (a) or (b) of this Section, as the case may be. 

  

	 	(d)	 No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under
this Article. 

  

	5.12	Merger, Consolidation, Amalgamation or Succession to Business 

Any corporation into which the Security Trustee may be merged or with which it may be consolidated or amalgamated, or
any corporation resulting from any merger, consolidation or amalgamation to which the Security Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Security Trustee, shall be the
successor of the Security Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or instrument or any further act on the part of any of the parties
hereto. 

  
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INDENTURE FOR SERIES 5 SHARES] 

  
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	5.13	Not Bound to Act 

 The Security Trustee shall retain the right not to act and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, the Security Trustee, in its sole
judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline. Further, should the Security Trustee, in its sole judgment, determine at any
time that its acting under this Guarantee has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it shall have the right to resign on 10 days written
notice to the Guarantors, provided that (i) the Security Trustee’s written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to the Security Trustee’s satisfaction,
acting reasonably, within such 10 day period, then such resignation shall not be effective. 
  

	5.14	Security Trustee’s Privacy Clause 

 The parties acknowledge that federal and/or provincial legislation that addresses the protection of individuals’ personal information (collectively, “Privacy Laws”) applies to
obligations and activities under this Guarantee. Despite any other provision of this Guarantee, no party shall take or direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Guarantors shall, prior to
transferring or causing to be transferred personal information to the Security Trustee, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined
that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws. The Security Trustee shall use commercially reasonable efforts to ensure that its services hereunder comply with Privacy
Laws. Specifically, the Security Trustee agrees: (i) to have a designated chief privacy officer; (ii) to maintain policies and procedures to protect personal information and to receive and respond to any privacy complaint or inquiry;
(iii) to use personal information solely for the purposes of providing its services under or ancillary to this Guarantee and not to use it for any other purpose except with the consent of or direction from the Guarantors or the individual
involved; (iv) not to sell or otherwise improperly disclose personal information to any third party; and (v) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against
loss, theft, or unauthorized access, use or modification. 
  

	5.15	Compensation and Reimbursement 

 The Guarantors agree: 
  

	 	(a)	 to pay to the Security Trustee from time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an express trust); and 

  

	 	(b)	 except as otherwise expressly provided herein, to reimburse the Security Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Security Trustee in accordance with any provision of this 

  
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Guarantee (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith. 

 The Security Trustee’s remuneration, shall be payable out of
any funds coming into the possession of the Security Trustee in priority to any payment of the Series 5 Share Obligations. The said remuneration shall continue to be payable whether or not this Guarantee shall be in the course of administration by
or under the direction of a court of competent jurisdiction. Any amount due under this Section and unpaid within 30 days after demand for such payment by the Security Trustee, shall bear interest at the then current rate of interest charged by
the Security Trustee to its corporate customers. This Section 5.15 shall survive the removal or termination of the Security Trustee and the termination (including any partial termination with respect to a Guarantor) of this Guarantee.

  

	5.16	Third Party Interests 

 Each party to this Agreement (“Representing Party”) hereby represents to the Security Trustee that any account to be opened by, or interest to be held by, Security Trustee in connection
with this Agreement, for or to the credit of such Representing Party, either (i) is not intended to be used by or on behalf of any third party; or (ii) is intended to be used by or on behalf of a third party, in which case such
Representing Party hereby agrees to complete, execute and deliver forthwith to Security Trustee a declaration, in Security Trustee’s prescribed form or in such other form as may be satisfactory to it, as to the particulars of such third party.

 ARTICLE 6 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND GUARANTORS 

 

	6.1	List of Holders 

 The Corporation shall furnish or cause to be furnished to the Security Trustee at such times as the Security Trustee may request in writing, within five Business Days after the receipt by the
Corporation of any such request, a list, in such form as the Security Trustee may reasonably require, of the names and addresses of the Holders as of a date not more than 15 days prior to the time such list is furnished, in each case to the
extent such information is in the possession or control of the Corporation and is not identical to a previously supplied list of Holders or has not otherwise been received by the Security Trustee in its capacity as such. The Security Trustee may
destroy any list of Holders previously given to it on receipt of a new list of Holders. 
  

	6.2	Access to list of Holders 

 A Holder may, upon payment to the Security Trustee of a reasonable fee, require the Security Trustee to furnish within 10 days after receiving the affidavit or statutory declaration referred to
below, a list setting out (i) the name and address of every Holder of Series 5 Shares, (ii) the aggregate number of Series 5 Shares owned by each such Holder, and (iii) the aggregate number of the Series 5 Shares then outstanding,
each as shown on the records of the Security Trustee on the day that the affidavit or statutory declaration is delivered to the Security Trustee. The affidavit or statutory declaration, as the case may be, shall contain (i) the name and address

  
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of the Holder, (ii) where the applicant is a corporation, its name and address for service, (iii) a statement that the list will not be used except in connection with an effort to
influence the voting of the Holders of Series 5 Shares, or any other matter relating to the Guarantee, and (iv) such other undertaking as may be required by applicable law. Where the Holder is a corporation, the affidavit or statutory
declaration shall be made by a director or officer of the corporation. 
  

	6.3	Communications to Holders 

 The rights of Holders to communicate with other Holders with respect to their rights under this Guarantee and the corresponding rights and privileges of the Security Trustee, shall be governed by
applicable law. 
 Every Holder of Series 5 Shares, by receiving and holding the same, agrees with the
Guarantors and the Security Trustee that none of the Guarantors nor the Security Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to the names and addresses of Holders made pursuant to the
terms hereof or applicable law. 
 ARTICLE 7 
 CONVEYANCE, TRANSFER OR LEASE 
  

	7.1	Conveyance, Transfer or Lease; Only on Certain Terms 

 A Guarantor shall not convey, distribute, transfer or lease all or substantially all of its properties, securities and assets to any Person or Persons (other than to a Person that is a Guarantor
immediately prior to such conveyance, distribution, transfer or lease), unless: 
  

	 	(a)	 the Person or Persons which acquire by conveyance, distribution or transfer, or which leases, all or substantially all of the properties, securities
and assets of such Guarantor shall, unless such assumption shall occur by operation of law, expressly assume, by an indenture supplemental hereto, executed and delivered to the Security Trustee, in form satisfactory to the Security Trustee, acting
reasonably, such Guarantor’s obligations hereunder for the Series 5 Share Obligations and the performance and observance of every covenant of this Guarantee on the part of such Guarantor to be performed or observed; and

  

	 	(b)	 such Guarantor or such Person shall have delivered to the Security Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such conveyance, distribution, transfer or lease and such supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

This Section shall only apply to conveyances, distributions, leases and transfers by a Guarantor as transferor or
lessor. 
  

	7.2	Successor Person Substituted 

 Upon any conveyance, distribution, transfer or lease of all or substantially all of the properties, securities and assets of a Guarantor to any Person in accordance with Section 7.1,

  
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the successor Person to which such conveyance, distribution, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the applicable
Guarantor under this Guarantee with the same effect as if such successor Person had been named as such Guarantor herein, and in the event of any such conveyance, distribution or transfer, the applicable Guarantor, except in the case of a lease,
shall be discharged of all obligations and covenants under this Guarantee. 
 ARTICLE 8 

SUPPLEMENTAL INDENTURES 
  

	8.1	Supplemental Indentures Without Consent of Holders 

 Without the consent of any Holders, the Guarantors, when authorized by or pursuant to a Board Resolution, and the Security Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Security Trustee, for any of the following purposes: 
  

	 	(a)	 to evidence the succession of another Person to a Guarantor and the assumption by any such successor of the covenants of the applicable Guarantor
contained herein; or 

  

	 	(b)	 to add to the covenants of the Guarantors or to surrender any right or power herein conferred upon the Guarantors, both of which in the opinion of
the Security Trustee, relying upon an Opinion of Counsel, is for the benefit of the Holders of all of the Series 5 Shares and is not prejudicial to the rights of the Holders; or 

 

	 	(c)	 to add any additional Events of Default; or 

  

	 	(d)	 to secure or further secure the Series 5 Share Obligations; or 

 

	 	(e)	 to evidence and provide for the acceptance of appointment hereunder by a successor trustee with respect to this Guarantee and to add to or change
any of the provisions of this Guarantee as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 5.11; or 

 

	 	(f)	 to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this Guarantee, which in the opinion of the Security Trustee, relying upon an Opinion of Counsel, shall not adversely affect the interests of the Holders of Series 5 Shares in any
material respect; or 

  

	 	(g)	 to supplement any of the provisions of this Guarantee to such extent as shall be necessary to permit or facilitate the termination (including any
partial termination with respect to a Guarantor) pursuant to Section 4.1; provided that in the opinion of the Security Trustee, relying upon an Opinion of Counsel, any such action shall not adversely affect the interests of the Holders of
Series 5 Shares in any material respect. 

  
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	8.2	Supplemental Indentures with Consent of Holders 

 With the consent of either (i) the Holders representing not less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares, by Act of such Holders delivered
to the Guarantors and the Security Trustee, or (ii) if a meeting of the Holders is called for obtaining such consent, Holders representing not less than a majority of the aggregate Liquidation Amount of all Series 5 Shares represented at such
meeting and voting in respect of such consent, the Guarantors, when authorized by or pursuant to Board Resolutions, and the Security Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Guarantee or of modifying in any manner the rights of the Holders under this Guarantee; provided, however, that no such supplemental indenture shall, without the consent of the
Holders representing not less than
66 2/3% of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares or, if a meeting of the Holders is called for obtaining such consent, Holders representing not less than
66 2/3% of the aggregate Liquidation Amount of all Series 5 Shares represented at such meeting and voting in respect of such consent, as the case may be, 

 

	 	(a)	 reduce the percentage of the aggregate Liquidation Amount of the outstanding Series 5 Shares required for any such supplemental indenture, for any
waiver of compliance with certain provisions of this Guarantee or certain defaults applicable hereunder and their consequences provided for in this Guarantee, or reduce the requirements of Section 11.4 for quorum or voting with respect to the
Guarantee, or 

  

	 	(b)	 modify any of the provisions of this Section, except to increase any such percentage or to provide that certain other provisions of this Guarantee
cannot be modified or waived without the consent of the Holder of each outstanding Series 5 Share. 

  

	8.3	Execution of Supplemental Indentures 

 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Guarantee, the Security Trustee
shall be entitled to receive, and shall be fully protected in acting and relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Guarantee. The Security Trustee may, but shall
not be obligated to, enter into any such supplemental indenture which affects the Security Trustee’s own rights, duties or immunities under this Guarantee or otherwise. 

 

	8.4	Effect of Supplemental Indentures 

 Upon the execution of any supplemental indenture under this Article, this Guarantee shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Guarantee for all
purposes. 

  
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	8.5	Notice of Supplemental Guarantees 

 Promptly after the execution by the Guarantors and the Security Trustee of any supplemental indenture pursuant to the provisions of Section 8.2, the Guarantors shall give notice thereof to the
Holders of each of the outstanding Series 5 Shares affected, in the manner provided for in Section 1.6, setting forth in general terms the substance of such supplemental indenture. 

ARTICLE 9 

COVENANTS 
  

	9.1	Existence 

 Subject to Article 7, each Guarantor will do or cause to be done all things necessary to preserve and keep in full force and effect its existence and its rights and franchises and the rights and
franchises of its subsidiaries; provided, however, that a Guarantor shall not be required to preserve any such right or franchise if the Guarantor shall determine that the preservation thereof is no longer desirable in the conduct of the business of
the Guarantor. 
  

	9.2	Security Trustee Not Required to Verify Liquidation Amount 

The Guarantors will not require the Security Trustee to calculate or verify the Liquidation Amount. When requested by
the Security Trustee, a Guarantor shall deliver to the Security Trustee an Officer’s Certificate specifying the Liquidation Amount. 
  

	9.3	Restriction on Distributions 

 Each Guarantor hereby covenants and agrees that if and for so long as either the board of directors of the Corporation has failed to declare, or the Corporation has failed to pay, dividends on the Series
5 Shares, in each case, in accordance with the share conditions attaching thereto, then such Guarantor shall not declare, pay or make any distributions or return of capital on its equity securities. 

ARTICLE 10 

PURCHASE OF SERIES 5 SHARES 
  

	10.1	Purchase of Series 5 Shares 

 Subject to applicable law, at any time when a Guarantor is not in default hereunder, such Guarantor may purchase Series 5 Shares at any price in the market (including purchases from or through an
investment dealer or a firm holding membership on a recognized stock exchange) or by tender available to all Holders of Series 5 Shares or by private contract, in each case in accordance with the terms of the Series 5 Shares. 

  
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 ARTICLE 11 
 MEETINGS OF HOLDERS OF SERIES 5 SHARES 
  

	11.1	Purposes for Which Meetings May Be Called 

 A meeting of the Holders of the Series 5 Shares may be called at any time and from time to time pursuant to the provisions of this Article for one or more of the following purposes: 

 

	 	(a)	 to give any notice to the Guarantors or to the Security Trustee, to give any directions to the Security Trustee, or to take any other action
authorized to be taken by the Holders of the Series 5 Shares pursuant to any of Sections 4.3 to 4.12; 

  

	 	(b)	 to remove the Security Trustee and appoint a successor Trustee with respect to the Guarantee pursuant to the provisions of Article 5;

  

	 	(c)	 to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 8.2; or

  

	 	(d)	 to take any other action required or permitted to be taken by or on behalf of the Holders of any specified percentage of the aggregate Liquidation
Amount of all of the then outstanding Series 5 Shares under any other provision of this Guarantee or under applicable law. 

  

	11.2	Call, Notice and Place of Meetings 

  

	 	(a)	 The Security Trustee may at any time request that the Corporation call, and upon receipt of such request the Corporation shall call or cause its
transfer agent to call, a meeting of Holders of Series 5 Shares for any purpose specified in Section 11.1, to be held at such time and at such place in Toronto, Ontario, or in such other place as the Security Trustee shall determine. Notice of
every meeting of Holders of Series 5 Shares, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided for in Section 1.6, not less
than 21 nor more than 180 days prior to the date fixed for the meeting. In all cases, it is the Corporation who is to bear all costs associated with calling, giving notice of, and holding the meeting. 

 

	 	(b)	 In case at any time the Guarantors, pursuant to Board Resolutions, or the Holders representing at least 10% of the aggregate Liquidation Amount of
all of the then outstanding Series 5 Shares shall have requested the Security Trustee to request that the Corporation call a meeting of the Holders of Series 5 Shares for any purpose specified in Section 11.1, by written request setting forth
in reasonable detail the action proposed to be taken at the meeting, and the Security Trustee shall not have so requested or the Corporation shall not have mailed or caused to be mailed notice of such meeting within 21 days after receipt of
such request and any required indemnification or shall not thereafter proceed to cause the meeting to be held as provided herein, then the Guarantors or the Holders of Series 5

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
 - 37 -

  

	 	 
Shares representing the aggregate Liquidation Amount in the amount above specified, as the case may be, may determine the time and the place in Toronto, Ontario, or in such other place as the
Security Trustee may approve for such meeting and may call such meeting for such purposes by giving notice thereof as provided in paragraph (a) of this Section. 

 

	11.3	Persons Entitled to Vote at Meetings 

 To be entitled to vote at any meeting of Holders of Series 5 Shares, a Person shall be (1) a Holder of one or more outstanding Series 5 Shares, or (2) a Person appointed by an instrument in
writing as proxy for a Holder or Holders of one or more outstanding Series 5 Shares by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Series 5 Shares shall be the Persons
entitled to vote at such meeting and their respective counsel, employees or any representatives of the Security Trustee and its counsel, and any representatives of the Guarantors and their counsel. 

 

	11.4	Quorum; Action 

 The Holders representing not less than 25% of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares shall constitute a quorum for a meeting of Holders of Series 5 Shares;
provided, however, that, if any action is to be taken at such meeting with respect to a consent or waiver which this Guarantee expressly provides may be given by the Holders of not less than a specified percentage of the aggregate Liquidation Amount
of all of the then outstanding Series 5 Shares, the Persons entitled to vote such specified percentage in aggregate amount of the outstanding Series 5 Shares shall constitute a quorum. In the absence of a quorum within 30 minutes of the time
appointed for any such meeting, the meeting shall, if convened at the request of Holders of Series 5 Shares, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 days as determined by the chairman of the
meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days as determined by the chairman of the meeting prior
to the adjournment of such adjourned meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 11.2(a), except that such notice need be given only once not less than five days prior to the date on which
the meeting is scheduled to be reconvened. 
 Subject to the foregoing, at the reconvening of any meeting
adjourned for lack of a quorum, the Holders of Series 5 Shares entitled to vote at such meeting present in person or by proxy shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. 

Except as limited by the proviso to Section 8.2, any resolution presented to a meeting or adjourned meeting duly
reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Holders representing not less than a majority of the aggregate Liquidation Amount of Series 5 Shares represented at such meeting in person or by
proxy; provided, however, that, except as limited by the proviso to Section 8.2, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Guarantee expressly provides may
be made, given or taken by the Holders of a 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
 - 38 -

  

 
specified percentage, which is less than a majority of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares, may be adopted at a meeting or an adjourned meeting duly
reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of not less than such specified percentage of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares. 

Any resolution passed or decision taken at any meeting of Holders of Series 5 Shares duly held in accordance with this
Section shall be binding on all the Holders of Series 5 Shares, whether or not present or represented at the meeting. 
 Notwithstanding the foregoing provisions of this Section 11.4, if any action is to be taken at a meeting of Holders of Series 5 Shares with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action that this Guarantee expressly provides may be made, given or taken by the Holders of a specified percentage of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares affected thereby:

  

	 	(i)	 there shall be no minimum quorum requirement for such meeting; and 

 

	 	(ii)	 the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares that vote in favour of such request, demand, authorization,
direction, notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Guarantee.

  

	11.5	Determination of Voting Rights; Conduct and Adjournment of Meetings 

 

	 	(a)	 Notwithstanding any provisions of this Guarantee, the Security Trustee may make such reasonable regulations as it may deem advisable for any meeting
of Holders of Series 5 Shares in regard to proof of the holding of Series 5 Shares and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the conduct of the meeting as its shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Series 5 Shares shall be proved in the
manner specified in Section 1.4 and the appointment of any proxy shall be proved in the manner specified in Section 1.4. Such regulations may provide that written instruments appointing proxies may be presumed valid and genuine without the
proof specified in Section 1.4 or other proof. 

  

	 	(b)	 The Security Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by
the Guarantors or by Holders of Series 5 Shares as provided in Section 11.2(b), in which case the Guarantors or the Holders of Series 5 Shares calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A
permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares represented and voted at
the meeting. 

  

	 	(c)	 Any meeting of Holders of Series 5 Shares duly called pursuant to Section 11.2 at which a quorum is present may be adjourned from time to time
by Persons entitled to vote representing a majority of the aggregate Liquidation Amount of all of the then outstanding Series 5 Shares represented and voted at the meeting; and the meeting may be held as so adjourned without further notice.

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
 - 39 -

  

	11.6	Counting Votes and Recording Action of Meetings 

 The vote upon any resolution submitted to any meeting of Holders of Series 5 Shares shall be by written ballot(s) on which shall be subscribed the signatures of the Holders of Series 5 Shares or of their
representatives by proxy and the number of outstanding Series 5 Shares held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any
resolution and who shall make and file with the permanent secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Series
5 Shares shall be prepared by the permanent secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 11.2 and, if applicable, Section 11.4. Each copy shall be signed and verified by the affidavits of the
permanent chairman and permanent secretary of the meeting and one such copy shall be delivered to the Guarantors, and another to the Security Trustee to be preserved by the Security Trustee, the latter to have attached thereto the ballots voted at
the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 
 [Remainder of
Page Intentionally Left Blank] 

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

 This Guarantee may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Guarantee. 
 IN WITNESS WHEREOF the parties hereto have duly executed and delivered this Guarantee as of the date first written above. 
  

 
					
	BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. by its general partner, Brookfield Renewable Partners Limited
		
	By:	 	 /s/ Jane Sheere

		 	 Name:	 	Jane Sheere
		 	 Title:	 	Secretary
	
	BROOKFIELD RENEWABLE ENERGY L.P. by its general partner, BREP Holding L.P. by its general partner, BRP Bermuda GP Limited
		
	By:	 	 /s/ Jane Sheere

		 	 Name:	 	Jane Sheere
		 	 Title:	 	Secretary
	
	BROOKFIELD BRP HOLDINGS (CANADA) INC.
		
	By:	 	 /s/ Patricia Bood

		 	 Name:	 	Patricia Bood
		 	 Title:	 	Secretary, Senior Vice President of Legal Services and General Counsel
	
	BRP BERMUDA HOLDINGS I LIMITED
		
	By:	 	 /s/ Jane Sheere

		 	 Name:	 	Jane Sheere
		 	 Title:	 	Secretary

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES] 

  
 - 41 -

  

  
					
	BROOKFIELD RENEWABLE POWER PREFERRED EQUITY INC.
		
	By:	 	 /s/ Patricia Bood

		 	 Name:	 	Patricia Bood
		 	 Title:	 	Secretary, Senior Vice President of Legal Services and General Counsel
	
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	By:	 	 /s/ Daniel Marz

		 	 Name:	 	Daniel Marz
		 	 Title:	 	Corporate Trust Officer
		
	By:	 	 /s/ Soheil Kafai

		 	 Name:	 	Soheil Kafai
		 	 Title:	 	Corporate Trust Officer

  
 [GUARANTEE
INDENTURE FOR SERIES 5 SHARES]EX-10.4

 Exhibit 10.4 
 EXECUTION VERSION 
 STOCKHOLDERS AGREEMENT 

by and among 
 RESTORATION HARDWARE HOLDINGS, INC., 
 and 

HOME HOLDINGS, LLC 
  

 
 Dated as of
November 7, 2012 
  
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	Article I. DEFINITIONS; RULES OF CONSTRUCTION	  	 	1	  
				
		 	SECTION 1.01.	  	Definitions	  	 	1	  
		 	SECTION 1.02.	  	Rules of Construction	  	 	3	  
		
	Article II. REPRESENTATIONS AND WARRANTIES	  	 	3	  
				
		 	SECTION 2.01.	  	Authority; Enforceability	  	 	3	  
		 	SECTION 2.02.	  	Consent	  	 	4	  
		
	Article III. BOARD OF DIRECTORS	  	 	4	  
				
		 	SECTION 3.01.	  	Sponsor Designees	  	 	4	  
		 	SECTION 3.02.	  	Sponsor Designee Approval Required for Board Action	  	 	5	  
		 	SECTION 3.03.	  	Other Corporate Governance Matters	  	 	5	  
		
	Article IV. SPONSOR VETO RIGHTS	  	 	6	  
				
		 	SECTION 4.01.	  	Sponsor Veto Rights	  	 	6	  
		
	Article V. MISCELLANEOUS	  	 	8	  
				
		 	SECTION 5.01.	  	Notices	  	 	8	  
		 	SECTION 5.02.	  	Binding Effect; Benefits	  	 	10	  
		 	SECTION 5.03.	  	Share Ownership	  	 	10	  
		 	SECTION 5.04.	  	Amendment	  	 	10	  
		 	SECTION 5.05.	  	Assignability	  	 	10	  
		 	SECTION 5.06.	  	Governing Law; Submission to Jurisdiction	  	 	10	  
		 	SECTION 5.07.	  	Enforcement	  	 	10	  
		 	SECTION 5.08.	  	Severability	  	 	10	  
		 	SECTION 5.09.	  	Additional Securities Subject to Agreement	  	 	10	  
		 	SECTION 5.10.	  	Section and Other Headings	  	 	11	  
		 	SECTION 5.11.	  	Counterparts	  	 	11	  
		 	SECTION 5.12.	  	Waiver of Jury Trial	  	 	11	  
		 	SECTION 5.13.	  	Entire Agreement	  	 	11	  
		 	SECTION 5.14.	  	Termination of Agreement	  	 	11	  

  
 i 

 STOCKHOLDERS AGREEMENT 

THIS STOCKHOLDERS AGREEMENT (this “Agreement”), dated as of November 7, 2012 (the “Effective
Date”), is by and among Restoration Hardware Holdings, Inc., a Delaware corporation (the “Company”) and Home Holdings, LLC, a Delaware limited liability company (“HH” or the “Sponsor”).

 ARTICLE I. 
 DEFINITIONS; RULES OF CONSTRUCTION 
 SECTION 1.01. Definitions. The
following terms, as used herein, have the following meanings: 
 “Affiliate” of any specified Person means any
other Person directly or indirectly controlling, controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative to the foregoing. No Person shall be deemed to be an Affiliate of another Person solely by virtue of the fact that both Persons own shares of the Capital Stock of the Company. 

“Agreement” has the meaning set forth in the preamble. 

“Board” means the Board of Directors of the Company. 

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations, rights in or other
equivalents (however designated) of such Person’s capital stock, and any rights, warrants or options exercisable or exchangeable for or convertible into such capital stock. 

“Change of Control” means (a) the consummation of any transaction as a result of which any Person other than the
Sponsor, or any Related Person of the Sponsor, acquires directly or indirectly more than 50% of the Capital Stock of the Company, including, without limitation, through a merger or consolidation or purchase of the Capital Stock of the Company or
(b) the sale, lease, conveyance, disposition, in one or a series of related transactions other than a merger or consolidation, of all or substantially all of the assets of the Company taken as a whole to any Person or group of Related Persons.

 “Common Stock” means the Common Stock, par value $0.0001 per share, of the Company. 

“Company” has the meaning set forth in the preamble. 

“Director” means a member of the Board. 

  
 1 

 “Director Veto Lapse Date” means the date on which the Sponsor no longer
owns a majority of the Voting Power of all of the outstanding shares of Common Stock. 
 “Existing Debt” means
indebtedness under that certain Ninth Amended And Restated Credit Agreement, dated as of August 3, 2011 (as amended, restated, supplemented or otherwise modified from time to time), among Restoration Hardware, as a borrower, Restoration
Hardware Canada, Inc., as a borrower, the other borrowers and guarantors from time to time party thereto, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and collateral agent (the “Existing
Facility”) and debt incurred to refinance the Existing Facility, provided that (x) the maximum amount that can be borrowed under such refinanced debt is not higher than the maximum amount that can be borrowed under the Existing
Facility (including through the exercise of any commitment increase provisions) and (y) the terms of such refinanced debt is not materially less favorable to the Company and its subsidiaries, taken as a whole, than the Existing Facility.

 “Effective Date” has the meaning set forth in the preamble. 

“Material Subsidiary” means each “Significant Subsidiary” of the Company, as defined in Rule 1–02 of
Regulation S–X promulgated under the 1933 Act. 
 “Person” means an individual, a corporation, a general
or limited partnership, a limited liability company, a joint stock company, an association, a trust or any other entity or organization, including a government, a political subdivision or an agency or instrumentality thereof. 

“Related Person” means, with respect to any Person, (a) an Affiliate of such Person, (b) any investment
manager, investment advisor or general partner of such Person, (c) any investment fund, investment account or investment entity whose investment manager, investment advisor or general partner is such Person or a Related Person of such Person,
and (d) any equity investor, partner, member or manager of such Person; provided, that no Person shall be deemed an Affiliate of another Person solely by virtue of the fact that both Persons own shares of the Capital Stock of the
Company. 
 “Restoration Hardware” means Restoration Hardware, Inc., a wholly owned subsidiary of the Company.

 “Required Designees” has the meaning set forth in Section 3.01(c). 

“Securities Act” means the Securities Act of 1933. 

“Significant Action” has the meaning set forth in Section 4.01. 

“Sponsor” has the meaning set forth in the preamble. 

“Sponsor Designees” has the meaning set forth in Section 3.01(a). 

“Transfer” means the direct or indirect offer, sale, lease, license, donation, assignment (as collateral or otherwise),
mortgage, pledge, grant, hypothecation, encumbrance, 

  
 2 

 
gift, bequest or transfer or disposition of any interest (legal or beneficial) in any security (including transfer by reorganization, merger, sale of substantially all of the assets or by
operation of law). 
 “Veto Lapse Date” means the date on which the Sponsor no longer owns at least 30% of the
Voting Power of all of the outstanding shares of Common Stock. 
 “Voting Power” means the total
number of votes associated with all shares of Common Stock of the Company calculated in the same manner as the number of shares of common stock set forth on the cover page of the most recently filed periodic report filed with the Securities and
Exchange Commission, that are entitled to vote generally in the election of Directors; provided, however, that with respect to any share of Common Stock, not more than one vote per share shall be counted. 

SECTION 1.02. Rules of Construction. Any provision of this Agreement that refers to the words “include,”
“includes” or “including” shall be deemed to be followed by the words “without limitation.” References to “dollars” or “$” shall mean dollars in lawful currency of
the United States of America. References to numbered or letter articles, sections and subsections refer to articles, sections and subsections, respectively, of this Agreement unless expressly stated otherwise. References to a Section or paragraph
shall be to a Section or paragraph of this Agreement unless otherwise indicated. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement. The word “or” when used in this Agreement is not exclusive. Any agreement, instrument, law or statute defined or referred to herein or in any agreement
or instrument that is referred to herein means such agreement, instrument, or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by
succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted successors and assigns. In the event that any claim is made by any Person
relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular Person or its counsel.

 ARTICLE II. 
 REPRESENTATIONS AND WARRANTIES 
 Each of the parties hereby severally
represents and warrants, severally and not jointly, to each of the other parties as follows: 
 SECTION 2.01. Authority;
Enforceability. Such party (a) has the legal capacity or organizational power and authority to execute, deliver and perform its obligations under this Agreement and (b) is duly organized and validly existing and in good standing under
the laws of its jurisdiction of organization. This Agreement has been duly executed and delivered by such party and constitutes a legal, valid and binding obligation of such party, enforceable against it in accordance with the terms of this
Agreement, subject to applicable bankruptcy, insolvency, 

  
 3 

 
reorganization, moratorium and other laws affecting the rights of creditors generally and to the exercise of judicial discretion in accordance with general principles of equity (whether applied
by a court of law or of equity). 
 SECTION 2.02. Consent. No consent, waiver, approval, authorization, exemption,
registration, license or declaration is required to be made or obtained by such party, other than those that have been made or obtained on or prior to the date hereof, in connection with (a) the execution or delivery of this Agreement or
(b) the consummation of any of the transactions contemplated hereby. 
 ARTICLE III. 

BOARD OF DIRECTORS 
 SECTION 3.01. Sponsor Designees. 
 (a) From the Effective Date until the
Director Veto Lapse Date, the Sponsor shall have the right, but not the obligation, to nominate to the Board a majority of the members of the Board of Directors (such nominees, the “Sponsor Designees”). As of the date of this
Agreement, Sponsor intends to nominate two Sponsor Nominees, which shall be the Required Designees. From the Director Veto Lapse Date until the Veto Lapse Date, the Sponsor shall have the right, but not the obligation, to nominate to the Board two
Sponsor Designees. Additionally, from the Effective Date until the Veto Lapse Date, the Sponsor may appoint two observers (the “Observers”) to the Board. 
 (b) At any time at which the Sponsor has nominated less than the total number of Sponsor Designees the Sponsor is entitled to nominate pursuant to this Section 3.01, the Sponsor shall have the
right, at any time, to nominate such additional number of Sponsor Designees to which it is entitled, in which case the Company shall take all necessary action to (i) increase the size of the Board as required to enable such Sponsor to so
nominate such additional Sponsor Designees and (ii) designate such additional Sponsor Designees nominated by the Sponsor to fill such newly–created vacancy or vacancies, as applicable. 

(c) The Sponsor shall designate one Sponsor Designee as the CP Designee and one Sponsor Designee as the T3 Designee (together, the
“Required Designees”). The initial CP Designee shall be J. Michael Chu and the initial T3 Designee shall be William Forrest. 
 (d) The Observers shall be entitled to attend all meetings of the Board of Directors or any committee thereof, and also shall be entitled to receive concurrently with the Directors notice of Board and
Committee meetings and all minutes, consents and other materials provided to any Director in his or her capacity as a Director. Notwithstanding the foregoing, the Company will have the right, in its sole discretion, to exclude the Observers from
access to any Board of Directors meeting or material, or portion thereof, if the Board of Directors determines in good faith, based on the advice of Company counsel, that the exclusion is necessary in order to preserve the attorney-client privilege.
In the event that any Observer is excluded from access to any portion of a meeting, the Company will supply the Observer with a summary of the content of that portion of the meeting in detail sufficient to provide the Observer with a general

  
 4 

 
understanding of the purposes of the discussion, provided that such a summary does not waive the attorney-client privilege. In addition, the Company will have the right, in its sole discretion,
to exclude the Observers from access to any meeting of the Audit Committee of the Board for any reason whatsoever, in the sole discretion of the Audit Committee, and Observers shall not have a right to a summary of the content of such meetings.

 SECTION 3.02. Sponsor Designee Approval Required for Board Action. 

(a) From the Effective Date until the Director Veto Lapse Date, no action or vote taken or approved by the Board or any committee
thereof, or the board of directors of any subsidiary of the Company or any committee thereof, shall be valid unless approved by both Required Designees; provided, however, that the foregoing shall not apply to actions or votes taken or
approved by the Audit Committee of the Company or any other Committee created with the consent of the Sponsor as being exempt from this requirement. 
 (b) From the Effective Date until the Director Veto Lapse Date, without the prior consent of both Required Designees, the Board of Directors of the Company may not delegate any authority to the Audit
Committee beyond the authority granted to the Audit Committee in its charter in the form attached hereto as Exhibit A, or as may be required by applicable law, regulation or New York Stock Exchange rule. 

(c) The Company and the Holders shall take all necessary and desirable actions to cause the certificate of incorporation of the Company
and each of the Company’s subsidiaries to reflect the provisions of Sections 3.02(a) and (b) until the Director Veto Lapse Date occurs. 
 SECTION 3.03. Other Corporate Governance Matters. 
 (a) The Company shall
pay all reasonable out-of-pocket expenses incurred by the Directors and the Observers in connection with their participation in meetings of the Board and committees thereof and the board of directors and committees of subsidiaries of the Company.

 (b) The board of directors of each subsidiary of the Company shall, at any given time, be comprised in a manner reasonably
acceptable to the Sponsor, unless the Sponsor shall require the board of directors of any such subsidiary to be comprised in the same manner as the Board. 
 (c) The Company shall to the maximum extent permitted under applicable law, indemnify and provide for the advancement of expenses to each Director and Observer, from and against any and all losses which
may be imposed on, incurred by, or asserted against such Director or Observer in any way relating to or arising out of, or alleged to relate to or arise out of, the Director’s and Observer’s service in that capacity. Further, the Directors
and Observers shall be covered by the directors’ and officers’ liability insurance and fiduciary liability insurance carried by the Company in an amount reasonably acceptable to the Sponsor. 

(d) Each of the parties hereto acknowledges that the Sponsor, its Affiliates and any of its Affiliates’ related investment funds and
portfolio companies may review the 

  
 5 

 
business plans and related proprietary information of any enterprise, including any enterprise which may have products or services which compete directly or indirectly with those of the Company,
and may trade in the securities of such enterprise. Nothing in this Agreement shall preclude or in any way restrict the Sponsor, its Affiliates and any of its Affiliates’ related investment funds and portfolio companies from investing or
participating in any particular enterprise, or trading in the securities thereof whether or not such enterprise has products or services that compete with those of the Company. Notwithstanding anything to the contrary herein, the Company and
the Holders expressly acknowledge and agree that: (a) the Sponsor, members of the Board designated by the Sponsor, and managers, officers, directors, members, partners, Affiliates and any related investment funds or portfolio companies of
Affiliates of the Sponsor (other than the Company and its subsidiaries) (each, a “Sponsor Party”) have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly, engage in the same or similar
business activities or lines of business as the Company or any of its Affiliates or subsidiaries; and (b) in the event that any Sponsor Party acquires knowledge of a potential transaction or matter that may be a corporate opportunity for any of
the Company, its Affiliates or any of its subsidiaries, such Sponsor Party shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company, its Affiliates or any of its subsidiaries, as the case may
be, and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the Company, any of its Affiliates, any of its subsidiaries or any other stockholders for breach of any duty (contractual or otherwise) by reason of the
fact that any Sponsor Party, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to the Company, its Affiliates or any of its subsidiaries.

 ARTICLE IV. 
 SPONSOR VETO RIGHTS 
 SECTION 4.01. Sponsor Veto Rights. From the
Effective Date until the Veto Lapse Date, neither the Company nor any of its subsidiaries shall take, or be permitted to take, any of the following actions, whether as a single transaction or a series of related transactions (each, a
“Significant Action”) without the written approval of the Sponsor: 
 (a) a Change of Control or the merger or
consolidation of the Company or any of its subsidiaries, or any entry into any agreement to effect or publicly endorsing a Change of Control or the merger or consolidation of the Company or any of its subsidiaries; 

(b) (i) entering into any joint venture, investment, recapitalization, reorganization or contract with any other Person, (ii) the
acquisition of any securities or assets of another Person (other than inventory acquired in the ordinary course of business), or (iii) the exercise of any ownership rights in respect of any of the foregoing in this Section 4.01(b);

 (c) any Transfer of a material amount of assets of the Company or any of its subsidiaries in any transaction or series of
related transactions, other than inventory sold in the ordinary course of business; 

  
 6 

 (d) the issuance of any Capital Stock of the Company or of any subsidiary of the Company,
other than issuances upon: (i) the exercise of any warrants, options, rights or securities convertible into, exchangeable for or exercisable for, shares of Capital Stock of the Company previously approved by the Sponsor or previously approved
pursuant to clause 4.01(d)(ii) hereof; and (ii) the grant of any equity award issued to an officer, director, employee or consultant of the Company pursuant to a management incentive plan, employment agreement or other arrangement
approved by the Board or a duly authorized committee thereof prior to the Effective Date; 
 (e) the filing of any registration
statement by the Company or its subsidiaries, or the commencement of any public offering by the Company or its subsidiaries, other than the filing of registration statements on Form S-8 in respect of equity awards issued to an officer, director,
employee or consultant of the Company pursuant to a management incentive plan, employment agreement or other arrangement approved by the Board or a duly authorized committee thereof prior to the Effective Date; 

(f) the guarantee, assumption, incurrence or refinancing of indebtedness for borrowed money by the Company or any of its subsidiaries
(including indebtedness of any other Person existing at the time such other Person merged with or into or became a subsidiary of, or substantially all of its business and assets were acquired by, the Company or such subsidiary, and indebtedness
secured by a lien encumbering any asset acquired by the Company or any such subsidiary and including debt securities) or the pledge of, or granting of a security interest in, any of the assets of the Company or any of its subsidiaries other than the
Existing Debt (other than trade indebtedness incurred in the ordinary course of business by the Company and its subsidiaries); 

(g) entering into or amending any direct or indirect transactions after the date of this Agreement between the Company or any subsidiary
of the Company, on the one hand, and (i) any of the stockholders of the Company or Affiliates or Related Persons of any of the stockholders of the Company, (ii) any Affiliate of the Company or any subsidiary of the Company (including, for
purposes hereof, Hierarchy, LLC) or (iii) any officer, director, employee or consultant of the Company or any subsidiary of the Company (other than compensation arrangements approved by the Board or Compensation Committee or otherwise in the
ordinary course of business as part of travel advances, relocation advances, reasonable out-of-pocket expenses or other amounts in accordance with Company policies approved by the Board incurred by officers, directors, employees or consultants of
the Company, on the other hand (including the purchase, sale, lease or exchange of any property, or rendering of any service or modification or amendment of any existing agreement or arrangement); 

(h) the adoption of a “poison pill” or other material defensive mechanisms not in place as of the Effective Date; 

(i) any payment or declaration of or setting aside of any sums or other property for the payment of dividends on any Capital Stock of the
Company or making of any other distributions in respect of (including by merger or otherwise) any shares of Capital Stock of the Company or any warrants, options, rights or securities convertible into, exchangeable for or exercisable for, shares of
Capital Stock of the Company; 

  
 7 

 (j) any redemption, repurchase or other acquisition (including by merger or otherwise) any
shares of Capital Stock or any warrants, options, rights or securities convertible into, exchangeable for or exercisable for, shares of Capital Stock of the Company, or redemption or purchase or other acquisition or payment with respect to any share
appreciation rights or phantom share plans (other than repurchases of shares of Capital Stock from employees upon termination of employment pursuant to terms of equity grants) or any re-pricing of equity awards; 

(k) any amendment of the certificate of incorporation or bylaws of the Company, or the terms of the Common Stock; 

(l) creation any new class or series of shares of Capital Stock having rights, preferences or privileges senior to or on a parity with
the Common Stock; 
 (m) the creation of any committees of the Board or the board of any subsidiaries, or delegation of
authority to a committee, except as set forth in committee charters adopted as of the Effective Date; 
 (n) the commencement of
any liquidation, dissolution or voluntary bankruptcy, administration, recapitalization or reorganization of the Company or any of its subsidiaries in any form of transaction, making arrangements with creditors, or consenting to the entry of an order
for relief in any involuntary case, or taking the conversion of an involuntary case to a voluntary case, or consenting to the appointment or taking possession by a receiver, trustee or other custodian for all or substantially all of its property, or
otherwise seeking the protection of any applicable bankruptcy or insolvency law, other than any such actions with respect to a non–Material Subsidiary where, in the good faith judgment of the Board, the maintenance or preservation of such
subsidiary is no longer desirable in the conduct of the business of the Company or any of its Material Subsidiaries; and 
 (o)
the entering into of any agreement to do any of the foregoing. 
 ARTICLE V. 

MISCELLANEOUS 
 SECTION 5.01. Notices. Except as otherwise specified herein, all notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified
mail, return receipt requested, postage prepaid or otherwise delivered by hand, messenger, facsimile transmission or electronic mail and shall be given to such party at its address or facsimile number set forth on the signature pages hereof or such
other address or facsimile number as such party may hereafter specify in writing in accordance with this Section 5.01; provided, that: 
 (a) unless otherwise specified by HH in a notice delivered by HH in accordance with this Section 5.01, any notice required to be delivered to HH shall be properly delivered if delivered to:

 Home Holdings, LLC 
 c/o Catterton Management Company, LLC 
 599 West Putnam Avenue 

Greenwich, CT 06830 
 Fax: (203) 629-4903 
 Attention: Marc Magliacano 

  
 8 

 And c/o Tower Three Partners LLC 

2 Sound View Drive 
 Greenwich, CT 06830 
 Fax: 203-485-5885 

Attention: William Forrest 
 with a copy (which shall not constitute notice) to: 
 Gibson, Dunn &
Crutcher LLP 
 555 Mission Street 
 San Francisco, CA 94109 
 Fax: (415) 393-8461 

Attention: Stewart McDowell 
 and 
 Weil, Gotshal & Manges LLP 

767 Fifth Avenue 

New York, New York 10153 
 Fax: (212) 310-8007 
 Attention: Douglas Warner 

(b) unless otherwise specified by the Company in a notice delivered by the Company in accordance with this Section 5.01, any
notice required to be delivered to the Company shall be properly delivered if delivered to: 
 Restoration Hardware Holdings,
Inc. 
 15 Koch Road, Suite J 
 Corte Madera, CA 94925 
 Fax: (415) 927-7264 

Attention: Chief Financial Officer 
 with a copy (which shall not constitute notice) to: 
 Morrison & Foerster
LLP 
 425 Market Street 
 San Francisco, CA 94105 
 Fax: (415) 276-7113 

Attention: Gavin Grover 

  
 9 

 SECTION 5.02. Binding Effect; Benefits. This Agreement shall be binding upon and
inure to the benefit of the parties to this Agreement and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any Person other than the parties to this Agreement
or their respective successors or permitted assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 
 SECTION 5.03. Share Ownership. For purposes of this Agreement, the Sponsor shall be deemed to own all shares of Common Stock owned by Persons that were members of the Sponsor as of immediately
after the Effective Date. 
 SECTION 5.04. Amendment. This Agreement may not be amended, restated, modified or
supplemented in any respect and the observance of any term of this Agreement may not be waived except by a written instrument executed by the Company and the Sponsor. 
 SECTION 5.05. Assignability. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by any party hereto except as otherwise
expressly stated hereunder. 
 SECTION 5.06. Governing Law; Submission to Jurisdiction. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws. The parties hereto irrevocably submit, in any legal action or proceeding relating to this Agreement, to the
jurisdiction of the courts of the United States located in the State of Delaware or in any Delaware state court located in New York county and consent that any such action or proceeding may be brought in such courts and waive any objection that they
may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient forum. 
 SECTION 5.07. Enforcement. The parties agree that irreparable damage (for which monetary damages, even if available, would not be an adequate remedy) would occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms on a timely basis or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction, specific performance and other
equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in any court identified in Section 5.06 above without the need to post bond, this being in addition to any
other remedy to which they are entitled at law or in equity. 
 SECTION 5.08. Severability. If any provision of this
Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 5.09. Additional Securities Subject to Agreement. All shares of Common Stock of the Company that any Holder hereafter
acquires by means of a stock split, stock dividend, distribution, exercise of options or warrants or otherwise, whether by merger, consolidation or otherwise (including shares of a surviving corporation into which the shares of Common Stock are
exchanged in such transaction) will be subject to the provisions of this Agreement to the same extent as if held on the date of the this Agreement. 

  
 10 

 SECTION 5.10. Section and Other Headings. The section and other headings contained in
this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
 SECTION
5.11. Counterparts. This Agreement may be executed in any number of counterparts, each of which may be executed by less than all of the parties hereto, each of which shall be enforceable against the parties actually executing such
counterparts, and all of which together shall constitute one instrument. 
 SECTION 5.12. Waiver of Jury Trial. Each
party to this Agreement, for itself and its Related Persons, hereby irrevocably and unconditionally waives to the fullest extent permitted by applicable law all right to trial by jury in any action, proceeding or counterclaim (whether based on
contract, tort or otherwise) arising out of or relating to the actions of the parties hereto or their respective Related Persons pursuant to this Agreement or in the negotiation, administration, performance or enforcement of this Agreement.

 SECTION 5.13. Entire Agreement. This Agreement supersedes all prior agreements, whether written or oral, between the
parties with respect to its subject matter (including this Agreement) and constitutes a complete and exclusive statement of the terms of the agreement between the parties with respect to its subject matter. 

SECTION 5.14. Termination of Agreement. Upon the Veto Lapse Date, this Agreement shall terminate and be of no further force and
effect. 
 [SIGNATURE PAGES FOLLOW] 

  
 11 

 IN WITNESS WHEREOF, the Company and each Sponsor have executed this Agreement as of the day
and year first above written. 
  

					
	RESTORATION HARDWARE HOLDINGS, INC.
		
	By:	 	 /s/ Carlos Alberini

		 	Name:	 	Carlos Alberini
		 	Title:	 	Chief Executive Officer
	
	HOME HOLDINGS, LLC
		
	By:	 	 /s/ Marc Magliacano

		 	Name:	 	Marc Magliacano
		 	Title:	 	Member, Board of Managers

 Signature Page to Stockholders Agreement 

 EXHIBIT A 
 THE AUDIT COMMITTEE 
 OF 

THE BOARD OF DIRECTORS 
 OF 
 RESTORATION HARDWARE HOLDINGS, INC. 

CHARTER 
 I. PURPOSE

 The Audit Committee (the “Committee”) is established by and amongst the Board of Directors (the “Board”) of
Restoration Hardware Holdings, Inc. (the “Company”) for the primary purpose of assisting the Board in overseeing the accounting and financial reporting processes of the Company and audits of the financial statements of the Company and for
the purposes set forth in the listing requirements of the New York Stock Exchange (“NYSE”). The Committee shall also review the policies and procedures adopted by the Company to fulfill its responsibilities regarding the fair and
accurate presentation of financial statements in accordance with generally accepted accounting principles (“GAAP”), the NYSE, and the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”).

 Consistent with this function, the Committee should encourage continuous improvement of, and should foster adherence to, the Company’s
policies, procedures and practices at all levels. The Committee should also provide an open avenue of communication among the independent registered public accounting firm, financial and senior management, the internal auditing function and the
Board. 
 The Committee has the authority to obtain advice and assistance from outside legal, accounting, or other advisors as deemed
appropriate to perform its duties and responsibilities. 
 The Company shall provide appropriate funding, as determined by the
Committee, for compensation to the independent registered public accounting firm and to any advisers that the Committee chooses to engage as well as for ordinary administrative expenses of the Committee that are necessary or appropriate in carrying
out its duties. 
 The Committee will primarily fulfill its responsibilities by carrying out the activities enumerated in Section III of
this Charter. 
 II. COMPOSITION AND MEETINGS 
 The Committee shall be comprised of that number of members required by the listing standards of the NYSE, and, in any event, shall consist of at least three members. Each member of the Committee shall
meet applicable independence requirements for membership of an Audit Committee in accordance with listing standards of the NYSE. If a member of the Committee 

 
simultaneously serves on the audit committees of more than three public companies, the Board must determine that such simultaneous service would not impair the ability of such member to
effectively serve on the Committee. 
 To the extent that the Company elects a “controlled company” exception under the listing
requirements of the NYSE, then any listing requirement of the NYSE or provision of this Charter from which the Company is exempt under such controlled company or other provision shall be deemed inapplicable to the Company if and for so long as the
Company relies upon the controlled company or other similar exception without further amendment of this Charter. The pertinent provisions of the listing requirements of the NYSE and this Charter shall again be deemed applicable without further
amendment of this Charter at such time as the Company elects to no longer rely upon, or is otherwise no longer eligible to rely upon, the controlled company or other similar exception. 
 Each member of the Committee must be financially literate, as such qualification is interpreted by the Board in its business judgment, and at least one member of the Committee shall meet the definition of
“audit committee financial expert” as set forth in Rule 407(d)(5) of Regulation S-K. The existence of such member(s) shall be disclosed in periodic filings as required by the SEC. Members of the Committee may enhance their familiarity with
finance and accounting by participating in educational programs conducted by the Company or an outside consultant. 
 Committee members shall be
appointed by the Board, based on the recommendation of the Nominating Committee, and shall serve until their successors shall be duly elected and qualified or until their earlier resignation or removal. Committee members may be removed at any time
by vote of the Board. 
 Unless a Chair is elected by the full Board, members of the Committee may designate a Chair by majority vote of the
full Committee membership. 
 The Committee shall meet at least four times annually, or more frequently as circumstances dictate. To the extent
practical and appropriate, each regularly scheduled meeting should conclude with an executive session of the Committee absent members of management and on such terms and conditions as the Committee may elect. As part of its job to foster open
communication, the Committee should, to the extent practical and appropriate, meet periodically with management, the director of the internal auditing function and the independent registered public accounting firm in separate executive sessions to
discuss any matters that the Committee or each of these groups believes should be discussed privately. 
 III. RESPONSIBILITIES AND DUTIES

 To fulfill its responsibilities and duties, the Committee shall: 
 Documents/Reports/Accounting Information Review 
 1. Review this Charter periodically, and
no less frequently than annually, and recommend to the Board any necessary amendments as conditions dictate. 

  
 2 

 2. Review and discuss with management and the independent registered accounting firm the Company’s
annual financial statements, including the Management’s Discussion and Analysis proposed to be included in the Company’s Annual Report on Form 10-K, quarterly financial statements, and all internal controls reports (or summaries thereof),
if any, and recommend to the Board, if appropriate, that the audited financial statements be included in the Company’s Annual Report on Form 10-K for filing with the SEC. To the extent practical and appropriate, review other relevant
reports or financial information submitted by the Company to any governmental body, or the public, including management certifications as required by the Sarbanes-Oxley Act of 2002 (Sections 302 and 906), and any relevant reports rendered by the
independent registered public accounting firm (or summaries thereof). Review and discuss with management and the independent registered public accounting firm all significant deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information and any fraud, whether or not material, that involves management or
other employees who have a significant role in the Company’s internal control over financial reporting. 
 3. Review with financial
management and the independent registered public accounting firm each Quarterly Report on Form 10-Q prior to its filing. 
 4. Discuss the
Company’s earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies. 
 5.
Have one or more members of the Committee, in particular if reasonably available the Chair of the Committee, review, before release, the unaudited operating results in the Company’s quarterly earnings release and/or discuss the contents of the
Company’s quarterly earnings release with management. 
 6. Have one or more members of the Committee, in particular if reasonably
available the Chair of the Committee, review, before release, any non-GAAP or “pro forma” financial information, guidance or revised guidance to be included in a press release of the Company. 

7. To the extent practical and appropriate, review the regular internal reports (or summaries thereof) to management prepared by the internal auditing
department and management’s response. 
 8. Discuss policies with respect to risk assessment and risk management. 

Independent Registered Public Accounting Firm 
 9. Be responsible for the appointment of, and review and approval, on a continuing basis, of the retention, termination and performance of the Company’s independent registered public accounting firm
and as part of this responsibility the Audit Committee shall: 
  

	 	•	 	 Have sole authority to appoint, retain, compensate and terminate the independent registered public accounting firm. 

  
 3 

	 	•	 	 Oversee the work performed by the independent registered public accounting firm for the purpose of preparing or issuing an audit report or related
work. 

  

	 	•	 	 Review the performance of the independent registered public accounting firm and remove the independent registered public accounting firm if
circumstances warrant. 

  

	 	•	 	 The independent registered public accounting firm shall report directly to the Committee and the Committee shall oversee the resolution of
disagreements between management and the independent registered public accounting firm in the event that they arise. 

  

	 	•	 	 Consider and evaluate whether the registered public accounting firm’s performance of permissible nonaudit services is compatible with the
registered public accounting firm’s independence. 

  

	 	•	 	 Establish a clear understanding with management and the independent registered public accounting firm that the independent registered public accounting
firm is accountable to the Audit Committee and the Board as representatives of the Company’s stockholders. 

 10. Review
with the independent registered public accounting firm when appropriate any problems or difficulties and management’s response; review the independent registered public accounting firm’s attestation and report on management’s internal
control report; obtain from the independent registered public accounting firm assurance that it has complied with Section 10A of the Securities Exchange Act of 1934; and hold discussions with the independent registered public accounting firm,
at least prior to the filing of the independent registered public accounting firm’s audit report with the SEC pursuant to federal securities laws, regarding the following: 

 

	 	•	 	 all critical accounting policies and practices to be used; 

 

	 	•	 	 all alternative treatments within GAAP for policies and practices related to material items that have been discussed with management, including
ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent registered public accounting firm; 

 

	 	•	 	 other material written communications between the independent registered public accounting firm and management including, but not limited to, the
management letter and schedule of unadjusted differences;  

  

	 	•	 	 an analysis of the registered public accounting firm’s judgment as to the quality of the Company’s accounting principles, setting forth
significant reporting issues and judgments made in connection with the preparation of the financial statements, and the matters required to be discussed by Public Company Accounting Oversight Board AU Section 380–Communication with
Audit Committees, as may be modified or supplemented from time to time; 

  

	 	•	 	 any significant changes required in the independent registered public accounting firm’s audit plan; 

 

	 	•	 	 other matters related to the conduct of the audit, which are to be communicated to the Committee under generally accepted auditing standards; and

  

	 	•	 	 any other relevant reports, including regular internal financial reports prepared by management of the Company and any internal auditing department, or
other financial information. 

  
 4 

 11. Review the independence of the independent registered public accounting firm, including a review of
management consulting services, and related fees, provided by the independent registered public accounting firm. The Committee shall require that the independent registered public accounting firm at least annually provide a formal written statement
(a) describing (i) the independent registered public accounting firm’s internal quality-control procedures; and (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the
independent registered public accounting firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five (5) years, respecting one or more audits carried out by the independent registered public
accounting firm, and any steps taken to deal with any such issues; and (b) delineating all relationships between the independent registered public accounting firm and the Company consistent with the rules of the NYSE and request information
from the independent registered public accounting firm and management to determine the presence or absence of a conflict of interest. The Committee shall actively engage the independent registered public accounting firm in a dialogue with respect to
any disclosed relationships or services that may impact the objectivity and independence of the independent registered public accounting firm. The Committee shall take, or recommend that the full Board take, appropriate action to oversee the
independence of the independent registered public accounting firm. The Committee shall establish clear policies regarding the hiring of employees and former employees of the Company’s independent registered public accounting firm. 

12. Review and preapprove all audit, review or attest engagements of, and nonaudit services to be provided by, the independent registered public
accounting firm (other than with respect to the de minimis exception permitted by the Sarbanes-Oxley Act of 2002 and the SEC rules promulgated thereunder). Establish and maintain preapproval policies and procedures relating to the engagement
of the independent registered public accounting firm to render services, provided the policies and procedures are detailed as to the particular service and the Committee is informed of each service and such policies and procedures do not include
delegation of the Committee’s responsibilities under the Securities Exchange Act of 1934 to management. The preapproval duty may be delegated to one or more designated members of the Committee with any such preapproval reported to the Committee
at its next regularly scheduled meeting. 
 Financial Reporting Processes and Accounting Policies 

13. In consultation with the independent registered public accounting firm and the internal auditors, review the integrity of the organization’s
financial reporting processes (both internal and external), and the internal control structure (including disclosure controls). 
 14. Review
with management the effect of regulatory and accounting initiatives, as well as off-balance sheet structures, on the financial statements of the Company. 
 15. Review all related party transactions as defined in the NYSE requirements (consistent with the Company’s Related Party Transaction Policies and Procedures as approved by the Board of Directors).

 16. Establish and maintain procedures for the receipt, retention, and treatment of complaints regarding accounting, internal
accounting, or auditing matters. 

  
 5 

 17. Establish and maintain procedures for the confidential, anonymous submission by Company employees
regarding questionable accounting or auditing matters.  
 Internal Audit 
 18. Review and concur with management on (i) the timing for establishment of any internal auditing department as well as the scope and responsibilities of any such internal auditing department and
(ii) the appointment, replacement, reassignment or dismissal of the person assigned to oversee and run such internal auditing department. Notwithstanding the foregoing, the Company shall have an internal auditing department to the extent
required by the listing standards of the NYSE. 
 Other Responsibilities 
 19. Review with the independent registered public accounting firm, the internal auditing department and management the extent to which changes or improvements in financial or accounting practices, as
approved by the Committee, have been implemented. (This review should be conducted at an appropriate time subsequent to implementation of changes or improvements, as decided by the Committee.) 

20. Prepare the report that the SEC requires be included in the Company’s annual proxy statement. 

21. To the extent appropriate or necessary, review the rationale for employing audit firms other than the principal independent registered public
accounting firm and, where an additional audit firm has been employed, review the coordination of audit efforts to assure completeness of coverage, reduction of redundant efforts and the effective use of audit resources. 

22. Establish, review and update periodically a code of ethics and ensure that management has established a system to enforce this code. It shall be the
policy of the Committee that the code is in compliance with all applicable rules and regulations. Review management’s monitoring of the Company’s compliance with the organization’s code of ethics. 

23. Annually review and assess the Committee’s performance. 
 24. Report regularly to the Board. 
 25. Perform any other activities consistent with this
Charter, the Company’s Bylaws, as may be amended from time to time, and governing law, as the Committee or the Board deems necessary or appropriate. 

  
 6

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