Compensation Charges. 5.2.1 The parties acknowledge and agree that it may be desirable for employees and other personnel of any member of the BPY Group or the Brookfield Group to provide services not included in the Services to a member of the other group. In these cases, all or a portion of the compensation (including cash, options or other security-based compensation) paid or payable to employees or other personnel who devote a portion of their time to the provision of services to the other group may be allocated to a member of such other group (a “Compensation Charge”). 5.2.2 At the end of each calendar year, Brookfield and BPY agree to negotiate in good faith the terms of any Compensation Charge in respect of that calendar year; provided that the amount of any Compensation Charge allocated to a member of the BPY Group must be approved by the governance and nominating committee of the BPY General Partner.
Appears in 5 contracts
Samples: Master Services Agreement (Brookfield Property Partners L.P.), Master Services Agreement (Brookfield Property Partners L.P.), Master Services Agreement (Brookfield Property Partners L.P.)
Compensation Charges. 5.2.1 The parties acknowledge and agree that it may be desirable for employees and other personnel of any member of the BPY BPR Group or the Brookfield Group to provide services not included in the Services to a member of the other group. In these cases, all or a portion of the compensation (including cash, options or other security-based compensation) paid or payable to employees or other personnel who devote a portion of their time to the provision of services to the other group may be allocated to a member of such other group (a “Compensation Charge”).
5.2.2 At the end of each calendar year, Brookfield and BPY BPR agree to negotiate in good faith the terms of any Compensation Charge in respect of that calendar year; provided that the amount of any Compensation Charge allocated to a member of the BPY BPR Group must be approved by the nominating and governance and nominating committee of the BPY General PartnerBPR Board.
Appears in 3 contracts
Samples: Master Services Agreement, Master Services Agreement (Brookfield Property REIT Inc.), Master Services Agreement (GGP Inc.)
Compensation Charges. 5.2.1 The parties acknowledge and agree that it may be desirable for employees and other personnel of any member of the BPY Group or the Brookfield Group to provide services not included in the Services to a member of the other group. In these cases, all or a portion of the compensation (including cash, options or other security-based compensation) paid or payable to employees or other personnel who devote a portion of their time to the provision of services to the other group may be allocated to a member of such other group (a “Compensation Charge”).
5.2.2 At the end of each calendar year, Brookfield and BPY agree to negotiate in good faith the terms of any Compensation Charge in respect of that calendar year; provided that the amount of any Compensation Charge allocated to a member of the BPY Group must be approved by the nominating and governance and nominating committee of the BPY General Partner.
Appears in 1 contract
Samples: Master Services Agreement (Brookfield Property Partners L.P.)
Compensation Charges. 5.2.1 The parties acknowledge and agree that it may be desirable for employees and other personnel of any member of the BPY Group or the Brookfield Group to provide services not included in the Services to a member of the other group. In these cases, all or a portion of the compensation (including cash, options or other security-based compensation) paid or payable to employees or other personnel who devote a portion of their time to the provision of services to the other group may be allocated to a member of such other group (a “Compensation Charge”).
5.2.2 At the end of each calendar year, Brookfield and BPY agree to negotiate in good faith the terms of any Compensation Charge in respect of that calendar year; provided that the amount of any Compensation Charge allocated to a member of the BPY Group must be approved by the governance and nominating committee independent directors of the BPY General Partner.
Appears in 1 contract
Samples: Master Services Agreement (Brookfield Property Partners L.P.)
Compensation Charges. 5.2.1 The parties acknowledge and agree that it may be desirable for employees and other personnel of any member of the BPY Group or the Brookfield Group to provide services not included in the Services to a member of the other group. In these cases, all or a portion of the compensation (including cash, options or other security-based compensation) paid or payable to employees or other personnel who devote a portion of their time to the provision of services to the other group may be allocated to a member of such other group (a “"Compensation Charge”").
5.2.2 At the end of each calendar year, Brookfield and BPY agree to negotiate in good faith the terms of any Compensation Charge in respect of that calendar year; provided that the amount of any Compensation Charge allocated to a member of the BPY Group must be approved by the governance and nominating committee of the BPY General Partner.. ARTICLE
Appears in 1 contract
Samples: Master Services Agreement (Brookfield Property Partners L.P.)
