Document:

Exhibit

ENTERPRISE FINANCIAL SERVICES CORP
RETIREMENT AND CONSULTING AGREEMENT 

This Retirement and Consulting Agreement (the “Agreement”) is entered into by and between Enterprise Financial Services Corp, a Delaware Corporation (together with its Affiliates, the “Company”) and Stephen P. Marsh (the “Executive”), effective as of May 1, 2016 (the “Effective Date”).
WHEREAS, Executive currently serves as Chief Credit Officer of Enterprise Bank & Trust (the “Bank”), an Affiliate of the Company, and Chairman of the Bank’s Board of Directors (“Board”);
WHEREAS, Executive has expressed his intention to retire from employment with the Company, effective April 30, 2016 (the “Retirement Date”);
WHEREAS, the Company desires to engage Executive as a consultant to provide certain transition, business development, strategic plan implementation and other services as described herein; and
WHEREAS, Executive desires to provide consulting services to the Company under the terms and conditions hereinafter set forth;
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Executive agree as follows:
1.Resignation.  Effective on the Retirement Date, Executive shall resign from his position as Chief Credit Officer of the Bank and shall cease to be an employee of the Company.  

2.Board and Committee Membership.  As of the Retirement Date, Executive shall continue to serve in his capacity as Chairman of the Board of the Bank and shall also become a member of the Bank Board’s Credit Committee.  Executive shall receive the standard fees for his service as a director of the Board and a member of the Credit Committee.

3.Benefit Plans.  As of the Retirement Date, Executive’s participation in any employee welfare benefit plan, retirement plan, deferred compensation arrangement, equity plan, incentive plan or other benefit shall terminate in accordance with the terms thereunder and Executive shall be treated as any similarly situated former employee unless otherwise specifically provided herein.  

a.The Company shall pay Executive within 60 days after his Retirement Date a single lump sum equal to the employer portion of the premium for 18 months of coverage under the Company’s health insurance plans, based on the Executive’s coverage elections in effect immediately prior to the Retirement Date, less all applicable withholding.  

b.Awards to Executive under the Company’s Long-Term Incentive Plan with grant dates of February 25, 2014, February 17, 2015, and January 27, 2016 respectively, shall accrue pro rata to the Retirement Date and be paid out under the terms of such plan without regard to the requirement that the Executive be employed on the Award Date, but no benefits shall accrue thereunder beyond the Retirement Date.

4.Consulting Services.  Subject to the terms and provisions of this Agreement, Executive shall provide to the Company the following consulting services, commensurate with his status and 

experience, for a one-year period commencing on May 1, 2016 and ending April 30, 2017 (the “Consulting Period”):

		
	•
	Assist with the transition of Doug Bauche as Chief Credit Officer of the Bank;

		
	•
	Assist with the transition of client relationships to the appropriate relationship managers;

		
	•
	Advise and assist relationship managers in Saint Louis with new business development activities as needed;

		
	•
	Serve on the Arizona Bank Advisory Board and assist management with execution of their strategic plan;

		
	•
	Serve as an Enterprise University instructor; and

		
	•
	Assist with Medical Advisory Board activities.

5.Compensation.  With respect to the consulting services rendered under this Agreement, Executive shall receive:

a.An annualized amount of $120,000, payable in twelve equal monthly installments of $10,000, with the first payment commencing on the first business day of May, 2016 and each subsequent monthly installment paid on the first business day of each month thereafter; provided Executive fulfills all assigned duties and complies with the terms of this Agreement.  

b.A restricted stock unit award (“RSU Award”) on or after May 2, 2016 (“RSU Grant Date”), for the number of units equal to the fair market value of $50,000 on the RSU Grant Date.  Subject to Executive’s continued performance of consulting services under this Agreement, the RSU Award shall vest on April 30, 2017.  In the event Executive ceases to provide such services to the Company prior to the expiration of the Consulting Period, all restricted stock units granted under this Section 5.b. shall immediately be forfeited.  Notwithstanding the foregoing, the Board’s Compensation Committee may, in its sole discretion, provide for full or partial vesting of the RSU Award as it deems in the best interest of the Company upon a termination of Executive services to the Company under this Agreement due to his death or disability (as the Compensation Committee may define in its discretion). 

6.Taxes.  Executive agrees that as an independent contractor, he is solely responsible for the reporting and payment of all federal, state and local taxes, of any type whatsoever, from any compensation arising from his consulting and Board services.    

7.Attorney Review; Time for Execution; Revocation; Acknowledgements.  The Company hereby advises Executive to consult with an attorney prior to executing this Agreement.  The Company and the Executive shall each bear all attorneys’ fees and costs arising from the actions of its own counsel in connection with the review and execution of this Agreement.  

8.Indemnification.  The Company shall indemnify and hold harmless Executive from and against any and all costs, expense, loss, liability or claims, including but not limited to damages, court costs, reasonable legal fees and costs of investigation, which arise directly (or indirectly) from Executive’s performance of service as Chief Credit Officer of the Bank, including, without limitation, those attributable to the pending discrimination claim asserted by Ramona Segers-Howard. The Company 

shall further indemnify and hold harmless Executive from and against any and all costs, expense, loss, liability or claims, including but not limited to damages, court costs, reasonable legal fees and costs of investigation, which arise directly (or indirectly) from Executive’s performance of service and under this Agreement provided that such losses or damages are not directly or indirectly caused by Manager’s (i) intentional misconduct or negligence, or (ii) breach of any provision in this Agreement.

9.Severability.  The provisions of this Agreement are fully severable.  Therefore, if any provision of this Agreement is for any reason determined to be invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability will not affect the validity or enforceability of any of the remaining provisions.  Furthermore, any invalid or unenforceable provisions shall be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable, or, if such provision cannot under any circumstances be modified or restricted, it shall be excised from the Agreement without affecting the validity or enforceability of any of the remaining provisions.

10.Entire Agreement.  This Agreement constitutes the entire agreement between the Company and the Executive with respect to the subject matters of this Agreement and supersedes all prior negotiations and agreements, whether written or oral.  This Agreement may not be altered or amended except by a written document executed by both parties.  Executive represents and acknowledges that in executing this Agreement he has not relied upon any representation or statement not set forth herein made by the Company or any of its affiliates, agents, representatives, or attorneys, with regard to the subject matters, basis or effect of this Agreement, the Company, its business or its stock, or any other matter.  

11.Successors and Assigns.  This Agreement shall be binding upon, and shall inure to the benefit of, Executive and his personal and legal representatives, heirs, devisees, executors, successors, and assigns, and the Company and its successors and assigns.  Notwithstanding the foregoing, this Agreement, including the obligations and benefits hereunder, may not be assigned to any party by Executive.

12.Paragraph Headings.  Paragraph headings herein are for convenience and reference only and in no way define, limit or enlarge the rights and obligations of the parties under this Agreement.  

13.Governing Law and Venue. This Agreement and any amendments to this Agreement shall be construed and interpreted in accordance with the laws of the State of Missouri, without regard to conflicts of law principles, except to the extent preempted by Federal law.  In the event of litigation arising out of or in connection with this Agreement, the parties hereto agree to submit to the jurisdiction of Federal and state courts located in the state of Missouri.

14.Notice.  All notices, requests and demands to or upon the respective parties hereto shall be sent by hand, certified mail, overnight air courier service, in each case with all applicable charges paid or otherwise provided for, addressed as follows, or to such other address as may hereafter be designated in writing by the respective parties hereto:

	
			
	To Company:
	 
	To Executive:

	Enterprise Financial Services Corp
	 
	Stephen P. Marsh

	150 North Meramec
	 
	7110 Cornell

	Clayton, Missouri 63105
	 
	St. Louis, Missouri 63130

	Attention:  President and Corporate Secretary
	 
	 

15.Certain Definitions. As used herein, the following definitions shall apply:

“Affiliate” with respect to any person, means any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is also a Subsidiary.
“Control” with respect to any Person, means the possession, directly or indirectly, severally or jointly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or otherwise.
“Person” means any natural person, firm, partnership, limited liability company, association, corporation, company, trust business trust, governmental authority or other entity.
“Subsidiary” with respect to any Person, means each corporation or other Person in which the first Person owns or Controls, directly or indirectly, capital stock or other ownership interests representing 50% or more of the combined voting power of the outstanding voting stock or other ownership interests of such corporation or other Person.
IN WITNESS WHEREOF, the undersigned have executed this Retirement and Consulting Agreement on the date(s) identified below.
    
ENTERPRISE FINANCIAL SERVICES CORP             EXECUTIVE
                                                    
By: /s/ Lorie White                            /s/ Stephen Marsh
Name: Lorie E. White                            Name: Stephen P. Marsh
Date: April 27, 2016                            Date: April 26, 2016Exhibit 10.5

 

Capital LP Voting Agreement

 

BROOKFIELD ASSET MANAGEMENT INC.

 

- and -

 

BROOKFIELD CANGP LIMITED

 

- and —

 

BROOKFIELD BBP CANADIAN GP L.P.

 

- and -

 

BROOKFIELD BBP CANADA HOLDINGS INC.

 

- and -

 

BROOKFIELD BBP (CANADA) HOLDINGS L.P.

 

 

FORM OF VOTING AGREEMENT

 

 

·, 2016

 

 

TABLE OF CONTENTS

 

	
ARTICLE 1
    	
 
    
	
INTERPRETATION
    	
2
    
	
1.1
    	
Definitions
    	
2
    
	
1.2
    	
Headings and Table of   Contents
    	
3
    
	
1.3
    	
Interpretation
    	
3
    
	
1.4
    	
Invalidity of   Provisions
    	
4
    
	
1.5
    	
Entire Agreement
    	
4
    
	
1.6
    	
Waiver, Amendment
    	
5
    
	
1.7
    	
Governing Law
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE 2
    	
 
    
	
VOTING   WITH RESPECT TO CANGP CO, CANGP LP, CAPITAL HOLDINGS LP AND CAPITAL LP
    	
5
    
	
2.1
    	
Voting at the Direction   of CanHoldco with Respect to the Common Shares and the General Partner Units
    	
5
    
	
2.2
    	
Slate of Nominees and   General Guidelines
    	
7
    
	
2.3
    	
Removal of General   Partner
    	
7
    
	
2.4
    	
Voting at the Direction   of CanHoldco with Respect to the Limited Partnership Units of Capital LP
    	
7
    
	
 
    	
 
    	
 
    
	
ARTICLE 3
    	
 
    
	
REPRESENTATIONS   AND WARRANTIES
    	
8
    
	
3.1
    	
Representations and   Warranties of Brookfield
    	
8
    
	
3.2
    	
Representations and   Warranties of CanGP Co.
    	
8
    
	
3.3
    	
Representations and   Warranties of CanGP LP
    	
9
    
	
3.4
    	
Representations and   Warranties of CanHoldco
    	
10
    
	
3.5
    	
Representations and   Warranties of Capital Holdings LP
    	
10
    
	
 
    	
 
    	
 
    
	
ARTICLE 4
    	
 
    
	
TERMINATION
    	
11
    
	
4.1
    	
Term
    	
11
    
	
4.2
    	
Termination
    	
11
    
	
 
    	
 
    	
 
    
	
ARTICLE 5
    	
 
    
	
GENERAL   PROVISIONS
    	
11
    
	
5.1
    	
Assignment
    	
11
    
	
5.2
    	
General Prohibition on   Transfer
    	
12
    
	
5.3
    	
Permitted Transfers
    	
12
    
	
5.4
    	
Enurement
    	
12
    
	
5.5
    	
Notices
    	
12
    
	
5.6
    	
Further Assurances
    	
13
    
	
5.7
    	
Counterparts
    	
14
    

 

ii

 

VOTING AGREEMENT

 

THIS AGREEMENT made as of the · day of ·, 2016.

 

B E T W E E N:

 

BROOKFIELD ASSET MANAGEMENT INC.

(“Brookfield”)

 

- and -

 

BROOKFIELD CANGP LIMITED
 (“CanGP Co”)

 

- and -

 

BROOKFIELD BBP CANADIAN GP L.P.
 (“CanGP LP”)

 

- and -

 

BROOKFIELD BBP CANADA HOLDINGS INC.
  (“CanHoldco”)

 

- and -

 

BROOKFIELD BBP (CANADA) HOLDINGS L.P.
  (“Capital Holdings LP”)

 

RECITALS:

 

WHEREAS Brookfield, a corporation existing under the laws of the Province of Ontario, indirectly owns 100% of the common shares of CanGP Co (the “Common Shares”), a corporation existing under the laws of the Province of Ontario;

 

AND WHEREAS the CanGP Co is the general partner of CanGP LP;

 

AND WHEREAS the CanGP LP is the general partner of Brookfield BBP (Canada) L.P. (“Capital LP”);

 

AND WHEREAS Capital Holdings LP is the limited partner of Capital LP;

 

AND WHEREAS CanHoldco is the limited partner of Capital Holdings LP;

 

 

AND WHEREAS CanGP LP is the general partner of Capital Holdings LP;

 

AND WHEREAS Brookfield, CanGP Co, CanGP LP, CanHoldco and Capital Holdings LP have determined that it is advisable for CanHoldco to have control over the voting of the Common Shares and the general partner units and limited partnership units in Capital LP;

 

AND WHEREAS Brookfield, CanGP Co, CanGP LP, CanHoldco and Capital Holdings LP wish to enter into this Agreement to govern their relationship with respect to the voting of the Common Shares and the general partner units and limited partnership units in Capital LP;

 

NOW THEREFORE in consideration of one dollar ($1.00) and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties covenant and agree, each with the other, as follows:

 

ARTICLE 1
 INTERPRETATION

 

1.1                                                                                Definitions

 

In this Agreement, except where the context otherwise requires, the following terms will have the following meanings:

 

1.1.1                               “Affiliate” means, with respect to a Person, any other Person that, directly or indirectly, through one or more intermediaries, Controls or is Controlled by such Person, or is under common Control of a third Person;

 

1.1.2                               “Agreement” means this Voting Agreement;

 

1.1.3                               “BBP” means Brookfield Business Partners L.P.

 

1.1.4                               “Business Day” means every day except a Saturday or Sunday, or a day which is a statutory or civic holiday in Bermuda, the Province of Ontario, or the State of New York;

 

1.1.5                               “Control” means the control by one Person of another Person in accordance with the following:  a Person (“A”) controls another Person (“B”) where A has the power to determine the management and policies of B by contract or status (for example, the status of A being the general partner of B) or by virtue of the beneficial ownership of or control over a majority of the voting interests in B; and, for greater certainty and without limitation, if A owns or has control over shares or other securities to which are attached more than 50% of the votes permitted to be cast in the election of directors to the Governing Body of B, or A is the general partner of B, a limited partnership, then in each case A Controls B for this purpose; and the term “Controlled” has the corresponding meaning;

 

1.1.6                               “Effective Date” means the date of this Agreement;

 

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1.1.7                               “Governing Body” means (i) with respect to a corporation or limited company, the board of directors of such corporation or limited company, (ii) with respect to a limited liability company, the manager(s), director(s) or managing partner(s) of such limited liability company, (iii) with respect to a partnership, the board, committee or other body of each general partner or managing partner of such partnership, that serves a similar function (or if any such general partner or managing partner is itself a partnership, the board, committee or other body of such general or managing partner’s general or managing partner that serves a similar function), and (iv) with respect to any other Person, the body of such Person that serves a similar function, and in the case of each of (i) through (iv) includes any committee or other subdivision of such body and any Person to whom such body has delegated any power or authority, including any officer or managing director;

 

1.1.8                               “Person” means any natural person, partnership, limited partnership, limited liability partnership, joint venture, syndicate, sole proprietorship, company or corporation (with or without share capital), limited liability corporation, unlimited liability company, joint stock company, unincorporated association, trust, trustee, executor, administrator or other legal personal representative, regulatory body or agency, government or governmental agency, authority or entity however designated or constituted and pronouns have a similarly extended meaning;

 

1.1.9                               “Subsidiary” means, with respect to any Person, (i) any other Person that is directly or indirectly Controlled by such Person, (ii) any trust in which such Person holds all of the beneficial interests or (iii) any partnership, limited liability company or similar entity in which such Person holds all of the interests other than the interests of any general partner, managing member or similar Person;

 

1.1.10                        “Term” has the meaning ascribed thereto in Section 4.1; and

 

1.1.11                        “Transfer” includes any sale, exchange, assignment, gift, bequest, disposition, mortgage, hypothecation, charge, pledge, encumbrance, grant of security interest or other arrangement by which possession, legal title, registered ownership, beneficial ownership or the right to receive proceeds or benefits of or from the subject matter passes from one Person to another, or to the same Person in a different capacity, whether or not voluntary and whether or not for value, and any agreement to effect any of the foregoing.

 

1.2                                                                                Headings and Table of Contents

 

The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the construction or interpretation hereof.

 

1.3                                                                                Interpretation

 

In this Agreement, unless the context otherwise requires:

 

1.3.1                               words importing the singular shall include the plural and vice versa, words importing gender shall include all genders or the neuter, and words importing the neuter shall include all genders;

 

3

 

1.3.2                               the words “include”, “includes”, “including”, or any variations thereof, when following any general term or statement, are not to be construed as limiting the general term or statement to the specific items or matters set forth or to similar items or matters, but rather as referring to all other items or matters that could reasonably fall within the broadest possible scope of the general term or statement;

 

1.3.3                               references to any Person include such Person’s successors and permitted assigns;

 

1.3.4                               except as otherwise provided in this Agreement, any reference in this Agreement to a statute, regulation, policy, rule or instrument shall include, and shall be deemed to be a reference also to, all rules and regulations made under such statute, in the case of a statute, all amendments made to such statute, regulation, policy, rule or instrument, and any statute, regulation, policy, rule or instrument that may be passed which has the effect of supplementing or superseding the statute, regulation, policy, rule or instrument so referred to;

 

1.3.5                               any reference to this Agreement or any other agreement, document or instrument shall be construed as a reference to this Agreement or, as the case may be, such other agreement, document or instrument as the same may have been, or may from time to time be, amended, varied, replaced, amended and restated, supplemented or otherwise modified;

 

1.3.6                               in the event that any day on which any amount is to be determined or any action is required to be taken hereunder is not a Business Day, then such amount shall be determined or such action shall be required to be taken at or before the requisite time on the next succeeding day that is a Business Day; and

 

1.3.7                               except where otherwise expressly provided, all amounts in this Agreement are stated and shall be paid in U.S. currency.

 

1.4                                                                                Invalidity of Provisions

 

Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof.  To the extent permitted by applicable law, the parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect.  The parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the economic effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces.

 

1.5                                                                                Entire Agreement

 

This Agreement constitutes the entire agreement between the parties pertaining to the subject matter of this Agreement.  There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement.  No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior

 

4

 

to, contemporaneous with, or after entering into this Agreement, or any amendment or supplement hereto, by any party to this Agreement or its directors, officers, employees or agents, to any other party to this Agreement or its directors, officers, employees or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement, and none of the parties to this Agreement has been induced to enter into this Agreement or any amendment or supplement by reason of any such warranty, representation, opinion, advice or assertion of fact.  Accordingly, there will be no liability, either in tort or in contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above.

 

1.6                                                                                Waiver, Amendment

 

Except as expressly provided in this Agreement, no amendment or waiver of this Agreement will be binding unless executed in writing by the party to be bound thereby.  No waiver of any provision of this Agreement will constitute a waiver of any other provision nor will any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. A party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right.  A single or partial exercise of any right will not preclude a party from any other or further exercise of that right or the exercise of any other right.

 

1.7                                                                                Governing Law

 

This Agreement will be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. Each party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Toronto and waives objection to the venue of any proceeding in such court or any argument that such court provides an inconvenient forum.

 

ARTICLE 2
 VOTING WITH RESPECT TO CANGP CO, CANGP LP, CAPITAL HOLDINGS LP AND CAPITAL LP

 

2.1                                                                                Voting at the Direction of CanHoldco with Respect to the Common Shares and the General Partner Units

 

Each of Brookfield, CanGP Co and CanGP LP  agrees that it will vote (and it will cause any other entity that it Controls to vote) or otherwise exercise rights with respect to the Common Shares and the general partner units in CanGP LP, Capital Holdings LP and Capital LP as follows:

 

2.1.1                               in favour of the election of directors approved by CanHoldco provided such directors meet the requirements stipulated under the bye-laws of CanGP Co and any other applicable laws to which CanGP Co may be subject from time to time; and

 

2.1.2                               in accordance with the direction of CanHoldco with respect to the approval or rejection of the following matters relating to Capital Holdings LP:

 

5

 

2.1.2.1                              any sale of all or substantially all of its assets;

 

2.1.2.2                              any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control;

 

2.1.2.3                              any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency;

 

2.1.2.4                              any amendment to the limited partnership agreement of Capital Holdings LP; or

 

2.1.2.5                              any commitment or agreement to do any of the foregoing;

 

2.1.3                               in accordance with the direction of CanHoldco with respect to the approval or rejection of the following matters relating to Capital LP:

 

2.1.3.1                              any sale of all or substantially all of its assets;

 

2.1.3.2                              any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control;

 

2.1.3.3                              any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency;

 

2.1.3.4                              any amendment to the limited partnership agreement of Capital LP; or

 

2.1.3.5                              any commitment or agreement to do any of the foregoing;

 

2.1.4                               in accordance with the direction of CanHoldco with respect to the approval or rejection of the following matters relating to CanGP LP:

 

2.1.4.1                              any sale of all or substantially all of its assets;

 

2.1.4.2                              any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control;

 

2.1.4.3                              any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency;

 

2.1.4.4                              any amendment to the limited partnership agreement of CanGP LP; or

 

2.1.4.5                              any commitment or agreement to do any of the foregoing;

 

6

 

2.1.5                               in accordance with the direction of CanHoldco with respect to the approval and/or rejection of the following matters relating to CanGP Co:

 

2.1.5.1                              any sale of all or substantially all of its assets;

 

2.1.5.2                              any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control;

 

2.1.5.3                              any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency; or

 

2.1.5.4                              any commitment or agreement to do any of the foregoing.

 

2.2                                                                                Slate of Nominees and General Guidelines

 

For purposes of Section 2.1, CanHoldco may maintain, from time to time, an approved slate of nominees or provide written direction to Brookfield, CanGP Co and/or CanGP LP with respect to the approval or rejection of any matter in the form of general guidelines, policies or procedures in which case no further approval or direction will be required.  Any such general guidelines, policies or procedures may be modified by CanHoldco in its discretion.

 

2.3                                                                                Removal of General Partner

 

Brookfield agrees that it will not (and it will cause any other entity that it Controls not to) exercise its right under the limited partnership agreement for CanGP LP to remove CanGP Co as general partner of CanGP LP except with the prior written consent of CanHoldco.

 

2.4                                                                                Voting at the Direction of CanHoldco with Respect to the Limited Partnership Units of Capital LP

 

With respect to its rights under the limited partnership agreement for Capital LP, Capital Holdings LP agrees that it will vote or otherwise exercise such rights as directed by CanHoldco.

 

7

 

ARTICLE 3
 REPRESENTATIONS AND WARRANTIES

 

3.1                                                                               Representations and Warranties of Brookfield

 

Brookfield hereby represents and warrants to CanGP Co, CanGP LP, CanHoldco and Capital Holdings LP that:

 

3.1.1                               it is validly organized and existing under the relevant laws governing its formation and existence;

 

3.1.2                               it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

3.1.3                               it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

3.1.4                               the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

 

3.1.5                               no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and

 

3.1.6                               this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally, and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

3.2                                                                               Representations and Warranties of CanGP Co

 

CanGP Co hereby represents and warrants to Brookfield, CanGP LP, CanHoldco and Capital Holdings LP that:

 

3.2.1                               it is validly organized and existing under the relevant laws governing its formation and existence;

 

3.2.2                               it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

3.2.3                               it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

8

 

3.2.4                               the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

 

3.2.5                               no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and

 

3.2.6                               this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally, and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

3.3                                                                               Representations and Warranties of CanGP LP

 

CanGP LP hereby represents and warrants to Brookfield, CanGP Co, CanHoldco and Capital Holdings LP that:

 

3.3.1                               it and its general partner are validly organized and existing under the relevant laws governing their formation and existence;

 

3.3.2                               its general partner on its behalf has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

3.3.3                               its general partner on its behalf has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

3.3.4                               the execution and delivery of this Agreement by its general partner on its behalf and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, bye-laws, constituent documents or other organizational documents;

 

3.3.5                               no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by its general partner on its behalf of this Agreement; and

 

3.3.6                               this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally, and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

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3.4                                                                               Representations and Warranties of CanHoldco

 

CanHoldco hereby represents and warrants to Brookfield, CanGP Co, CanGP LP and Capital Holdings LP that:

 

3.4.1                               it is validly organized and existing under the relevant laws governing its formation and existence;

 

3.4.2                               it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

3.4.3                               it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

3.4.4                               the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its articles, by-laws, constituent documents or other organizational documents;

 

3.4.5                               no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and

 

3.4.6                               this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally, and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

3.5                                                                               Representations and Warranties of Capital Holdings LP

 

Capital Holdings LP hereby represents and warrants to Brookfield, CanGP Co, CanHoldco and CanGP LP that:

 

3.5.1                               it and its general partner are validly organized and existing under the relevant laws governing their formation and existence;

 

3.5.2                               its general partner on its behalf has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

 

3.5.3                               its general partner on its behalf has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

 

3.5.4                               the execution and delivery of this Agreement by its general partner on its behalf and the performance by it of its obligations hereunder do not and will not contravene,

 

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breach or result in any default under its articles, bye-laws, constituent documents or other organizational documents;

 

3.5.5                               no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by its general partner on its behalf of this Agreement; and

 

3.5.6                               this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors’ rights and remedies generally, and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity.

 

ARTICLE 4
 TERMINATION

 

4.1                                                                               Term

 

The term of this Agreement (“Term”) will begin on the Effective Date and will continue in full force and effect until terminated in accordance with Section 4.2.

 

4.2                                                                               Termination

 

The rights and obligations of the parties to this Agreement will terminate and no longer be of any effect (i) at such time that BBP ceases to own, directly or indirectly, any limited partnership interest in Capital LP and Capital Holdings LP, (ii) upon 30 days’ notice given by CanHoldco, (iii) at such time that CanGP Co (or its successors or permitted assigns) involuntarily ceases to be the general partner of CanGP LP, (iv) at such time that CanGP LP (or its successors or permitted assigns) involuntarily ceases to be the general partner of Capital Holdings LP, or (v) at such time that BBP (or its successors or permitted assigns) or one of its Subsidiaries is appointed as the general partner of Capital LP and Capital Holdings LP.

 

ARTICLE 5
 GENERAL PROVISIONS

 

5.1                                                                               Assignment

 

5.1.1                               None of the rights or obligations hereunder shall be assignable or transferable by any party without the prior written consent of the other parties.

 

5.1.2                               Any purported assignment of this Agreement in violation of this Section 5.1 shall be null and void.

 

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5.2                                                                               General Prohibition on Transfer

 

During the term of this Agreement, and except with the prior written consent of CanHoldco or as otherwise permitted by this Agreement, no Transfers of the Common Shares and the general partner units and limited partnership units in Capital LP are permitted.

 

5.3                                                                               Permitted Transfers

 

Brookfield may Transfer Common Shares and the general partner units and limited partnership units in Capital LP to any of its Affiliates provided that the transferee executes an instrument in writing agreeing to be bound by this Agreement.

 

5.4                                                                               Enurement

 

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

 

5.5                                                                               Notices

 

Any notice or other communication required or permitted to be given hereunder will be in writing and will be given by prepaid first-class mail, by facsimile or other means of electronic communication or by hand-delivery as hereinafter provided.  Any such notice or other communication, if mailed by prepaid first-class mail at any time other than during a general discontinuance of postal service due to strike, lockout or otherwise, will be deemed to have been received on the fourth Business Day after the post-marked date thereof, or if sent by facsimile or other means of electronic communication, will be deemed to have been received on the Business Day following the sending, or if delivered by hand will be deemed to have been received at the time it is delivered to the applicable address noted below either to the individual designated below or to an individual at such address having apparent authority to accept deliveries on behalf of the addressee.  Notice of change of address will also be governed by this section.  In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices or other communications will be delivered by hand or sent by facsimile or other means of electronic communication and will be deemed to have been received in accordance with this section. Notices and other communications will be addressed as follows:

 

5.5.1                               if to Brookfield:

 

Brookfield Asset Management Inc. 
 Brookfield Place, 181 Bay Street
 Suite 300, P.O. Box 762
 Toronto, Ontario
 M5J 2T3

 

Attention:                                     Vice President, Legal Affairs

 

5.5.2                               if to CanGP Co:

 

Brookfield CanGP Limited.

 

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Brookfield Place, 181 Bay Street
 Suite 300, P.O. Box 762
 Toronto, Ontario
 M5J 2T3

 

Attention:                                         Vice President, Legal Affairs

 

5.5.3                               if to CanGP LP:

 

Brookfield Canadian GP L.P.

Brookfield Place, 181 Bay Street
 Suite 300, P.O. Box 762
 Toronto, Ontario
 M5J 2T3

 

Attention:                                     Secretary

 

5.5.4                               if to CanHoldco:

 

Brookfield BBP Canadian Holdings Inc.

Brookfield Place, 181 Bay Street
 Suite 300, P.O. Box 762
 Toronto, Ontario
 M5J 2T3

 

Attention:                                         Vice President, Legal Affairs

 

5.5.5                               if to Capital Holdings LP:

 

Brookfield BBP (Canada) Holdings L.P.

Brookfield Place, 181 Bay Street

Suite 300, P.O. Box 762

Toronto, Ontario

M5J 2T3

 

Attention:                                         Secretary

 

or to such other addresses as a party may from time to time notify the others in accordance with this Section 5.5.

 

5.6                                                                               Further Assurances

 

Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, documents and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this

 

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Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to implement to their full extent the provisions of this Agreement.

 

5.7                                                                               Counterparts

 

This Agreement may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument.

 

[NEXT PAGE IS SIGNATURE PAGE]

 

14

 

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

 

	
 
    	
BROOKFIELD   ASSET MANAGEMENT INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   A.J. Silber 
    
	
 
    	
 
    	
Name:   A.J. Silber 
    
	
 
    	
 
    	
Title:   Vice President, Legal Affairs
    
	
 
    	
 
    
	
 
    	
BROOKFIELD   BBP CANADIAN GP L.P.,   by its general partner, BROOKFIELD CANGP LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jaspreet Dehl
    
	
 
    	
 
    	
Name:   Jaspreet Dehl 
    
	
 
    	
 
    	
Title:   Senior Vice-President & Secretary
    
	
 
    	
 
    
	
 
    	
BROOKFIELD   CANGP LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jaspreet Dehl
    
	
 
    	
 
    	
Name:   Jaspreet Dehl
    
	
 
    	
 
    	
Title:   Senior Vice-President & Secretary
    
	
 
    	
 
    
	
 
    	
BROOKFIELD   BBP CANADA HOLDINGS INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   A.J. Silber
    
	
 
    	
 
    	
Name:   A.J. Silber
    
	
 
    	
 
    	
Title:   Vice President and Secretary
    
	
 
    	
 
    
	
 
    	
BROOKFIELD   BBP (CANADA) HOLDINGS L.P., by its general partner, BROOKFIELD BBP CANADIAN   GP L.P., by its general partner, BROOKFIELD   CANGP LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jaspreet Dehl
    
	
 
    	
 
    	
Name:   Jaspreet Dehl
    
	
 
    	
 
    	
Title:   Senior Vice-President & Secretary
    

 

Voting Agreement

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