Document:

EX-10.5

 Exhibit 10.5 

TRADEMARK SUBLICENSE AGREEMENT 
 This
Agreement is effective •, 2022 (the “Effective Date”), by and between: 
 Brookfield Corporation
(“Licensor”), a corporation organized under the laws of the Province of Ontario, having an office at Suite 100, Brookfield Place, 181 Bay Street Toronto, Ontario M5J 2T3, Canada, 

and 
 Brookfield Asset Management Ltd.,
(“Sublicensee”), a corporation organized under the laws of the Province of British Columbia, having an office at Suite 100, Brookfield Place, 181 Bay Street Toronto, Ontario M5J 2T3, Canada (collectively, the “Parties”). 

WHEREAS Brookfield Office Properties Inc. (“Owner”), a corporation organized under the laws of Canada, having an office at Suite 100,
Brookfield Place, 181 Bay Street Toronto, Ontario M5J 2T3, Canada, is the owner of the registered and common law BROOKFIELD trademark as may be amended from time to time (the “Trademark”); 

WHEREAS Owner has granted to Licensor a worldwide, non-exclusive license to the Trademark with a right to grant
sublicenses pursuant to a Trademark License Agreement dated November 15, 2010 (“Master License”); 
 WHEREAS Sublicensee wishes to
obtain a worldwide non-exclusive license to use the Trademark, upon the terms and subject to the conditions hereinafter set forth; 

WHEREAS effective as of the Effective Date, (i) the Sublicensee and Licensor and others entered into a relationship agreement (“Relationship
Agreement”) and (ii) the Sublicensee and Licensor entered into a voting agreement (“Voting Agreement”); 
 WHEREAS Licensor
agrees to grant to Sublicensee a worldwide non-exclusive license to use the Trademark, upon the terms and subject to the conditions herein set forth as at the Effective Date, and wishes to put in writing: 

NOW, THEREFORE, in consideration of the foregoing, and of the mutual promises and undertakings contained herein, and other good and valuable
consideration, the parties agree as follows: 
  

	1.	 License. Licensor grants as of the Effective Date to Sublicensee a worldwide non-exclusive, royalty-free license to use the Trademark in connection with the services set out in Schedule A (the “Services”) and any Additional Goods and Services as defined in section 4 of this
Agreement. 

  

	2.	 Sublicense. Sublicensee has the right to sublicense the use of the Trademark to others as of the
Effective Date, subject to written consent from Licensor and written agreement from any Sublicensee’s sublicensees agreeing to the terms and conditions of this Agreement, including, in particular, the Quality Control provisions in section 9.

	3.	 Exclusive Ownership of Trademark. Sublicensee acknowledges that the Trademark is the sole and
exclusive property of the Owner. Sublicensee and its sublicensees shall not attack, oppose, cancel or otherwise challenge, directly or indirectly, in any jurisdiction in any manner, the Trademark, or any future trademarks containing or comprising
the term BROOKFIELD, whether applied for, registered or used by Licensor. 

  

	4.	 Additional Goods and Services. From
time-to-time Sublicensee shall have the right to notify Licensor that it wishes to use the Trademark in association with goods and/or services not included in the
Services (the “Additional Goods and Services”). Thereupon, Licensor shall promptly either grant or deny Sublicensee the right to use the Trademark in association with the Additional Goods and Services. Subject to any subsequent written
agreement between the Parties, this Agreement shall govern the use of the Trademark with any Additional Goods and Services and all terms and conditions will apply should Licensor grant the license to use the Trademark in association with the
Additional Goods and Services. 

  

	5.	 Restricted Use. Sublicensee shall not use the Trademark in association with goods or services in
connection with the business of commercial real estate, including investment services, investment advisory services and brokerage services in the field of real estate with the express written consent of Licensor. Subject to any subsequent written
agreement entered into between the Parties, this Agreement shall govern Sublicensee’s Restricted Use of the Trademark and all terms and conditions will apply to any use of the Trademark by Sublicensee in respect of services referenced in this
section. 

  

	6.	 Territory. Sublicensee may use the Trademark in association with the Goods and/or Services worldwide.

  

	7.	 Costs. Sublicensee shall not be responsible for all costs associated with filing, prosecution and
maintenance of applications and registrations for the Trademark. Sublicensee shall not be responsible for all costs associated with any cancellation, opposition or infringement proceedings, unless the costs are incurred at the request of
Sublicensee. 

  

	8.	 Term. This Agreement shall only be terminated pursuant to the conditions set out in section 13 or 14.

  

	9.	 Quality Control. Sublicensee agrees that the: 

 

	 	(a)	 Licensor shall, at all times, exercises control over the character and quality of all the Services and all
Additional Goods and Services offered by Sublicensee in association with the Trademark; 

  
 - 2 - 

	 	(b)	 Licensor shall have the right, reasonably exercised, to refuse to allow the sale of the Services, or any
Additional Goods or Services, or any advertising material which fails to meet Licensor’s quality standards, and upon such rejection, Sublicensee shall promptly cease using the Trademark; 

 

	 	(c)	 Licensor shall have the right to inspect the premises and operations of Sublicensee, the Services, the
Additional Goods and Services, and all marketing and promotional materials, documents and goods bearing the Trademark, and records relating to the character and quality of the Services, provided that Licensor provides adequate notice of the
inspection and bears the cost of the inspection; 

  

	 	(d)	 Sublicensee shall provide, at Licensor’s request and expense, evidence of use or other assistance that
Licensor may reasonably request to document the use of the Trademark; 

  

	 	(e)	 Sublicensee shall comply with all branding manuals, guidelines, instructions, standards and specifications,
provided to Sublicensee from time to time by Licensor for use of the Trademark; and 

  

	 	(f)	 Sublicensee shall comply with any reasonable marking requests that Licensor may make in relation to the
Trademark. 

  

	10.	 No Registration. Sublicensee shall not attempt to register the Trademark anywhere in the world, either
alone or in combination with other words or indicia, or attempt to register any trademark (including, without limitation, domain names, telephone numbers and other now existing or future forms of trademarks) which is likely to cause confusion with
the Trademark. 

  

	11.	 Compliance with Laws. Sublicensee shall comply with all applicable laws, rules and regulations imposed
by the jurisdiction in which the Trademark is used relating to the Services and the Additional Goods and Services. 

  

	12.	 Default. Licensor shall have the right, reasonably exercised, to refuse to allow Sublicensee to offer or
sell the Services, or any Additional Goods and Services, in association with the Trademark if Sublicensee fails to meet the terms of this Agreement, including any quality control standards in section 9. Licensor shall also have the right to refuse
to allow the distribution of any advertising material produced by Sublicensee that fails to meet any quality control standards set by Licensor. Upon such refusal by Licensor in this section, Sublicensee shall promptly cease using all Trademark until
Sublicensee cures the default. 

  

	13.	 Termination. Licensor is entitled to terminate this Agreement upon giving thirty (30) days written
notice to the Sublicensee upon the occurrence of the following events: 

  

	 	(a)	 the bankruptcy, insolvency, receivership or winding-up of Sublicensee;

  
 - 3 - 

	 	(b)	 the termination of the Relationship Agreement or the Voting Agreement; 

 

	 	(c)	 the date prior to the date on which the seizure or attachment of the property, assets or undertaking of
Sublicensee, as a result of any action taken against it by any person; 

  

	 	(d)	 Sublicensee assigns, sublicenses, pledges, mortgages or otherwise encumbers the Trademark;

  

	 	(e)	 Sublicensee fails to abide by the terms of this Agreement and Sublicensee does not remedy the default within
thirty (30) days of written notice by Licensor; 

  

	 	(f)	 Licensor ceases by any means whatsoever to own at least 25% of the common shares of Brookfield Asset Management
ULC or any successor thereof; 

  

	 	(g)	 the termination or amendment of the Master License if such termination or amendment results in a loss of rights
licensed hereunder by Licensor; or 

  

	 	(h)	 all the registrations of the BROOKFIELD registrations and any future BROOKFIELD formative marks for the
Services listed in Schedule A, as amended from time to time, expire. 

  

	14.	 Sublicensee Termination. Sublicensee may terminate this Agreement upon giving thirty
(30) days’ written notice of termination to Licensor upon the occurrence of an event of default in the performance of any material term, condition or agreement under this Agreement and the default continues for a period of thirty
(30) days after written notice of the breach is given to Licensor. 

  

	15.	 Consequences of Termination. Upon termination of this Agreement for any reason whatsoever, Sublicensee
and any of its sublicensees shall, except as expressly provided herein, immediately cease to use all marketing materials or other materials on which the Trademark is displayed. Sublicensee and any of its sublicensees shall not thereafter adopt, use
or refer to any trademarks, service marks, logos, designs, trade names, trade dress, domain names, toll-free numbers or other identifications that contain the word BROOKFIELD or that is otherwise, derived from or is likely to be confused with the
Trademark. Sublicensee shall thereafter promptly take steps to amend or cancel its registered trade names that incorporates the Trademark to remove reference to the term BROOKFIELD. 

 

	16.	 Enforcement and Cooperation. Sublicensee shall notify Licensor if it learns of the existence, use, or
promotion of any mark, design, trade name, domain name, or any other indicia that may be confused, or otherwise depreciate the value of the goodwill associated, with the Trademark. Licensor may take any action it deems necessary or advisable to
enforce its rights in respect of the Trademark and Sublicensee shall cooperate with Licensor in any proceeding to enforce their rights in respect of the Trademark. 

  
 - 4 - 

	17.	 Notice of Infringement. Licensor shall notify Sublicensee in writing within five (5) business days
of any claims, demands, lawsuits, proceedings, and actions of any kind made or commenced, or which is threatened to be made or commenced against Licensor arising out of the use of the Trademark by Sublicensee. 

 

	18.	 Indemnity. Except as expressly provided herein, Sublicensee agrees to protect, defend and indemnify
Licensor from any and all claims, suits or demands brought by third Parties arising out of or relating to the use of the Trademark by Sublicensee in breach of this Agreement. 

 

	19.	 Control of Defense. Sublicensee shall have the right to exercise sole control of the defense and all
related settlement negotiations in connection with the indemnity obligation in section 19. Licensor shall provide to Sublicensee at Sublicensee’s expense all reasonable assistance, information, and authority necessary to perform
Sublicensee’s indemnity obligation in section 19. 

  

	20.	 Assignability. Each Party may assign this Agreement to any person that controls the assigning Party, is
controlled by the assigning Party or is controlled by the same person that controls the assigning Party upon giving the other prior notice thereof. Any assignment of Sublicensee’s interest in the Agreement to arm’s length parties requires
the written consent of Licensor. This Agreement shall inure to the benefit of and be binding upon Licensor, Sublicensee and their respective permitted successors and assigns. 

 

	21.	 Notices. Any notice or other communication required or permitted hereunder shall be in writing and shall
be delivered personally, sent by facsimile transmission, by express courier, or by prepaid mail (except during an interruption of postal services). Any such notice or other communication, if mailed by prepaid mail at any time other than during a
general discontinuance of postal service due to strike, lockout or otherwise, will be deemed to have been received on the second business day after the post marked date thereof, or if sent by facsimile, will be deemed to have been received on the
business day following the sending, or if delivered by express courier or by hand will be deemed to have been received at the time it is delivered to the applicable address noted below either to the individual designated below or to an individual at
such address having apparent authority to accept deliveries on behalf of the addressee. Notice of change of address will also be governed by this section. Notices and other communications will be addressed as follows: 

 

			
	   To Sublicensee:
	  	Brookfield Asset Management Ltd.
		  	Suite 100, Brookfield Place,
		  	181 Bay Street
		  	Toronto, Ontario M5J 2T3
		
		  	Attn: Corporate Secretary

  
 - 5 - 

			
	   To Licensor:
	  	Brookfield Corporation
		  	 Suite 100, Brookfield Place,
 181 Bay
Street

		  	Toronto, Ontario M5J 2T3
		
		  	Attn: Corporate Secretary

  

	22.	 Governing Law. This Agreement will be governed by the laws in force in the Province of Ontario and
Canada. 

  

	23.	 Injunctive Relief. Nothing in this Agreement shall prevent Licensor from immediately seeking injunctive
relief or any other equitable or judicial remedy, in any forum that Licensor, in its sole discretion, deems appropriate to protect its rights including its rights in the Trademark. 

 

	24.	 Waiver and Modification. No waiver of any breach of this Agreement will constitute a waiver of
any subsequent breach, and no waiver will be effective unless in writing and signed by the Party to be charged. This Agreement may not be amended or modified except by a writing signed by both Parties. The failure of either Party at any time to
require performance by the other of any provisions of this Agreement will in no way affect the full right of the Party to require the performance of any provisions at any later time. 

 

	25.	 Interpretation. The paragraph headings of this Agreement are for the convenience of the Parties only,
and shall not affect the interpretation of any paragraph, or have any legal effect. This Agreement has been prepared by each of the Parties and the terms hereof will not be construed in favor of or against any party by reason of its participation in
the preparation. 

  

	26.	 Severability. If any provision of this Agreement is held to be invalid, illegal, or unenforceable in any
respect by a court or administrative body of competent jurisdiction, then unless otherwise agreed, this Agreement will continue in full force and effect except for such provisions, which will be deemed excised therefrom. In such event, the Parties
agree to use their best efforts to agree on substitute provisions, which, while valid, will achieve as closely as possible the same economic effects as the invalid provision(s). 

 

	27.	 Survival. Upon the termination of this Agreement, sections 3, 10, 15 and 23 shall be deemed to
continue in full force and effect and survive the termination of the Agreement. 

  

	28.	 Entire Agreement. This Agreement contains all the agreements, undertakings and understandings by the
Parties, and all prior understandings, negotiations, representations, agreements or not expressly contained herein relating to the subject matter of this Agreement have been merged herein and shall be of no force or effect. 

[Remainder of page intentionally left blank] 

  
 - 6 - 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day first written above. 

 

									
	BROOKFIELD CORPORATION	 		 	BROOKFIELD ASSET MANAGEMENT LTD.
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 Schedule “A” 

The Services 

Class 36: Financial services; financial investments in the fields of commodities, gold, investment notes, real estate and
securities; investment management services; investment of funds; capital investment; financial research; real estate management; real estate leasing; real estate leasing for commercial properties; real estate leasing for residential properties; real
estate brokerage; real estate investment; investment management in real estate; investment management in commercial, institutional, industrial and residential real estate; insurance services; reinsurance services; managing commercial, institutional,
industrial and residential real estate; pension fund services; operating and leasing real estate; mortgage issuing services; investment and investment management services; financial planning services; financial analysis services; consultancy,
advisory and information services relating to the aforesaid services. 

  
 - 8 -EX-10.6

 Exhibit 10.6 

TRUST AGREEMENT 

THIS TRUST AGREEMENT made as of                 , 2022.

 AMONG: 
 BAM PARTNERS TRUST,
a trust existing under the laws of the Province of Ontario, by its trustee, BAM CLASS B PARTNERS INC., 
 (the
“Class B Shareholder”) 
 - and - 

BROOKFIELD ASSET MANAGEMENT LTD., a corporation existing under the laws of the Province of British Columbia, 

(the “Manager”) 

- and - 
 COMPUTERSHARE TRUST
COMPANY OF CANADA, a trust company existing under the laws of Canada, 
 (the “Trustee”) 

RECITES THAT: 
 WHEREAS Brookfield
Asset Management Inc. intends to complete a plan of arrangement pursuant to the Business Corporations Act (Ontario) (the “Arrangement”) pursuant to which, among other things, (i) Brookfield Asset Management Inc’s
historical asset management business will be transferred to Brookfield Asset Management ULC and (ii) Brookfield Asset Management Inc. and the Manager will acquire the shares of the Brookfield Asset Management ULC; 

AND WHEREAS in connection with the Arrangement, Brookfield Asset Management will change its name to Brookfield Corporation; 

AND WHEREAS on closing of the Arrangement, the authorized share capital of the Manager will consist of an unlimited number of
Class A Preference Shares, issuable in series, an unlimited number of Class A Limited Voting Shares (the “Class A Shares”) and 21,280 Class B Limited Voting Shares (the
“Class B Shares”); 
 AND WHEREAS on closing of the Arrangement, all of the issued and
outstanding Class B Shares will be owned by the Class B Shareholder; 
 AND WHEREAS all of the outstanding Class A
Shares are expected to be listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange; 

 AND WHEREAS the parties wish to enter into this Agreement to reflect the foregoing
and to ensure that the holders from time to time of the Class A Shares will not be deprived of rights under applicable takeover bid legislation to which they would have been entitled in the event of a takeover bid if the Class A Shares and
the Class B Shares were of a single class of shares; 
 AND WHEREAS the Class B Shareholder and the Manager wish to confirm
the appointment of the Trustee as a trustee for the holders from time to time of the Class A Shares for the purposes hereinafter set forth with the intent that such holders, through the Trustee, will receive the benefit of the covenants of the
Class B Shareholder and the Manager contained in this Agreement; 
 AND WHEREAS, the foregoing recitals are made by the parties
hereto other than the Trustee; 
 NOW THEREFORE THIS AGREEMENT WITNESSES that for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereby covenant and agree as follows: 
 ARTICLE 1 

INTERPRETATION 
  

	1.1	 Interpretation not Affected by Headings, etc. 

The division of this Agreement into articles, sections and paragraphs and the insertion of headings are for convenience of reference only and
will not affect the construction or interpretation of this Agreement. 
  

	1.2	 Number, Gender, etc. 

Words importing the singular number only will include the plural and vice versa. Words importing the use of any gender will include all
genders. 
  

	1.3	 Statutory References 

Unless otherwise indicated, all references in this Agreement to any legislation include the regulations and rules thereunder, in each case as
amended, re-enacted, consolidated or replaced from time to time and in the case of any such amendment, re-enactment, consolidation or replacement, reference herein to a
particular provision will be read as referring to such amended, re-enacted, consolidated or replaced provision. 
  

	1.4	 Business Day 

“Business Day” means any day (prior to 4:00 p.m.), other than a Saturday or a Sunday, when Canadian chartered banks are open
for regular business in the city of Toronto, Ontario. 

  
 - 2 - 

 ARTICLE 2 

PURPOSE OF THIS AGREEMENT 
  

	2.1	 Establishment of Trust 

The purpose of this Agreement is to ensure that the holders of Class A Shares will not be deprived of any rights under applicable takeover
bid legislation to which they would have been entitled in the event of a takeover bid for the Class B Shares if the Class B Shares had been Class A Shares. In furtherance of the foregoing, the Class B Shareholder and the Manager
hereby establish and create the Trust (as defined below) pursuant to the terms and conditions of this Agreement and hereby appoint the Trustee to act as trustee of the Trust. 
  

	2.2	 Restrictions on Sale 

 

	 	(a)	 Subject to sections 2.3(a) and 2.6 below, the Class B Shareholder will not sell any Class B Shares,
directly or indirectly, pursuant to a takeover bid (as defined in applicable securities legislation) at a price per share in excess of 115% of the “market price” of the Class A Shares (determined in accordance with the takeover bid
provisions of applicable securities legislation) or as part of a transaction involving purchases made from more than five persons or companies in the aggregate. 

 

	 	(b)	 Without limiting the generality of section 2.2(a) above: (i) a sale will be deemed to be an indirect sale
of Class B Shares owned by the Class B Shareholder, or by any person or company controlled, directly or indirectly, by the Class B Shareholder, for the purposes of section 2.2(a) above if the offer pursuant to which such sale is made
would be deemed to be an indirect offer for the Class B Shares under the takeover bid provisions of applicable securities legislation; and (ii) an offeror will be deemed to include any person or company acting jointly or in concert with an
offeror for Class B Shares under the takeover bid provisions of applicable securities legislation. 

  

	2.3	 Permitted Sale 

 

	 	(a)	 Section 2.2(a) will not apply to prevent a sale by the Class B Shareholder of Class B Shares
pursuant to a takeover bid if the sale is made pursuant to an offer to purchase Class B Shares and a concurrent offer is made to all holders of Class A Shares to purchase the same percentage of Class A Shares as the percentage of
Class B Shares that are offered to be purchased from the Class B Shareholder at a price per share at least as high as the highest price per share paid pursuant to the takeover bid for the Class B Shares, and provided that the
concurrent offer is the same as the offer for Class B Shares in all other material respects and has no condition, if any, attached other than the right not to take up and pay for shares tendered if no shares are purchased pursuant to the offer
for Class B Shares. 

  
 - 3 - 

	 	(b)	 Notwithstanding the foregoing, a sale will not be deemed to be an indirect sale of Class B Shares owned by
the Class B Shareholder, or by any person controlled, directly or indirectly, by the Class B Shareholder, for the purposes of section 2.2(a) above, if the sale is an indirect sale of Class B Shares resulting from the sale of shares of
the Class B Shareholder or a corporation which, directly or indirectly, holds, shares of the Class B Shareholder, where (i) each selling shareholder is a shareholder of the Class B Shareholder, (ii) the transferee is
(A) a shareholder of the Class B Shareholder or a person or company which, in conjunction with such sale, will become a shareholder of the Class B Shareholder and who, in either case, will not, as a result of such sale, hold, directly
or indirectly, more than 20% of the outstanding voting or equity securities of the Class B Shareholder, or (B) a person or company which controls a person or company referred to in (i)(A) above, and (iii) no such transferee is a
party to any arrangement under which any person, other than a person or company referred to in (ii)(A) or (B) above, would participate in the ownership of, or control or direction over, voting or equity shares of the Class B Shareholder;
provided that, where required by Ontario securities legislation, an order from the Ontario Securities Commission permitting such sale has been obtained. 

  

	2.4	 Improper Sale 

If any person or company other than the Class B Shareholder carries out an indirect sale described in section 2.2(a) above in respect
of any Class B Shares owned from time to time by the Class B Shareholder, unless section 2.3(a) above applies in respect of the sale, the Class B Shareholder will not at the time the sale becomes effective or thereafter do any of
the following with respect to any of the Class B Shares so sold: (a) dispose of them without the prior written consent of the Trustee; or (b) exercise any voting rights attaching to them except in accordance with the written
instructions of the Trustee, and the Class B Shareholder will comply with such instructions. The Trustee may attach conditions to any instructions the Trustee gives in exercising its rights hereunder. The Trustee will exercise such rights in a
manner that the Trustee considers to be: (i) in the best interests of the holders of the Class A Shares, other than the Class B Shareholder and holders who, in the opinion of the Trustee, acting on the advice of counsel, participated
directly or indirectly in the transaction that triggered the operation of this section 2.4; and (ii) consistent with the intentions of the Class B Shareholder and the Manager in entering into this Agreement as such intentions are set
out in the recitals to this Agreement. If an indirect sale of Class B Shares that is referred to in this section 2.4 occurs and this section 2.4 is applicable to the sale, the Class B Shareholder will have no liability under this
Agreement in respect of the sale, provided that the Class B Shareholder is in compliance with all other provisions of this Agreement, including, without limitation, the provisions of section 2.5(a) below and this section 2.4. 

 

	2.5	 Prevention of Improper Sale 

 

	 	(a)	 The Class B Shareholder will use its best efforts to prevent any person or company from carrying out a
sale (including an indirect sale) described in section 2.2(a) above in respect of any Class B Shares owned from time to time by the Class B Shareholder, regardless of whether such person or company is a party to this Agreement, unless
section 2.3(a) above applies in respect of the sale. 

  
 - 4 - 

	 	(b)	 The Class B Shareholder will not, and will ensure that each person and company which it controls will not,
effect or facilitate a disposition of any Class B Shares owned by the Class B Shareholder or by any person or company which the Class B Shareholder controls, directly or indirectly, unless the disposition is conditional upon the
person or company acquiring the shares becoming a party to an agreement with the same terms and conditions as this Agreement under which such person or company will have the same rights and obligations as the Class B Shareholder hereunder and
in which all references in this Agreement to the Class B Shareholder will be to the acquiring person or company. 

  

	2.6	 Security Interest 

Nothing in this Agreement will prevent the Class B Shareholder from time to time, directly or indirectly, granting a security interest, by
way of pledge, hypothecation or otherwise, whether directly or indirectly, in Class B Shares to any financial institution with which it deals at arm’s length (within the meaning of the Income Tax Act (Canada)) in connection with a
bona fide borrowing provided that concurrently with the pledge, hypothecation or other granting of the security interest, the financial institution agrees in writing to become a party to and abide by the terms of this Agreement as if such
financial institution were the Class B Shareholder herein until such time as the pledge, hypothecation or other security interest has been released or the Class B Shares which were subject thereto have been disposed of in accordance with
the terms of this Agreement. 
 ARTICLE 3 

ACCEPTANCE OF TRUST 
  

	3.1	 Acceptance and Conditions of Trust 

The Trustee hereby accepts the trust by this Agreement (the “Trust”) and assumes the duties created and imposed upon it
pursuant to its appointment as Trustee for the holders from time to time of the Class A Shares by this Agreement and applicable law, provided that: 
  

	 	(a)	 it will not be liable for any action taken or omitted to be taken by it under or in connection with this
Agreement, except for its own gross negligence, wilful misconduct or bad faith; 

  

	 	(b)	 in the exercise of its rights and duties hereunder, the Trustee will exercise that degree of care, diligence
and skill that a reasonably prudent trustee would exercise in comparable circumstances; 

  

	 	(c)	 it may, if it is acting in good faith, rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any instruction, advice, notice, opinion or other document believed by it to be genuine and to have been signed or presented by the proper party or parties and, subject to subsection 3.1(a), will be under no
liability with respect to any action taken or omitted to be taken in accordance with such instruction, advice, notice, opinion or other document; 

  
 - 5 - 

	 	(d)	 it may employ or retain such counsel, auditors, accountants, or other experts or advisers, whose qualifications
give authority to any advice, opinion or report made by them, as it may reasonably require for the purpose of discharging its duties hereunder and will not be responsible for any misconduct or negligence on their part. The Trustee may, if it is
acting in good faith, rely on the accuracy of any such opinion or report by them, as the Trustee may reasonably require for the purpose of determining and discharging its duties hereunder and will not be responsible for any misconduct or gross
negligence on the part of any of them; and 

  

	 	(e)	 none of the provisions of this Agreement shall require the Trustee under any circumstances whatsoever to expend
or risk its own funds or otherwise incur financial liability in the performance of any of its duties or the exercise of any of its rights or powers in connection with the Agreement. 

In the exercise of its rights and duties hereunder, the Trustee will exercise that degree of care, diligence and skill that a reasonably
prudent Trustee would exercise in comparable circumstances. 
 The Trustee represents, to the best of its knowledge and belief after due
inquiry, that at the time of the execution and delivery hereof no material conflict of interest exists in the Trustee’s role as a fiduciary hereunder and agrees that in the event of a material conflict of interest arising hereafter it will,
within three months after ascertaining that it has a material conflict of interest, either eliminate the same or resign its trust hereunder. Subject to the foregoing, the Trustee, in its personal or any other capacity, may buy, lend upon and deal in
securities of the Manager and generally may contract with and enter into financial transactions with the Manager, any of its subsidiaries or affiliates (as defined under Ontario securities legislation) without being liable to account for any profit
made thereby. 
  

	3.2	 Condition to Action  

The obligation of the Trustee to take any action on behalf of the holders of the Class A Shares will be conditional upon the Trustee
receiving from the Manager or from one or more holders of Class A Shares such funds and indemnities as the Trustee may reasonably require in respect of any costs or expenses which it may incur in connection with any such action. The Manager
will provide such funds and indemnities to the Trustee if the Trustee has delivered to the Manager the certificate referred to in section 3.4(a) below. 
  

	3.3	 Limitation on Action  

No holder of Class A Shares will have the right, other than through the Trustee, to institute any action or proceeding or to exercise any
other remedy for the purpose of enforcing any rights arising from this Agreement unless holders of Class A Shares have requested in the manner specified in section 3.5 below that the Trustee act and have provided reasonable funds and
indemnities to the Trustee and the Trustee has failed to so act within 30 days after the provision of such funds and indemnities. In such case, any holder of Class A Shares acting on its own behalf and on behalf of all other holders of
Class A Shares will be entitled to initiate whatever proceedings that the Trustee would have been entitled to initiate in any court of competent jurisdiction. 

The Manager will do all things reasonably within its control to facilitate the due performance of this Agreement including the fulfilment by
the Class B Shareholder of its obligations hereunder. 

  
 - 6 - 

	3.4	 Enquiries by Trustee  

 

	 	(a)	 If the Trustee is advised in writing by a party hereto or a holder of Class A Shares that there is
reasonable cause to believe that Class B Shareholder or the Manager may have breached, or may intend to breach, any provision of this Agreement, the Trustee will make reasonable enquiries of the Class B Shareholder, the Manager, any party
to an agreement to purchase Class B Shares and any appropriate securities regulatory authorities or stock exchanges to determine whether: (i) such a breach has occurred or is intended; and (ii) such breach or intended breach can be
corrected expeditiously and without prejudice to the bona fide interest of the holders of Class A Shares, and if so, the steps proposed to be taken by the Class B Shareholder and the Manager to correct such breach or intended
breach. If the Trustee, acting on advice of counsel, thereupon determines that a breach has occurred or is intended and either cannot be corrected or the steps proposed to be taken to correct such breach or intended breach will not adequately
correct such breach expeditiously and without prejudice to the bona fide interests of the holders of Class A Shares, the Trustee will forthwith deliver to the Manager a certificate stating that the Trustee has made such determination.
The Trustee will thereupon be entitled to take and, subject to section 3.2 above, will take such action as the Trustee, acting on advice of counsel, considers necessary to enforce its rights under this Agreement on behalf of the holders of the
Class A Shares. 

  

	 	(b)	 Nothing in this section 3.4 will impose on the Trustee any obligation to make inquiries as to any breach or
intended breach of this Agreement by the Class B Shareholder or the Manager provided that the Trustee does not have reasonable cause to believe that a breach has occurred or is intended. Where the Trustee does not have any reasonable cause to
so believe, the Trustee will have no liability under this section 3.4 in respect of any breach or intended breach. 

  

	3.5	 Request by holders of Class A Shares 

Subject to section 3.2 above, if holders of not less than 10% of the then outstanding Class A Shares determine that the Class B
Shareholder or the Manager have breached, or intend to breach, any provision of this Agreement, such holders may require the Trustee to take action in connection therewith by delivering to the Trustee a requisition in writing signed in one or more
counterparts by such holders and setting forth the action to be taken by the Trustee, and upon receipt by the Trustee of a requisition the Trustee will forthwith take the action specified in the requisition and any other action that the Trustee
considers necessary to enforce its rights under this Agreement on behalf of the holders of the Class A Shares; provided that the Trustee will in the first instance determine whether the breach or intended breach can be corrected expeditiously
and without prejudice to the bona fide interests of the holders of Class A Shares, and if so, whether the steps proposed to be taken by the Class B Shareholder or the Manager to correct the breach or intended breach will adequately
correct such breach expeditiously and without prejudice to the bona fide interests of the holders of Class A Shares. 

  
 - 7 - 

	3.6	 Change of the Trustee 

The Trustee may resign and be discharged from all further duties and liabilities hereunder, subject to this section 3.6, after giving 60
days written notice to the Class B Shareholder and the Manager or such shorter notice as the Class B Shareholder and the Manager may accept as sufficient. The Manager will have the power at any time to remove the existing Trustee, provided
that such removal is in the best interests of the holders of the Class A Shares, after giving the Trustee 30 days written notice of such removal or such shorter notice that the Trustee will accept as sufficient. In the event that the office of
the Trustee becomes vacant due to the removal of the existing Trustee by the Manager, the Manager will forthwith appoint a new trustee which must be one of the largest five corporations licensed or authorized to carry on the business of a trust
company in Ontario in terms of assets under administration. In the event that the office of trustee becomes vacant otherwise than by removal of the Trustee by the Manager, the Manager will forthwith appoint a new trustee which must be a corporation
licensed or authorized to carry on the business of a trust company in Ontario; failing such appointment, the Class B Shareholder, the Trustee or any holder of Class A Shares may apply to a court of competition jurisdiction in the Province
of Ontario for the appointment of a new trustee. Upon any new appointment, the new trustee will be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as the trustee, but there will be
immediately executed, at the expense of the Manager, all such instruments as may be, in the opinion of counsel to the Manager, necessary or desirable to assure such vesting. Any resignation of the Trustee will not become effective until the
successor party executes an appropriate instrument accepting the appointment as the new trustee. Notwithstanding its resignation, the Trustee will continue to be indemnified in accordance with section 4.1 below. 

 

	3.7	 Fees and Expenses of the Trustee 

The Manager will pay the reasonable fees and expenses of the Trustee in connection with the performance of the Trustee’s obligations
hereunder, including the reasonable fees and disbursements of counsel or other experts employed by the Trustee. On all invoices issued by the Trustee for its services rendered hereunder which remain unpaid for a period of 30 days or more, interest
at a rate per annum equal to the then current rate of interest charged by the Trustee to its corporate customers will be incurred, from 30 days after the issuance of the invoice until the date of payment. 

 

	3.8	 Legend; Inspection 

The Manager and the Class B Shareholder covenant and agree that each certificate or book-entry representing the Class B Shares owned
by the Class B Shareholder will have endorsed thereon a legend to the effect that the Class B Shares represented by such certificate or book-entry are subject to the terms of this Agreement and that a copy of this Agreement may be examined
at the head office of the Manager. The Manager will maintain a true copy of this Agreement at its head office and will permit any shareholder of the Manager to inspect and make copies thereof during normal business hours. 

  
 - 8 - 

 ARTICLE 4 

INDEMNIFICATION 
  

	4.1	 Indemnification of the Trustee 

The Manager agrees to indemnify and hold harmless the Trustee from and against all claims, losses, damages, costs, penalties, fines and
reasonable expenses (including reasonable expenses of the Trustee’s legal counsel) which, without gross negligence, wilful misconduct or bad faith on the part of the Trustee, its officers, directors and employees may be paid, incurred or
suffered by the Trustee by reason of or as a result of the Trustee’s acceptance or administration of the Trust, its compliance with its duties set forth in this Agreement or any written or oral instructions delivered to the Trustee by the
Manager pursuant hereto. In no case will the Manager be liable under this indemnity for any claim against the Trustee unless the Manager will be notified by the Trustee of the written assertion of a claim or of any action commenced against the
Trustee, promptly after the Trustee will have received any such written assertion of a claim, or will have been served with a summons or other first legal process giving information as to the nature and basis of the claim. The Manager will be
entitled to participate at its own expense in the defence of the assertion or claim. The Manager may elect at any time after receipt of such notice to assume the defence of any suit brought to enforce any such claim. The Trustee will have the right
to employ separate counsel in any such suit and participate in the defence thereof and the fees and expenses of such counsel will be subject to section 3.7 above in the event that the named parties to any such suit include both the Trustee and the
Manager and the Trustee will have been advised by counsel that there may be one or more legal defences available to the Trustee that are different from or in addition to those available to the Manager (in which case the Manager will not have the
right to assume the defence of such suit on behalf of the Trustee but will be liable to pay the reasonable fees and expenses of counsel for the Trustee). 

ARTICLE 5 
 GENERAL

  

	5.1	 Right to Injunctive Relief 

It is acknowledged that damages may not be an adequate remedy if a party bound by this Agreement breaches any of its covenants contained
herein. Therefore, the parties agree that orders of specific performance, injunction and other equitable remedies may be required to protect the parties hereto and the holders of Class A Shares and thus may be sought and obtained hereunder in
lieu of or in addition to damages, and all defences and protests with respect to the seeking or granting thereof are hereby waived to the maximum extent permitted by law. The Trustee will have the right to employ separate counsel in any such suit
and participate in the defence thereof and the fees and expenses of such counsel will be subject to section 3.7 above in the event that the named parties to any such suit include both the Trustee and the Manager and the Trustee will have been
advised by counsel that there may be one or more legal defences available to the Trustee that are different from or in addition to those available to the Manager (in which case the Manager will not have the right to assume the defence of such suit
on behalf of the Trustee but will be liable to pay the reasonable fees and expenses of counsel for the Trustee). 

  
 - 9 - 

	5.2	 Compliance with Privacy Laws 

The Class B Shareholder and the Manager acknowledge that federal and/or provincial legislation that addresses the protection of
individuals’ personal information (collectively, “Privacy Laws”) applies to certain obligations and activities under this Agreement. Notwithstanding any other provision of this Agreement, neither party will take or
direct any action that would contravene, or cause the other to contravene, applicable Privacy Laws. The Trustee will use commercially reasonable efforts to ensure that its services hereunder comply with Privacy Laws. Specifically, the Trustee
agrees: (a) to have a designated chief privacy officer; (b) to maintain policies and procedures to protect personal information and to receive and respond to any privacy complaint or inquiry; (c) to use personal information solely for
the purposes of providing its services under or ancillary to this Agreement and to comply with applicable laws and not to use it for any other purpose except with the consent of or direction from the other parties to this Agreement or the individual
involved; (d) not to sell or otherwise improperly disclose personal information to any third party; and (e) to employ administrative, physical and technological safeguards to reasonably secure and protect personal information against loss,
theft, or unauthorized access, use or modification. 
  

	5.3	 Anti-Money Laundering Regulations 

The Trustee will retain the right not to act and will not be liable for refusing to act if, due to a lack of information or for any other
reason whatsoever, the Trustee, in its sole judgment and acting reasonably, 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 Trustee, in its sole judgment and acting reasonably, determine at any time that its acting under this Agreement has resulted in its being in
non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then it will have the right to resign on ten days’ written notice to the Manager or any
shorter period of time as agreed to by the Manager, provided that: (a) the Trustee’s written notice will describe the circumstances of such non- compliance; and (b) if such circumstances are
rectified to the Trustee’s satisfaction within such ten day period, then such resignation will not be effective. 
  

	5.4	 Term  

This Agreement will take effect contemporaneously with the listing of the Class A Shares on the TSX and will remain in full force and
effect until the date that the Manager delivers to the Trustee the consent in writing of the TSX to the termination of this Agreement. 
  

	5.5	 Rights not Limited 

No provision in this Agreement will limit the rights of any holders of Class A Shares under applicable securities legislation. 

  
 - 10 - 

	5.6	 Amendments, Modifications, etc. 

 

	 	(a)	 This Agreement may not be amended, varied or modified, and no provision hereof may be waived, except with the
approval of at least two-thirds of the votes cast by the holders of Class A Shares present or represented at a meeting duly called for the purpose of considering the amendment, variation, modification or
waiver, which two-thirds majority will include a simple majority of the votes cast by the holders of Class A Shares, excluding the Class B Shareholder and its affiliates and any person who owns
Class B Shares or has an agreement to purchase Class B Shares on terms which would constitute a sale prohibited by the terms of this Agreement, prior to giving effect to the amendment, variation, modification or waiver.

  

	 	(b)	 Notwithstanding the provisions of section 5.6(a) above, this Agreement may be amended without the approval of
the holders of Class A Shares in order to correct or rectify any errors, ambiguities, defective provisions, inconsistencies or omissions herein, provided that the Trustee is of the opinion that the rights hereunder of the holders of
Class A Shares will not be prejudiced, in any material respect, by such amendment and further provided that the prior consent of the TSX in respect of such changes has been received. 

 

	5.7	 Notice 

Any notice or other communication required or permitted to be given hereunder will be inwriting and will be delivered in person, transmitted by
email or similar means of recorded electronic communication or sent by registered mail, charges prepaid, addressed as follows: 
  

	 	(a)	 if to the Class B Shareholder: 

BAM Partners Trust 
 c/o BAM
Class B Partners Ltd. 
 Brookfield Place 

181 Bay Street, Suite 100 

Toronto, Ontario M5J 2T3 

Attention: 
 Email: 

 

	 	(b)	 if to the Manager: 

Brookfield Asset Management Ltd. 

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

Attention: 
 Email: 

 

	 	(c)	 if to the Trustee: 

Computershare Trust Company of Canada 

100 University Avenue, 11th Floor 

Toronto, Ontario M5J 2N1 

Attention: 
 Email: 

  
 - 11 - 

 or to such other address as the party to whom the notice or communication is to be given has
last designated to the party giving the same in the manner specified in this section 5.7. Any such notice or communication will be deemed to have been given and received on the day it is so delivered or sent or on the third day following the
day of mailing thereof in Ontario as the case may be. 
  

	5.8	 Communication Methods 

The Trustee will be entitled to treat a pdf or email communication or communication by other similar electronic means in a form satisfactory to
the Trustee (“Electronic Methods”) from a person purporting to be (and whom the Trustee, acting reasonably, believes in good faith to be) the authorize representative of a party, as sufficient instructions and authority of the party
for the Trustee to act and will have no duty to verify or confirm that such person is so authorized. The parties hereto acknowledge that they are fully informed of the protections and risks associated with the various methods of transmitting
instructions to the Trustee and that there may be more secure methods of transmitting instructions than Electronic Methods. 
  

	5.9	 Enurement 

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

 

	5.10	 Further Acts 

The parties hereto will do and perform and cause to be done and performed such further and other acts and things as may be necessary or
desirable in order to give effect to this Agreement. 
  

	5.11	 Entire Agreement 

This Agreement constitutes the entire Agreement between the parties hereto with respect to the subject matter hereof There are no verbal
statements, representations, warranties, undertakings or agreements between the parties in respect of the subject matter hereof, other than as expressly set forth herein. 
  

	5.12	 Governing Law 

This Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the laws of Canada applicable
therein. 

  
 - 12 - 

	5.13	 Severability  

If any provision of this Agreement, or of the application thereof to any person or circumstances, is, to any extent, determined to be invalid
or unenforceable, the remainder of this Agreement, or the application of such provision or portion thereof to any other person or circumstances, will not be affected thereby and each provision of this Agreement will be valid and enforceable to the
fullest extent permitted by law. 
  

	5.14	 Day not a Business Day 

Whenever any step and/or action will be due, any period of time will begin or end, any calculation is to be made or any other action is to be
taken on, or as of, or from a period ending on, a day other than a Business Day, such step and/or action will be made, such period of time will begin or end, and such other actions will be taken, as the case may be, on, or as of, or from a period
ending on, the next succeeding Business Day. 
  

	5.15	 Counterparts 

This Agreement may be executed in one or more counterparts, including counterparts by electronic transmission, each of which so executed and
delivered will be deemed to be an original and all of which, when taken together, will be deemed to constitute one and the same agreement. 

  
 - 13 - 

 IN WITNESS WHEREOF this Agreement has been duly executed and delivered as of the date first written
above. 
  

			
	BAM PARTNERS TRUST, by its trustee, BAM CLASS B PARTNERS INC.
		
	By:	 	 
		 	 Name:
 Title:

	
	BROOKFIELD ASSET MANAGEMENT LTD.
		
	By:	 	 
		 	 Name:
 Title:

	
	COMPUTERSHARE TRUST COMPANY OF CANADA
		
	By:	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:

  
 - 14 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]