Ventas Employee and Director Stock Purchase Plan,  as amended



 Exhibit 10.18 
 VENTAS 
 EMPLOYEE AND DIRECTOR STOCK PURCHASE PLAN 
 [As amended December 8, 2008] 
 The
Ventas Employee and Director Stock Purchase Plan is comprised of two subplans as set forth below: the Ventas Qualified Employee Stock Purchase Plan and the Ventas Taxable Employee and Director Stock Purchase Plan. 
 A total of two million five hundred thousand (2,500,000) shares of Common Stock of Ventas, Inc. are reserved for sale and authorized for issuance
pursuant to the Ventas Employee and Director Stock Purchase Plan comprised of the Ventas Qualified Employee Stock Purchase Plan and the Ventas Taxable Employee and Director Stock Purchase Plan. Such number of shares is subject to adjustment as set
forth in Article 9 of each subplan. Shares of Common Stock to be issued under the Plan may be either authorized and unissued shares, treasury shares or a combination thereof. 
 VENTAS 
 QUALIFIED EMPLOYEE STOCK PURCHASE PLAN 
 ARTICLE 1. PURPOSE 
 The purpose of
this Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common Stock of the Company. It is the intention of the Company to have the Plan qualify as an “employee stock purchase plan”
under section 423 of the Code. The provisions of this Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code. 
 ARTICLE 2. DEFINITIONS 
 Certain terms
used in this Plan have the meanings set forth in Appendix A. 
 ARTICLE 3. ELIGIBILITY REQUIREMENTS 
 3.1. Initial Eligibility. Except as provided in Section 3.2, each Employee shall become eligible to participate in the Plan in
accordance with Article 4 on the first Enrollment Date on or following the later of (a) the date such individual becomes an Employee or (b) the Effective Date. Participation in the Plan is entirely voluntary. 
 3.2. Limitations on Eligibility. The Committee may determine that the following Employees are not eligible to participate in the Plan:

  

	 	(a)	Employees who have been employed less than one (1) year or such shorter period established by the Committee; 









	 	(b)	Employees whose customary employment is twenty (20) hours or less per week or any lesser number of hours established by the Committee; and 

  

	 	(c)	Employees who, immediately upon purchasing Shares under the Plan, would own directly or indirectly, an aggregate of five percent (5%) or more of the total combined voting power
or value of all outstanding shares of all classes of stock of the Company or any Subsidiary (and for purposes of this paragraph, the rules of Section 424(d) of the Code shall apply, and stock which the Employee may purchase under outstanding
options shall be treated as stock owned by the Employee). 

 ARTICLE 4. ENROLLMENT 
 Any Eligible Employee may enroll in the Plan for any Offering Period by completing and signing an enrollment election form or by such other means as the
Committee shall prescribe and submitting such enrollment election to the Company in accordance with procedures established by the Committee on or before the Cut-Off Date with respect to such Offering Period. Unless otherwise determined by the
Committee, the enrollment election and the designated rate of payroll deduction shall continue for future Offering Periods unless the Participant changes or cancels the enrollment election or designated rate of payroll deduction prior to the Cut-Off
Date. 
 ARTICLE 5. GRANT OF OPTIONS ON ENROLLMENT 
 5.1. Option Grant. Enrollment by an Eligible Employee in the Plan as of an Enrollment Date will constitute the grant by the Company to such Participant of an option on such Enrollment Date to purchase
Shares from the Company pursuant to the Plan. 
 5.2. Option Expiration. An option granted to a Participant pursuant to this
Plan shall expire, if not terminated for any reason first, on the earliest to occur of (a) the end of the Offering Period in which such option was granted; (b) the completion of the purchase of Shares under the option under Article 7; or
(c) the date on which participation of such Participant in the Plan terminates for any reason. 
 5.3. Purchase of Shares.
An option granted to a Participant under the Plan shall give the Participant a right to purchase on a Purchase Date the largest number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as
of such Purchase Date will purchase at the applicable Purchase Price; provided, however, that the Committee may, in its discretion, limit the number of Shares purchased by each Participant in any Purchase Period. 
 Notwithstanding anything to the contrary herein, to the extent required by Section 423 of the Code, no Employee shall be granted an option under the
Plan (or any other plan of the Company or a Subsidiary intended to qualify under Section 423 of the Code) which would permit the Employee to purchase Shares under the Plan (and such other plan) in any calendar year with a Fair Market Value
(determined at the time such option is granted) in excess of $25,000 and any payments made by a Participant in excess of this limitation shall be returned to the Participant in accordance with procedures established by the Committee. 
  

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 ARTICLE 6. PAYMENT 
 The Committee may designate the time and manner for payment of Shares to be purchased during the Purchase Period, including, but not limited to, through payroll deductions from Compensation, the terms and conditions
of which are designated by the Committee. Payment amounts shall be credited on a bookkeeping basis to a Participant’s Account under this Plan. All payment amounts may be used by the Company for any purpose and the Company shall have no
obligation to segregate such funds. No interest accrues on payments by Participants. 
 ARTICLE 7. PURCHASE OF SHARES 
 7.1. Option Exercise. Any option held by the Participant which was granted under this Plan and which remains outstanding as of a Purchase
Date shall be deemed to have been exercised on such Purchase Date for the number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as of the Purchase Date will purchase at the applicable
Purchase Price (but not in excess of the number of Shares for which options have been granted to the Participant pursuant to Section 5.3). Options for other Shares for which options have been granted which are not purchased on the last Purchase
Date during the Offering Period shall terminate. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such Shares pursuant thereto shall comply with all applicable provisions of
law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which
the Shares may then be listed. As a condition to the exercise of an option, the Committee may require the person exercising such option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment
and without any present intention to sell or distribute such Shares. 
 7.2. Refund of Excess Amount. If, after a
Participant’s exercise of an option under Section 7.1, an amount remains credited to the Participant’s Account as of a Purchase Date, then the remaining amount shall be (a) if no further Purchase Periods are immediately
contemplated by the Committee, distributed to the Participant as soon as administratively feasible, or (b) if another Purchase Period is contemplated by the Committee, carried forward in the Account for application to the purchase of Shares on
the next following Purchase Date. 
 7.3. Employees of Designated Categories. In the case of Participants employed by a
Designated Subsidiary, the Committee may provide for Shares to be sold through the Subsidiary to such Participants, to the extent consistent with Section 423 of the Code. 
 7.4. Pro Rata Allocations. If the total number of Shares for which options are or could be exercised on any Purchase Date in accordance
with this Article 7, when aggregated with all Shares for which options have been previously exercised under this Plan, exceeds the maximum number of Shares reserved in Article 12, the Company may, in accordance with Article 12, allocate the Shares
available for delivery and distribution in the ratio that the balance in each Participant’s Account bears to the aggregate balances of all Participants’ Accounts, and the remaining balance of the amount credited to the Account of each
Participant under the Plan shall be returned to him or her as promptly as possible. 
  

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 7.5. Notice of Disposition. If a Participant or former Participant sells, transfers, or
otherwise makes a disposition of Shares purchased pursuant to an option granted under the Plan and within two (2) years after the date such option is granted or within one (1) year after the date such Shares were transferred to the
Participant, if such Participant or former Participant is subject to United States federal income tax, then such Participant or former Participant shall notify the Company or a member of the Employer in writing of such sale, transfer or other
disposition within ten (10) days of the consummation of such sale, transfer, or other disposition. Without limitation on the Participant or former Participant’s ability to sell, transfer or otherwise make a disposition of Shares and
without limitation on Section 11.2, Participants and former Participants must maintain any Shares purchased pursuant to an option granted under the Plan within two (2) years after the date such option is granted or within one (1) year
after the date such Shares were transferred to the Participant at the broker designated by the Committee, unless the Committee determines otherwise. 
 ARTICLE 8. WITHDRAWAL FROM THE PLAN, 
 TERMINATION OF EMPLOYMENT, AND LEAVE OF ABSENCE 
 8.1. Withdrawal from the Plan. A Participant may withdraw all funds accumulated in the Participant’s Account from the Plan during any
Purchase Period by delivering a notice of withdrawal to the Company or a member of the Employer (in a manner prescribed by the Committee) at any time up to but not including the thirty (30) days prior to the Purchase Date next following the
date such notice of withdrawal is delivered, or at such shorter time in advance of such Purchase Date as the Committee may permit. If notice of complete withdrawal as described in the preceding sentence is timely received, all funds then accumulated
in the Participant’s Account shall not be used to purchase Shares, but shall instead be distributed to the Participant as soon as administratively feasible and the Company or member of the Employer will cease the Participant’s payroll
withholding for the Plan in accordance with timing and other procedures established by the Committee. An Employee who has withdrawn during a Purchase Period may not return funds to the Company or a member of the Employer during the same Purchase
Period and require the Company or member of the Employer to apply those funds to the purchase of Shares. Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in the Plan on the next subsequent Enrollment Date, if any.

 8.2. Termination of Participation. Participation in the Plan terminates immediately following the end of the Purchase Period
during which a Participant ceases to be employed by the Company or a member of the Employer for any reason whatsoever or otherwise ceases to be an Eligible Employee. Notwithstanding the preceding sentence, such Participant may elect to withdraw from
the Plan in accordance with Section 8.1 and the procedures prescribed by the Committee. 
 8.3. Leave of Absence. If a
Participant takes a leave of absence, such Participant shall have the right, in accordance with procedures prescribed by the Committee, to elect to withdraw from the Plan in accordance with Section 8.1. To the extent determined by the Committee
or required by Section 423 of the Code, certain leaves of absence may be treated as cessations of employment for purposes of the Plan. 
  

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 ARTICLE 9. ADJUSTMENTS UPON CHANGES IN 
 CAPITALIZATION, DISSOLUTION, LIQUIDATION, MERGER OR ASSET SALE 
 9.1.
Adjustments Upon Changes in Capitalization. Subject to any required action by the shareholders of the Company, the right to purchase Shares of Common Stock covered by a current Offering Period and the number of Shares which have been
authorized for issuance under the Plan for any future Offering Period, the maximum number of Shares each Participant may purchase each Offering Period (pursuant to Section 5.3 hereof), as well as the price per Share and the number of Shares
covered by each right under the Plan which have not yet been purchased shall be proportionately adjusted in the sole discretion of the Committee for any increase or decrease in the number of issued Shares resulting from a stock split, reverse stock
split, stock dividend, extraordinary cash dividend, combination or reclassification of the Common Stock, or recapitalization, reorganization, consolidation, split-up, spin-off, or any other increase or decrease in the number of Shares effected
without receipt of consideration by the Company. Except as expressly provided otherwise by the Committee, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no
adjustment by reason thereof shall be made with respect to, the number or price of Shares. 
 9.2. Committee Adjustment.
Without limitation on the preceding provisions, in the event of any corporate transaction, the Committee may make such adjustment it deems appropriate to prevent dilution or enlargement of rights in the number and class of Shares which may be
delivered under Article 12, in the number, class of or price of Shares available for purchase under the Plan and in the number of Shares which an Employee is entitled to purchase and any other adjustments it deems appropriate. Without limiting the
Committee’s authority under this Plan, in the event of any transaction, the Committee may elect to have the options hereunder assumed or such options substituted by a successor entity, to terminate all outstanding options either prior to their
expiration or upon completion of the purchase of Shares on the next Purchase Date, to shorten the Offering Period by setting a new Purchase Date or to take such other action deemed appropriate by the Committee. 
 ARTICLE 10. DESIGNATION OF BENEFICIARY 
 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom the amount in his or her Account is to be paid in case of his or her death before he or
she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the Participant in writing with the
Committee during the Participant’s lifetime. In the absence of any such designation, any Account balance remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 
  

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 ARTICLE 11. ADMINISTRATION. 
 11.1. Administration by Committee. The Plan shall be administered by the Committee. The Committee shall have the authority to delegate
duties to officers, directors or employees of the Company. 
 11.2. Authority of Committee. The Committee shall have the full
and exclusive discretionary authority to construe and interpret the Plan and options granted under it; to establish, amend, and revoke rules and regulations for administration of the Plan (including, without limitation, the determination and change
of Offering Periods, Purchase Periods and payment procedures, the requirement that Shares be held by a specified broker, and the establishment of the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars); to determine
all questions of eligibility, disputed claims and policy that may arise in the administration of the Plan; to make any changes to the Plan or its operations to reduce or eliminate any unfavorable legal, accounting or other consequences to the extent
deemed appropriate by the Committee; and, generally, to exercise such powers and perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company, including, but not limited to, designating from time to
time which Subsidiaries of the Company shall be part of the Employer. The Committee’s determinations as to the interpretation and operation of this Plan shall be final and conclusive and each action of the Committee shall be binding on all
persons. 
 In exercising the powers described in the foregoing paragraph, the Committee may adopt special or different rules for the
operation of the Plan including, but not limited to, rules which allow employees of any foreign Subsidiary to participate in, and enjoy the tax benefits offered by, the Plan; provided that such rules shall not result in any grantees of options
having different rights and/or privileges under the Plan in violation of Section 423 of the Code nor otherwise cause the Plan to fail to satisfy the requirements of Section 423 of the Code and the regulations thereunder. 
 11.3. Administrative Modification. The Plan provisions relating to the administration of the Plan may be amended by the Committee from time
to time as may be desirable to satisfy any requirements of or under the federal securities and/or other applicable laws of the United States, to obtain any exemption under such laws, or to reduce or eliminate any unfavorable legal, accounting or
other consequences or for any other purpose deemed appropriate by the Committee. 
 ARTICLE 12. NUMBER OF SHARES 
 Subject to adjustment as set forth in Article 9, two million five hundred thousand (2,500,000) Shares are reserved for sale and authorized for
issuance pursuant to the Ventas Employee and Director Stock Purchase Plan, and therefore, the number of Shares authorized for issuance pursuant to the Plan is two million five hundred thousand (2,500,000) Shares less the number of Shares issued
pursuant to the Ventas Taxable Employee and Director Stock Purchase Plan. If any option granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such option shall again become available for
the 

  

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Ventas Employee and Director Stock Purchase Plan. If on a given Purchase Date, the number of Shares with respect to which options are to be exercised exceeds
the number of Shares then available under the Plan, the Committee shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as shall be practical and as it shall determine to be equitable.

 ARTICLE 13. MISCELLANEOUS 
 13.1. Restrictions on Transfer. Options granted under the Plan to a Participant may not be exercised during the Participant’s lifetime other than by the Participant. Neither amounts credited to a Participant’s
Account nor any rights with respect to the exercise of an option or to receive stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of descent and
distribution. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw from the Plan in accordance with Section 8.1. 
 13.2. Administrative Assistance. If the Committee in its discretion so elects, it may retain a brokerage firm, bank, or other financial
institution to assist in the purchase of Shares, delivery of reports, or other administrative aspects of the Plan. If the Committee so elects, each Participant shall (unless prohibited by applicable law) be deemed upon enrollment in the Plan to have
authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant under the Plan shall be held in the Account in the Participant’s name, or if the Participant so indicates in the enrollment
form, in the Participant’s name together with the name of his or her spouse in joint tenancy with right of survivorship or spousal community property, or in certain forms of trust approved by the Committee. 
 13.3. Treatment of Non-U.S. Participants. Participants who are employed by non-U.S. Designated Subsidiaries, who are paid in foreign
currency, and who contribute foreign currency to the Plan through contributions or payroll deductions will have such contributions converted to U.S. dollars. The exchange rate and method for such conversion will be determined as prescribed by the
Committee. In no event will any procedure implemented for dealing with exchange rate fluctuations that may occur during an Offering Period result in a purchase price below the Purchase Date Price permitted under the Plan. Each Participant shall bear
the risk of any currency exchange fluctuations (if applicable) between the date on which any Participant contributions are converted to U.S. dollars and the following Purchase Date. 
 13.4. Withholding. The Company or any member of the Employer shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company or any member of the Employer, an amount sufficient to satisfy Federal, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a
result of this Plan. 
 13.5. Equal Rights and Privileges. All Eligible Employees shall have equal rights and privileges with
respect to the Plan so that the Plan qualifies as an “employee stock purchase plan” within the meaning of Section 423 or any successor provision of the Code and the related 

  

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regulations. Notwithstanding the express terms of the Plan, any provision of the Plan which is inconsistent with Section 423 or any successor provision
of the Code shall without further act or amendment by the Company or the Committee be reformed to comply with the requirements of Section 423 of the Code. This Section 13.5 shall take precedence over all other provisions in the Plan.

 13.6. Eligible Employees in Other Countries. Without amending the Plan, the Committee may grant options or establish other
procedures to provide benefits to Eligible Employees of Designated Subsidiaries with non-U.S. employees on such terms and conditions different from those specified in this Plan as may, in the judgment of the Committee, be necessary or desirable to
foster and promote achievement of the purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may be necessary or desirable (a) to comply with provisions of the laws or regulations or
conform to the requirements to operate the Plan in a qualified or tax or accounting advantageous manner in other countries or jurisdictions in which the Company or any Designated Subsidiary may operate or have employees, (b) to ensure the
viability of the benefits from the Plan to Eligible Employees employed in such countries or jurisdictions and (c) to meet the objectives of the Plan. Notwithstanding anything to the contrary herein, any such actions taken by the Committee with
respect to Eligible Employees of any Designated Subsidiary may be treated as a subplan outside of an “employee stock purchase plan” under Section 423 of the United States Code and not subject to the requirements of Section 423
set forth in the United States Code and this Plan. 
 13.7. Applicable Law. The Plan shall be governed by the substantive laws
(excluding the conflict of laws rules) of the State of Delaware. 
 13.8. Amendment and Termination. The Board may amend,
alter, or terminate the Plan at any time; provided, however, that (1) the Plan may not be amended in a way which will cause rights issued under the Plan to fail to meet the requirements of Section 423 of the Code; and (2) no amendment
which would amend or modify the Plan in a manner requiring stockholder approval under Section 423 of the Code or the requirements of any securities exchange on which the Shares are traded shall be effective unless such stockholder approval is
obtained. In addition, the Committee may amend the Plan as provided in Section 11.3, subject to the conditions set forth in this Section 13.8. 
 If the Plan is terminated, the Committee may elect to terminate all outstanding options either prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, or may elect to permit
options to expire in accordance with their terms (and participation to continue through such expiration dates). If the options are terminated prior to expiration, all funds accumulated in Participants’ Accounts as of the date the options are
terminated shall be returned to the Participants as soon as administratively feasible. 
 13.9. No Right of Employment. Neither
the grant nor the exercise of any rights to purchase Shares under this Plan nor anything in this Plan shall impose upon the Company or a member of the Employer any obligation to employ or continue to employ any Employee. The right of the Company or
a member of the Employer to terminate any Employee shall not be diminished or affected because any rights to purchase Shares have been granted to such Employee. 
  


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 13.10. Rights as Shareholder. No Participant shall have any rights as shareholder unless
and until Shares have been issued to him or her. 
 13.11. Governmental Regulation. The Company’s obligation to sell and
deliver Shares under this Plan is subject to the approval of any governmental authority required in connection with the authorization, issuance, or sale of such Shares. 
 13.12. Gender. When used herein, masculine terms shall be deemed to include the feminine, except when the context indicates to the contrary. 
 13.13. Condition for Participation. As a condition to participation in the Plan, Eligible Employees agree to be bound by the terms of the
Plan (including, without limitation, the notification and holding requirements of Section 7.5) and the determinations of the Committee. 
  

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 APPENDIX A 
 DEFINITIONS 
 “Account” means a recordkeeping account maintained for a Participant to which
Participant contributions and payroll deductions, if applicable, shall be credited. 
 “Board” means the Board of Directors of the Company.

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means any person or committee appointed by the Board. 
 “Common Stock” means
the Common Stock of the Company. 
 “Company” means Ventas, Inc., a Delaware corporation. 
 “Compensation” means gross earnings from the Employer, including such amounts of gross earnings as are deferred by an Eligible Employees
(a) under a qualified cash or deferred arrangement described in Section 401(k) of the Code or (b) under a plan qualified under Section 125 of the Code. Compensation does not include severance pay, equity compensation or gain from
stock option exercises.  
 “Cut-Off Date” means the date established by the Committee from time to time by which enrollment forms
must be received prior to an Enrollment Date. 
 “Designated Subsidiary” means any Subsidiary which has been designated by the Committee
from time to time in its sole discretion as eligible to participate in the Plan and which has adopted the Plan with the approval of the Committee in its sole and absolute discretion. 
 “Effective Date” means the effective date as determined by the Committee. 
 “Eligible
Employee” means an Employee eligible to participate in the Plan in accordance with Article 3. 
 “Employee” means any individual
who is an employee of the Employer for tax purposes. 
 “Employer” means the Company or any Designated Subsidiary of the Company by which an
Employee is employed. 
 “Enrollment Date” means the first Trading Day of an Offering Period. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Fair Market Value” of the Shares shall mean, as of any applicable date, the closing sale price of the Shares on the New York Stock Exchange or any national or regional stock exchange on 

  

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which the Shares are traded, or if no such reported sale of the Shares shall have occurred on such date, on the next preceding date on which there was such a
reported sale. If there shall be any material alteration in the present system of reporting sale prices of the Shares, or if the Shares shall no longer be listed on the New York Stock Exchange or a national or regional stock exchange, the fair
market value of the Shares as of a particular date shall be determined by such method as shall be determined by the Committee. 
 “Grant
Date” means a date on which an Eligible Employee is granted an option under the Plan pursuant to Article 5. 
 “Offering Period”
means each period, if any, designated by the Committee; provided, that each period shall in no event end later than twenty-seven (27) months from the Grant Date. The Offering Period may but need not be the same as the Purchase Period, as
determined by the Committee. 
 “Participant” means an Eligible Employee who has enrolled in the Plan pursuant to Section 4.

 “Plan” means this Ventas Qualified Employee Stock Purchase Plan. 
 “Purchase Date” with respect to a Purchase Period means the last Trading Day in such Purchase Period. 
 “Purchase Date Price” means the Fair Market Value of a Share on the applicable Purchase Date. 
 “Purchase Period”
means the period beginning on the Effective Date and ending on the date designated by the Committee and each period, if any, thereafter designated by the Committee; provided, that each period shall, in no event end later than twenty-seven
(27) months from the Grant Date. 
 “Purchase Price” means the price designated by the Committee, at which each Share may be purchased
under any option, but in no event less than ninety percent (90%) of the Purchase Date Price. 
 “Shares” means shares of the
Company’s Common Stock. 
 “Subsidiary” means a corporation, domestic or foreign, of which not less than 50% of the combined voting
power is held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a Subsidiary. 
 “Trading Day” means a day on which the New York Stock Exchange, Nasdaq stock market or other alternative exchange or service on which the Common Stock is traded, listed or quoted is open for trading. 
  

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 VENTAS 
 TAXABLE EMPLOYEE AND DIRECTOR STOCK PURCHASE PLAN 
 ARTICLE 1. PURPOSE 
 The purpose of this Plan is to provide employees and directors of the Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock of the Company. 
 ARTICLE 2. DEFINITIONS 
 Certain terms used in this Plan have the meanings set forth in Appendix B. 
 ARTICLE 3. ELIGIBILITY
REQUIREMENTS 
 3.1. Initial Eligibility. Except as provided in Section 3.2, each Employee and Director shall become
eligible to participate in the Plan in accordance with Article 4 on the first Enrollment Date on or following the later of (a) the date such individual becomes an Employee or Director; or (b) the Effective Date. Participation in the Plan
is entirely voluntary. 
 3.2. Limitation on Eligibility. The Committee may determine that the following Employees are not
eligible to participate in the Plan: 
  

	 	(a)	Employees who have been employed less than one (1) year or such shorter period established by the Committee; and 

  

	 	(b)	Unless otherwise determined appropriate by the Committee, Employees whose customary employment is twenty (20) hours or less per week or any lesser number of hours established
by the Committee. 

 ARTICLE 4. ENROLLMENT 
 Any Eligible Person may enroll in the Plan for any Offering Period by completing and signing an enrollment election form or by such other means as the Committee shall prescribe and submitting such enrollment election
to the Company in accordance with procedures established by the Committee on or before the Cut-Off Date with respect to such Offering Period. Unless otherwise determined by the Committee, the enrollment election and the designated rate of payroll
deduction shall continue for future Offering Periods unless the Participant changes or cancels the enrollment election or designated rate of payroll deduction prior to the Cut-Off Date. 
 ARTICLE 5. GRANT OF OPTIONS ON ENROLLMENT 
 5.1. Option Grant.
Enrollment by an Eligible Person in the Plan as of an Enrollment Date will constitute the grant by the Company to such Participant of an option on such Enrollment Date to purchase Shares from the Company pursuant to the Plan. 







 5.2. Option Expiration. An option granted to a Participant pursuant to this Plan
shall expire, if not terminated for any reason first, on the earliest to occur of (a) the end of the Offering Period in which such option was granted; (b) the completion of the purchase of Shares under the option under Article 7; or
(c) the date on which participation of such Participant in the Plan terminates for any reason. 
 5.3. Purchase of Shares.
An option granted to a Participant under the Plan shall give the Participant a right to purchase on a Purchase Date the largest number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as
of such Purchase Date will purchase at the applicable Purchase Price; provided, however, that the Committee may, in its discretion, limit the number of Shares purchased by each Participant in any Purchase Period. 
 ARTICLE 6. PAYMENT 
 The Committee may
designate the time and manner for payment of Shares to be purchased during the Purchase Period, including, but not limited to, through payroll deductions from Compensation, the terms and conditions of which are designated by the Committee. Payment
amounts shall be credited on a bookkeeping basis to a Participant’s Account under this Plan. All payment amounts may be used by the Company for any purpose and the Company shall have no obligation to segregate such funds. No interest accrues on
payments by Participants. 
 ARTICLE 7. PURCHASE OF SHARES 
 7.1. Option Exercise. Any option held by the Participant which was granted under this Plan and which remains outstanding as of a Purchase
Date shall be deemed to have been exercised on such Purchase Date for the number of whole Shares, as determined by the Committee, which the funds accumulated in the Participant’s Account as of the Purchase Date will purchase at the applicable
Purchase Price (but not in excess of the number of Shares for which options have been granted to the Participant pursuant to Section 5.3). Options for other Shares for which options have been granted which are not purchased on the last Purchase
Date during the Offering Period shall terminate. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance and delivery of such Shares pursuant thereto shall comply with all applicable provisions of
law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which
the Shares may then be listed. As a condition to the exercise of an option, the Committee may require the person exercising such option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment
and without any present intention to sell or distribute such Shares. 
 7.2. Refund of Excess Amount, If, after a
Participant’s exercise of an option under Section 7.1, an amount remains credited to the Participant’s Account as of a Purchase Date, then the remaining amount shall be (a) if no further Purchase Periods are immediately
contemplated 

  

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by the Committee, distributed to the Participant as soon as administratively feasible, or (b) if another Purchase Period is contemplated by the
Committee, carried forward in the Account for application to the purchase of Shares on the next following Purchase Date. 
 7.3.
Employees of Designated Categories. In the case of Participants employed by a Designated Subsidiary, the Committee may provide for Shares to be sold through the Subsidiary to such Participants. 
 7.4. Pro Rata Allocation. If the total number of Shares for which options are or could be exercised on any Purchase Date in accordance with
this Article 7, when aggregated with all Shares for which options have been previously exercised under this Plan, exceeds the maximum number of Shares reserved in Section 12, the Company may, in accordance with Article 12, allocate the Shares
available for delivery and distribution in the ratio that the balance in each Participant’s Account bears to the aggregate balances of all Participants’ Accounts, and the remaining balance of the amount credited to the Account of each
Participant under the Plan shall be returned to him or her as promptly as possible. 
 ARTICLE 8. WITHDRAWAL FROM THE PLAN, 

TERMINATION OF EMPLOYMENT, AND LEAVE OF ABSENCE 
 8.1. Withdrawal from the Plan. A Participant may withdraw all funds accumulated in the Participant’s Account from the Plan during any Purchase Period by delivering a notice of withdrawal to the
Company or a member of the Employer (in a manner prescribed by the Committee) at any time up to but not including the thirty (30) days prior to the Purchase Date next following the date such notice of withdrawal is delivered, or at such shorter
time in advance of such Purchase Date as the Committee may permit. If notice of complete withdrawal as described in the preceding sentence is timely received, all funds then accumulated in the Participant’s Account shall not be used to purchase
Shares, but shall instead be distributed to the Participant as soon as administratively feasible and the Company or member of the Employer will cease the Participant’s payroll withholding for the Plan in accordance with timing and other
procedures established by the Committee. An Eligible Person who has withdrawn during a Purchase Period may not return funds to the Company or a member of the Employer during the same Purchase Period and require the Company or member of the Employer
to apply those funds to the purchase of Shares. Any Eligible Person who has withdrawn from the Plan may, however, re-enroll in the Plan on the next subsequent Enrollment Date, if any. 
 8.2. Termination of Participation. Participation in the Plan terminates immediately following the end of the Purchase Period during which a
Participant ceases to be employed by the Company or a member of the Employer for any reason whatsoever or otherwise ceases to be an Eligible Person. Notwithstanding the preceding sentence, such Participant may elect to withdraw from the Plan in
accordance with Section 8.1 and the procedures prescribed by the Committee. 
 8.3. Leave of Absence. If a Participant
takes a leave of absence, such Participant shall have the right, in accordance with procedures prescribed by the Committee, to elect to 

  

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withdraw from the Plan in accordance with Section 8.1. To the extent determined by the Committee, certain leaves of absence may be treated as cessations
of employment for purposes of the Plan. 
 ARTICLE 9. ADJUSTMENTS UPON CHANGES IN 
 CAPITALIZATION, DISSOLUTION, LIQUIDATION, MERGER OR ASSET SALE 
 9.1. Adjustments Upon Changes in Capitalization. Subject to any required action by the shareholders of the Company, the right to purchase Shares of Common Stock covered by a current Offering Period and
the number of Shares which have been authorized for issuance under the Plan for any future Offering Period, the maximum number of Shares each Participant may purchase each Offering Period (pursuant to Section 5.3 hereof), as well as the price
per Share and the number of Shares covered by each right under the Plan which have not yet been purchased shall be proportionately adjusted in the sole discretion of the Committee for any increase or decrease in the number of issued Shares resulting
from a stock split, reverse stock split, stock dividend, extraordinary cash dividend, combination or reclassification of the Common Stock, or recapitalization, reorganization, consolidation, split-up, spin-off, or any other increase or decrease in
the number of Shares effected without receipt of consideration by the Company. Except as expressly provided otherwise by the Committee, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any
class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares. 
 9.2.
Committee Adjustment. Without limitation on the preceding provisions, in the event of any corporate transaction, the Committee may make such adjustment it deems appropriate to prevent dilution or enlargement of rights in the number and
class of Shares which may be delivered under Article 12, in the number, class of or price of Shares available for purchase under the Plan and in the number of Shares which an Eligible Person is entitled to purchase and any other adjustments it
deems appropriate. Without limiting the Committee’s authority under this Plan, in the event of any transaction, the Committee may elect to have the options hereunder assumed or such options substituted by a successor entity, to terminate all
outstanding options either prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, to shorten the Offering Period by setting a new Purchase Date or to take such other action deemed appropriate by the
Committee. 
 ARTICLE 10. DESIGNATION OF BENEFICIARY 
 Each Participant under the Plan may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom the amount in his or her Account is to be paid in case of his or
her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and will be effective only when filed by the
Participant in writing with the Committee during the Participant’s lifetime. In the absence of any such designation, any Account balance remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

  

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 ARTICLE 11. ADMINISTRATION 
 11.1. Administration by Committee. The Plan shall be administered by the Committee. The Committee shall have the authority to delegate
duties to officers, directors or employees of the Company. 
 11.2. Authority of Committee. The Committee shall have the full
and exclusive discretionary authority to construe and interpret the Plan and options granted under it; to establish, amend, and revoke rules and regulations for administration of the Plan (including, without limitation, the determination and change
of Offering Periods, Purchase Periods and payment procedures, the requirement that Shares be held by a specified broker, and the establishment of the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars); to determine
all questions of eligibility, disputed claims and policy that may arise in the administration of the Plan; to make any changes to the Plan or its operations to reduce or eliminate any unfavorable legal, accounting or other consequences to the extent
deemed appropriate by the Committee; and, generally, to exercise such powers and perform such acts as the Committee deems necessary or expedient to promote the best interests of the Company, including, but not limited to, designating from time to
time which Subsidiaries of the Company shall be part of the Employer. The Committee’s determinations as to the interpretation and operation of this Plan shall be final and conclusive and each action of the Committee shall be binding on all
persons. The Committee may adopt special or different rules for the operation of the Plan for different Participants, including, but not limited to, rules designed to accommodate the practices of the applicable jurisdiction. 
 11.3. Administrative Modification. The Plan provisions relating to the administration of the Plan may be amended by the Committee from time
to time as may be desirable to satisfy any requirements of or under the securities or other applicable laws of the United States or other jurisdiction, to obtain any exemption under such laws, or to reduce or eliminate any unfavorable legal,
accounting or other consequences or for any other purpose deemed appropriate by the Committee. 
 11.4. Section 409A of the
Code. Grants of options under this Plan are intended to be exempt from the requirements of Section 409A of the Code pursuant to the short-term deferral exception or otherwise. This Plan is intended to be interpreted and operated to the
fullest extent possible so that options under this Plan shall be exempt from the requirements of Section 409A of the Code. Notwithstanding the foregoing provisions of this Section, neither the Company nor the Committee shall be liable to any
Participant for or with respect to any taxes, penalties or interest which may be imposed upon the Participant pursuant to Section 409A of the Code 
 ARTICLE 12. NUMBER OF SHARES 
 Subject to adjustment as set forth in Article 9, two million five
hundred thousand (2,500,000) Shares are reserved for sale and authorized for issuance pursuant to the Ventas Employee and Director Stock Purchase Plan, and therefore, the number of Shares authorized for issuance pursuant to the Plan is two
million five hundred thousand (2,500,000) Shares less the 

  

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number of Shares issued pursuant to the Ventas Qualified Employee Stock Purchase Plan. If any option granted under the Plan shall for any reason terminate
without having been exercised, the Shares not purchased under such option shall again become available for the Ventas Employee and Director Stock Purchase Plan. If on a given Purchase Date, the number of Shares with respect to which options are to
be exercised exceeds the number of Shares then available under the Plan, the Committee shall make a pro rata allocation of the Shares remaining available for purchase in as uniform a manner as shall be practical and as it shall determine to be
equitable. 
 ARTICLE 13. MISCELLANEOUS 
 13.1. Restrictions on Transfer. Options granted under the Plan to a Participant may not be exercised during the Participant’s lifetime other than by the Participant. Neither amounts credited to a
Participant’s Account nor any rights with respect to the exercise of an option or to receive stock under the Plan may be assigned, transferred, pledged, or otherwise disposed of in any way by the Participant other than by will or the laws of
descent and distribution. Any such attempted assignment, transfer, pledge, or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw from the Plan in accordance with Section 8.1.

 13.2. Administrative Assistance. If the Committee in its discretion so elects, it may retain a brokerage firm, bank, or
other financial institution to assist in the purchase of Shares, delivery of reports, or other administrative aspects of the Plan. If the Committee so elects, each Participant shall (unless prohibited by applicable law) be deemed upon enrollment in
the Plan to have authorized the establishment of an account on his or her behalf at such institution. Shares purchased by a Participant under the Plan shall be held in the Account in the Participant’s name, or if the Participant so indicates in
the enrollment form, in the Participant’s name together with the name of his or her spouse in joint tenancy with right of survivorship or spousal community property, or in certain forms of trust approved by the Committee. 
 13.3. Treatment of Non-U.S. Participants. Participants who are employed by non-U.S. Designated Subsidiaries, who are paid in foreign
currency, and who contribute foreign currency to the Plan through contributions or payroll deductions will have such contributions converted to U.S. dollars. The exchange rate and method for such conversion will be determined as prescribed by the
Committee. Each Participant shall bear the risk of any currency exchange fluctuations (if applicable) between the date on which any Participant contributions are converted to U.S. dollars and the following Purchase Date. 
 13.4. Withholding. The Company or any member of the Employer shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company or any member of the Employer, an amount sufficient to satisfy taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan.

 13.5. Eligible Employees in Other Countries. Without amending the Plan, the Committee may grant options or establish other
procedures to provide benefits to Eligible 

  

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Persons of Designated Subsidiaries with non-U.S. employees on such terms and conditions different from those specified in this Plan as may, in the judgment
of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan and shall have the authority to adopt such modifications, procedures, subplans and the like as may be necessary or desirable (a) to comply
with provisions of the laws or regulations or conform to the requirements to operate the Plan in a qualified or tax or accounting advantageous manner in other countries or jurisdictions in which the Company or any Designated Subsidiary may operate
or have employees, (b) to ensure the viability of the benefits from the Plan to Eligible Persons employed in such countries or jurisdictions and (c) to meet the objectives of the Plan. 
 13.6. Applicable Law. The Plan shall be governed by the substantive laws (excluding the conflict of laws rules) of the State of Delaware.

 13.7. Amendment and Termination. The Board may amend, alter, or terminate the Plan at any time; provided, however, that no
amendment which would amend or modify the Plan in a manner requiring stockholder approval under the requirements of any securities exchange on which the Shares are traded shall be effective unless such stockholder approval is obtained. In addition,
the Committee may amend the Plan as provided in Section 11.3, subject to the conditions set forth in this Section 13.7. 
 If the
Plan is terminated, the Committee may elect to terminate all outstanding options either prior to their expiration or upon completion of the purchase of Shares on the next Purchase Date, or may elect to permit options to expire in accordance with
their terms (and participation to continue through such expiration dates). If the options are terminated prior to expiration, all funds accumulated in Participants’ Accounts as of the date the options are terminated shall be returned to the
Participants as soon as administratively feasible. 
 13.8. No Right of Employment. Neither the grant nor the exercise of any
rights to purchase Shares under this Plan nor anything in this Plan shall impose upon the Company or a member of the Employer any obligation to employ or continue to employ any Employee. The right of the Company or a member of the Employer to
terminate any Employee shall not be diminished or affected because any rights to purchase Shares have been granted to such Employee. 
 13.9. Rights as Shareholder. No Participant shall have any rights as shareholder unless and until Shares have been issued to him or her. 
 13.10. Governmental Regulation. The Company’s obligation to sell and deliver Shares under this Plan is subject to the approval of any governmental authority required in connection with the
authorization, issuance, or sale of such Shares. 
 13.11. Gender. When used herein, masculine terms shall be deemed to include
the feminine, except when the context indicates to the contrary. 
 13.12. Condition for Participation. As a condition to
participation in the Plan, Eligible Persons agree to be bound by the terms of the Plan and the determinations of the Committee. 
  

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 APPENDIX B 
 DEFINITIONS 
 “Account” means a recordkeeping account maintained for a Participant to which
Participant contributions and payroll deductions, if applicable, shall be credited. 
 “Board” means the Board of Directors of the Company.

 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee” means any person or committee appointed by the Board. 
 “Common Stock” means
the Common Stock of the Company. 
 “Company” means Ventas, Inc., a Delaware corporation. 
 “Compensation” means gross earnings from the Employer, including such amounts of gross earnings as are deferred by an Eligible Persons (a) under a
qualified cash or deferred arrangement described in Section 401(k) of the Code or (b) under a plan qualified under Section 125 of the Code. Compensation does not include severance pay, equity compensation or gain from stock option
exercises. 
 “Cut-Off Date” means the date established by the Committee from time to time by which enrollment forms must be received prior
to an Enrollment Date. 
 “Designated Subsidiary” means any Subsidiary which has been designated by the Committee from time to time in its
sole discretion as eligible to participate in the Plan and which has adopted the Plan with the approval of the Committee in its sole and absolute discretion. 
 “Director” means a director of the Company. 
 “Effective Date” means the effective date as determined by the
Committee. 
 “Eligible Person” means an Employee or director of the Company eligible to participate in the Plan in accordance with
Article 3. 
 “Employee” means any individual who is an employee of the Employer for purposes of the Plan as determined by the
Committee. 
 “Employer” means the Company and any Designated Subsidiary of the Company. 
 “Enrollment Date” means the first Trading Day of an Offering Period. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  

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 “Fair Market Value” of the Shares shall mean, as of any applicable date, the closing sale price of the
Shares on the New York Stock Exchange or any national or regional stock exchange on which the Shares are traded, or if no such reported sale of the Shares shall have occurred on such date, on the next preceding date on which there was such a
reported sale. If there shall be any material alteration in the present system of reporting sale prices of the Shares, or if the Shares shall no longer be listed on the New York Stock Exchange or a national or regional stock exchange, the fair
market value of the Shares as of a particular date shall be determined by such method as shall be determined by the Committee. 
 “Grant
Date” means a date on which an Eligible Person is granted an option under the Plan pursuant to Section 5. 
 “Offering Period”
means the period, if any, designated by the Committee; provided, that each period shall in no event end later than twenty-seven (27) months from the Grant Date. The Offering Period may but need not be the same as the Purchase Period, as
determined by the Committee. 
 “Participant” means an Eligible Person who has enrolled in the Plan pursuant to Section 4. 

“Plan” means this Ventas Taxable Employee and Director Stock Purchase Plan. 
 “Purchase Date” with respect to a Purchase Period means the last Trading Day in such Purchase Period. 
 “Purchase Date Price” means the Fair Market Value of a Share on the applicable Purchase Date. 
 “Purchase Period”
means the period beginning on the Effective Date and ending on the date designated by the Committee and each period, if any, thereafter designated by the Committee; provided, that each period shall, in no event end later than twenty-seven
(27) months from the Grant Date. 
 “Purchase Price” means the price designated by the Committee, at which each Share may be purchased
under any option, but in no event less than ninety-five percent (95%) of the Purchase Date Price. 
 “Shares” means shares of the
Company’s Common Stock. 
 “Subsidiary” means a corporation or other entity or person, domestic or foreign, of which a majority of its
voting power, equity securities, or equity interest is owned directly or indirectly by the Company or a Subsidiary, whether or not such corporation or other entity or person now exists or is hereafter organized or acquired by the Company or a
Subsidiary. 
 “Trading Day” means a day on which the New York Stock Exchange, Nasdaq stock market or other alternative exchange or service
on which the Common Stock is traded, listed or quoted is open for trading. 
  

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