Exhibit 10.3

THIRD AMENDMENT TO 

ASSET PURCHASE AGREEMENT

 

THIS THIRD AMENDMENT TO ASSET PURCHASE AGREEMENT (this “Amendment”) is dated as
of October 14, 2015, by and among 101 Development Group, LLC, a Delaware limited
liability company (the “Buyer”) and Revera Assisted Living, Inc., a corporation
formed under the laws of the state of Oregon (“Parent”), CPL (Bey Lea Village)
LLC, a Delaware limited liability company (“Bey Lea”), CPL (Fox Chase) LLC, a
Delaware limited liability company (“Fox Chase”), CPL (Hamilton) LLC, a Delaware
limited liability company (“Hamilton”), CPL (Iliff) LLC, a Delaware limited
liability company (“Iliff”), CPL (Laurelton Village) LLC, a Delaware limited
liability company (“Laurelton”), Revera (Delaware) LLC doing business as Linden
Grove Health Care Center (“Linden Grove”), Montesano Health & Rehab Center
(“Montesano”) and Orchard Park Rehabilitation and Nursing Center (“Orchard
Park”), CPL (Linwood) LLC, a Delaware limited liability company (“Linwood”), CPL
(Meadowview) LLC, a Delaware limited liability company (“Meadowview”), CPL
(Oakridge) LLC, a Delaware limited liability company (“Oakridge”), CPL (South
County) LLC, a Delaware limited liability company (“South County”), CPL
(Whiting) LLC, a Delaware limited liability company (“Whiting”), CPL (Willow
Creek) LLC a Delaware limited liability company (“Willow Creek” and collectively
with Bey Lea, Fox Chase, Hamilton, Iliff, Laurelton, Linden Grove, Linwood,
Meadowview, Montesano, Oakridge, Orchard Park, South County and Whiting, the
“Owner Operator Sellers”), CPL (Glen Ridge) LLC, a Delaware limited liability
company (“Glen Ridge”), Rochester Manor LLC, a Delaware limited liability
company (“Rochester”), Subacute Center of Bristol LLC doing business as Village
Green of Bristol (“Village Green Bristol”), Brook Hollow Health Care Center LLC
doing business as Village Green of Wallingford (“Village Green Wallingford”),
CPL (Cabot) LLC, a Delaware limited liability company (“Cabot”), Burlington
Health and Rehabilitation Center LLC, a Delaware limited liability company
(“Burlington”), Berlin Health and Rehabilitation Center LLC, a Delaware limited
liability company (“Berlin”), Bennington Health and Rehabilitation Center LLC, a
Delaware limited liability company (“Bennington”), Springfield Health and
Rehabilitation Center LLC, a Delaware limited liability company (“Springfield”),
St. Johnsbury Health and Rehabilitation Center LLC, a Delaware limited liability
company (“St. Johnsbury” and collectively with Glen Ridge, Cabot, Rochester,
Village Green Bristol, Village Green Wallingford, Burlington, Berlin, Bennington
and Springfield, the “Operator Sellers”), Vermont Subacute LLC, a Delaware
limited liability company (“Vermont RE”), Connecticut Subacute LLC, a Delaware
limited liability company (“Connecticut RE”), New Hampshire Subacute LLC, a
Delaware limited liability company (“New Hampshire RE”), CPL (Westfield) LLC, a
Delaware limited liability company (“Westfield RE”), Berlin Real Estate LLC, a
Delaware limited liability company (“Berlin RE”), Bennington Real Estate LLC, a
Delaware limited liability company (“Bennington RE”), Springfield Real Estate
LLC, a Delaware limited liability company (“Springfield RE”), St. Johnsbury Real
Estate LLC, a Delaware limited liability company (“St. Johnsbury RE” and
collectively with Vermont RE, Connecticut RE, New Hampshire RE, Westfield RE,
Berlin RE, Bennington RE and Springfield RE, the “RE Owner Sellers”), and CPL
(Premier Therapy) LLC, a Delaware limited liability company (“Premier Therapy”),
and Genesis Healthcare, Inc. a Delaware corporation (“Guarantor”). The Owner
Operator Sellers, the Operator Sellers, the RE Owner Sellers and Premier are
collectively referred to herein as “Sellers” and collectively with Parent as the
“Seller Parties”. 

 

RECITALS

 

WHEREAS, Buyer, Seller Parties and Guarantor are party to that certain Asset
Purchase Agreement dated as of June 11, 2015  (as amended, the “Agreement”); and

 

WHEREAS, all capitalized terms not defined herein shall have the meaning
ascribed to them in the Agreement; and

 

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WHEREAS, Buyer, Seller Parties and Guarantor desire to amend the Agreement to
modify the definition of Owner Operator Sellers and allow Buyer to direct the
Seller Parties to convey certain Assets to Buyer’s Affiliates in accordance with
the terms and conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the covenants and agreements herein set
forth, the parties agree as follows:

 

1. The Preamble to the Agreement is hereby amended by deleting the parenthetical
phrase immediately following “CPL (Willow Creek) LLC a Delaware limited
liability company”  and replacing it with the following:

 

“(“Willow Creek” and collectively with Bey Lea, Fox Chase, Hamilton, Iliff,
Laurelton, Linden Grove, Linwood, Meadowview, Montesano, Oakridge, Orchard Park,
South County and Whiting, the “Owner Operator Sellers”)”.

 

2. The Agreement is hereby amended by deleting Section 12.3 in its entirety and
replacing it with the following:

 

“12.3Assignment.  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 without the prior written consent of the
other parties,  except that the Buyer may assign any of or all its rights,
interests and obligations under this Agreement to one or more Affiliates of the
Buyer, which Affiliate or Affiliates shall collectively be deemed to be the
“Buyer” hereunder and shall be the beneficiary of all of the Seller Parties’
warranties, representations and covenants in favor of Buyer under this Agreement
and shall be solely liable for all debts and obligations of the Buyer
hereunder.  Subject to the preceding sentence, this Agreement shall be binding
upon, inure to the benefit of, and be enforceable by, the parties hereto and
their respective heirs, legal representatives, successors and permitted
assigns.  Notwithstanding the foregoing, Buyer may direct the Seller Parties (i)
to convey the Real Property and the tangible Personal Property associated with
each Facility to those Affiliates or unaffiliated third parties listed on
Schedule 12.3 hereto (each an “RE Assignee”) and (ii) to convey the operations
of the Facilities and any of the Assets associated therewith to
Buyer’s Affiliates listed on Schedule 12.3 hereto (each an
“Operator Designee”).  No RE Assignee or Operator Designee shall have a right of
action against the Seller Parties under this Agreement or be deemed to be the
“Buyer” under this Agreement, and the Buyer shall remain liable for all of its
obligations hereunder.  Each Seller Party hereby covenants and agrees that if
any Seller Party proposes to merge or consolidate with or into any other entity,
sell, assign, transfer or otherwise dispose of its business (whether assets or
equity) (a “Seller Transaction”), the contract or other legal document pursuant
to which such Seller Transaction is implemented shall provide that the surviving
company in any merger or consolidation or successor to or buyer of the business
shall jointly and severally with the other Seller Parties hereto (or their
respective successors) assume all of the terms and conditions of this Agreement,
including without limitation, all indemnification obligations hereunder.  Any
purported assignment not permitted under this Section 12.3 shall be null and
void.”

 

3. Schedule 12.3 attached this Amendment is hereby added as Schedule 12.3 to the
Agreement.

 

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4. This Amendment may be executed in one or more counterparts, each of which
shall be deemed an original.  Signature delivered by facsimile or by similar
electronic means such as by portable document format shall be deemed to be
originals.

 

5. Except as modified by this Amendment, the Agreement shall remain in full
force and effect.

 

6. This Amendment shall be governed by and construed and enforced in accordance
with the laws of the State of Delaware, without giving effect to the conflict of
laws principles thereof.

 

[Signature Pages to Follow]

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of
the date above written.

SELLER PARTIES:

REVERA ASSISTED LIVING, INC.

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (BEY LEA VILLAGE) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (FOX CHASE) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (HAMILTON) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (ILIFF) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (LAURELTON VILLAGE) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

REVERA (DELAWARE) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

 

 

 

 

 

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CPL (LINWOOD) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (MEADOWVIEW) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (OAKRIDGE) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (SOUTH COUNTY) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (WHITING) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (WILLOW CREEK) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (GLEN RIDGE) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

ROCHESTER MANOR LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

 

 

 

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SUBACUTE CENTER OF BRISTOL LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

BROOK HOLLOW HEALTH CARE CENTER LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (CABOT) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

BURLINGTON HEALTH AND REHABILITATION CENTER LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

BERLIN HEALTH AND REHABILITATION CENTER LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

BENNINGTON HEALTH AND REHABILITATION CENTER LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

SPRINGFIELD HEALTH AND REHABILITATION CENTER LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

 

 

 

 

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ST. JOHNSBURY HEALTH AND REHABILITATION CENTER LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

VERMONT SUBACUTE LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CONNECTICUT SUBACUTE LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

NEW HAMPSHIRE SUBACUTE LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (WESTFIELD) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

BERLIN REAL ESTATE LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

BENNINGTON REAL ESTATE LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

SPRINGFIELD REAL ESTATE LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

 

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ST. JOHNSBURY REAL ESTATE LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

CPL (PREMIER THERAPY) LLC

 

By:

/s/ Frank Cerrone

Name: Frank Cerrone

Title: Authorized Representative

 

 

 

 

 

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of
the date above written.

BUYER:

101 DEVELOPMENT GROUP, LLC

 

By:

/s/ Michael Berg

Name: Michael Berg

Title: Assistant Secretary

 

 

GUARANTOR:

GENESIS HEALTHCARE, INC.

 

By:

/s/ Michael Berg

Name: Michael Berg

Title: Assistant Secretary

 

 

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