Document:

Exhibit

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT
by and among
TEEKAY OFFSHORE PARTNERS L.P.,
TEEKAY CORPORATION
and
BROOKFIELD TK TOLP L.P.
Dated as of September 25, 2017

136252302.7 

TABLE OF CONTENTS
Page
ARTICLE I 
 
Resale Shelf Registration
Section 1.1    Resale Shelf Registration Statement                                     1
Section 1.2    Effectiveness Period                                             2
Section 1.3    Subsequent Shelf Registration Statement                                  2
Section 1.4    Supplements and Amendments                                     2
Section 1.5    Subsequent Holder Notice                                         2
Section 1.6    Underwritten Offering                                         3
Section 1.7    Take-Down Notice                                                        4
Section 1.8    Piggyback Registration                                         4
ARTICLE II 
 
Additional Provisions Regarding Registration Rights
Section 2.1    Registration Procedures                                        5
Section 2.2    Suspension                                                9
Section 2.3    Expenses of Registration                                        9
Section 2.4    Information by Holders                                        9
Section 2.5    Rule 144 Reporting                                           10
Section 2.6    Subsequent Registration Rights                                   10
Section 2.7    Holdback Agreement                                           10
ARTICLE III 
 
Indemnification
Section 3.1    Indemnification by Company                                       11
Section 3.2    Indemnification by Holders                                       12
Section 3.3    Notification                                               12
Section 3.4    Contribution                                               13
ARTICLE IV 
 
Transfer and Termination of Registration Rights
Section 4.1    Transfer of Registration Rights                                   14
Section 4.2    Termination of Registration Rights                                   14
ARTICLE V 
 
Miscellaneous
Section 5.1    Amendments and Waivers                                       14
Section 5.2    Extension of Time, Waiver, Etc                                   14

i
136252302.7 

TABLE OF CONTENTS (CONT’D)
Page

Section 5.3    Assignment                                              14
Section 5.4    Counterparts                                              14
Section 5.5    Entire Agreement; No Third Party Beneficiary                          15
Section 5.6    Governing Law; Jurisdiction                                      15
Section 5.7    Specific Enforcement                                          15
Section 5.8    Waiver of Jury Trial                                          16
Section 5.9    Notices                                              16
Section 5.10    Severability                                              18
Section 5.11    Expenses                                              18
Section 5.12    Interpretation                                              18

ii
136252302.7 

REGISTRATION RIGHTS AGREEMENT
This REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of September 25, 2017, by and between TEEKAY OFFSHORE PARTNERS L.P., a Republic of The Marshall Islands limited partnership (the “Company”), BROOKFIELD TK TOLP L.P., a Bermuda limited partnership (the “Purchaser”) and TEEKAY CORPORATION, a Republic of The Marshall Islands corporation (“TK”).  Capitalized terms used but not defined elsewhere herein are defined in Exhibit A.  
WHEREAS, the Company and the Purchaser are parties to the Investment Agreement, dated as of July 26, 2017 (as amended from time to time, the “Investment Agreement”), pursuant to which the Company is selling to the Purchaser, and the Purchaser is purchasing from the Company, (i) an aggregate of 244,000,000 Common Units (as defined below) and (ii) an aggregate of 62,440,945 Warrants (as defined below);
WHEREAS, the Purchaser and TK are parties to the Amended and Restated Subordinate Promissory Note, dated as of the date hereof, pursuant to which the Purchaser is selling to TK, and TK is purchasing from the Purchaser, an aggregate of 11,440,945 Warrants;
WHEREAS, the Company and Teekay Holdings Limited, an Affiliate of TK (“Holdings”), are parties to an Investment Agreement dated as of July 26, 2017 (as amended from time to time, the “TK Investment Agreement”), pursuant to which the Company is selling to Holdings and Holdings is purchasing from the Company, (i) an aggregate of 12,000,000 Common Units and (ii) an aggregate of 3,059,055 Warrants;
WHEREAS, TK or its Affiliates, as the owner of the Company’s general partner, currently has certain registration rights under the Fifth Amended and Restated Agreement of Limited Partnership of the Company (the “LP Agreement”);
WHEREAS, the Purchaser upon its acquisition of ownership interests in the Company’s general partner in connection with its investment pursuant to the Investment Agreement will have certain registration rights under the LP Agreement;
WHEREAS, both the Purchaser and TK are willing to suspend their registration rights under the LP Agreement for as long as this Agreement remains in effect; and
WHEREAS, as a condition to the obligations of (a) the Company and the Purchaser under the Investment Agreement, and (b) the Company and Holdings under the TK Investment Agreement, the Company, the Purchaser and TK are entering into this Agreement for the purpose of granting certain registration and other rights to the Purchaser, TK and the respective Affiliates of the Purchaser and TK that hold Registrable Securities, and the Purchaser, TK, the respective Affiliates of the Purchaser and TK that hold Registrable Securities and any other party that may become a party hereto pursuant to Section 4.1 and that holds Registrable Securities are referred to collectively as the “Investors” or “Holders” and individually each as an “Investor” or “Holder”.

136252302.7 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:
Article I 
 
Resale Shelf Registration
Section 1.1    Resale Shelf Registration Statement.  Subject to the other applicable provisions of this Agreement, the Company shall, at the request of any Investor, prepare and file within twelve (12) months after the date hereof a registration statement covering the sale or distribution from time to time by the Investors, on a delayed or continuous basis pursuant to Rule 415 of the Securities Act, of all of the Registrable Securities on Form F-3 or Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form F-3 or Form S-3, then such registration shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Investors in accordance with any reasonable method of distribution elected by the Investors) (the “Resale Shelf Registration Statement”) and shall cause such Resale Shelf Registration Statement to be declared effective by the SEC within twelve (12) months after the date hereof (it being agreed that the Resale Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 462(e) is available to the Company for the resale of the Registrable Securities in a firmly underwritten offering and in an offering that is not firmly underwritten).
Section 1.2    Effectiveness Period.  On and following the date that is the 12-month anniversary of the date hereof, the Company shall, subject to the other applicable provisions of this Agreement, use its reasonable best efforts to cause the Resale Shelf Registration Statement to be continuously effective and usable until such time as there are no longer any Registrable Securities (the “Effectiveness Period”).
Section 1.3    Subsequent Shelf Registration Statement.  If any Shelf Registration Statement ceases to be effective under the Securities Act for any reason at any time during the Effectiveness Period, the Company shall use its reasonable best efforts to as promptly as is practicable cause such Shelf Registration Statement to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness of such Shelf Registration Statement), and shall use its reasonable best efforts to as promptly as is practicable amend such Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or file an additional registration statement (a “Subsequent Shelf Registration Statement”) for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the Securities Act registering the resale from time to time by the Holders thereof of all securities that are Registrable Securities as of the time of such filing.  If a Subsequent Shelf Registration Statement is filed, the Company shall use its reasonable best efforts to (a) cause such Subsequent Shelf Registration Statement to become effective under the Securities Act as promptly as is practicable after the filing thereof (it being agreed that the Subsequent Shelf Registration Statement shall be an automatic shelf registration statement that shall become effective upon filing with the SEC pursuant to Rule 462(e) if Rule 

2
136252302.7 

462(e) is available to the Company for the resale of the Registrable Securities in a firmly underwritten offering and in an offering that is not firmly underwritten) and (b) keep such Subsequent Shelf Registration Statement continuously effective and usable until the end of the Effectiveness Period.  Any such Subsequent Shelf Registration Statement shall be a registration statement on Form F-3 or Form S-3 to the extent that the Company is eligible to use such form.  Otherwise, such Subsequent Shelf Registration Statement shall be on another appropriate form and shall provide for the registration of such Registrable Securities for resale by the Holders in accordance with any method of distribution elected by the Investors.
Section 1.4    Supplements and Amendments.  The Company shall supplement and amend any Shelf Registration Statement if required by the Securities Act or the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement.
Section 1.5    Subsequent Holder Notice.  If a Person entitled to the benefits of this Agreement becomes a Holder of Registrable Securities after a Shelf Registration Statement becomes effective under the Securities Act, the Company shall, as promptly as is reasonably practicable following delivery of written notice to the Company of such Person becoming a Holder and requesting for its name to be included as a selling securityholder in the prospectus related to the Shelf Registration Statement (a “Subsequent Holder Notice”):
(a)    if required and permitted by applicable law, file with the SEC a supplement to the related prospectus or a post-effective amendment to the Shelf Registration Statement so that such Holder is named as a selling securityholder in the Shelf Registration Statement and the related prospectus in such a manner as to permit such Holder to deliver a prospectus to purchasers of the Registrable Securities in accordance with applicable law; 
(b)    if, pursuant to Section 1.5(a), the Company shall have filed a post-effective amendment to the Shelf Registration Statement that is not automatically effective, use its reasonable best efforts to cause such post-effective amendment to become effective under the Securities Act as promptly as is practicable; and
(c)    notify such Holder as promptly as is reasonably practicable after the effectiveness under the Securities Act of any post-effective amendment filed pursuant to Section 1.5(a).
Section 1.6    Underwritten Offering.  
(a)    An Investor may, on or after the date that is twelve (12) months after the date hereof, deliver, from time to time, a written notice to the Company (the “Underwritten Offering Notice”) specifying that the sale of some or all of such Investor’s Registrable Securities subject to the Shelf Registration Statement, is intended to be conducted through an underwritten offering (the “Underwritten Offering”) in which Registrable Securities are sold to one or more underwriters on a firm commitment basis for reoffering to the public, or an offering that is a “bought deal” or “block trade; provided, that the Registrable Securities of such Investor requested to be included in such Underwritten Offering must have an aggregate value as of the date of such Underwritten Offering 

3
136252302.7 

Notice of no less than the lesser of (i) $25 million and (ii) all of such Investor’s and its Affiliates Registrable Securities. Upon delivery of such Underwritten Offering Notice to the Company, the Company shall as soon as reasonably practicable (but in no event later than one Business Day following the date of delivery of the Underwritten Offering Notice to the Company) deliver notice of such Underwritten Offering Notice to all other Holders, who shall then have three Business Days (or two Business Days in the case of an underwritten “bought deal” or “block trade”) from the date that such notice is given to them to notify the Company in writing of the number of Registrable Securities held by such Holder that they want to be included in such Underwritten Offering.  Upon receipt of an Underwritten Offering Notice, the Company shall as soon as reasonably practicable use its reasonable best efforts to facilitate such Underwritten Offering.  
(b)    In the event of an Underwritten Offering, the Investors owning a majority of the Registrable Securities proposed to be sold in such Underwritten Offering shall select the underwriter(s) to administer the Underwritten Offering (subject to the consent of the Company which shall not be unreasonably withheld, conditioned or delayed).  The Company and the Holders of Registrable Securities participating in an Underwritten Offering will enter into an underwriting agreement in customary form with the managing underwriter or underwriters selected for such offering.  
(c)    The Company will not include in any Underwritten Offering pursuant to this Section 1.6 any securities that are not Registrable Securities without the prior written consent of the Investors (which shall not be unreasonably withheld, conditioned or delayed) owning a majority of the Registrable Securities proposed to be sold in such Underwritten Offering.  If the managing underwriter or underwriters advise the Company and the Investors participating in such Underwritten Offering in writing that in its or their good faith opinion the number of Registrable Securities (and, if permitted hereunder, other securities requested to be included in such offering) exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company will include in such offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of priority: (i) first, the Registrable Securities of the Investors that have requested to participate in such Underwritten Offering, allocated pro rata among such Investors on the basis of the total number of Registrable Securities then-held by such Investors, and (ii) second, any other securities of the Company that have been requested to be so included.
Section 1.7    Take-Down Notice.  Subject to the other applicable provisions of this Agreement, at any time that any Shelf Registration Statement is effective, if an Investor delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect a sale or distribution of all or part of its Registrable Securities included by it on any Shelf Registration Statement (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in such Shelf Offering, then the Company shall amend, subject to the other applicable provisions of this Agreement, or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be sold and distributed pursuant to the Shelf Offering.
  

4
136252302.7 

Section 1.8    Piggyback Registration.  
(a)    If the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Units or securities convertible into, or exchangeable or exercisable for, Common Units, whether or not for sale for its own account (other than a registration statement (i) on Form F-4, Form S-8 or any successor forms thereto or (ii) filed to effectuate an exchange offer or any employee benefit or dividend reinvestment plan) (a “Company-Initiated Registration”), then the Company shall give prompt written notice of such filing, which notice shall be given no later than three (3) Business Days prior to the filing date (the “Piggyback Notice”) to the Investors.  The Piggyback Notice shall offer such Investors the opportunity to include (or cause to be included) in such registration statement the number of Registrable Securities as each such Investor may request (each, a “Piggyback Registration Statement”).  Subject to Section 1.8(b), the Company shall include in each Piggyback Registration Statement with respect to a Company-Initiated Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein (each, a “Piggyback Request”) within two (2) Business Days after the date of the Piggyback Notice.
(b)    If any of the securities to be registered pursuant to the registration giving rise to the rights under this Section 1.8 are to be sold in an underwritten offering, the Company shall use reasonable best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit Holders of Registrable Securities who have timely submitted a Piggyback Request, in connection with such offering to include in such offering all Registrable Securities included in each Holder’s Piggyback Request, on the same terms and subject to the same conditions as any other units of capital stock, if any, of the Company included in the offering.  Notwithstanding the foregoing, if the managing underwriter or underwriters of such underwritten offering advise the Company in writing that in its or their good faith opinion the number of securities exceeds the number of securities which can be sold in such offering in light of market conditions or is such so as to adversely affect the success of such offering, the Company will include in such offering only such number of securities that can be sold without adversely affecting the marketability of the offering, which securities will be so included in the following order of priority: (i) first, the securities proposed to be sold by the Company for its own account; (ii) second, the Registrable Securities of the Investors that have requested to participate in such underwritten offering, allocated pro rata among such Investors on the basis of the total number of Registrable Securities then-held by such Investors; and (iii) third, any other securities of the Company that have been requested to be included in such offering; provided, that Holders may, prior to the time at which the offering price or underwriter’s discount is determined with the managing underwriter or underwriters, withdraw their request to be included in such registration pursuant to this Section 1.8.
ARTICLE II     
 
Additional Provisions Regarding Registration Rights
Section 2.1    Registration Procedures.  Subject to the other applicable provisions of this Agreement, in the case of each registration of Registrable Securities effected by the Company pursuant to Article I, the Company will:

5
136252302.7 

(a)    prepare and promptly file with the SEC a registration statement with respect to such securities and use reasonable best efforts to cause such registration statement to become and remain effective for the period of the distribution contemplated thereby, in accordance with the applicable provisions of this Agreement;
(b)    prepare and file with the SEC such amendments (including post-effective amendments) and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary to keep such registration statement effective for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement in accordance with the Holders’ intended method of distribution set forth in such registration statement for such period;
(c)    furnish to the Holders’ legal counsel copies of the registration statement and the prospectus included therein (including each preliminary prospectus) proposed to be filed and provide such legal counsel a reasonable opportunity to review and comment on such registration statement;
(d)    if requested by the managing underwriter or underwriters, if any, or the Holders, promptly include in any prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters, if any, or the Holders may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after the Company has received such request; 
(e)    in the event that the Registrable Securities are being offered in an Underwritten Offering, furnish to the Holders and to the underwriters of the securities being registered such reasonable number of copies of the registration statement, preliminary prospectus and final prospectus as the Holders or such underwriters may reasonably request in order to facilitate the public offering or other disposition of such securities;
(f)    immediately notify the Holders at any time when a prospectus relating thereto is required to be delivered under the Securities Act or of the Company’s discovery of the occurrence of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and, subject to Section 2.2, at the request of the Holders, prepare as promptly as is practicable and furnish to the Holders a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing;
(g)    use its reasonable best efforts to register and qualify (or exempt from such registration or qualification) the securities covered by such registration statement under such other securities or “blue sky” laws of such jurisdictions within the United States as shall be reasonably 

6
136252302.7 

requested in writing by the Holders; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (i) qualify to do business in any jurisdictions where it would not otherwise be required to qualify but for this subsection or (ii) take any action that would subject it to general service of process in any such jurisdictions; 
(h)    in the event that the Registrable Securities are being offered in an underwritten public offering, enter into an underwriting agreement in accordance with the applicable provisions of this Agreement; 
(i)    in connection with an Underwritten Offering, the Company shall use its reasonable best efforts to cause its officers to support the marketing of the Registrable Securities covered by such offering (including participation by the Company’s management in “road shows” or other similar marketing efforts);
(j)    use its reasonable best efforts to furnish, on the date that such Registrable Securities are delivered to the underwriters for sale, if such securities are being sold through underwriters, (i) an opinion dated such date of the legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, (ii) a “negative assurances letter”, dated such date of the legal counsel representing the Company for the purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and (iii) a letter dated such date from the independent certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters; 
(k)    list the Registrable Securities covered by such registration statement with any securities exchange on which the Common Units are then listed;
(l)    provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement; 
(m)    in connection with a customary due diligence review, make available for inspection by the Holders, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by the Holders or underwriter (collectively, the “Offering Persons”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such representative, underwriter, counsel or accountant in connection with such Registration Statement; provided, however, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Offering Persons unless (i) disclosure of such information is required by court or administrative order or in connection with an audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor, (ii) disclosure of such information, in the reasonable judgment of the Offering Persons, is required by law or applicable legal process (including in connection with the offer and sale of securities pursuant to the rules and regulations 

7
136252302.7 

of the SEC), (iii) such information is or becomes generally available to the public other than as a result of a non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement or (iv) such information (A) was known to such Offering Persons (prior to its disclosure by the Company) from a source other than the Company when such source, to the knowledge of the Offering Persons, was not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information, (B) becomes available to the Offering Persons from a source other than the Company when such source, to the knowledge of the Offering Persons, is not bound by any contractual, legal or fiduciary obligation of confidentiality to the Company with respect to such information or (C) was developed independently by the Offering Persons or their respective representatives without the use of, or reliance on, information provided by the Company.  In the case of a proposed disclosure pursuant to (i) or (ii) above, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure (except in the case of (ii) above when a proposed disclosure was or is to be made in connection with a registration statement or prospectus under this Agreement and except in the case of clause (i) above when a proposed disclosure is in connection with a routine audit or examination by, or a blanket document request from, a regulatory or self-regulatory authority, bank examiner or auditor); 
(n)    cooperate with the Holders and each underwriter or agent participating in the disposition of Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA, including the use of its reasonable best efforts to obtain FINRA’s pre-clearance or pre-approval of the registration statement and applicable prospectus upon filing with the SEC; and
(o)    as promptly as is practicable notify the Holders (i) when the prospectus or any prospectus supplement or post-effective amendment has been filed and, with respect to such registration statement or any post-effective amendment, when the same has become effective, (ii) of any request by the SEC or other federal or state governmental authority for amendments or supplements to such registration statement or related prospectus or to amend or to supplement such prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such registration statement or the initiation of any proceedings for such purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement contemplated by Section 2.1(f) above relating to any applicable offering cease to be true and correct or (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose.
The Holders agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 2.1(f), 2.1(o)(ii) or 2.1(o)(iii), the Holders shall discontinue disposition of any Registrable Securities covered by such registration statement or the related prospectus until receipt of the copies of the supplemented or amended prospectus, which supplement or amendment shall, subject to the other applicable provisions of this Agreement, be prepared and furnished as soon as practicable, or until the Holder is advised in writing by the Company that the use of the applicable prospectus may be resumed, and have received copies of any amended or 

8
136252302.7 

supplemented prospectus or any additional or supplemental filings which are incorporated, or deemed to be incorporated, by reference in such prospectus (such period during which disposition is discontinued being an “Interruption Period”) and, if requested by the Company, the each Holder shall use its commercially reasonable efforts to return to the Company all copies then in their possession, of the prospectus covering such Registrable Securities at the time of receipt of such request.  As soon as practicable after the Company has determined that the use of the applicable prospectus may be resumed, the Company will notify the Holders thereof.  In the event the Company invokes an Interruption Period hereunder and in the reasonable discretion of the Company the need for the Company to continue the Interruption Period ceases for any reason, the Company shall, as soon as practicable, provide written notice to the Holders that such Interruption Period is no longer applicable.  
Section 2.2    Suspension.  (a)  The Company shall be entitled from time to time on no more than two occasions of up to 60 days each in any twelve (12) month period and for a period of time not to exceed in the aggregate ninety (90) days in any twelve (12) month period, to (x) defer any registration of Registrable Securities and shall have the right not to file and not to cause the effectiveness of any registration covering any Registrable Securities, (y) suspend the use of any prospectus and registration statement covering any Registrable Securities and (z) require the Holders of Registrable Securities to suspend any offerings or sales of Registrable Securities pursuant to a registration statement, if the Company delivers to the Holders a certificate signed by an executive officer certifying that such registration and offering would (i) require the Company to make an Adverse Disclosure or (ii) materially interfere with any bona fide material financing, acquisition, disposition or other similar transaction involving the Company or any of its subsidiaries then under consideration.  Such certificate shall contain a statement of the reasons for such suspension and an estimate of the anticipated length of such suspension.  The Holders shall keep the information contained in such certificate confidential subject to the same terms set forth in Section 2.1(m).  If the Company defers any registration of Registrable Securities in response to a Underwritten Offering Notice or requires the Investors or the Holders to suspend any Underwritten Offering, the Investors shall be entitled to withdraw such Underwritten Offering Notice and if they do so, such request shall not be treated for any purpose as the delivery of an Underwritten Offering Notice pursuant to Section 1.6.
Section 2.3    Expenses of Registration.  All Registration Expenses incurred in connection with any registration pursuant to Article I shall be borne by the Company.  All Selling Expenses relating to securities registered on behalf of the Holders shall be borne by the Holders of the Registrable Securities included in such registration.
Section 2.4    Information by Holders.  The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and their Affiliates, the Registrable Securities held by them and the distribution proposed by such Holder or Holders and their Affiliates as the Company or its representatives may reasonably request and as shall be required in connection with any registration, qualification or compliance referred to in this Agreement.  It is understood and agreed that the obligations of the Company under Article I are conditioned on the timely provisions of the foregoing information by such Holder or 

9
136252302.7 

Holders and, without limitation of the foregoing, will be conditioned on compliance by such Holder or Holders with the following:
(a)    such Holder or Holders will, and will cause their respective Affiliates to, cooperate with the Company in connection with the preparation of the applicable registration statement and prospectus and, for so long as the Company is obligated to keep such registration statement effective, such Holder or Holders will and will cause their respective Affiliates to, provide to the Company, in writing and in a timely manner, for use in such registration statement (and expressly identified in writing as such), all information regarding themselves and their respective Affiliates and such other information as may be required by applicable law to enable the Company to prepare or amend such registration statement, any related prospectus and any other documents related to such offering covering the applicable Registrable Securities owned by such Holder or Holders and to maintain the currency and effectiveness thereof;
(b)    during such time as such Holder or Holders and their respective Affiliates may be engaged in a distribution of the Registrable Securities, such Holder or Holders will, and they will cause their Affiliates to, comply with all laws applicable to such distribution; and
(c)    on receipt of any notice from the Company of the occurrence of any of the events specified in Section 2.1(f) or clauses (ii) or (iii) of Section 2.1(o), or that otherwise requires the suspension by such Holder or Holders and their respective Affiliates of the offering, sale or distribution of any of the Registrable Securities owned by such Holder or Holders, such Holders shall, and they shall cause their respective Affiliates to, cease offering, selling or distributing the Registrable Securities owned by such Holder or Holders until the offering, sale and distribution of the Registrable Securities owned by such Holder or Holders may recommence in accordance with the terms hereof and applicable law.
Section 2.5    Rule 144 Reporting.  With a view to making available the benefits of Rule 144 to the Holders, the Company agrees that, for so long as an Investor owns Registrable Securities, the Company will:
(a)    use its reasonable best efforts to make and keep public information available, as those terms are understood and defined in Rule 144, at all times after the date of this Agreement; 
(b)    so long as an Investor owns any Common Units or Warrants, furnish to the Investor upon written request a written statement by the Company as to its compliance with the reporting requirements of the Exchange Act; and
(c)    cooperate with the Investors in any sale or transfer of Registrable Securities pursuant to Rule 144.  
Section 2.6    Subsequent Registration Rights.  So long as the Investors hold any Registrable Securities in respect of which registration rights provided for in Article I of this Agreement remain in effect, the Company will not, directly or indirectly, without the prior written consent of each of the Investors, grant to any Person or agree to otherwise become obligated in respect of (i) the rights of registration in the nature or substantially in the nature of those set forth 

10
136252302.7 

in Article I of this Agreement that would have priority over or parity with the Registrable Securities with respect to the inclusion of such securities in any registration or (ii) demand registration rights exercisable prior to such time as the Investors can first exercise its rights under Article I.
Section 2.7    Holdback Agreement.  If during the Effectiveness Period, the Company shall file a registration statement (other than in connection with the registration of securities issuable pursuant to an employee stock option, stock purchase or similar plan or pursuant to a merger, exchange offer or a transaction of the type specified in Rule 145(a) under the Securities Act) with respect to an underwritten public offering of Common Units or securities convertible into, or exchangeable or exercisable for, such securities or otherwise informs the Holders that it intends to conduct such an offering utilizing an effective registration statement or pursuant to an underwritten Rule 144A and/or Regulation S offering and provides such Holder the opportunity to participate in such offering as provided in Article I, the Holders shall, if requested by the managing underwriter or underwriters, enter into a customary “lock-up” agreement relating to the sale, offering or distribution of Registrable Securities, in the form reasonably requested by the managing underwriter or underwriters, covering the period commencing on the date of the prospectus pursuant to which such offering may be made and continuing until up to 90 days from the date of such prospectus (or such shorter period for which a lock-up shall apply to the Company).
ARTICLE III     
 
Indemnification
Section 3.1    Indemnification by Company.  To the extent permitted by applicable law, the Company will, with respect to any Registrable Securities covered by a registration statement or prospectus, or as to which registration, qualification or compliance under applicable “blue sky” laws has been effected pursuant to this Agreement, indemnify and hold harmless each Holder, each Holder’s current and former officers, directors, partners, members, managers, shareholders, accountants, attorneys, agents and employees, and each Person controlling such Holder within the meaning of Section 15 of the Securities Act (collectively, the “Company Indemnified Parties”), from and against any and all expenses, claims, losses, damages, costs (including costs of preparation and reasonable attorney’s fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation or proceeding), judgments, fines, penalties, charges, amounts paid in settlement and other liabilities, joint or several, (or actions in respect thereof) (collectively, “Losses”) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus” (as such term is defined in Rule 433 under the Securities Act) or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, or any violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rules or regulations thereunder applicable to the Company and (without limiting the preceding portions of this Section 3.1), the Company will reimburse each of the Company Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket 

11
136252302.7 

expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 3.1, settling any such Losses or action, as such expenses are incurred; provided that the Company’s indemnification obligations shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of the Company (which consent shall not be unreasonably withheld or delayed), nor shall the Company be liable to a Holder in any such case for any such Losses or action to the extent that it arises out of or is based upon a violation or alleged violation of any state or federal law (including any claim arising out of or based on any untrue statement or alleged untrue statement or omission or alleged omission in the registration statement or prospectus) which occurs in reliance upon and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives expressly for use in connection with such registration by or on behalf of any Holder.
Section 3.2    Indemnification by Holders.  To the extent permitted by applicable law, each Holder will, if Registrable Securities held by such Holder are included in the securities as to which registration or qualification or compliance under applicable “blue sky” laws is being effected, indemnify, severally and not jointly with any other Holders of Registrable Securities, the Company, each of its representatives, each Person who controls the Company or such underwriter within the meaning of Section 15 of the Securities Act (collectively, the “Holder Indemnified Parties”), against all Losses (or actions in respect thereof) to the extent arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus, preliminary prospectus, offering circular, “issuer free writing prospectus” or other document, in each case related to such registration statement, or any amendment or supplement thereto, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and will reimburse each of the Holder Indemnified Parties for any reasonable and documented out-of-pocket legal expenses and any other reasonable and documented out-of-pocket expenses actually incurred in connection with investigating, defending or, subject to the last sentence of this Section 3.2, settling any such Losses or action, as such expenses are incurred, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular, “issuer free writing prospectus” or other document in reliance upon and in conformity with written information regarding such Holder furnished to the Company by such Holder or its authorized representatives and stated to be specifically for use therein; provided, however, that in no event shall any indemnity under this Section 3.2 payable by any Holder exceed an amount equal to the net proceeds received by such Holder in respect of the Registrable Securities sold pursuant to the registration statement.  The indemnity agreement contained in this Section 3.2 shall not apply to amounts paid in settlement of any Losses or action if such settlement is effected without the prior written consent of the applicable Holder (which consent shall not be unreasonably withheld or delayed).
Section 3.3    Notification.  If any Person shall be entitled to indemnification under this Article III (each, an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party required to provide indemnification (each, an “Indemnifying Party”) of any claim or of the commencement of any proceeding as to which indemnity is sought.  The Indemnifying Party shall 

12
136252302.7 

have the right, exercisable by giving written notice to the Indemnified Party as promptly as reasonably practicable after the receipt of written notice from such Indemnified Party of such claim or proceeding, to assume, at the Indemnifying Party’s expense, the defense of any such claim or litigation, with counsel reasonably satisfactory to the Indemnified Party and, after notice from the Indemnifying Party to such Indemnified Party of its election to assume the defense thereof, the Indemnifying Party will not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such Indemnified Party hereunder for any legal expenses and other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; provided, however, that an Indemnified Party shall have the right to employ separate counsel in any such claim or litigation, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless the Indemnifying Party shall have failed within a reasonable period of time to assume such defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay.  The failure of any Indemnified Party to give notice as provided herein shall relieve an Indemnifying Party of its obligations under this Article III only to the extent that the failure to give such notice is materially prejudicial or harmful to such Indemnifying Party’s ability to defend such action.  No Indemnifying Party, in the defense of any such claim or litigation, shall, except with the prior written consent of each Indemnified Party (which consent shall not be unreasonably withheld or delayed), consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation.  The indemnity agreements contained in this Article III shall not apply to amounts paid in settlement of any claim, loss, damage, liability or action if such settlement is effected without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed.  The indemnification set forth in this Article III shall be in addition to any other indemnification rights or agreements that an Indemnified Party may have.  An Indemnifying Party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such Indemnifying Party with respect to such claim, unless in the reasonable judgment of any Indemnified Party a conflict of interest may exist between such Indemnified Party and any other Indemnified Parties with respect to such claim.
Section 3.4    Contribution.  If the indemnification provided for in this Article III is held by a court of competent jurisdiction to be unavailable to an Indemnified Party, other than pursuant to its terms, with respect to any Losses or action referred to therein, then, subject to the limitations contained in this Article III, the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses or action in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other, in connection with the actions, statements or omissions that resulted in such Losses or action, as well as any other relevant equitable considerations.  The relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or relates to information supplied by such Indemnifying Party or such Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such 

13
136252302.7 

action, statement or omission.  The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 3.4 was determined solely upon pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence of this Section 3.4.  Notwithstanding the foregoing, the amount each Holder will be obligated to contribute pursuant to this Section 3.4 will be limited to an amount equal to the net proceeds received by such Holder in respect of the Registrable Securities sold pursuant to the registration statement which gives rise to such obligation to contribute.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
ARTICLE IV     
 
Transfer and Termination of Registration Rights
Section 4.1    Transfer of Registration Rights.  Any rights granted to the Purchaser or Investor under this Agreement may be transferred or assigned to any Person in connection with a transfer of Common Units or Warrants to such Person; provided, however, that (i) prior written notice of such assignment of rights is given to the Company, (ii) such 
 
Person that becomes the owner of any Registrable Securities executes and delivers to the Company a joinder to this Agreement substantially in the form of Exhibit B attached hereto and (iii) such transfer is (A) with respect to Common Units or Warrants (on an as-exercised basis), collectively, that represents five percent (5%) or more of the aggregate outstanding Common Units of the Limited Partnership or (B) of Registrable Securities then held by any Investor to an Investor or an Affiliate of an Investor.  
Section 4.2    Termination of Registration Rights.  The rights of any particular Holder to cause the Company to register securities under Article I shall terminate with respect to such Holder upon the date upon which such Holder no longer holds any Registrable Securities.
Section 4.3    Suspension of Registration Rights Under LP Agreement.  For so long as this Agreement remains in effect, the registration rights contained in this Agreement supersede the registration rights in the LP Agreement set forth in Section 7.12 of the LP Agreement and the Investors agree to suspend their rights to exercise registration rights pursuant to Section 7.12 of the LP Agreement and agree not to transfer their Registrable Securities to any Affiliate unless such Affiliate agrees to suspend its rights to exercise registration rights pursuant to Section 7.12 of the LP Agreement upon and following the transfer of such Registrable Securities.
ARTICLE V     
 
Miscellaneous
Section 5.1    Amendments and Waivers.  Subject to compliance with applicable law, this Agreement may be amended or supplemented in any and all respects by written agreement of the 

14
136252302.7 

Company and the Purchaser; provided that (a) no amendment or supplement that may adversely affect a Holder with respect to a term differently than the consenting Holders may be effected without the written consent of each affected Holder (other than insofar as such terms are different from the outset) and (b) no consent to an amendment or supplement need be obtained from any non-affected Holder; provided, however, so long as TK or its Affiliates own Registrable Securities, TK’s rights hereunder may not be adversely affected without TK’s or its Affiliates’ consent, as applicable.

Section 5.2    Extension of Time, Waiver, Etc.  The parties hereto may, subject to applicable law, (a) extend the time for the performance of any of the obligations or acts of the other party or (b) waive compliance by the other party with any of the agreements contained herein applicable to such party or, except as otherwise provided herein, waive any of such party’s conditions.  Notwithstanding the foregoing, no failure or delay by the parties hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder.  Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.
Section 5.3    Assignment.  Except as provided in Section 4.1, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without the prior written consent of the other party hereto.
Section 5.4    Counterparts.  This Agreement may be executed in one or more counterparts (including by facsimile or electronic mail), each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other parties hereto.
Section 5.5    Entire Agreement; No Third Party Beneficiary.  This Agreement, including the Transaction Documents (as defined in the Investment Agreement), constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof and thereof.  No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns any rights or remedies hereunder.
Section 5.6    Governing Law; Jurisdiction.  
(a)    This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts executed in and to be performed entirely within that State, regardless of the laws that might otherwise govern under any applicable conflict of laws principles.
(b)    All legal or administrative proceedings, suits, investigations, arbitrations or actions (“Actions”) arising out of or relating to this Agreement shall be heard and determined in 

15
136252302.7 

the Supreme Court of the State of New York, New York County, and the United States District Court for the Southern District of New York, and the parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action.  The consents to jurisdiction and venue set forth in this Section 5.6 shall not constitute general consents to service of process in the State of New York and shall have no effect for any purpose except as provided in this paragraph and shall not be deemed to confer rights on any Person other than the parties hereto.  Each party hereto agrees that service of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight courier at the address set forth in Section 5.9 of this Agreement.  The parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law; provided, however, that nothing in the foregoing shall restrict any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.
Section 5.7    Specific Enforcement.  The parties acknowledge and agree that (a) the parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to enforce specifically the terms and provisions hereof in the courts described in Section 5.6 without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of this Agreement and without that right, neither the Company, the Invesor nor TK would have entered into this Agreement.  The parties hereto agree not to assert that a remedy of specific enforcement is unenforceable, invalid, contrary to law or inequitable for any reason, and agree not to assert that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law.  The parties hereto acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 5.7 shall not be required to provide any bond or other security in connection with any such order or injunction.
Section 5.8    Waiver of Jury Trial.  EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 5.8.

16
136252302.7 

Section 5.9    Notices.  All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed given if delivered personally, by facsimile (which is confirmed), emailed (which is confirmed) or sent by overnight courier (providing proof of delivery) to the parties at the following addresses:
If to the Company, to it at:
Teekay Offshore Partners L.P 
4th Floor, Belvedere Building
69 Pitts Bay Road
Hamilton HM 08, Bermuda 
Attention:     Corporate Secretary 
Facsimile:     (441) 292-3931
Email:        Edie.Robinson@teekay.com 

with a copy to (which copy alone shall not constitute notice):
Vinson & Elkins LLP 
666 Fifth Avenue, 26th Floor
New York, NY 10103-0040 
Attention:     Mike Rosenwasser 
Facsimile:     (917) 206-8100 
Email:        mrosenwasser@velaw.com 

If to the Purchaser, to it at:
Brookfield TK TOLP L.P.
c/o Brookfield Business Partners L.P. 
181 Bay Street PO Box 762
Toronto, Ontario, M5J 2T3
Attention:     Ryan Szainwald
Lyndsay Hatlelid
Facsimile:    (416) 369-2301
Email:        Ryan.Szainwald@brookfield.com
Lyndsay.Hatlelid@brookfield.com

with a copy (which shall not constitute notice) to:
Kirkland & Ellis LLP 
601 Lexington Avenue 
New York, NY 10022 
Attention:    Joshua N. Korff, Esq. 
        Elazar Guttman, Esq. 
        Ross M. Leff, Esq.
Facsimile:    (212) 446-4900
Email:        JKorff@kirkland.com
Elazar.Guttman@kirkland.com

17
136252302.7 

Ross.Leff@kirkland.com

If to an Investor, other than the Purchaser, to such address of the Investor as the Investor specifies by notice to the other parties hereto.

If to TK, to it at:
Teekay Corporation  
4th Floor, Belvedere Building
69 Pitts Bay Road
Hamilton HM 08, Bermuda 
Attention:     Corporate Secretary 
Facsimile:     (441) 298-2530
Email:        Edie.Robinson@teekay.com 

with a copy to (which copy alone shall not constitute notice):
Perkins Coie LLP 
1120 N.W. Couch Street, 10th Floor
Portland, Oregon 97209-4128
Attention:     David Matheson 
                    Gina Eiben 
Facsimile:     (503) 346-2008 
Email:                    dmatheson@perkinscoie.com 
                    geiben@perkinscoie.com  

or such other address, email address or facsimile number as such party may hereafter specify by like notice to the other parties hereto.  All such notices, requests and other communications shall be deemed received on the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day is a Business Day in the place of receipt.  Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.
Section 5.10    Severability.  If any term, condition or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect.  Upon such determination that any term, condition or other provision is invalid, illegal or incapable of being enforced, 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 to the fullest extent permitted by applicable law.
Section 5.11    Expenses.  Except as provided in Section 2.3, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

18
136252302.7 

Section 5.12    Interpretation.  The rules of interpretation set forth in Section 8.06 of the Investment Agreement shall apply to this Agreement, mutatis mutandis.  
 [Signature pages follow]

19
136252302.7 

IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first above written.
	
	
	COMPANY:

TEEKAY OFFSHORE PARTNERS L.P.
   
By: Teekay Offshore GP L.L.C., its   general partner

By:              /s/ Edith Robinson                            
       Name:  Edith Robinson
       Title:    Secretary

	 

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT
136252302.7 

	
	
	PURCHASER:

BROOKFIELD TK TOLP L.P.
   
By:              /s/Gregory E A Morrison                 
       Name:  Gregory E A Morrison
       Title:    Director

	 

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT
136252302.7 

TEEKAY CORPORATION
    
By:              /s/ Edith Robinson                             
       Name:  Edith Robinson
       Title:    Assistant Corporate Secretary

SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT
136252302.7 

EXHIBIT A 
 
DEFINED TERMS
1.The following capitalized terms have the meanings indicated:
“Adverse Disclosure” means public disclosure of material non-public information that, in the reasonable judgment of the Company (after consultation with legal counsel): (i) would be required to be made in any registration statement filed with the SEC by the Company so that such registration statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly.
“Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by, or under direct or indirect common control with, such specified Person; provided, that (i) the Company and its Subsidiaries shall not be deemed to be Affiliates of the Investor or any of its Affiliates, (ii) the Parent and its Subsidiaries shall not be deemed to be Affiliates of the Investor or any of its Affiliates, and (iii) portfolio companies in which the Investor or any of its Affiliates has an investment (whether as debt or equity) shall not be deemed an Affiliate of the Investor or the Investor’s Affiliates.  For the purposes of this definition, “control”, when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling,” “controlled,” “controlled by” and “under common control with” have meanings correlative to the foregoing. 
“Business Day” means any day except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York are authorized or required by law to be closed.
“Common Units” means all common units of the Company currently or hereafter existing.
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder.
“FINRA” means the Financial Industry Regulatory Authority, Inc.
“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity, including a governmental authority.  
“register”, “registered” and “registration” refer to a registration effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement or the automatic effectiveness of such registration statement, as applicable.
“Registrable Securities” means, as of any date of determination, (a) Common Units issued to the Purchaser pursuant to the Investment Agreement, (b) Common Units issued to TK or its Affiliates pursuant to the TK Investment Agreement and (c) Common Units beneficially owned by 

A-1
136252302.7 

Purchaser or its Affiliates or TK or its Affiliates as of the date of this Agreement (in each case, whether or not subsequently transferred to any Investor) and any Common Units hereafter acquired by any Investor pursuant to the exercise of the Warrants, and any other securities issued or issuable with respect to any such Common Units or Warrants by way of unit split, unit dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise.  As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (i) such securities are sold or otherwise transferred pursuant to an effective registration statement under the Securities Act, (ii) such securities shall have ceased to be outstanding, (iii) such securities have been transferred in a transaction in which the Holder’s rights under this Agreement are not assigned to the transferee of the securities pursuant to Section 4.1 or (iv) all of such Holder’s securities may be resold without restriction on manner of sale or volume within one three-month period pursuant to Rule 144, provided that any such security that ceases to be a Registrable Security under this clause (iv) will again be deemed a Registrable Security if a subsequent decrease in trading volume results in the holder thereof not being able to sell such securities during such period without restriction as to volume or manner of sale pursuant to Rule 144. 
“Registration Expenses” means any and all expenses incident to the performance of or compliance with any registration or marketing of securities, including all (i) registration and filing fees, FINRA fees and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the securities registered), (iii) expenses in connection with the preparation, printing, mailing and delivery of any Registration Statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company (including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) fees and disbursements of counsel for the Company and customary fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants of any comfort letters to be provided pursuant to Section 2.1 hereof), (vii) fees and expenses of any special experts retained by the Company in connection with such registration, (viii) reasonable fees and expenses of any counsel to the Holders, (ix) fees and expenses in connection with any review of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter” or other independent appraiser participating in any offering, including the fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies, and 

A-2
136252302.7 

(xv) all other costs and expenses incurred by the Company or its officers in connection with their compliance with the Company’s obligations under this Agreement.
“Rule 144” means Rule 144 promulgated under the Securities Act and any successor provision.
“Rule 462(e)” means Rule 462(e) promulgated under the Securities Act and any successor provision.
“Selling Expenses” means all underwriting discounts, selling commissions and stock transfer taxes applicable to the securities registered by the Holders.
“SEC” means the U.S. Securities and Exchange Commission.
“Securities Act” means the Securities Act of 1933, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder.
“Shelf Registration Statement” means the Resale Shelf Registration Statement or a Subsequent Shelf Registration Statement, as applicable.
“Warrants” means the warrants issued or transferred to the Purchaser and TK or its Affiliates pursuant to the Investment Agreement, the TK Investment Agreement or the Amended and Restated Promissory Note (as defined in the Investment Agreement), and all warrants issued upon division or combination of, or substitution in for, such warrants.

A-3
136252302.7 

2.    The following terms are defined in the Sections of the Agreement indicated:
INDEX OF TERMS

	
		
	Term
	Section

	Actions
	Section 5.6(b)

	Agreement
	Preamble

	Company
	Preamble

	Company-Initiated Registration
	Section 1.8(a)

	Company Indemnified Parties
	Section 3.1

	Effectiveness Period
	Section 1.2

	Holder
	Recitals

	Holder Indemnified Parties
	Section 3.2

	Holders
	Recitals

	Indemnified Party
	Section 3.3

	Indemnifying Party
	Section 3.3

	Interruption Period
	Section 2.1(o)

	Investment Agreement
	Recitals

	Investor
	Recitals

	Investor-Initiated Registration
	Section 1.8(b)

	Investors
	Recitals

	Losses
	Section 3.1

	Offering Persons
	Section 2.1(m)

	Piggyback Notice
	Section 1.8(a)

	Piggyback Registration Statement
	Section 1.8(a)

	Piggyback Request
	Section 1.8(a)

	Purchaser
	Preamble

	Resale Shelf Registration Statement
	Section 1.1

	Shelf Offering
	Section 1.7

	Subsequent Holder Notice
	Section 1.5

	Subsequent Shelf Registration Statement
	Section 1.3

	Take-Down Notice
	Section 1.7

	TK Investment Agreement
	Recitals

	Underwritten Offering
	Section 1.6(a)

	Underwritten Offering Notice
	Section 1.6(a)

A-4
136252302.7 

EXHIBIT B 
 
FORM OF JOINDER TO 
REGISTRATION RIGHTS AGREEMENT
THIS JOINDER (this “Joinder”) to the Registration Rights Agreement (the “Agreement”) dated as of September 25, 2017 by and among TEEKAY OFFSHORE PARTNERS L.P., a Delaware corporation (the “Company”), BROOKFIELD TK TOLP L.P., TEEKAY CORPORATION and the other parties thereto from time to time, is made and entered into as of _________ by and between the Company and _________________ (“Holder”).  Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Agreement.
WHEREAS, Holder has acquired [[_____ Common Units] / [_______ Warrants]] from ___________.
NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Joinder hereby agree as follows:
1.    Agreement to be Bound.  Holder hereby (i) acknowledges that Holder has received and reviewed a complete copy of the Agreement and (ii) agrees that upon execution of this Joinder, Holder shall become a party to the Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Agreement as though an original party thereto as an Investor.
2.    Successors and Assigns.  Except as otherwise provided in the Agreement, this Joinder shall bind and inure to the benefit of and be enforceable by the Company and Holder.
3.    Notices.  For purposes of Section 5.9 of the Agreement, all notices, demands or other communications to the Holder shall be directed to:
[Name]
 
[Address]
4.    Counterparts; Facsimile Signatures.  This Joinder may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement.  Facsimile counterpart signatures to this Agreement shall be acceptable and binding.
5.    Governing Law.  This Joinder shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any rules, principles or provisions of choice of law or conflict of laws.
6.    Descriptive Headings.  The descriptive headings of this Joinder are inserted for convenience only and do not constitute a part of this Joinder.

B-1
136252302.7 

B-2
136252302.7 

IN WITNESS WHEREOF, the parties hereto have executed this Joinder to the Registration Rights Agreement as of the date set forth in the introductory paragraph hereof.
	
		
	

TEEKAY OFFSHORE PARTNERS L.P.

	By:
	Teekay Offshore GP L.L.C., its general partner

	By:
	__________________________________

	 
	Name:   

	 
	Title:     
 

	 

	[HOLDER]

	By:
	__________________________________

	 
	Name:   

	 
	Title:    

B-3
136252302.7Exhibit

EXECUTION COPY

MASTER SERVICES AGREEMENT
This MASTER SERVICES AGREEMENT (this “Agreement”), dated as of September 25, 2017, is by and among (i) Teekay Corporation, a Marshall Islands corporation (“TKC”), on behalf of itself and any of its Affiliates which, as of the date of this Agreement or at any time hereafter for as long as this Agreement remains in effect, will provide services to Teekay Offshore Partners L.P., a Marshall Islands limited partnership (“TOO”) and its Subsidiaries, (ii) TOO, on behalf of itself and its Subsidiaries, and (iii) for purposes of Sections 2.2, 4.3, 6.1, 8.2, 9.1 and Article 10, Brookfield TK TOLP L.P. (“Investor”), a Bermuda limited partnership.  TKC, TOO and Investor are sometimes referred to as the “Parties”.  Reference is made to that certain Investment Agreement, dated as of July 26, 2017, by and among Investor and TOO (the “Investment Agreement”).  Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Investment Agreement. 
WHEREAS, this Agreement is the Master Services Agreement referenced in the Investment Agreement and the entry into this Agreement is a condition precedent to Investor’s obligations to effect the Transactions and to effectuate the Closing; 
WHEREAS, concurrently with the execution of the Investment Agreement, the Parties entered into a term sheet (the “Term Sheet”) with respect to this Agreement, which Term Sheet contained certain covenants and obligations of the Parties; 
WHEREAS, after giving effect to the Closing of the transactions contemplated by the Investment Agreement, TKC is the beneficial owner of 51% of the issued and outstanding equity interests of Teekay Offshore GP L.L.C., a Marshall Islands limited liability company (“TOO GP”); 
WHEREAS, TOO desires certain Persons to be transitioned to TOO, and TKC is willing to transition such Persons upon the terms and subject to the conditions set forth herein; 
WHEREAS, TOO and TKC desire to set forth the general framework governing the provision of services between TOO and TKC from and after the date hereof; and
WHEREAS, each Party hereby acknowledges and confirms that such Party will, directly or indirectly, receive a substantial economic benefit as a result of the Transactions; NOW THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties hereto, the Parties hereby agree as follows:
Article 1. 
DEFINED TERMS
As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings:
“Adjustment Calculations” shall have the meaning ascribed to such term in Section 2.3.

Exhibit 10.4

“Adjustment Dispute Notice” shall have the meaning ascribed to such term in Section 2.3.
“Alternative Transfer” shall have the meaning ascribed to such term in Section 2.2. 
“Bankrupt” means, with respect to a Person, that (i) such Person has (A) made a general assignment for the benefit of creditors; (B) filed a voluntary petition in bankruptcy; (C) been adjudged bankrupt or insolvent, or had entered against such Person an order of relief in any bankruptcy or insolvency proceeding; (D) filed a petition or an answer seeking for such Person any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief from its debts under any statute, law or regulation or filed an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in any proceeding of the nature of a bankruptcy proceeding or similar matter; or (E) sought, consented to, or acquiesced in the appointment of a trustee, receiver or liquidator of such Person or of all or any substantial part of such Person’s properties; (ii) 120 days have elapsed after the commencement of any proceeding against such Person seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation and such proceeding has not been dismissed; or (iii) 90 days have elapsed since the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of such Person’s properties and such appointment has not been vacated or stayed or the appointment is not vacated within 90 days after the expiration of such stay.
“Complaining Party” shall have the meaning ascribed to such term in Section 6.2.
“Confidential Information” shall have the meaning ascribed to such term in Section 7.02(a).
“Current Service Agreement” shall have the meaning ascribed to such term in Section 4.1. 
“Current Services” shall have the meaning ascribed to such term in Section 4.1.  
“Dedicated TNK Employee” shall have the meaning ascribed to such term in Section 3.4.
“Disclosing Party” shall have the meaning ascribed to such term in Section 7.02(a).
“Dispute” shall have the meaning ascribed to such term in Section 6.2.
“Dispute Notice” shall have the meaning ascribed to such term in Section 6.2.
“DOC” shall mean a document of compliance issued in accordance with the requirements of the International Maritime Safety Code and the relevant flag state government.
“DOC Issuance” shall have the meaning ascribed to such term in Section 2.1.
“Entity Transfer” shall have the meaning ascribed to such term in Section 2.2.
“Evaluation Period” shall have the meaning ascribed to such term in Section 4.3(a). 
“FPSO” shall have the meaning ascribed to such term in Section 4.2(a).

	
			
	 
	2
	 

Exhibit 10.4

“Further Transition” shall have the meaning ascribed to such term in Section 5.1. 
“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board Accounting Standards Codification or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the date hereof.
“Historic Practice” shall have the meaning ascribed to such term in Section 4.3(c).
“Indemnitee” shall have the meaning ascribed to such terms in Section 9.4. 
“Indemnitor” shall have the meaning ascribed to such terms in Section 9.4(a). 
“Initial Schedule 2 Entity Consideration Value” shall have the meaning ascribed to such term in Section 2.2.
 “Investment Agreement” shall have the meaning ascribed to such term in the Preamble.
“Investor” shall have the meaning ascribed to such term in the Preamble.
“Losses” shall mean any claim, loss, liability, cost, damage, deficiency, assessment, fine, judgment, fee, cost or expense (including reasonable, duly-documented out-of-pocket legal fees and expenses and other reasonable, duly-documented out-of-pocket costs incurred in investigating, preparing and defending the foregoing).
“LP Agreement” shall mean the Fifth Amended and Restated Agreement of Limited Partnership of TOO, dated as of June 29, 2016, as amended, supplemented or otherwise modified.
“New Service Agreement” shall have the meaning ascribed to such term in Section 5.1. 
“New Services” shall have the meaning ascribed to such term in Section 5.3. 
“Parties” shall have the meaning ascribed to such term in the Preamble.
“Pre-Closing Service” shall have the meaning ascribed to such term in Section 3.2(e).
“Principal Representative” shall have the meaning ascribed to such term in Section 6.1. 
“Receiving Party” shall have the meaning ascribed to such term in Section 7.02(a).
“Responding Party” shall have the meaning ascribed to such term in Section 6.2. 
“Response” shall have the meaning ascribed to such term in Section 6.2.
“Schedule 1 Employees” shall mean the employees, consultants and contractors of those Persons listed on Schedule 1.  
“Schedule 2 Employees” shall mean the employees, consultants and contractors of those Persons listed on Schedule 2.  
“Schedule 2 Entities” shall mean those Persons listed on Schedule 2.
“Schedule 2 Entity Consideration Difference” shall have the meaning ascribed to such term in Section 2.3.
“Schedule 2 Entity Consideration Value” shall have the meaning ascribed to such term in Section 2.3.

	
			
	 
	3
	 

Exhibit 10.4

“Schedule 2 Entity Financial Statements” shall have the meaning ascribed to such term in Section 8.1.
“Schedule 3 Dedicated Employees” shall mean those employees, consultants and contractors of the Schedule 3 Entities who, as of the date of the Investment Agreement, spent substantially all of their business time dedicated to the TOO Business. 
“Schedule 3 Entities” shall mean those Persons listed on Schedule 3. 
“Schedule 3 Services” shall have the meaning ascribed to such term in Section 5.1. 
“Schedule 3 Transferred Employee” shall have the meaning ascribed to such term in Section 3.1.
 “Service Provider” shall have the meaning ascribed to such term in Section 4.1. 
“Service Recipient” shall have the meaning ascribed to such term in Section 4.1. 
“Shared Service Evaluation” shall have the meaning ascribed to such term in Section 5.1. 
“Term Sheet” shall have the meaning ascribed to such term in the Preamble.
“Termination Costs” shall have the meaning ascribed to such term in Section 4.3(b). 
“TKC” shall have the meaning ascribed to such term in the Preamble.
“TKC Entities” shall mean, collectively, TKC and its Subsidiaries (other than any TOO Entity).
“TKC Indemnitees” shall have the meaning ascribed to such term in Section 9.2.
“TNK” shall have the meaning ascribed to such term in Section 3.4.
“TNOL” shall mean Teekay Navion Offshore Loading Pte. Ltd.  
“TNOL Service Agreements” shall have the meaning ascribed to such term in Section 4.2(b).
“TOO” shall have the meaning ascribed to such term in the Preamble.
“TOO Business” shall mean the business of TOO and its Subsidiaries, (which shall include, for certainty, the services provided to the TOO Entities by the TKC Entities as of the Closing Date as well as any services provided by any TKC Entity or TKC Employee on behalf of TOO), including the Offshore Restricted Business (as defined in the Amended and Restated Omnibus Agreement among, inter alia, Teekay Shipping Corporation, Teekay LNG Partners L.P., TOO and TOO GP).
“TOO Entities” shall mean, collectively, TOO and its Subsidiaries.  For the avoidance of doubt, each Schedule 2 Entity shall be a TOO Entity from and after the Transfer Date. 
“TOO GP” shall have the meaning ascribed to such term in the Preamble.
“TOO Indemnitees” shall have the meaning ascribed to such term in Section 9.1.
“Transfer Date” shall have the meaning ascribed to such term in Section 2.2.
“Transition Manager” shall have the meaning ascribed to such term in Section 6.1.
ARTICLE 2.     
REORGANIZATION

	
			
	 
	4
	 

Exhibit 10.4

Section 2.1    Document of Compliance.  TKC and TOO shall use their respective commercially reasonable efforts to cause a DOC to be issued (the time such DOC is issued, the “DOC Issuance”) to either (as directed in writing to TKC by TOO) Teekay Shipping Norway AS as soon as practicable following the Closing, and TKC shall keep TOO informed of the progress of such issuance at all times.  Until the DOC Issuance has occurred, TKC shall, and shall cause its Affiliates to, use its commercially reasonable efforts to do all things and take all actions necessary to maintain any current DOC and safety case reasonably necessary for the TOO Business in full force and effect.  TOO shall bear all reasonable, duly-documented out-of-pocket costs and expenses incurred by the TKC Entities and the TOO Entities in obtaining such DOC.  Transfer of Certain Entities.  On January 1, 2018, TKC shall cause each Schedule 2 Entity to be transferred to a TOO Entity (including, for certainty, any new entity formed by TOO for such purpose, as directed in writing to TKC by TOO) by transferring all equity or other ownership interest issued by such Schedule 2 Entity to the designated TOO Entity (the “Entity Transfer”).  The agreements and documents executed, delivered or filed in connection with each Entity Transfer shall be in a form and substance reasonably acceptable to TKC, TOO and Investor to reflect a valid transfer and shall include the form of purchase agreement (each, a “Purchase Agreement”) substantially in the form attached hereto as Exhibit B.  In connection with an Entity Transfer, TOO shall pay to the relevant seller entity an amount in cash, or if the calculated value is negative, TKC shall pay, or cause to be paid, and TOO shall be entitled to receive, an amount in cash from the applicable seller entity, equal to such Schedule 2 Entity’s stockholder’s equity as of the Transfer Date, determined in accordance with GAAP on a basis consistent with past practice (the “Initial Schedule 2 Entity Consideration Value”), in each case, as of the time of the Entity Transfer, as estimated by TOO, taking into consideration any other reasonable adjustments as the Parties and Investor may agree based on commercial principles.  Illustrative examples of the calculation of the consideration to be paid in connection with the Entity Transfers are set forth in Exhibit A hereto.  To the extent that TKC and TOO reasonably agree that (A) any Entity Transfer is not commercially reasonable due to material adverse tax consequences or other material adverse commercial impacts, or (B) it may otherwise be materially beneficial to either party (and not materially detrimental to the other party) to effect an Alternative Transfer (as defined below), TKC shall take all steps reasonably necessary to transfer to TOO or a Subsidiary of TOO (as directed in writing to TKC by TOO and Investor) all employees, assets and liabilities related to the TOO Business (to the extent reflected on the balance sheet/financial statements of such Schedule 2 Entity as of the date of such transfer of the applicable Transferred Entity) for substantially similar consideration (the “Alternative Transfer”).  All Entity Transfers and, to the extent there are any, Alternative Transfers shall be completed on January 1, 2018 (the “Transfer Date”).  
Section 2.2    TK Event of Default.  Notwithstanding anything in this Agreement to the contrary, upon the occurrence of a TK Event of Default (as defined in the Amended and Restated GP LLC Agreement), TKC shall use commercially reasonable efforts to immediately cause an Entity Transfer or Alternative Transfer with respect any or all of the Schedule 2 Entities (as directed in writing by TOO).Settlement of Intercompany Balances.  At the Transfer Date, there shall be no intercompany balances (other than trade receivables and payables arising in the ordinary course of business) between any TKC Entity, on the one hand, and any Schedule 2 Entity, on the other hand.

	
			
	 
	5
	 

Exhibit 10.4

ARTICLE 3.     
EMPLOYEES
Section 3.1    Transition of Schedule 3 Dedicated Employees.  At any time  during the Evaluation Period, TOO may request that TKC permit and use commercially reasonable efforts to facilitate the transfer the employment or other engagement of any Person who is a Schedule 3 Dedicated Employee to a TOO Entity (as directed in writing by TOO) as soon as reasonably practicable following such request on substantially similar terms (each such person, a “Schedule 3 Transferred Employee”). All such requests and transfers of employment shall be made in accordance with applicable Law.  TKC shall, and shall cause the other TKC Entities to, make all Schedule 3 Transferred Employees freely available for employment or other engagement by the TOO Entities. Except as set forth in this Article 3, TOO shall be responsible for the pro rata portion (based on the percentage of professional time such Schedule 3 Dedicated Employee devoted to the TOO Business in the one year period prior to the date hereof) of any and all Losses incurred by TKC or any of its Subsidiaries (other than TOO GP and its Subsidiaries) in connection with the termination of such Schedule 3 Transferred Employee and/or the process of offering such Schedule 3 Transferred Employee employment with TOO and the implementation of such offer.
(a)    TKC shall use, and shall cause its Subsidiaries (including, for certainty, any applicable Schedule 2 Entity) to use, their respective commercially reasonable efforts to cause the transfer of David Wong’s employment to a Schedule 2 Entity prior to the applicable Transfer Date. 
Section 3.2    Continuation of Employment; Certain Benefits.  TKC shall not, and shall cause the other TKC Entities not to, transfer any Schedule 2 Employee (prior to the Transfer Date) or Schedule 3 Dedicated Employee (in the case of any Schedule 3 Transferred Employee who has accepted an offer from a TOO Entity, prior to the date on which such person’s employment is transferred to a TOO Entity) to a Person not listed on the applicable schedule.  
(a)    With respect to each Schedule 2 Employee, until the Transfer Date, TKC shall, and shall cause the other TKC Entities to, use their respective commercially reasonable efforts to cause such Schedule 2 Employees to continue to be dedicated to, and provide services to, the TOO Business consistent with past practice.  
(b)    With respect to each Schedule 3 Dedicated Employee (in the case of any Schedule 3 Transferred Employee who has accepted an offer from a TOO Entity, prior to the date on which such person’s employment is transferred to a TOO Entity), TKC shall, and shall cause the other TKC Entities to, use their respective commercially reasonable efforts to cause such Schedule 3 Dedicated Employee to continue to be dedicated to, and provide services to, the TOO Business consistent with past practice.
(c)    TOO and TKC hereby agree (i) that each of them will cooperate and use commercially reasonable efforts to ensure (x) that the transfer of the Schedule 3 Transferred Employees shall not constitute or give rise to a severance of employment of any Schedule 3 Transferred Employee prior to or upon such consummation of such transfers and (y) that the Schedule 3 Transferred Employees will have continuous and uninterrupted employment immediately before and immediately after the date of their transfer and (ii) to comply, in all material respects, with the 

	
			
	 
	6
	 

Exhibit 10.4

requirements under applicable Laws in respect of such transfers.  TOO shall assume or retain all Losses in respect of claims made by any Schedule 3 Dedicated Employees for statutory, contractual or common law severance or other separation benefits (including claims for wrongful dismissal, notice of termination of employment or pay in lieu of notice) (“Severance Compensation”) arising out of, relating to or in respect of such Schedule 3 Dedicated Employee’s refusal to accept a transfer of employment to a TOO Entity or a Schedule 2 Entity in connection herewith. 
(d)    From and after the applicable transfer time, TOO shall, and TOO shall cause the TOO Entities (including any Schedule 2 Entity after the Transfer Date) to, give each Transferred Schedule 3 Employee full credit for such Transferred Schedule 3 Employee’s service with the TKC Entities (and with any predecessor employer) (such service, “Pre-Closing Service”) for purposes of eligibility to participate, vesting (other than with respect to any equity based compensation plan) and determining level of benefits (in the case of paid time off, vacation and severance only) under any Company Plan and employment-related entitlements provided, sponsored, maintained or contributed to by any TOO Entity or any Schedule 2 Entity in which such Transferred Schedule 3 Employee is eligible to participate after the Closing Date, in each case, to the same extent such Pre-Closing Service was recognized by the TKC Entities immediately prior to the time such Person’s employment was transferred under a similar benefit plan, except to the extent such credit would result in duplication of benefits for the same period of service or with respect to benefit accruals under any defined benefit pension plan.
(e)    For purposes of determining the number of vacation days to which each Schedule 3 Transferred Employee shall be entitled during the calendar year in which the applicable transfer occurs, TOO shall, and shall cause the TOO Entities to, and TKC shall cause the Schedule 2 Entities to, honor all vacation days earned but not yet taken by such Schedule 3 Transferred Employee as of the applicable time their employment is transferred (as reasonably determined by TOO in good faith).
(f)    The TOO Entities shall assume or retain the pro rata portion (based on the percentage of professional time such Schedule 3 Transferred Employee devoted to the TOO Business in the one year period prior to the date hereof) of all Losses incurred by TKC or any of its Subsidiaries (other than TOO GP and its Subsidiaries) in respect of claims made by any Schedule 3 Transferred Employee for statutory, contractual or common law employment-related entitlements or other employment related claims arising out of, relating to or in respect of any such Schedule 3 Transferred Employee’s transfer of employment to a TOO Entity in connection herewith.     
Section 3.3    Talent Management.  TKC and TOO agree that the parties will engage in good faith discussions at the Board level to review the talent within the TKC Entities and the TOO Entities with a goal of providing career development opportunities for key individuals within their respective organizations.  Such opportunities could be by way of permanent transfer or temporary secondment or such other methodology as the parties consider appropriate in the circumstances.  Provided, however, neither party shall hire or engage an employee from the other organization without the prior consent of the board of directors of the other party.  This Section 3.3 shall cease to apply with respect to any Transferred Employee one year after such Transferred Employee ceases to be employed by any TKC Entity for any reason.TNOL Employees.  TKC shall 

	
			
	 
	7
	 

Exhibit 10.4

have the right to offer employment with TKC or one of its Subsidiaries to any employee of TNOL who the parties reasonably determine spends substantially all of his or her time providing services to Teekay Tankers Ltd. or one of its Subsidiaries (collectively, “TNK”) (such employee, a “Dedicated TNK Employee”).  TKC shall bear all costs associated with the transfer of the employment of such Persons who accept employment with TKC, as well as any severance or other costs incurred by the TOO Entities in connection with the transfer or termination of such employment. TKC shall be responsible for all Losses incurred by the TOO Entities in connection with the termination of any Dedicated TNK Employee who has accepted an offer for employment pursuant to Section 3.4 hereof or the process of offering such Dedicated TNK Employee employment with TNK and the implementation of such offer.
Section 3.4    Current Service Agreements.  The TKC Entities, on the one hand, and the TOO Entities and the Schedule 2 Entities, on the other hand, are as of the date of this Agreement, and will be as of the Closing Date, parties to service Contracts (the “Current Service Agreements”) pursuant to which the TKC Entities (in such capacity, the “Service Provider”) provide the TOO Entities and the Schedule 2 Entities (in such capacity, the “Service Recipient”) services related to the conduct of their respective businesses (the “Current Services”).  Unless otherwise agreed by TKC and TOO in accordance with the terms of this Agreement or otherwise in writing, from and after the date hereof, TKC shall, and shall cause the other TKC Entities to, (x) maintain the Current Service Agreements in full force and effect, and (y) ensure the continued provision of all Current Services by the Service Providers to the Service Recipients in accordance with the terms (including with respect to costs) of the Current Service Agreements and this Agreement subject to such changes resulting from compliance with the terms of this Agreement. Other Services.  As of the Closing Date, certain entities set forth on Schedules 1 and 2 provide services to TKC related to the TKC Entities’ businesses under certain existing service agreements.  In that regard, the Parties agree as follows: 
(a)    Tanker Services.  After the Closing, TNOL shall continue to provide commercial management services in accordance with the terms of the service agreements listed on Exhibit C (the “TNOL Service Agreements”), consistent with past practices.  
Section 3.5    Amendments to Current Service Agreements.  Effective as of the Closing Date, all Current Service Agreements shall hereby be amended, automatically and without further action by the Parties or their respective Subsidiaries, such that, notwithstanding anything to the contrary in the Current Services Agreements or this Agreement, the following provisions shall apply with respect to all Current Services and Current Service Agreements:Termination of Services.  Service Providers may not terminate any Current Service Agreement, or any Current Service provided thereunder, for any reason during the 12 month period following Closing (the “Evaluation Period”) other than with respect to an event of default by the Service Recipients under the applicable agreement.  At any time following the Closing, a Service Recipient may terminate any Current Service Agreement, or any Current Service provided thereunder, for any reason or for no reason, whether during the Evaluation Period or otherwise, at any time upon at least thirty (30) days (or such shorter period to which the applicable Service Provider agrees in writing) prior written notice to the Service Provider; provided, however, that prior to the Exercise Date (as defined in the Amended and Restated GP LLC Agreement), Investor’s consent shall be required prior to any such termination.  

	
			
	 
	8
	 

Exhibit 10.4

In the event a Service Recipient elects to terminate any Current Services, TKC shall, or shall cause the applicable Service Provider to, provide reasonable assistance necessary to ensure a smooth transition prior to the termination of such Current Services.  For clarity, any termination of any Current Service Agreement or any Current Service shall not affect TOO’s rights to transfer or hire any Schedule 3 Dedicated Employees under Article 3.
(a)    Cost of Termination.  Any costs directly associated with the termination of any Current Services (including TOO’s pro rata share of any severance costs to be paid to any employee (based on the percentage of professional time such employee devoted to the TOO Business in the one (1) year period prior to the date hereof) who is made redundant, the costs of terminating software license seats or terminating leases for excess office space or sub-letting such space where software or space has been exclusively used in the TOO Business and costs associated with providing transition services to TOO, if any (collectively, “Termination Costs”), shall be borne by TOO.  Notwithstanding the foregoing, if any such termination is due to the Service Provider’s material breach of the applicable Current Service Agreement, including the terms and conditions set forth in this Section 4.3, which breach is not cured within thirty (30) days of Service Recipient’s notice to the applicable Service Provider describing such breach, the TKC Entities shall bear all Termination Costs associated with such termination.  For clarity, in no event shall TOO be responsible for any costs associated with the termination of any Current Services in respect of any resources (such as employees, office lease space or software license seats) to the extent such resources are allocated to, or otherwise required to be held by, any TKC Entity in the operation of the business of the TKC Entities.
(b)    Service Level.  TKC shall, and shall cause each Service Provider to, provide the Current Services, including with respect to the levels of care, quality, diligence and frequency, consistent with the conduct of the TOO Business during the 12-month period prior to the date hereof (such standard, “Historic Practice”) and, in any event, with not less than a reasonable degree of care, quality and diligence.  In addition, TKC shall, and shall cause each Service Provider to, (i) establish and enforce policies that require performance of the Current Services in accordance with applicable Laws (including, for certainty, all Sanctions Laws, Money Laundering Laws, and Anticorruption Laws), (ii) give the Current Services substantially the same priority as it accords its own operations in the ordinary course of business, consistent with Historic Practice, (iii) assign sufficient resources and qualified personnel (based on education, training, experience and skill) to perform the Current Services, consistent with Historic Practice, and (iv) promptly notify the applicable Service Recipient of any staffing or resource problems that could reasonably be expected to materially affect the provision of the Current Services; provided that any such staffing or resource problems shall not affect or otherwise modify the obligations of such Service Provider to provide the applicable Current Services.  
(c)    Cooperation.  TKC shall, and shall cause the TKC Entities, on the one hand, and TOO shall, and shall cause the TOO Entities, on the other hand, to use good faith efforts to cooperate with each other in all matters relating to the provision and receipt of the Current Services.  Subject to the applicable Service Provider’s and Service Recipient’s information security, access, nondisclosure and confidentiality, and other reasonable policies and requirements, such cooperation will include exchanging information, providing necessary access to people, equipment and systems, 

	
			
	 
	9
	 

Exhibit 10.4

cooperating with respect to obtaining and providing all consents, licenses, sublicenses, approvals, and/or rights reasonably necessary to permit the applicable Service Provider and Service Recipient to perform its obligations, and providing mutual assistance with respect to any actions necessary for the extension of Current Services.
(d)    Modified or Additional Services.  In the event that, during the Evaluation Period, a Service Recipient identifies the need to modify a Current Service or add an additional service, TKC and TOO shall, and shall cause the TKC Entities and the TOO Entities, as applicable, to, promptly work together in good faith and use commercially reasonable efforts to modify such Current Service or add such additional service to the applicable Current Service Agreement, under which Service Provider shall provide (or arrange for the provision of) such modified or additional service (which shall be considered a Current Service) to Service Recipient.  The fees for such new or modified Current Service shall be determined on a “cost plus” basis in a manner consistent with the provision of other Current Services under the Current Services Agreements and the applicable OECD transfer pricing guidelines, and unless otherwise agreed by the Parties, such modified Current Service or additional service shall be provided consistent with the terms and conditions set forth in this Section 4.3.  
(e)    Performance by Affiliates and Subcontractors.  A Service Provider may use one or more of its Affiliates or third party subcontractors to perform all or any portion of Service Provider’s duties under any Current Service Agreement, provided that (i) such Service Provider shall use the same degree of care in selecting any such third party service providers as it would if such third party service providers were being retained to provide similar services to such Service Provider (and in no event lower than a reasonable degree of care), (ii) such Service Provider remains primarily responsible for the performance of such Affiliates and subcontractors as if it was performed by such Service Provider, including such Affiliates’ and subcontractors’ acts and omissions, and (iii) the applicable Service Recipient’s payment or reimbursement obligations are not changed by such use.
(f)    Records; Audits.  Each Service Provider shall maintain all books, records, receipts, invoices, reports, and other documents and information relating to the Current Services in accordance with its standard accounting practices and procedures.  Each Service Provider shall make such books, records, receipts, invoices and other documents and information reasonably available, on reasonable prior written notice and during ordinary business hours, to the applicable Service Recipient and its auditors during the term of the applicable Current Service Agreements and for one (1) year afterwards for purposes of confirming such Service Provider’s compliance with the terms of the applicable Current Service Agreements.  Each Service Provider will cooperate with the applicable Service Recipient and its auditors, as reasonably requested by such Service Recipient, in connection with any audit.
(g)    Dispute Resolution.  Any disputes with respect to any Current Service or Current Service Agreement shall be resolved in accordance with the dispute resolution process in Article 6 hereof.
(h)    Compliance with Laws.  In providing the Current Services, each Service Provider shall hold and maintain all Permits and insurance policies, and shall not (i) take any action 

	
			
	 
	10
	 

Exhibit 10.4

(or make any omission) that violates, conflicts with, results in a breach of or constitutes a default under, its certificate of organization or other charter instrument or by-laws, (ii) take any action (or make any omission) that results in the suspension, termination, cancellation, non-renewal or adverse modification of any Permit or insurance policies or (iii) violate, in any material respect, any Law applicable to such Service Provider or Service Recipient (including, for certainty, all Sanctions Laws, Money Laundering Laws, and Anticorruption Laws).  
(i)    GP Interest Option.  For the avoidance of doubt, the exercise by Brookfield TK TOGP L.P. of its option to purchase 2% of the limited liability company interests in TOO GP shall not violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would constitute a violation or default) under any of the terms, conditions or provisions of any Current Service Agreement or accelerate any obligations or rights under or give a right of termination of (whether or not with notice, lapse of time or both) any such Current Service Agreement.  
The Parties acknowledge and agree that the foregoing amendments have been approved by the board of directors of each of TKC, TOO GP, the Conflicts Committee of TOO, Investor and the other parties to this Section 4.3.
Section 3.6    Further Amendments.  The Parties agree to review the terms of the Current Services Agreements during the Evaluation Period and to negotiate in good faith any amendments to the Current Services Agreements that the Parties reasonably believe are required to reflect an arm’s length relationship between the Service Provider and the Service Recipient.  The Parties acknowledge and agree that such amendments may include additions of, or changes to, provisions concerning payment terms, dispute resolution procedures, representations and warranties, indemnities, limitations of liability or termination rights, and any provisions added or changed by way of such amendment shall be consistent with such terms as would be reasonably expected to be included in an agreement governing the provision of similar services between arm’s length parties.  The Parties acknowledge and agree that any material amendments to the Current Services Agreements contemplated by this Section 4.4 shall be subject to approval by the board of directors of each of TKC, TOO GP, the Conflicts Committee of TOO, and, prior to the Exercise Date, Investor, each such approval not to be unreasonably withheld, conditioned or delayed.Order of Precedence.  In the event of any conflict between the terms of this Agreement and the Current Services Agreements, the terms of this Agreement shall prevail.
Section 3.7    Shared Service Evaluation; Further Transition.  During the Evaluation Period, TOO shall evaluate, and TKC shall provide reasonable assistance to TOO in so evaluating, whether any of the Schedule 3 Entities should continue to provide Current Services (the “Schedule 3 Services”) to the TOO Entities and the Schedule 2 Entities, and, if so, on what terms and conditions, including with respect to duration (such actions, the “Shared Service Evaluation”).  Based on the Shared Service Evaluation, the applicable TOO Entity and/or Schedule 2 Entity may elect any of the following (collectively, the “Further Transition”), whether during the Evaluation Period or otherwise:  (i) termination of any Schedule 3 Services (or any portion thereof), (ii) continuation of any Schedule 3 Services under the applicable Current Service Agreement, or (iii) entry into one or more new service agreements with respect to any Schedule 3 Services or any other 

	
			
	 
	11
	 

Exhibit 10.4

service reasonably required to conduct the TOO Business with the applicable TKC Entity (which may be in the form of an amendment to a Current Service Agreement) (each, a “New Service Agreement”).  TKC and TOO shall cause the TKC Entities and the TOO Entities to use commercially reasonable efforts to complete the Shared Service Evaluation and enter into the applicable New Service Agreements or effect such other Further Transition within the Evaluation Period.  In the event the applicable TOO Entity and/or Schedule 2 Entity elects to enter into one or more New Service Agreements, TKC and TOO shall cause the applicable TKC Entity and TOO Entity to negotiate in good faith the terms and conditions (including with respect to price and duration) under which any such Schedule 3 Services or other services will be provided on a going forward basis in accordance with this Article 5.  The Parties acknowledge and agree that any material amendments to the Current Services Agreements shall be subject to approval by the board of directors of each of TKC, TOO GP, the Conflicts Committee of TOO, and, prior to the Exercise Date, Investor, each such approval not to be unreasonably withheld, conditioned or delayed.  Termination.  In the event the applicable TOO Entity elects to terminate any Schedule 3 Services, TKC shall cause the applicable TKC Entity to provide reasonable assistance necessary to ensure a smooth transition prior to the termination of such Schedule 3 Services.  Any costs associated with the termination of any Schedule 3 Services shall be allocated between the TKC Entities and the TOO Entities in accordance with Section 4.3(b).  For clarity, any termination of Schedule 3 Services shall not affect TOO’s rights to transfer or hire any Schedule 3 Dedicated Employees under Article 3.
Section 3.8    Transition Managers; Principal Representatives.  TKC and TOO shall each appoint one individual (the “Transition Manager”) (i) to have primary responsibility and oversight for the Shared Service Evaluation and to facilitate the Further Transition, and (ii) to be TKC’s or TOO’s primary point of contact for matters relating to the Current Service Agreements and this Agreement (including with respect to the Shared Service Evaluation, the Further Transition, and amendments to be made pursuant to Section 4.4).  The initial Transition Managers will be Brock Wlad (for TKC) and David Wong (for TOO).  Further, TKC and TOO shall each appoint one principal representative (the “Principal Representative”) to have overall responsibility for the management and administration of his or her Party’s activities with respect to the Shared Service Evaluation and overall rights and obligations with respect to the agreements or other transactions contemplated by the Current Service Agreements and this Agreement (including with respect to the Shared Service Evaluation, the Further Transition, and amendments to be made pursuant to Section 4.4).  The initial Principal Representative will be Arthur Bensler (for TKC) and Ingvild Saether (for TOO).  Each of TKC and TOO may appoint a new Transition Manager or Principal Representative by providing the other Party with prior written notice thereof; provided, that prior to the Exercise Date, any new Transition Manager or Principal Representative appointed by TOO shall require the prior written approval of Investor.  Resolution by Transition Managers.  To the extent that the applicable TKC Entity and TOO Entity do not agree on any terms or conditions for a New Service Agreement or how to effect a proposed Further Transition, or otherwise have any disputes under the Current Service Agreements or this Agreement (including with respect to the Shared Service Evaluation, the Further Transition), such dispute (a “Dispute”) will be initially referred to the Transition Managers by either Party (in such role, the “Complaining Party”) by delivering written notice (a “Dispute Notice”) to the Transition Manager of the other Party (the “Responding Party”) setting forth in reasonably sufficient detail the position of the Complaining Party with respect to the Dispute, including the factual basis of such position.  Within fifteen (15) days after delivery of the Dispute 

	
			
	 
	12
	 

Exhibit 10.4

Notice, TKC or TOO, as applicable, will cause the Responding Party to submit to the Transition Manager of the Complaining Party a written response (the “Response”) setting forth in reasonably sufficient detail the Responding Party’s position concerning the Dispute.  Within five (5) days after delivery of such a Response, the Transition Managers shall meet and confer at a mutually acceptable time, and thereafter as often as they deem reasonably necessary, in an effort to resolve the Dispute through good faith negotiation.  Such meetings may be by telephone or other means acceptable to each of the Transition Managers.  The Parties shall, and shall cause their respective Subsidiaries to, cooperate in good faith with respect to any reasonable requests for exchanges of information regarding the Dispute or a Response thereto for the purpose of engaging in such dispute resolution negotiations.  
Section 3.9    Timing; Delays; Adjustment of fees.  In the event that any of the actions contemplated by this Agreement are frustrated or unduly delayed by TKC, all fees payable to TKC under any Current Service Agreement or New Service Agreement from and after such time and other fees related to employee or entity transfers shall be reduced by an amount to be agreed between the parties, acting reasonably.  In the event that TKC incurs additional reasonable, duly-documented out-of-pocket costs in connection with the provision of services under any Current Services Agreement due to the requirements of this Agreement, the fees payable to TKC under such agreement will be adjusted by an amount agreed between the parties, acting reasonably, to take into consideration such additional reasonable, duly-documented out-of-pocket costs. Confidentiality.   
(a)    Exclusions.  Specifically excluded from the foregoing obligations is any and all information that the Receiving Party can show (i) is already known to the Receiving Party at the time of disclosure and is not known by the Receiving Party to be subject to a confidentiality obligation (other than any information that is transferred to Service Recipient under the Purchase Agreement) or thereafter is independently developed by the Receiving Party without breach of this Agreement; (i) is already in the public domain at the time of disclosure, or thereafter becomes publicly known other than as the result of a breach by the Receiving Party of its obligations under this Agreement; (i) is lawfully disclosed to the Receiving Party without breach of this Agreement; or (i) is independently developed by or for the Receiving Party without reference to or reliance upon the Confidential Information.
(b)    Required Disclosures.  If, upon advice of counsel, any of Disclosing Party’s Confidential Information must be produced by the Receiving Party pursuant to applicable Law, then the Receiving Party shall promptly, if permissible, notify the Disclosing Party and, insofar as is permissible and reasonably practicable without placing the Receiving Party under penalty of applicable Law, give the Disclosing Party an opportunity to appear and to object to such production before producing the requested information. 
(c)    Return of Confidential Information.  Upon the termination or expiration of this Agreement, each Party, as a Receiving Party, shall, at the option of the other Party, as a Disclosing Party, return to such Disclosing Party all Confidential Information of such Disclosing Party or destroy such Confidential Information and provide a written certification of destruction with respect thereto to such Disclosing Party.  In no event shall a Receiving Party be required to return or destroy any Confidential Information that is (i) required by applicable Law to be kept by the Receiving 

	
			
	 
	13
	 

Exhibit 10.4

Party or (ii) retained in archival back-up tapes or similar storage media, which shall only be used by the Receiving Party for archival purposes.  
Section 3.10    Compliance with Laws; Confidentiality and Data Protection.  Each Party shall, and shall cause its Subsidiaries to, perform its obligations hereunder, under the Current Service Agreements and under the New Service Agreements in accordance with applicable Law.  TKC shall cause the TKC Entities, on the one hand, and TOO shall cause the TOO Entities, on the other hand, to use good faith efforts to cooperate with each other to develop and put in place appropriate obligations with respect to confidentiality and data security in relation to the Current Service Agreements, including as is necessary or appropriate to comply with applicable Law.   Without limiting the foregoing, each of TKC and TOO hereby covenants that it will not, and will cause the TKC Entities and TOO Entities, as applicable, not to, violate Anticorruption Laws in connection with this Agreement. In the event TKC or TOO becomes aware of any such violation of this Section 7.3, it will promptly notify the other Parties of any violation.  Records; Audits.  Each of TKC and TOO shall maintain all books, records, receipts, invoices, reports, and other documents and information relating to this Agreement in accordance with its standard accounting practices and procedures.  Each of TKC and TOO shall make such books, records, receipts, invoices and other documents and information reasonably available, during ordinary business hours, to the other Party and its auditors during the term of this Agreement and for one (1) year afterwards for purposes of confirming such Party’s compliance with the terms of this Agreement.  Each Party will cooperate with the other Party and its auditors, as reasonably requested by such other Party, in connection with any audit.
Section 3.11    Representations and Acknowledgements by TKC.  TKC hereby represents, warrants, acknowledges and confirms to TOO that:  
(i)    TKC has full power and authority to execute, deliver and perform its obligations under this Agreement; 
(ii)    this Agreement constitutes a valid and binding obligation of TKC, as applicable, enforceable against TKC, as applicable, in accordance with its terms, except as enforceability hereof may be limited by bankruptcy, insolvency or other laws affecting creditor’s rights generally and limitations on the availability of equitable remedies; 
(iii)    there are no material liabilities of any Schedule 2 Entity required to be disclosed pursuant to GAAP (including for certainty any unfunded liabilities under any defined benefits plan) other than those liabilities set forth on the face of TKC’s consolidated financial statements;
(iv)    Exhibit D contains a true and complete list of all Current Service Agreements;
(v)    the provision of Current Services to any Service Recipient by any Service Provider in accordance with any Current Service Agreement will not (i) violate, conflict with, result in a breach of or constitute a default under, its certificate of organization or other charter instrument, by-laws, or any Contract to which such Service Provider or Service Recipient is a party 

	
			
	 
	14
	 

Exhibit 10.4

or by which such Service Provider or Service Recipient is otherwise bound, (ii) cause the suspension, termiantion, cancellation, non-renewal or adverse modification of any Permit or material insurance policies or (iii) violate, in any material respect, any Law applicable to such Service Provider or Service Recipient;
(vi)    the conduct of the TOO Business by the TOO Entities does not require any assets or services from the TKC Entities except for the Current Services provided pursuant to the Current Service Agreements;
(vii)    (A) Exhibit C contains a true and complete list of all TNOL Service Agreements, (B) Exhibit D contains a true and complete list of all service agreements pursuant to which any TKC Entity provides services to any TOO Entity or any Schedule 2 Entity, 
(viii)    other than (A) pursuant to the TNOL Service Agreements set forth on Exhibit C and (B) from and after the Transfer Date, the TKC FPSO Service Agreements, no TOO Entity or Schedule 2 Entity provides services to any TKC Entity and 
(ix)    As of the date hereof, no TKC Entity provides services to any TOO Entity or any Schedule 2 Entity other than pursuant to a service agreement set forth on Exhibit D;
(x)    the Schedule 2 Entity Financial Statements and the financial statements delivered pursuant to Section 2.3 hereof (A) have been or will be, as applicable, prepared in good faith based on assumptions believed by TKC to be reasonable as of the dates thereof and present fairly, in all material respects, the financial condition of each of the Schedule 2 Entities, in each case as of the respective dates thereof and their results of operations for the respective periods covered thereby, (B) are based or will be based, as applicable, on the historical accounting practices and policies of TKC and the Schedule 2 Entities and derived from the historical consolidated financial statements of TKC and its Subsidiaries, which are prepared in accordance with GAAP and (C) have been or will be, as applicable, prepared in accordance with GAAP (except, in the case of unaudited quarterly financial statements subject to normal year-end adjustments) applied on a consistent basis during the periods covered thereby;
(xi)    Schedules 2 and 3 collectively contain a true and complete list of all of TKC’s Affiliates (other than TOO GP, TOO and their respective Subsidiaries) that, as of the Closing Date, provide services, directly or indirectly (including, for clarity, by employing or otherwise engaging Persons that provide services to TOO and its Subsidiaries) to TOO and its Subsidiaries; and
(xii)    the lists of Schedule 2 Employees and Schedule 3 Employees contain all information regarding such person’s employment as is required by the Term Sheet and are, as of the date hereof, true, complete and correct in all respects;
(xiii)    subject to the DOC Issuance and receipt of similar approvals, neither the execution and delivery of this Agreement by TKC, nor the consummation by TKC of the transactions contemplated hereby, nor performance or compliance by TKC with any of the terms or provisions hereof or thereof, will (A) conflict with or violate any provision of (1) TKC’s 

	
			
	 
	15
	 

Exhibit 10.4

organizational documents or (2) any similar organizational documents of any of the TKC Entities or (B) violate or constitute a default (or constitute an event which, with notice or lapse of time or both, would constitute a violation or default) under any of the terms, conditions or provisions of any Contract to which any TKC Entity is a party or accelerate any obligations or rights under or give a right of termination of (whether or not with notice, lapse of time or both) any such Contract, (C) violate any Law, judgment, writ or injunction of any Governmental Entity applicable to any TKC Entity or (D) result in the creation of any Lien on any properties or assets of any TKC Entity, except as, individually or in the aggregate, have not had and would not reasonably be expected to have a material adverse effect on TOO; and
(xiv)    subject to the DOC Issuance and receipt of similar approvals, no consent or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental Entity are necessary for the execution and delivery of this Agreement by TKC, the performance by TKC of its obligations hereunder and thereunder and the consummation by the TKC Entities of the transactions contemplated hereby, except in those cases as individually or in the aggregate would not reasonably be expected to have a material adverse effect on TOO.
Section 3.12    Representations and Acknowledgements by TOO and Investor. Each of TOO and Investor hereby severally represents, warrants, acknowledges and confirms to TKC that (a) such Person has full power and authority to execute, deliver and perform its obligations under this Agreement and (b) this Agreement constitutes a valid and binding obligation of such Person, enforceable against such Person, in accordance with its terms, except as enforceability hereof may be limited by bankruptcy, insolvency or other laws affecting creditor’s rights generally and limitations on the availability of equitable remedies.
 
INDEMNIFICATION
Section 3.13    TKC Indemnity. TKC shall indemnify, defend and hold harmless, and hereby releases, TOO GP, TOO, each Subsidiary of TOO, Investor and each of their respective officers, directors, affiliates, employees, stockholders (other than any TKC Entities), consultants, contractors, agents, and other representatives, and each of the successors and assigns of any of the foregoing (collectively, the “TOO Indemnitees”), from and against: any and all Losses arising from or relating to third party claims arising from or relating any breach of this Agreement or failure to provide the services contemplated hereby, in each case, by any TKC Entity (except solely if, and only to the extent due to a breach of this Agreement by the TOO Entities or that is due to the gross negligence or willful misconduct on the part of the TOO Entities); and 
(a)    No remedy shall be available hereunder to the extent it is duplicative of a remedy actually received pursuant to a Purchase Agreement.Indemnification Procedures. In order to receive the benefits of the indemnity under this Article 9, a Person seeking indemnification (each, an “Indemnitee”) must:
(b)    allow the Indemnitor to assume the control of the defense and settlement (including all decisions relating to litigation, defense and appeal) of any such claim; provided that: (A) the Indemnitor has confirmed its indemnification obligation with respect to such claim to the 

	
			
	 
	16
	 

Exhibit 10.4

Indemnitee under this Article 9, (B) no such settlement may adversely affect the rights or obligations of such Indemnitee under this Agreement without the Indemnitee’s prior written consent; and (C) any settlement reached without the prior written consent of such Indemnitee shall be for monetary damages only (which amount shall be fully indemnified hereunder by the Indemnitor) and not for any equitable relief and shall not include any admission or ongoing obligation or restriction on the part of such Indemnitee; and
(c)    reasonably cooperate with the Indemnitor, at the Indemnitor’s request and expense, in its defense of the claim (including making documents and records available for review and copying and making Persons within such Indemnitee’s control available for pertinent interview and testimony), including by negotiating appropriate joint defense agreements and similar arrangements to, as fully as possible, provide such cooperation without vitiating any legal privilege to which such Indemnitee is entitled.
(d)    If the Indemnitor defends the claim, the Indemnitee may at its sole expense and using attorneys of its choice, participate in, but shall not have any control of, the defense of such claim. The Indemnitor shall have no liability under, as applicable, Section 9.1 or Section 9.2 as to any claim for which settlement or compromise of such claim, or an offer of settlement or compromise of such claim, is made by an Indemnitee without the prior written consent of the Indemnitor.
(e)    All reasonable, duly-documented, out-of-pocket costs and expenses incurred by an Indemnitee in connection with enforcement of this Article 9 shall also be reimbursed by the Indemnitor (net of reasonable costs and expenses of recovery).
(f)    For the purposes of the indemnification provisions set forth in this Article 9, any amounts payable hereunder or thereunder shall be determined on the basis of the net effect after giving effect to any actual cash payments, setoffs or recoupment or any payments in each case actually received, realized or retained by the indemnified Party (including any amounts recovered by the indemnified Party under insurance policies, but excluding self-insurance arrangements) as a result of any event giving rise to a claim for such indemnification.  If the amount for which an indemnifying Party is obligated to provide indemnity hereunder is reduced due to recoveries by the applicable indemnified Parties under one or more insurance policies, then to the extent required by the terms of such policies, the applicable insurance indemnitors shall be subrogated to the rights of the indemnified Parties hereunder with respect to the claims giving rise to such amount payable under this Article 9; provided that in no event shall such insurance indemnitors be entitled to seek a recovery from the indemnifying Party in excess of the amount by which such amount payable under this Article 9 had been reduced. 
Section 3.14    Limitations of Liability.  UNDER NO CIRCUMSTANCES WHATSOEVER SHALL ANY PARTY, ITS AFFILIATES, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, STOCKHOLDERS, AGENTS AND REPRESENTATIVES, OR ANY OF THE SUCCESSORS OR ASSIGNS OF ANY OF THE FOREGOING PERSONS, BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES IN CONTRACT, TORT, NEGLIGENCE, BREACH OF STATUTORY DUTY OR OTHERWISE FOR ANY INDIRECT, CONSEQUENTIAL, SPECIAL, INCIDENTAL OR PUNITIVE 

	
			
	 
	17
	 

Exhibit 10.4

DAMAGES OR ANY LOST PROFITS, LOSS OF USE, DAMAGE TO GOODWILL OR LOSS OF BUSINESS IN CONNECTION WITH THIS AGREEMENT, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND EACH PARTY, ON BEHALF OF ITSELF AND EACH OF ITS AFFILIATES  HEREBY WAIVES ON BEHALF OF ITSELF AND ITS AFFILIATES ANY AND ALL CLAIMS FOR SUCH DAMAGES, INCLUDING ANY CLAIM FOR LOST PROFITS, LOSS OF USE, DAMAGE TO GOODWILL OR LOSS OF BUSINESS WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE.  NOTHING CONTAINED HEREIN SHALL LIMIT THE INDEMNITY OBLIGATIONS SET FORTH IN THIS SECTION 9.5 WITH RESPECT TO ANY LOSSES PAYABLE TO ANY THIRD PARTY IN CONNECTION WITH ANY THIRD PARTY CLAIMS.  The Parties intend that no double remedies or recoveries are intended or permitted under this Agreement and that claims asserted under one Section or subsection of this Agreement may not also be asserted under another such subsection of this Agreement or under the Investment Agreement or the Related Agreements if such assertion would result in double recovery.  
 
MISCELLANEOUS
Section 3.15    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 TKC:
Teekay Corporation
c/o Teekay Shipping (Canada) Ltd. Suite 2000, 550 Burrard Street 
Vancouver, BC, V6C 2K2 
Attention:    Arthur Bensler 
Facsimile:    (604) 609-6447 
Email:        art.bensler@teekay.com
with a copy to (which copy alone shall not constitute notice):
Teekay Corporation 
c/o Teekay Shipping (Canada) Ltd. Suite 2000, 550 Burrard Street 
Vancouver, BC, V6C 2K2 
Attention:    Brock Wlad 
Facsimile:    (604) 609-6447 
Email:        Brock.Wlad@teekay.com

	
			
	 
	18
	 

Exhibit 10.4

 (b)    If to the Investor:  
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 
with a copy to (which copy alone shall not constitute notice):
Brookfield TK TOLP L.P. 
c/o Brookfield Business Partners L.P.  
181 Bay Street PO Box 762 
Toronto, Ontario, M5J 2T3 
Attention:     Ryan Szainwald 
        Lyndsay Hatlelid 
Facsimile:    (416) 369-2301 
Email:        Ryan.Szainwald@brookfield.com 
        Lyndsay.Hatlelid@brookfield.com
and a copy to (which copy alone shall not constitute notice):
Kirkland & Ellis LLP 
601 Lexington Avenue 
New York, NY 10022 
Attention:    Elazar Guttman, Esq. 
        Ross M. Leff, Esq. 
Facsimile:    (212) 446-4900 
Email:        Elazar.Guttman@kirkland.com 
        Ross.Leff@kirkland.com
(c)    If to TOO:  
4th Floor, Belvedere Building 
69 Pitts Bay Road 
Hamilton HM 08, Bermuda 
Attention:     Corporate Secretary 
Facsimile:     (441) 292-3931 
Email:        Edie.Robinson@teekay.com 

	
			
	 
	19
	 

Exhibit 10.4

with copies (which copies alone shall not constitute notice) to (i) Investor and (ii):
Kirkland & Ellis LLP 
601 Lexington Avenue 
New York, NY 10022 
Attention:    Elazar Guttman, Esq. 
        Ross M. Leff, Esq. 
Facsimile:    (212) 446-4900 
Email:        Elazar.Guttman@kirkland.com 
        Ross.Leff@kirkland.com
Section 3.16    Amendments, Waivers, Etc.  This Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed by the Party against whom such amendment or waiver shall be enforced.  The failure of any Party hereto to exercise any right, power or remedy provided under this Agreement or otherwise available in respect hereof at law or in equity, or to insist upon compliance by any other party hereto with its obligations hereunder, shall not constitute a waiver by such Party of its right to exercise any such other right, power or remedy or to demand such compliance.Counterparts and Facsimile.  This Agreement may be executed in two or more identical counterparts (including by facsimile or electronic transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument, and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered (by facsimile, electronic transmission or otherwise) to the other parties.  
(a)    Without prejudice to any other rights or remedies the Parties may have, each Party acknowledges and agrees that damages alone would not be an adequate remedy for any breach of the terms of this Agreement. Accordingly the Parties acknowledge that each Party shall be entitled to the remedies of injunction, specific performance or other equitable relief for any threatened or actual breach of the terms of the Agreement.
(b)    Each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of the courts of England and Wales, for the purposes of any Action or other proceeding arising out of this Agreement and the rights and obligations arising hereunder, and irrevocably and unconditionally waives any objection to the laying of venue of any such Action or proceeding in any such court, and further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such Action or proceeding has been brought in an inconvenient forum. Each party hereto agrees that service of any process, summons, notice or document by registered mail to such party’s respective address set forth in Section 10.1 shall be effective service of process for any such Action or proceeding.
Section 3.17    Interpretation.  When a reference is made in this Agreement to an Article or Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated.  Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”.  The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this 

	
			
	 
	20
	 

Exhibit 10.4

Agreement as a whole and not to any particular provision of this Agreement.  The words “date hereof” shall refer to the date of this Agreement.  The word “or” shall not be exclusive.  The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and shall not simply mean “if”.  All references to “$” mean the lawful currency of the United States of America.  The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term.  Except as specifically stated herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein.  Except as otherwise specified herein, references to a Person are also to its successors and permitted assigns.  Each of the parties hereto has participated in the drafting and negotiation of this Agreement.  If an ambiguity or question of intent or interpretation arises, this Agreement must be construed as if it is drafted by all the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement.  Severability.  If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced because of any Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, 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 effectuated as originally contemplated to the greatest extent possible.  
Section 3.18    No Partnership. Nothing in this Agreement is intended to, or shall be deemed to, establish any partnership or joint venture between any of the Parties, constitute any Party the agent of another Party or authorize any Party to make or enter into any commitments for or on behalf of any other party.
[Signature pages follow]

	
			
	 
	21
	 

Exhibit 10.4

IN WITNESS WHEREOF, the Parties have executed this Master Services Agreement as of the date first above written. 
TKC:
TEEKAY CORPORATION 
 
 
By: /s/ Edith Robinson                 
      Name: Edith Robinson   
      Title: Assistant Corporate Secretary    
TOO:
TEEKAY OFFSHORE PARTNERS, L.P., BY ITS GENERAL PARTNER, TEEKAY OFFSHORE GP, L.L.C. 
 
 
By: /s/ Edith Robinson                 
      Name:   Edith Robinson 
      Title:     Secretary

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY BUSINESS PROCESS SERVICES INC. 
 
 
By: /s/ Alex Verchez                 
      Name:   Alex Verchez 
      Title:     President

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY SHIPPING (AUSTRALIA) PTY LTD.  
 
 
By: /s/     Yesheng Xia                 
      Name:   Yesheng Xia 
      Title:     Secretary

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY SHIPPING (CANADA) LTD. 
 
 
By: /s/ Arthur Bensler                 
      Name:   Arthur Bensler 
      Title:     President

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY SHIPPING (GLASGOW) LTD. 
 
 
By: /s/ Arthur Bensler                 
      Name:   Arthur Bensler 
      Title:     Director

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY SHIPPING LIMITED 
 
 
By: /s/ Edith Robinson                 
      Name:   Edith Robinson 
      Title:     President & Secretary

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY SHIPPING (UK) LTD. 
 
 
By: /s/ Anne Liversedge                 
      Name:   Anne Liversedge 
      Title:     Director

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY SHIPPING PHILIPPINES, INC. 
 
 
By: /s/ John Adams                 
      Name:   John Adams 
      Title:     Director

[Signature Page to Master Services Agreement]

Exhibit 10.4

TEEKAY SHIPPING (INDIA) PVT. LTD. 
 
 
By: /s/ John Adams                 
      Name:   John Adams 
      Title:     Director

[Signature Page to Master Services Agreement]

Exhibit 10.4

for purposes of Sections 2.2, 4.3, 6.1, 8.2, 9.1 and Article 10:
INVESTOR: 
 
BROOKFIELD TK TOLP L.P., BY ITS GENERAL PARTNER, BROOKFIELD CAPITAL PARTNERS (BERMUDA) LTD. 
 
 
By: /s/ Gregory E. A. Morrison             
      Name:   Gregory E. A. Morrison 
      Title:     Director

[Signature Page to Master Services Agreement]

Exhibit 10.4

Schedule 1 

Teekay (Atlantic) Management ULC
Teekay Petrojarl Producao Petrolifera do Brasil Ltda.
Teekay Piranema Servicios de Petroleo Ltda.
OOG-TKP Producao de Petroleo Ltda.
OOGTK Libra Producao de Petroleo Ltda.
ALP Maritime Services B.V.
Teekay Petrojarl I Servicios de Petroleo Ltda.  
Teekay Navion Offshore Loading Pte. Ltd.

Exhibit 10.4

Schedule 2 
Transferred Entities
Teekay Shipping Norway AS
Teekay Petrojarl Production AS
Teekay Petrojarl UK Limited
Teekay do Brasil Servicios Maritimos Ltda.
Teekay Offshore Crewing AS
Teekay Norway (Marine HR) AS
Teekay Petrojarl Offshore Crew AS

Exhibit 10.4

Schedule 3 

	
		
	Schedule 3 Entity
	Description of Schedule 3 Services Provided

	Teekay Shipping (Canada) Ltd.
	Strategic services; procurement services; sales & purchase services, newbuildings and projects; market and industry research services; public company accounting & reporting, forecasting, accounting research services; legal services; taxation services, finance, treasury, debt & capital market services; investor relations services; long-term strategic planning & analysis services; global on-shore & offshore application support, network maintenance & support, cyber security, helpdesk & training services; internal audit, compliance and risk management services; HR services, global training services, equity compensation administration, corporate communication services; office & facilities management; insurance and claims services

	Teekay Shipping Philippines Inc.
	Marine HR and global seafarer training services

	Teekay Business Process Services Inc.
	Procurement services; HSEQ services; document management services; CAD services; shuttle simulator services; AP/AR transaction processing and back-office accounting services; global on-shore & offshore application support, network maintenance and support, cyber security, helpdesk & training services; HR services; office & facilities management services

	Teekay Shipping (Australia) Pty. Ltd.
	FSO operational services; FSO business development services

	Teekay Corporation
	Legal services

	Teekay Shipping (Glasgow) Ltd.
	Procurement services; marine HR services; technical management services; global on-shore & offshore application support, network maintenance & support, cyber security, helpdesk & training services; internal audit, risk management & compliance services

	Teekay Shipping (UK) Ltd.
	Technical management services, legal services.

	Teekay Shipping (India) Pvt. Ltd.
	HSEQ services

	Teekay Shipping Limited
	Construction supervision services

	 
	 

Exhibit 10.4

Exhibit A

Illustrative calculations of Entity Transfer consideration

Exhibit 10.4

Exhibit B

Form of Transfer Agreement

Exhibit 10.4

Exhibit C

TKC Service Agreements relating to TNOL

Exhibit 10.4

Exhibit D

Service Agreements relating to provision of services to TOO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]