Document:

Exhibit

2019 RESTRICTED STOCK UNITS
GRANT AGREEMENT  

To:  ________________

By accepting your grant online through the Schwab Equity Award Center, you agree that these incentives are granted under and governed by the terms and conditions of the 2010 Long-Term Incentive Plan of BWX Technologies, Inc. (as amended and restated to date, the “Plan”), and this 2019 Restricted Stock Units Grant Agreement, which is included in the online acceptance process.  A copy of the Plan and the Prospectus relating to the stock issued under the Plan can be found at http://equityawardcenter.schwab.com under the “At a Glance/My Company Info” tab in your Schwab account.  The Plan and Prospectus are incorporated by reference and made a part of the terms and conditions of your award.  If you would like to receive a copy of either the Plan or Prospectus, please contact Kathy Peres at 980-625-4194 or kaperes@bwxt.com.
 
******************************************************************************

Effective __________, 2019 (the “Date of Grant”), the Compensation Committee of the Board of Directors (the “Committee”) of BWX Technologies, Inc. (“BWXT”) awarded you a grant of Restricted Stock Units (“RSUs”) under the Plan.  The provisions of the Plan are incorporated herein by reference and capitalized terms used but not otherwise defined in this Agreement have the meanings given them in the Plan.  

Any reference or definition contained in this Agreement shall, except as otherwise specified, be construed in accordance with the terms and conditions of the Plan and all determinations and interpretations made by the Committee with regard to any question arising hereunder or under the Plan shall be binding and conclusive on you and your legal representatives and beneficiaries.  The term “BWXT” as used in this Agreement with reference to employment shall include subsidiaries of BWXT (including unconsolidated joint ventures).  Whenever the words “you” or “your” are used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the beneficiary, estate, or personal representative, to whom any rights under this Agreement may be transferred by will or by the laws of descent and distribution, it shall be deemed to include such person.  

Restricted Stock Units

1.     RSU Award.  You have been awarded ___________ RSUs.  Each RSU represents a right to receive one Share after the vesting of such RSU, as set forth in Section 2 of this Agreement (the “Vesting Requirements” provision).  

2.     Vesting Requirements.  Subject to Section 3 of this Agreement (the “Forfeiture of RSUs” provision), the RSUs will become vested under one or more of the following circumstances, to the extent the RSUs have not previously vested or become forfeited as of the occurrence of such circumstance:

		
	·  
	in one-third (1/3) increments on the first, second and third anniversaries of the Date of Grant (the date of each, an “Anniversary Date”); 

		
	·  
	if you Retire on or after the first anniversary of the Date of Grant and prior to the second anniversary of the Date of Grant, in one-half (1/2) increments of the then-outstanding and unvested RSUs on the second and third anniversaries of the Date of Grant;

		
	·  
	if you Retire on or after the second anniversary of the Date of Grant and prior to the third anniversary of the Date of Grant, 100% of the then-outstanding and unvested RSUs on the third anniversary of the Date of Grant; 

		
	·  
	100% of the then-outstanding and unvested RSUs on the earliest of the following to occur prior to the third anniversary of the Date of Grant: (a) your death, (b) your Disability or (c) the date of a Change in Control; and 

		
	·  
	the Committee may provide for additional vesting under other circumstances, in its sole discretion.  

For purposes of this Agreement, the term “Retire” means to terminate employment with BWXT after attaining (i) at least 60 years of age and (ii) at least [5] [10] years of service with BWXT (with years of service calculated by reference from your “adjusted service date,” as determined by the Company).   

3.     Forfeiture of RSUs.  Except if you Retire on or after the first anniversary of the Date of Grant, RSUs which are not or do not become vested upon your termination of employment shall, coincident therewith, terminate and be of no force or effect.

In the event that (a) you are convicted of (i) a felony or (ii) a misdemeanor involving fraud, dishonesty or moral turpitude, or (b) you engage in conduct that adversely affects or may reasonably be expected to adversely affect the business reputation or economic interests of BWXT, as determined in the sole judgment of the Committee, then all RSUs and all rights or benefits awarded to you under this grant of RSUs are forfeited, terminated and withdrawn immediately upon such conviction or notice of such determination.  The Committee shall have the right to suspend any and all rights or benefits awarded to you hereunder pending its investigation and final determination with regard to such matters.  The forfeiture provisions of this paragraph are in addition to the provisions under the heading “Clawback Provisions” below.

4.     Settlement of RSUs.  If you have made a permitted deferral election with respect to the RSUs, then, subject to compliance with Section 409A of the Code (to the extent applicable), vested RSUs shall be paid to you in accordance with such deferral election.  If you have not made a permitted deferral election with respect to the RSUs, vested RSUs shall be paid to you in the form of Shares within 10 days of each Anniversary Date, with an accelerated settlement of vested RSUs on the first of the following events to occur:
  
		
	·  
	the occurrence of a Change in Control, unless such Change in Control does not constitute a “change in control” for purposes of Section 409A(a)(2)(A)(v) of the Code;

		
	·  
	your death; or

		
	·  
	your Disability.

5.     Dividend, Voting Rights and Other Rights. You shall have no rights of ownership in the Shares underlying the RSUs and shall have no right to vote such Shares until the date on which the Shares are transferred to you pursuant hereto.  From and after the Date of Grant and until the earlier of (a) the time when the RSUs become vested and are paid in accordance with Section 4 hereof or (b) the time when your right to receive Shares in payment of the RSUs is forfeited in accordance with Section 3 hereof, on the date that BWX Technologies, Inc. pays a cash dividend (if any) to holders of Shares generally, you shall be credited with cash per RSU equal to the amount of such dividend.  Any amounts credited pursuant to the immediately preceding sentence shall be subject to the same applicable terms and conditions (including vesting, payment and forfeitability) as apply to the RSUs based on which the dividend equivalents were credited, and such amounts shall be paid in cash at the same time as the RSUs to which they relate.

Taxes

6.     Liability for Tax-Related Items. Regardless of any action BWXT or your employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related Items”), you acknowledge and agree that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that BWXT and/or the Employer (i) make no representations nor undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of this grant of RSUs, including the grant and vesting of RSUs, subsequent delivery of Shares or the subsequent sale of any Shares acquired pursuant to such RSUs and receipt of any dividend equivalent payments (if any) and (ii) do not commit to structure the terms or any aspect of this grant of RSUs to reduce or eliminate your liability for Tax-Related Items.  Prior to the taxable or tax withholding event, as applicable, you shall pay, or make adequate arrangements satisfactory to BWXT or to the Employer to satisfy all Tax-Related Items.  In this regard, you authorize BWXT or Employer to withhold all applicable Tax-Related Items legally payable by you, and unless determined otherwise by the Committee, BWXT or Employer will withhold a number of Shares otherwise deliverable equal to the minimum statutory withholding amount to satisfy such liability.   If the obligation for Tax-Related Items is satisfied by withholding a number of Shares as described herein, you understand that you will be deemed to have been issued the full number of Shares subject to the settled RSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of the settlement of the RSUs.  Notwithstanding anything herein to the contrary, if the Federal Insurance Contributions Act tax (“FICA Tax”) imposed under Sections 3101, 3121(a) and 3121(v)(2) of the Code becomes due with respect to any of the RSUs prior to the payment of such RSUs, BWXT or Employee will withhold from your cash compensation an amount sufficient to pay the FICA Tax with respect to such RSUs.
 
Transferability

7.     Non-Transferability. RSUs granted hereunder are non-transferable other than by will or by the laws of descent and distribution or pursuant to a qualified domestic relations order.

Clawback Provisions

8.     Recovery of RSUs.  In the event that BWXT is required to prepare an accounting restatement due to the material noncompliance of BWXT with any financial reporting requirement under the U.S. federal securities laws as a result of fraud (a “Restatement”) and the Board reasonably determines that you knowingly engaged in the fraud, BWXT will have the right to recover the RSUs granted during the three-year period preceding the date on which the Board or BWXT, as applicable, determines it is required to prepare the Restatement (the “Three-Year Period”), or vested in whole or in part during the Three-Year Period, to the extent of any excess of what would have been granted to or would have vested for you under the Restatement. 

9.     Recovery Process.  In the event a Restatement is required, the Board, based upon a recommendation by the Committee, will (a) review the RSUs either granted or vested in whole or in part during the Three-Year Period and (b) in accordance with the provisions of this Agreement and the Plan, will take reasonable action to seek recovery of the amount of such RSUs in excess of what would have been granted to or would have vested for you under the Restatement (but in no event more than the total amount of such RSUs), as such excess amount is reasonably determined by the Board in its sole discretion, in compliance with Section 409A of the Code.  There shall be no duplication of recovery under Article 19 of the Plan and any of 15 U.S.C. Section 7243 (Section 304 of The Sarbanes-Oxley Act of 2002) and Section 10D of the Exchange Act. The clawback provisions of this Agreement are in addition to the forfeiture provisions contained in Section 3 of this Agreement (under the heading “Forfeiture of RSUs”).  Notwithstanding anything in this Agreement to the contrary, you acknowledge and agree that this Agreement and the award described herein 

(and any settlement thereof) are subject to the terms and conditions of the Company’s clawback policy (if any) as may be in effect from time to time specifically to implement Section 10D of the Exchange Act, and any applicable rules or regulations promulgated thereunder (including applicable rules and regulations of any national securities exchange on which the Shares may be traded) (the “Compensation Recovery Policy”), and that Sections 8 and 9 of this Agreement shall be deemed superseded by and subject to the terms and conditions of the Compensation Recovery Policy from and after the effective date thereof. 

Other Information

10.    No Guarantee of Continued Service.  Neither the action of BWXT in establishing the Plan, nor any action taken by it, by the Committee or by your employer, nor any provision of the Plan or this Agreement shall be construed as conferring upon you the right to be retained in the employ of BWXT.

11.    Adjustments.  The RSUs evidenced by this Agreement are subject to adjustment as provided in Sections 4.3 and 15.2 of the Plan.
 
12.    Compliance with Section 409A of the Code.  To the extent applicable, it is intended that this Agreement and the Plan comply with the provisions of Section 409A of the Code.  This Agreement and the Plan shall be administered in a manner consistent with this intent, and any provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code shall have no force or effect until amended to comply with Section 409A of the Code (which amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by BWXT without your consent).  Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any other guidance, promulgated with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service.
 
13.    Electronic Delivery.  BWXT may, in its sole discretion, deliver any documents related to the RSUs and your participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request your consent to participate in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and, if requested, agree to participate in the Plan through an on-line or electronic system established and maintained by BWXT or another third party designated by BWXT.
 
14.    Severability.  In the event that one or more of the provisions of this Agreement shall be invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.
 
15.    Successors and Assigns.  Without limiting Section 7 hereof, the provisions of this Agreement shall inure to the benefit of, and be binding upon, your successors, administrators, heirs, legal representatives and assigns, and the successors and assigns of the Company.
 
16.    Acknowledgement.  You acknowledge that you (a) have received a copy of the Plan, (b) have had an opportunity to review the terms of this Agreement and the Plan, (c) understand the terms and conditions of this Agreement and the Plan and (d) agree to such terms and conditions.
 
17.    Country-Specific Special Terms and Conditions.  Notwithstanding any provisions in this Agreement, the RSUs shall also be subject to the special terms and conditions set forth in Appendix A to this Agreement 

for your country of residence.  Moreover, if you relocate to one of the countries included on Appendix A, the special terms and conditions for such country will apply to you, to the extent BWXT determines that the application of such terms and conditions are necessary or advisable in order to comply with local law or facilitate the administration of the Plan.  Appendix A constitutes part of this Agreement.

18.    Notice to Governmental Authority.  Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prevents you from providing, without prior notice to BWXT, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental authorities regarding possible legal violations, and for purpose of clarity you are not prohibited from providing information voluntarily to the Securities and Exchange Commission pursuant to Section 21F of the 1934 Act.

    

APPENDIX A
COUNTRY-SPECIFIC SPECIAL TERMS AND CONDITIONS 
This Appendix A, which is part of the BWXT 2019 Restricted Stock Units Grant Agreement (the “Agreement”), contains additional terms and conditions of the Agreement that will apply to you if you reside in one of the countries listed below.  It also includes information about certain other issues of which you should be aware with respect to your participation in the Plan.  Such information is based on securities, exchange control, and other laws in effect in the respective countries as of February 2019.  Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and/or the Agreement.  By accepting the RSUs, you agree to be bound by the terms and conditions contained in the paragraphs below in addition to the terms of the Plan, the Agreement, and the terms of any other document that may apply to you and your RSUs.  
In addition, the information contained herein is general in nature and may not apply to your particular situation, and BWXT is not in a position to assure you of a particular result.  Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.
Finally, if you are a citizen or resident of a country other than the one in which you are currently working, transferred employment after the RSUs were granted to you, or are considered a resident of another country for local law purposes, the information contained herein may not apply. 

COUNTRIES COVERED BY THIS APPENDIX A:
Canada.

---------------------------------------------------------------------------------------------------------------------
CANADA

Terms and Conditions

1.     Nature of Grant.  In accepting the grant of RSUs, you acknowledge that:

		
	·  
	the Plan is established voluntarily by BWXT, is discretionary in nature and may be modified, amended, suspended or terminated by BWXT at any time;

		
	·  
	the grant of the RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted repeatedly in the past;

		
	·  
	all decisions with respect to future RSUs grants, if any, will be at the sole discretion of BWXT;

		
	·  
	you are voluntarily participating in the Plan;

		
	·  
	the RSUs and the Shares subject to the RSUs are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to BWXT or the Employer, and which is outside the scope of your employment contract, if any;

		
	·  
	the RSUs and the Shares subject to the RSUs are not intended to replace any pension rights or compensation;

		
	·  
	the RSUs and the Shares subject to the RSUs are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for BWXT, the Employer, or any Subsidiary;

		
	·  
	the RSUs and your participation in the Plan will not be interpreted to form an employment contract or relationship with BWXT or any Subsidiary;

		
	·  
	the future value of the underlying Shares is unknown and cannot be predicted with certainty;

		
	·  
	in consideration of the grant of the RSUs, no claim or entitlement to compensation or damages shall arise from forfeiture of the RSUs resulting from termination of your service with BWXT or the Employer (for any reason whatsoever and whether or not in breach of local labor laws) and you irrevocably release BWXT and the Employer from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, you shall be deemed irrevocably to have waive any entitlement to pursue such claim;

		
	·  
	in the event of termination of your service with BWXT (whether or not in breach of local labor laws), your right to vest in the RSUs under the Plan, if any, will terminate effective as of the date that you are no longer actively providing services and will not be extended by any notice period mandated under local law (e.g., active service would not include a period of “garden leave” or similar period pursuant to local law); you hereby waive and release any claims you may have against BWXT, its subsidiaries, affiliates, employees, officers and directors for the termination of any such right to vest during such notice period; the Board/Committee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of the RSUs; notwithstanding the foregoing, if your service terminates due to certain termination events as described in this Agreement, the RSUs will be fully vested; and

		
	·  
	the RSUs and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger, take-over or transfer of liability.

		
	2. 
	Data Privacy.  You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Agreement and any other award materials by and among, as applicable, the Employer, BWXT, and its Subsidiaries for the exclusive purpose of implementing, administering and managing your participation in the Plan.

You understand that BWXT and the Employer may hold certain personal information about you, including, but not limited to, your name, home address, email address and telephone number, date of birth, social insurance number, passport number or other identification number, salary, nationality, job title, any Shares or directorships held in BWXT, details of all awards or any other entitlement to Shares granted, canceled, purchased, exercised, vested, unvested or outstanding in your favor, for the exclusive purpose of implementing, administering and managing the Plan (“Data”). 
You understand that Data will be transferred to any third parties assisting BWXT with the implementation, administration and management of the Plan.  You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than your country.  You 

understand that you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative.  You authorize BWXT and any other possible recipients which may assist BWXT (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing your participation in the Plan.  You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.  You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative.  You understand, however, that refusing or withdrawing your consent may affect your ability to participate in the Plan.  For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.

		
	3.
	Settlement of RSUs.  Section 4 of the Agreement (the “Settlement of RSUs” provision) is amended in its entirety to read as follows: 

 “Settlement of RSUs.  Vested RSUs shall be paid to you in the form of Shares within 10 days of each Anniversary Date, with an  accelerated settlement of vested RSUs on the first of the following events to occur:

·      the occurrence of a Change in Control, unless such Change in Control does not constitute a “change in control” for purposes of Section 409A(a)(2)(A)(v) of the Code;
·      your death; or
·      your Disability.”

4.    Language Consent.  The following provision will apply to residents of Quebec:

The parties acknowledge that it is their express wish that this Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette convention, ainsi que de tous documents, avis et procédures judiciaires, exécutés, donnés ou intentés en vertu de, ou liés directement ou indirectement à la présente convention.

		
	5.
	Dividend Equivalents Settled in Shares Only.  Notwithstanding anything to the contrary in the Plan and/or this Agreement, any vested dividend equivalents will be settled in Shares.  

		
	6.
	RSUs Settled in Shares Only.  Notwithstanding anything to the contrary in the Plan and/or this Agreement, any RSUs granted to you shall be paid in Shares only and do not provide any right to receive a cash payment.

		
	7.
	Form of Payment.  Due to legal restrictions in Canada and notwithstanding any language to the contrary in the Plan, you are prohibited from surrendering Shares that you already own or from attesting to the ownership of Shares to pay any tax withholding in connection with RSUs granted to you.  

Notifications
		
	1.
	Additional Restrictions on Resale.  In addition to the restrictions on resale and transfer noted in Plan materials, securities purchased under the Plan may be subject to certain restrictions on resale imposed by Canadian provincial securities laws.  You are encouraged to seek legal advice prior to any resale of such securities.  In general, participants resident in Canada may resell their securities in transactions carried out on exchanges outside of Canada and, in particular, you are generally permitted to sell Shares acquired pursuant to the Plan through the designated broker appointed under the Plan, if any, provided that BWXT is a foreign issuer that is not public in Canada and the sale of the Shares acquired pursuant to the Plan takes place: (i) through an exchange, or a market, outside of Canada on the distribution date; or (ii) to a person or company outside of Canada.  For purposes hereof, a foreign issuer is an issuer that: (a) is not incorporated or existing pursuant to the laws of Canada or any jurisdiction of Canada; (b) does not have its head office in Canada; and (c) does not have a majority of its executive officers or directors ordinarily resident in Canada.  

		
	2.
	Tax Reporting.  The Tax Act and the regulations thereunder require a Canadian resident individual (among others) to file an information return disclosing prescribed information where, at any time in a tax year, the total cost amount of such individual’s “specified foreign property” (which includes shares, options, restricted stock units, and performance-based restricted stock units) exceeds Cdn.$100,000.  You should consult your own tax advisor regarding this reporting requirement.EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 SECURITIES
AND LOAN PURCHASE AGREEMENT 
 THIS SECURITIES AND LOAN PURCHASE AGREEMENT (this “Agreement”), dated as
of April 29, 2019, is entered into by and among Teekay Corporation, a Republic of the Marshall Islands corporation (“Teekay Corp”), Teekay Finance Limited, a Bermuda corporation (“Teekay
Finance”), Teekay Holdings Limited, a Bermuda corporation (“Teekay Holdings”) and Teekay Shipping Limited, a Bermuda corporation (“Teekay Shipping” and, collectively with Teekay Corp, Teekay
Finance and Teekay Holdings, the “Sellers”) and Brookfield TK TOLP L.P., a Bermuda limited partnership (“Brookfield TOLP”) and Brookfield TK TOGP L.P., a Bermuda limited partnership (“Brookfield
TOGP” and, together with Brookfield TOLP, the “Buyers”). 
 WHEREAS, Teekay Finance owns
56,587,484 common units representing limited partnership interests (the “Purchased Common Units”) in Teekay Offshore Partners L.P., a Republic of the Marshall Islands limited partnership (the “Partnership”); 

WHEREAS, Teekay Holdings owns 49.0% of the outstanding limited liability company interests (the “Purchased GP
Interests”) in Teekay Offshore GP L.L.C., a Republic of the Marshall Islands limited liability company (the “GP”); and 

WHEREAS, Teekay Shipping owns warrants to purchase (i) 15,500,000 common units representing limited partnership interests in
the Partnership (the “Transaction Warrants”), issued in connection with the strategic partnership between the Partnership and Brookfield Business Partners L.P., and (ii) 1,755,000 common units representing limited partnership
interests in the Partnership (the “Series D Warrants, and together with the Transaction Warrants, the “Purchased Warrants”), issued pursuant to that Warrant Agreement, dated as of June 29, 2016, between the
Partnership and Computershare Inc. and Computershare Trust Company, N.A. (as Warrant Agent) (the Purchased Warrants, Purchased Common Units and the Purchased GP Interests are referred to herein as the “Securities”); and 

WHEREAS, Teekay Shipping is a lender under that certain Credit Agreement, dated as of March 31, 2018, between the
Partnership, Brookfield TOLP, as administrative agent, and Brookfield TOLP and Teekay Corp, as lenders (the “Credit Agreement”); and 

WHEREAS, the Sellers wish to sell to the Buyers, and the Buyers wish to purchase from the Sellers, the Securities, subject to
the terms and conditions set forth herein; 
 WHEREAS, the Sellers wish to assign, and the Buyers wish to assume, the
entirety of Teekay Corp’s interest in the Credit Agreement (including, for the avoidance of doubt, Teekay Corp’s Commitment, as defined therein) (the “Assigned Interests” and, together with the Securities, the
“Assets”), subject to the terms and conditions set forth herein; 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Purchase and Sale. 

(a) Subject to the terms and conditions set forth herein, at the Closing (as defined below), the Sellers shall sell, transfer
and assign to the Buyers, and the Buyers shall purchase from the Sellers, all of the Sellers’ right, title and interest in and to the Assets, for an aggregate purchase price of $100,000,000 (the “Purchase Price”). 

(b) The parties hereto agree that the purchase price allocation for the Assets shall be as set forth on Schedule 1
hereto. 
 2. Closing. 

(a) Subject to the terms and conditions contained in this Agreement, the purchase and sale of the Assets contemplated hereby
shall take place at a closing (the “Closing”) to be held on the fifth business day following satisfaction or waiver of the conditions set forth in Section 3 hereof (other than conditions which, by their nature, are to be
satisfied at the Closing) (the “Closing Date”) at the offices of Kirkland & Ellis LLP, 609 Main Street, Houston, TX 77002, or at such other place or on such other date as the Buyers and the Sellers may mutually agree upon
in writing. 
 (b) At the Closing, the Sellers shall deliver to the Buyers: 

(i) evidence of the transfer of the Purchased Common Units to Brookfield TOLP in electronic book-entry form or other form
reasonably satisfactory to the Buyers and a duly executed irrevocable instruction letter addressed to the Partnership’s transfer agent instructing the transfer agent to assign and transfer the Purchased Common Units to Brookfield TOLP; 

(ii) an amendment to the limited liability company agreement of the GP, in the form of Exhibit A hereto, duly executed by
Teekay Holdings, assigning the Purchased GP Interests to Brookfield TOGP; 
 (iii) evidence of the transfer of the
Transaction Warrants to Brookfield TOLP in a form reasonably satisfactory to the Buyers; 
 (iv) evidence of the transfer of
the Series D Warrants to Brookfield TOLP in a form reasonably satisfactory to the Buyers; 
 (v) a counterpart of an
assignment and assumption of the Assigned Interests in the form of Exhibit A to the Credit Agreement, duly executed by Teekay Shipping (in its capacities as both assignor and as a lender thereunder and which shall include a waiver of the $3,500
processing and recordation fee thereunder), assigning the Assigned Interests to Brookfield TOLP; 

  
 2 

 (vi) a certificate, dated as of the Closing Date and executed by an
authorized officer of each Seller, to the effect that the conditions set forth in Section 3(b) have been satisfied; and 

(vii) a counterpart of a cross receipt in a form reasonably satisfactory to the Sellers and the Buyers (the “Cross
Receipt”), duly executed by each Seller. 
 (c) At the Closing, the Buyers shall deliver to the Sellers: 

(i) the Purchase Price by wire transfer of immediately available funds to an account designated in writing by the Sellers to
the Buyers no later than three business days before the Closing; 
 (ii) a certificate, dated as of the Closing Date and
executed by an authorized officer of each Buyer, to the effect that the conditions set forth in Section 3(a) have been satisfied; and 

(iii) a counterpart of the Cross Receipt, duly executed by each Buyer. 

3. Closing Conditions. 

(a) The obligation of the Sellers to sell, transfer and assign the Assets to the Buyers hereunder is subject to the
satisfaction of the following conditions as of the Closing: 
 (i) the representations and warranties of the Buyers in
Section 5 hereof shall be true and correct on and as of the Closing Date with the same effect as though made at and as of such date; 

(ii) each Buyer shall have performed and complied in all material respects with all agreements and conditions required by this
Agreement to be performed or complied with by it prior to or on the Closing Date; and 
 (iii) the Encumbrances (as defined
below) on the Securities under Teekay Corp’s equity margin revolving credit facility (the “Equity Margin Loan”) shall have been removed. 

(b) The obligation of the Buyers to purchase the Assets from the Sellers is subject to the satisfaction of the following
conditions as of the Closing: 
 (i) the representations and warranties of the Sellers in Section 4 shall be true and
correct on and as of the Closing Date with the same effect as though made at and as of such date; 

  
 3 

 (ii) each Seller shall have performed and complied in all material respects
with all agreements and conditions required by this Agreement to be performed or complied with by it prior to or on the Closing Date; 

(iii) the Encumbrances on the Securities under the Equity Margin Loan shall have been removed; and 

(iv) there has been no material adverse effect on the general affairs, condition (financial or otherwise), results of
operations, business, properties or assets of the Partnership. 
 4. Representations and Warranties of the Sellers. Each Seller,
jointly and severally, hereby represents and warrants to the Buyers as follows: 
 (a) (i) Teekay Corp is a corporation duly
organized, validly existing and in good standing under the laws of the Republic of the Marshall Islands and (ii) Teekay Holdings and Teekay Shipping are corporations duly organized, validly existing and in good standing under the laws of
Bermuda. 
 (b) The Sellers have all requisite power and authority to execute and deliver this Agreement, to carry out their
obligations hereunder, and to consummate the transactions contemplated hereby. The Sellers have obtained all necessary corporate approvals for the execution and delivery of this Agreement, the performance of their obligations hereunder, and the
consummation of the transactions contemplated hereby. This Agreement has been duly executed and delivered by each Seller and (assuming due authorization, execution and delivery by each Buyer) constitutes each Seller’s legal, valid and binding
obligation, enforceable against each Seller in accordance with its terms. 
 (c) The Securities have been duly authorized,
are validly issued, fully paid and non-assessable, and are owned of record and beneficially by the applicable Seller, free and clear of all liens, pledges, security interests, charges, claims, encumbrances,
agreements, options, voting trusts, proxies and other arrangements or restrictions of any kind (“Encumbrances”), except for those Encumbrances existing under the Equity Margin Loan, which Encumbrances will be removed at or prior to
the Closing. 
 (d) (i) Teekay Shipping is the sole owner of the Assigned Interests, free and clear of any and all
Encumbrances and the Assigned Interests have not been previously assigned to any other party. 
 (e) The Assets represent all
of the equity and debt interests of the Partnership and the GP and their respective subsidiaries directly or indirectly owned by the Sellers and their respective affiliates. 

(f) The execution, delivery and performance by each Seller of this Agreement do not conflict with, violate or result in the
breach of, or create any Encumbrance on the Assets pursuant to, any agreement, instrument, order, judgment, decree, law or governmental regulation to which any Seller is a party or is subject or by which the Assets are bound. 

  
 4 

 (g) Each Seller (i) is experienced, sophisticated and knowledgeable in
trading in assets of a similar nature, so as to be aware of the risks and uncertainties inherent in transactions of the type contemplated by this Agreement, including the disadvantage of selling the Assets without knowledge of any confidential
information the Buyers possess, and notwithstanding such informational disparity, each Seller has deemed it appropriate to enter into this Agreement and to consummate the transactions set forth herein; (ii) is able to bear the economic risks
associated with the sale of the Assets; (iii) by reason of its business or financial experience or its own independent investigation, is capable of evaluating the merits and risks of the sale of the Assets and of protecting its own interest in
connection with the sale of the Assets; (iv) has independently and without reliance upon the Buyers and based on such information as it deemed appropriate, investigated the current business and financial condition of the Partnership and the
circumstances surrounding the transactions contemplated by this Agreement; and (v) has independently, without reliance upon the Buyers and based on such information as it deemed appropriate, made its own analysis and decision to sell the
Assets. Each Seller agrees that none of the Buyers nor any of their respective affiliates shall have any liability to the Sellers or their affiliates in connection with the Buyers’ use or non-disclosure
of any confidential information known to the Buyers and not known to the Sellers as a result of the transactions set forth herein, and each Seller hereby irrevocably waives any claim that it might have based on the failure of any Buyer to disclose
such information. 
 (h) No governmental, administrative or other third party consents or approvals are required by or with
respect to any Seller in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. 

(i) There are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge of such Seller,
threatened against or by any Seller that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. 

(j) No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Sellers. 
 5. Representation and
Warranties of the Buyers. Each Buyer, jointly and severally, hereby represents and warrants to the Sellers as follows: 

(a) Each Buyer is a limited partnership duly organized, validly existing and in good standing under the laws of Bermuda. 

(b) Each Buyer has all requisite power and authority to enter into this Agreement, to carry out its obligations hereunder and
to consummate the transactions contemplated hereby. The execution and delivery by each Buyer of this Agreement, the performance by each Buyer of its obligations hereunder and the consummation by each Buyer of the transactions contemplated hereby
have been duly authorized by all requisite limited partnership action on the part of such Buyer. This Agreement has been duly executed and delivered by each Buyer and (assuming due authorization, execution and delivery by each Seller) this Agreement
constitutes a legal, valid and binding obligation of each Buyer enforceable against each Buyer in accordance with its terms. 

  
 5 

 (c) Each Buyer (i) is acquiring the Assets solely for the account of
itself and its Related Investment Funds (as defined below) for investment purposes and not with a view to, or for offer or sale in connection with, any distribution thereof; (ii) is experienced, sophisticated and knowledgeable in trading in
assets of a similar nature, so as to be aware of the risks and uncertainties inherent in transactions of the type contemplated by this Agreement, including the disadvantage of purchasing the Assets without knowledge of any confidential information
the Sellers possess, and notwithstanding such informational disparity, each Buyer has deemed it appropriate to enter into this Agreement and to consummate the transactions set forth herein; (iii) is able to bear the economic risks associated
with the purchase of the Assets; (iv) by reason of its business or financial experience or its own independent investigation, is capable of evaluating the merits and risks of the purchase of the Assets and of protecting its own interest in
connection with the purchase of the Assets; (v) has independently and without reliance upon the Sellers and based on such information as it deemed appropriate, investigated the current business and financial condition of the Partnership and the
circumstances surrounding the transactions contemplated by this Agreement; and (vi) has independently, without reliance upon the Sellers and based on such information as it deemed appropriate, made its own analysis and decision to purchase the
Assets. Each Buyer agrees that neither the Sellers nor any of their affiliates shall have any liability to the Buyers or their affiliates in connection with the Sellers’ use or non-disclosure of any
confidential information known to the Sellers and not known to the Buyers as a result of the transactions set forth herein, and each Buyer hereby irrevocably waives any claim that it might have based on the failure of any Seller to disclose such
information. 
 (d) No governmental, administrative or other third party consents or approvals are required by or with
respect to the Buyers in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby. 

(e) There are no actions, suits, claims, investigations or other legal proceedings pending or, to the knowledge of such Buyer,
threatened against or by any Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. 

(f) No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection
with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Buyers. 
 6. Covenants of the
Parties. 
 (a) Each of the parties hereto agrees to cause each director of the GP directly or indirectly appointed or
designated by such party to vote in favor of the Partnership’s consent to the assignment of the Assigned Interests to Brookfield TOLP. 

  
 6 

 (b) The Sellers agree that the Service Providers may not terminate any
Current Service Agreement, or any Current Service provided thereunder, for any reason during the 18-month period following the Closing other than with respect to an event of default by the Service Recipients
under the applicable agreement. Following the conclusion of such 18-month period, any Current Service Agreement or any Current Service may be terminated by either the Service Provider or the Service Recipient,
in each case upon at least thirty (30) days prior written notice to the other party. For purposes of this Section 6(b) all capitalized terms, other than “Closing,” shall have the meanings assigned to such terms under the Master
Services Agreement, dated as of September 25, 2017, by and among Teekay Corp, the Partnership and Brookfield TOLP. The Sellers hereby agree and acknowledge that the Master Services Agreement shall remain in full force and effect and shall not
be amended, terminated or otherwise modified as a result of the consummation of the transactions contemplated by this Agreement, other than as set forth in this Section 6(b). 

(c) The Sellers hereby agree and acknowledge that the Trademark License Agreement, dated as of September 25, 2017, by and
between Teekay Corp and the Partnership, shall remain in full force and effect and shall not be amended, terminated or otherwise modified as a result of the consummation of the transactions contemplated by this Agreement; provided, however, that the
Sellers and the Buyers agree that following conclusion of the 18-month period following the Closing, the parties will, at Teekay’s request (but not more frequently than once every six months), meet to
consider in good faith any feedback regarding compliance with the Trademark License Agreement. 
 (d) The Sellers agree to
use commercially reasonable efforts to ensure that the Encumbrances on the Securities under the Equity Margin Loan shall be removed promptly following the execution of this Agreement. 

7. Survival. All representations, warranties and covenants contained herein shall survive the execution and delivery of this Agreement
and the Closing hereunder. 
 8. Further Assurances. Following the Closing, each of the parties hereto shall execute and deliver such
additional documents, instruments, conveyances and assurances, and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement. 

9. Termination. This Agreement may be terminated at any time prior to the Closing (a) by the mutual written consent of the Buyers
and the Sellers or (b) by either the Buyers or the Sellers if (i) a breach of any provision of this Agreement has been committed by the other party or parties, as applicable, and such breach has not been cured within 10 days following
receipt by the breaching party of written notice of such breach; provided that (A) no Seller shall be permitted to terminate this Agreement pursuant to this Clause (i) due to a breach of any provision of this Agreement by any other
Seller and (B) no Buyer shall be permitted to terminate this Agreement pursuant to this Clause (i) due to a breach of any provision of this Agreement by the other Buyer; or (ii) the Closing does not occur by June 30, 2019. Upon
termination, all further obligations of the parties under this Agreement shall terminate without liability of any party to the other parties to this Agreement, except that no such termination shall relieve any party from liability for any fraud or
willful breach of this Agreement. 

  
 7 

 10. Expenses. All costs and expenses incurred in connection with this Agreement and
the transactions contemplated hereby shall be paid by the party incurring such costs and expenses. 
 11. Notices. All notices,
requests, permissions, waivers or other communications required or permitted to be given under this Agreement shall be in writing and shall be delivered by hand or sent by facsimile or email or sent, postage prepaid, by registered, certified or
express mail or overnight courier service and shall be deemed given when so delivered by hand, by facsimile (which is confirmed), by email (which is confirmed) or if mailed, three days after mailing (one business day in the case of express mail or
overnight courier service) to the parties at the following addresses or facsimiles or emails (or at such other address or facsimile or email for a party as shall be specified by like notice): 

 

	 	(a)	 If to the Sellers: 

Teekay Corporation 

4th Floor, Belvedere Building 

69 Pitts Bay Road 

Hamilton, HM 08 Bermuda 

Attention: Corporate Secretary 

Facsimile: (441)292-3931 

with a copy to (which copy alone shall not constitute notice): 

Perkins Coie LLP 

1120 N.W. Couch Street, 10th Floor 

Portland, Oregon 97209 

Attention: David Matheson 

Facsimile: (503)346-2008) 

Email: DMatheson@perkinscoie.com 
  

	 	(b)	 If to the Buyers: 

Brookfield TK TOLP L.P. 

c/o Brookfield Capital Partners (Bermuda) Ltd. 

73 Front Street, 5th Floor 

Hamilton HM 12, Bermuda 

					
	                 
	 	 Attention:
	  	 Manager - Corporate Services

		 	 Facsimile:
	  	 (441) 296-4475

		 	 Email:
	  	 Jane.Sheere@brookfield.com

  
 8 

 with a copy to (which copy alone shall not constitute notice): 

Brookfield TK TOLP L.P. 

c/o Brookfield Capital Partners Ltd. 

Brookfield Place, Suite 300 

181 Bay Street 

Toronto, Ontario, M5J 2T3 

					
	                 
	 	 Attention:
	  	 Ryan Szainwald, Managing Partner

		 	 Email:
	  	 Ryan.Szainwald@brookfield.com

 with a copy to (which copy alone shall not constitute notice): 

Kirkland & Ellis LLP 

609 Main Street 

Houston, TX 77002 

					
	                 
	 	 Attention:
	  	 Douglas E. Bacon, P.C.

		 		  	 Ross M. Leff, P.C.

		 	 Facsimile:
	  	 (713) 835-3601

		 	 Email:
	  	 Doug.Bacon@kirkland.com

		 		  	 Ross.Leff@kirkland.com

 12. Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this
Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. 

13. Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. No party may assign any of its rights or obligations hereunder without the prior written consent of the other parties hereto, which consent shall not be unreasonably withheld or delayed; provided,
however, that each Buyer may transfer any of its rights or obligations hereunder to (a) any current or potential investment funds, co-investment funds, successor investment funds or other
investment vehicles and managed accounts under direct or indirect common management, governance or control and other similar investment management relationships with, the Buyers or their respective affiliates (the “Related Investment
Funds”) and (b) current or potential limited partners or members of each person described in clause (a), in each case without the prior written consent of the Sellers. No assignment shall relieve the assigning party of any of its
obligations hereunder. 
 14. Headings. The headings in this Agreement are for reference only and shall not affect the interpretation
of this Agreement. 

  
 9 

 15. Amendment and Modification; Waiver. This Agreement may only be amended, modified
or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise set
forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

16. Severability. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is
invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the greatest extent possible. 
 17. Governing Law; Submission to
Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other
jurisdiction). Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States or the courts of the State of New York in each case
located in the city and county of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to such party’s
address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any
proceeding in such courts and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

18. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together
shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as
delivery of an original signed copy of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first
written above. 
  

			
	BROOKFIELD TK TOLP L.P., BY ITS GENERAL PARTNER, BROOKFIELD CAPITAL PARTNERS (BERMUDA) LTD.
		
	 By
	 	 /s/ James Bodi

	 Name: James Bodi

	 Title: Director

	
	BROOKFIELD TK TOGP L.P., BY ITS GENERAL PARTNER, BROOKFIELD CAPITAL PARTNERS (BERMUDA) LTD.
		
	 By
	 	 /s/ James Bodi

	 Name: James Bodi

	 Title: Director

  
 11 

 
			
	TEEKAY CORPORATION
		
	 By
	 	 /s/ Kenneth Hvid

	 Name: Kenneth Hvid

	 Title: President and CEO

	
	TEEKAY FINANCE LIMITED
		
	 By
	 	 /s/ Edith Robinson

	 Name: Edith Robinson

	 Title: President and Secretary

	
	TEEKAY HOLDINGS LIMITED
		
	 By
	 	 /s/ Edith Robinson

	 Name: Edith Robinson

	 Title: President and Secretary

	
	TEEKAY SHIPPING LIMITED
		
	 By
	 	 /s/ Edith Robinson

	 Name: Edith Robinson

	 Title: President and Secretary

  
 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00295-of-00352.parquet"}]]