Document:

<PAGE>
                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

         This Employment Agreement (the "Agreement") is hereby entered into by
and between WILLIAM R. WHITAKER, a resident of the State of Georgia (the
"Executive ") and WEST GEORGIA NATIONAL BANK, a national banking association
(the "Bank").

         WHEREAS, the Executive is currently employed by the Bank and his
current employment contract shall expire as of December 31, 2005; and

         WHEREAS, the Bank and the Executive desire to enter into a new written
agreement to document the complete terms and conditions pursuant to which the
Executive shall continue to be employed by the Bank; and

         WHEREAS, the Bank and the Executive intend that this Agreement will
supersede any and all previous oral or written employment agreements between the
Bank and the Executive;

         NOW, THEREFORE, in consideration of the covenants and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

                                       1.

                                   DEFINITIONS

         As used in this Agreement, the following words and/or phrases shall
have the meanings set forth below unless a different meaning plainly is required
by the context:

         1.1 Agreement shall mean this Employment Agreement between the Bank and
the Executive.

         1.2 Affiliate shall mean any parent, brother-sister or subsidiary
corporation of the Bank or WGNB, any joint venture in which the Bank or WGNB
owns at least a 50 percent interest, and any partnership, limited liability
partnership or limited liability corporation in which the Bank or WGNB or any of
its wholly-owned subsidiaries owns at least a 50 percent interest.

         1.3 Bank shall mean West Georgia National Bank, a national banking
association.

         1.4 Base Salary shall mean the annual base compensation paid to the
Executive as provided in Section 3.1.

         1.5 Board shall mean the Board of Directors of WGNB and/or the Bank.

                                                                          Page 1

<PAGE>

         1.6 Business of the Bank shall mean any and all operations incident to
the business of banking.

         1.7 Business Opportunities shall mean any specialized information or
plans of WGNB and/or the Bank concerning the business of WGNB and/or the Bank,
including but not limited to, the financing of or investment in any target
person or business, or the availability of any such business, by WGNB and/or the
Bank, together with all related information concerning the specifics of any
contemplated acquisition, purchase or investment (including price, terms, and
the identity of such business) regardless of whether WGNB or the Bank has
entered any agreement, made any commitment, or issued any bid or offer to such
business.

         1.8 Cause shall mean (i) the Executive 's willful failure to perform
his material duties and responsibilities; (ii) the Executive 's unlawful or
willful misconduct which is economically injurious to WGNB or the Bank or to any
entity in control of, controlled by or under common control with the Bank and
its successors; (iii) the Executive 's conviction of, or a plea of guilty or
nolo contendere, to a felony charge; (iv) habitual drug or alcohol abuse that
impairs the Executive 's ability to perform the essential duties of his
position; (v) the initiation of suspension or removal proceedings against the
Executive by federal or state regulatory authorities acting under lawful
authority; (vi) the Executive 's willful disclosure to unauthorized persons of
Confidential Information or Trade Secrets of WGNB or the Bank; or (vii) the
Executive 's failure to comply with the Code of Ethics or other personnel
policies of WGNB and/or the Bank.

         1.9 Change in Control shall mean the occurrence of any one of the
following events:

                  (i) Change in Ownership. A change in the ownership of WGNB or
         the Bank (each being individually referred to in this Section as a
         "Corporation") that occurs on the date that any one person, or more
         than one person acting as a group, acquires ownership of stock of a
         Corporation that, together with stock held by such person or group,
         constitutes more than fifty percent (50%) of the total fair market
         value or total voting power of the stock of such Corporation. However,
         if any one person or more than one person acting as a group is
         considered to own more than fifty percent (50%) of the total fair
         market value or total voting power of the stock of a Corporation, the
         acquisition of additional stock by the same person or persons is not
         considered to cause a change in the ownership of such Corporation (or
         to cause a change in the effective control of such Corporation (within
         the meaning of subsection (ii) herein). An increase in the percentage
         of stock owned by any one person, or persons acting as a group, as a
         result of a transaction in which a Corporation acquires its stock in
         exchange for property will be treated as an acquisition of stock for
         purposes of this section. This applies only when there is a transfer of
         stock of a Corporation (or issuance of stock of a Corporation) and
         stock in such Corporation remains outstanding after the transaction.

                  (ii) Change in Effective Control. A change in the effective
         control of a Corporation that occurs on the date that either:

                                                                          Page 2

<PAGE>

                           (A) Any one person, or more than one person acting as
         a group, acquires (or has acquired during the 12-month period ending on
         the date of the most recent acquisition by such person or persons)
         ownership of stock of such Corporation possessing 35 percent or more of
         the total voting power of the stock of such Corporation; or

                           (B) a majority of members of the Board is replaced
         during any 12-month period by directors whose appointment or election
         is not endorsed by a majority of the members of the Board prior to the
         date of the appointment or election.

                  (iii) Change in Ownership of a Substantial Portion of Assets.
         A change in the ownership of a substantial portion of a Corporation's
         assets shall occur on the date that any one person, or more than one
         person acting as a group, acquires (or has acquired during the 12-month
         period ending on the date of the most recent acquisition by such person
         or persons) assets from such Corporation that have a total gross fair
         market value equal to or more than 40 percent of the total gross fair
         market value of all of the assets of such Corporation immediately prior
         to such acquisition or acquisitions. For this purpose, gross fair
         market value means the value of the assets of the Corporation, or the
         value of the assets being disposed of, determined without regard to any
         liabilities associated with such assets.

In determining whether a Change in Control has occurred, the following rules
shall apply:

         (A) Stock Attribution Rules. For purposes of this section, Code Section
318(a) applies to determine stock ownership. Stock underlying a vested option is
considered owned by the individual who holds the vested option (and the stock
underlying an unvested option is not considered owned by the individual who
holds the unvested option). For purposes of the preceding sentence, however, if
a vested option is exercisable for stock that is not substantially vested (as
defined by Treasury Regulation Sections 1.83-3(b) and (j)), the stock underlying
the option is not treated as owned by the individual who holds the option. In
addition, mutual and cooperative corporations are treated as having stock for
purposes of this subsection.

         (B) Persons Acting as a Group. For purposes of this section, persons
will not be considered to be acting as a group solely because they purchase or
own stock of the same Corporation at the same time or as a result of the same
public offering. However, persons will be considered to be acting as a group if
they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with one of
the Corporations. If a person, including an entity, owns stock in both
corporations that enter into a merger, consolidation, purchase or acquisition of
stock, or similar transaction, such shareholder is considered to be acting as a
group with other shareholders in a corporation prior to the transaction giving
rise to the change and not with respect to the ownership interest in the other
corporation.

         (C) Transfers to a Related Person. There is no Change in Control event
with respect to subsection (iii) when there is a transfer by a Corporation to an
entity that is controlled by the shareholders of the transferring Corporation
immediately after the transfer. A transfer of assets by a Corporation is not
treated as a change in the ownership of such assets if the assets are
transferred to:

                                                                          Page 3

<PAGE>

                  (1) A shareholder of the Corporation (immediately before the
asset transfer) in exchange for or with respect to its stock;

                  (2) An entity, 50 percent or more of the total value or voting
power of which is owned, directly or indirectly, by the Corporation;

                  (3) A person, or more than one person acting as a group, that
owns, directly or indirectly, 50 percent or more of the total value or voting
power of all the outstanding stock of the Corporation; or

                  (4) An entity, at least 50 percent of the total value or
voting power of which is owned, directly or indirectly, by a person described in
subsection (3).

For purposes of this subsection (C) and except as otherwise provided, a person's
status is determined immediately after the transfer of the assets. For example,
a transfer to a corporation in which the transferor Corporation has no ownership
interest before the transaction, but which is a majority owned subsidiary of the
transferor Corporation after the transaction is not treated as a change in the
ownership of the assets of the transferor Corporation.

         1.10 Code shall mean the Internal Revenue Code of 1986, as amended.

         1.11 Committee shall mean the Executive Compensation and Management
Succession Committee of the Board, or such other committee to which the Board
delegates authority regarding executive compensation.

         1.12 Confidential Information shall mean, other than Trade Secrets, any
data or information, which is material to the Bank and/or WGNB and not generally
known by the public. Confidential Information shall include, but not be limited
to, the taking of deposits, making loans and extensions of credit, cashing
checks, and other Business of the Bank, any information pertaining to the
identity of customers, depositors, or borrowers served by the Bank, Business
Opportunities of the Bank, the details of this Agreement, WGNB's and the Bank's
business, marketing and acquisition plans and financial statements and
projections, and the costs of the services the Bank may offer or provide to the
customers, depositors or borrowers it serves, to the extent such information is
material to WGNB and the Bank and not generally known to the public.

         1.13 Disability means the Executive 's eligibility to receive income
replacement benefits for a period of not less than three (3) months under an
accident and health plan covering employees of the Bank due to a
medically-determinable physical or mental impairment, or if no such plan is
applicable, the Executive 's inability to engage in any substantial gainful
activity due to a medically-determinable physical or mental impairment, which
can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months.

         1.14 Effective Date shall mean November 28, 2005.

         1.15 ERISA shall mean the Employee Retirement Income Security Act of
1974, as amended.

                                                                          Page 4

<PAGE>

         1.16 Executive shall mean William R. Whitaker.

         1.17 Term shall mean the period during which this Agreement is wholly
effective, as more fully described in Section 2.4.

         1.18 Termination Date shall mean the last day of actual employment of
the Executive by the Bank.

         1.19 Trade Secret shall mean the whole or any portion or phase of any
scientific or technical information, design, process, procedure, formula or
improvement of WGNB or the Bank that is valuable and secret (in the sense that
it is not generally known to competitors of WGNB and the Bank) and any
information that meets the definition of "trade secret" under the Georgia Trade
Secrets Act of 1990, O.C.G.A. Section 10-1-760 through Section 10-1-767.

         1.20 WGNB shall mean WGNB Corp., a Georgia bank holding company.

                                       2.

                              DUTIES AND AUTHORITY

         2.1 Duties and Authority. The Executive is engaged and agrees to
perform services for and on behalf of the Bank as a Senior Vice President and
shall report directly to the President of the Bank. The Executive shall have
such duties and authority as customarily performed by persons acting in such
capacities or as may be assigned to him by the Bank's bylaws or by the
President. The Executive agrees to perform such duties diligently and
efficiently and in accordance with the reasonable directions of the President of
the Bank. The Executive shall conduct himself at all times in a business-like
and professional manner as appropriate for his position and shall represent the
Bank in all respects in compliance with good business and ethical practices. In
addition, the Executive shall be subject to and abide by the policies and
procedures of the Bank applicable to personnel of the Bank, as may be adopted
from time to time.

         2.2 Best Efforts. During the term of this Agreement, the Executive
shall devote his full attention, energies and best efforts to rendering services
on behalf of the Bank (or subsidiaries or Affiliates thereof), and shall not
engage in any outside employment without the express written consent of the
Board. Notwithstanding the foregoing, the Executive is not prohibited from
investing or trading in stocks, bonds, commodities or other forms of investment,
including real property, so long as the Executive does not (i) own more than two
percent (2%) of the outstanding ownership interest of an entity, and (ii)
"participate" (within the meaning of Treas. Reg. Sections 1.469-5(f) and
1.469-5T(f), as in effect as of the date this Agreement is executed) in such
investments, unless such investment is approved by the Board or the Executive
Committee of the Board in advance and shown on Exhibit "B" hereto.

         2.3 Outside Activities. The Executive may pursue personal interests so
long as such participation does not interfere with the Executive's performance
of his duties hereunder, and the Executive may participate in industry, civic
and charitable activities so long as such activities do not materially interfere
with the performance of his duties hereunder. The Executive may also participate
in any interest or activity which is approved in writing by the President of the
Bank. At least once each year during the term of this Agreement, and at any time
upon the President's

                                                                          Page 5

<PAGE>

request, the Executive shall provide a full disclosure to the President of his
participation in any industry, civic and charitable activities (including
service on corporate or charitable boards of directors or trustees). Prior to
pursuing or accepting any activity other than those in which he is engaged on
the Effective Date, the Executive agrees to discuss such activity with the
President of the Bank.

         2.4 Term. The Term of this Agreement shall be the period during which
this Agreement (including any amendments and/or extensions of this Agreement)
remains effective. The initial Term of this Agreement shall commence on the
execution date hereof and shall continue until the close of business on the last
day of the two-year period after the Effective Date hereof, subject to earlier
termination as provided in this Agreement. At least ninety (90) days prior to
the end of the initial Term hereof and each subsequent Term period thereafter,
this Agreement shall be deemed to be extended automatically for an additional
two-year Term on the same terms and conditions, unless either the Bank or the
Executive provides a written notice of nonrenewal to the other party no less
than ninety (90) days prior to the date on which this Agreement would otherwise
be extended.

                                       3.

                            COMPENSATION AND BENEFITS

         3.1 Annual Base Salary. The Bank shall pay to the Executive as
compensation for his services provided hereunder a base salary of $120,000 per
year ("Base Salary"), payable in accordance with the Bank's normal payroll
procedures. The Committee shall review the Executive's Base Salary annually, and
in its sole discretion, subject to approval of the Board, may increase the
Executive's Base Salary from year to year. The Committee shall not decrease the
amount of the Executive's Base Salary unless substantially similar decreases are
applicable to other senior officers of the Bank or WGNB. The annual review of
the Executive's salary by the Committee will consider, among other things, the
Executive's own performance as well as the Bank's performance.

         3.2 Annual Incentive Compensation. The Executive shall be eligible to
participate in any annual short-term incentive compensation program that the
Committee and/or the Board shall approve for him for any particular year or
period (the "Bonus"). In addition, the Executive shall be eligible to
participate in the annual profit sharing bonus program that is available to all
employees of the Bank (the "Profit Sharing Bonus").

         3.3 Long-Term Incentive Compensation. The Executive shall be eligible
to participate in any long-term incentive compensation program and/or
equity-based compensation program that the Committee and/or the Board shall
approve for him for any particular year or period. Any grants or awards of
equity-based compensation shall be governed by the terms and conditions of the
plan or plans under which such grants are made.

         3.4 Employee Benefit Plans and Policies. The Executive shall be
entitled to participate in each employee benefit plan, policy or arrangement
which is sponsored, maintained or contributed to by the Bank and in which
current similarly-situated officers of the Bank may participate, in accordance
with the terms and provisions of such plans and on the same terms and

                                                                          Page 6

<PAGE>

conditions as other similarly-situated officers of the Bank. Contributions by
the Executive to such plans shall be required only to the extent required of
other similarly-situated officers of the Bank.

         3.5 Automobile Allowance. The Bank shall provide the Executive with a
monthly cash allowance for the purpose of reimbursement of expenses related to
the use of his personal automobile for business purposes, pursuant to a policy
determined at the discretion of the Committee. Unless otherwise determined by
the Committee and specified in its policy, the Executive shall be solely
responsible for all costs and liabilities related to such automobile, including
but not limited to lease and/or purchase payments, insurance, maintenance,
gasoline/oil and repair costs.

         3.6 Club Dues. For general business purposes (and not as compensation
to the Executive ), the Bank shall pay the Executive's periodic dues for
membership in various civic clubs and other organizations as approved by the
Committee.

         3.7 Expense Reimbursement. The Bank shall reimburse the Executive for
reasonable and necessary travel and other business related expenses incurred by
him in performance of the business of the Bank in accordance with the Bank's
standard expense reimbursement practices and policies in existence from time to
time, subject to such dollar limitations, verification and record keeping
requirements as may be established from time to time by the Bank.

         3.8 Withholding, FICA, FUTA, Etc. Any amount to be paid to the
Executive under the provisions of this Agreement which represents taxable income
to him shall be subject to, and reduced by, withholding for any applicable
federal, state or local taxes imposed by law, including, but not limited to,
employment taxes imposed under Subtitle C of the Code.

                                       4.

                              RESTRICTIVE COVENANTS

         4.1 Confidentiality. In the Executive's position as an Executive of the
Bank, the Executive has had and will have access to Confidential Information,
Trade Secrets and other proprietary information of vital importance to WGNB and
the Bank and has and will also develop relationships with customers, employees
and others who deal with the Bank which are of value to the Bank and WGNB. The
Bank requires as a condition of Executive's employment that Executive agree to
certain restrictions on Executive's use of the proprietary information and
valuable relationships developed during Executive's employment with the Bank.
The Bank and the Executive therefore agree and acknowledge that the Bank may
entrust the Executive with highly sensitive confidential, restricted and
proprietary information concerning various Business Opportunities, customer
lists, and personnel matters. The Executive acknowledges that he shall bear a
fiduciary responsibility to WGNB and the Bank to protect such information from
use or disclosure that is not necessary for the performance of Executive's
duties hereunder, as an essential incident of the Executive's employment with
the Bank.

                                                                          Page 7

<PAGE>

         4.2 Exclusions. Notwithstanding the definitions of Trade Secrets,
Confidential Information and Business Opportunities set forth in Section 1,
Trade Secrets, Confidential Information and Business Opportunities shall not
include any information that:

                  (a) is or becomes generally known to the public;

                  (b) is developed by Executive after termination of employment
         through entirely independent efforts;

                  (c) the Executive obtains from an independent source having a
         bona fide right to use and disclose such information;

                  (d) is required to be disclosed by law, except to the extent
         eligible for special treatment under an appropriate protective order;
         or

                  (e) the Bank or WGNB approves for unrestricted release by
         express written authorization.

         4.3 New Developments. Any discovery, invention, process or improvement
made or discovered by the Executive during the term of this Agreement in
connection with or in any way affecting or relating to the business of WGNB or
the Bank or any of its Affiliates (as then carried on or under active
consideration) shall forthwith be disclosed to the Bank and shall belong to and
be the absolute property of WGNB and the Bank. The preceding sentence does not
apply to any invention for which no equipment, supplies, facility, or trade
secret information of the Bank was used and which was developed entirely on the
Executive's own time, unless the invention relates directly to the business of
the Bank or WGNB or its Affiliates or to its or their actual or demonstrably
anticipated research or development, or the invention results from any work
performed by the Executive for the Bank.

         4.4 Security Measures. During the Executive's employment with the Bank,
the Executive is required to observe all security measures adopted to protect
Trade Secrets, Confidential Information and Business Opportunities of WGNB and
the Bank.

         4.5 Use and Return of Documents and Property. The Executive
acknowledges that in the course of his employment with the Bank, he will have
the opportunity to inspect and use certain property, both tangible and
intangible, of WGNB and the Bank and its Affiliates. All such property shall
remain the exclusive property of WGNB, the Bank and its Affiliates, and the
Executive has and shall have no right or interest in such property. The
Executive shall use WGNB's and the Bank's property only during employment and
only in the performance of his job and to further WGNB's and the Bank's
interests, and he will not remove such property from the Bank's premises except
to the extent necessary to perform his duties and to the extent approved by the
Bank and/or WGNB, either expressly or generally under its policies. Upon the
request of WGNB or the Bank, and, in any event, promptly upon the Executive's
Termination Date, the Executive shall return to the Bank all of the Bank's and
WGNB's memoranda, notes, records, data, books, manuals, computer programs,
audio-visual materials, correspondence, lists, every piece of information
recorded in any form, including all copies of such materials, and all other
tangible property.

                                                                          Page 8

<PAGE>

         4.6 Nonsolicitation of Customers, Borrowers or Depositors. The
Executive agrees that during the term of his employment with the Bank, he will
not, directly or indirectly, without the Bank's prior written consent, contact
any customer, depositor or borrower of the Bank or any of its Affiliates for
business purposes unrelated to furthering the Business of the Bank. Executive
further agrees that for a period of twenty-four (24) months following his
Termination Date, he will not directly or indirectly, (i) contact, solicit or
divert, or attempt to contact, solicit, divert or take away, any customer,
depositor or borrower of the Bank or its Affiliates for purposes of, or with
respect to, providing such customer, depositor or borrower services which
constitute the Business of the Bank; or (ii) take any affirmative action with a
customer, depositor or borrower of the Bank or its Affiliates for the purposes
of providing a customer, depositor or borrower to a business competing with the
Bank or its Affiliates. The prohibitions of the preceding sentence shall apply
only to customers, depositors or borrowers of the Bank with whom the Executive
had Material Contact during his term of employment. For purposes of this
Agreement, the Executive had "Material Contact" with a customer, depositor or
borrower if (a) he had business dealings with the customer, depositor or
borrower on the Bank's behalf; (b) he was responsible for supervising or
coordinating the dealings between the Bank and the customer, depositor or
borrower; or (c) he obtained Confidential Information about the customer,
depositor or borrower as a result of his association with the Bank.

         4.7 Nonsolicitation of Employees. The Executive agrees that during his
employment with the Bank and for twenty-four (24) months after his Termination
Date, the Executive will not, directly or indirectly, solicit or attempt to
recruit or hire any employee of the Bank or its Affiliates to provide services
similar to those performed by the employee for the Bank on behalf of another
entity or person.

         4.8 Nondisclosure of Trade Secrets. Except to the extent reasonably
necessary for the Executive to perform his duties for the Bank, the Executive
shall not, directly or indirectly, furnish or disclose to any person, use in any
way, or negligently permit any unauthorized person who is not an employee of the
Bank to use, disclose or gain access to any Trade Secrets of WGNB or the Bank or
its Affiliates, or any other person or entity making Trade Secrets available for
the Bank's use, for so long as such Trade Secrets remain "trade secrets" under
applicable state law.

         4.9 Nondisclosure of Confidential Information. During the term of his
employment with the Bank and for a period of three (3) years following the
Executive's Termination Date, except to the extent reasonably necessary for the
Executive to perform his duties for the Bank, the Executive shall not, without
the prior written consent of WGNB or the Bank, directly or indirectly, furnish
or disclose to any person, use in any way, or negligently permit any
unauthorized person who is not employed by the Bank or WGNB to use, disclose or
gain access to, for personal benefit or the benefit of others, any Confidential
Information of WGNB or the Bank or its Affiliates, which remains competitively
sensitive.

         4.10 Covenant Not to Compete.

                  (a) Territories: WGNB transacts business as a bank holding
         company with the Bank as its subsidiary bank which accepts deposits,
         makes loans, cashes checks and otherwise engages in the business of
         banking ("Business of the Bank"). WGNB and the

                                                                          Page 9

<PAGE>

         Bank do business in the counties of Carroll, Douglas, Paulding and
         Haralson in the State of Georgia, and Executive performs the duties
         described in Section 2.1 throughout those counties. Executive has
         established business relationships and performs the duties described in
         Section 2.1 in the geographic area covered by the counties of Carroll,
         Douglas, Paulding and Haralson in the State of Georgia.

                  (b) Covenants: For a period of twenty-four (24) months after
         the termination of his employment with the Bank, Executive shall not
         directly or indirectly provide the duties described in Section 2.1 of
         this Agreement (including as an advisor, consultant, or independent
         contractor) for any entity or person conducting the Business of the
         Bank within the counties of Carroll, Douglas, Paulding and Haralson in
         the State of Georgia.

         4.11 Notification of Subsequent Employment. During a period of one (1)
year after the termination of the Executive's employment with the Bank,
Executive shall notify the Bank in writing of the name and address of the
Executive's new employer and the Executive's functions with his new employer
within thirty (30) days after accepting employment with any other corporation,
partnership, association, person, organization or other entity.

         4.12 Reasonableness. Executive has carefully considered the nature and
extent of the restrictions upon his rights and the rights and remedies conferred
on the Bank under this Agreement, and the Executive hereby acknowledges and
agrees that:

                  (a) the restrictions and covenants contained herein, and the
         rights and remedies conferred upon WGNB and the Bank, are necessary to
         protect the goodwill and other value of the business of WGNB and the
         Bank;

                  (b) the restrictions placed upon the Executive hereunder are
         fair and reasonable in time, will not prevent him from earning a
         livelihood, and place no greater restraint upon the Executive than is
         reasonably necessary to secure the business and goodwill of WGNB and
         the Bank;

                  (c) WGNB and the Bank are relying upon the restrictions and
         covenants contained herein in continuing to make available to the
         Executive information concerning the Business of the Bank and WGNB;

                  (d) Executive's employment hereunder places him in a position
         of confidence and trust with WGNB and the Bank and its employees,
         customers, depositors and borrowers; and

                  (e) the provisions of this section shall be interpreted so as
         to protect the Confidential Information, and to secure for WGNB and the
         Bank the exclusive benefits of the work performed on behalf of the Bank
         by the Executive under this Agreement, and not to unreasonably limit
         his ability to engage in employment and consulting activities in
         noncompetitive areas which do not endanger WGNB's and the Bank's
         legitimate interests expressed in this Agreement.

         4.13 Remedy for Breach. Executive acknowledges and agrees that his
breach of any of the covenants contained in this Article of this Agreement will
cause irreparable injury to WGNB

                                                                         Page 10

<PAGE>

and the Bank and that remedies at law available to WGNB and the Bank for any
actual or threatened breach by the Executive of such covenants will be
inadequate and that WGNB and the Bank shall be entitled to specific performance
of the covenants in this Article or injunctive relief against activities in
violation of this Article by temporary or permanent injunction or other
appropriate judicial remedy, writ or order, without the necessity or proving
actual damages. This provision with respect to injunctive relief shall not
diminish the right of WGNB and the Bank to claim and recover monetary damages
against the Executive for any breach of this Agreement, in addition to
injunctive relief. The Executive acknowledges and agrees that the covenants
contained in this Article shall be construed as agreements independent of any
other provision of this or any other contract between the parties hereto, and
that the existence of any claim or cause of action by the Executive against WGNB
or the Bank, whether predicated upon this or any other contract, shall not
constitute a defense to the enforcement by WGNB and the Bank of said covenants.

                                       5.

                            TERMINATION OF EMPLOYMENT

         5.1 Termination by the Bank for Cause. During the Term of this
Agreement, the Bank may terminate the Executive's employment for Cause,
effective immediately upon written notice to the Executive. Upon such a
termination for Cause, the Executive shall be entitled to any accrued but unpaid
Base Salary, any earned but unpaid Bonus and Profit Sharing Bonus for the fiscal
year which ended prior to the Termination Date, any accrued but unused vacation,
and any unreimbursed expenses through the Termination Date. Executive shall not
be entitled to any other compensation, bonus, severance pay or post-termination
benefits, other than as required by law. Any outstanding equity-based
compensation grants or awards held by the Executive shall be governed by the
terms of the plan under which such grants or awards were made.

         5.2 Termination by the Bank Without Cause Prior to a Change in Control.
During the Term of this Agreement at any time prior to a Change in Control, the
Bank may terminate the Executive's employment for any reason other than Cause,
effective immediately upon written notice to the Executive. Upon such a
termination, in addition to any earned but unpaid Base Salary, any accrued but
unused vacation, any earned but unpaid Bonus for the fiscal year which ended
prior to the Termination Date, any unpaid Profit Sharing Bonus for the fiscal
year which ended prior to the Termination Date, and unreimbursed expenses
through the Termination Date, the Executive shall be entitled to:

                  (a) Severance Pay: Executive shall be entitled to severance
         pay in the amount of the greater of (i) the Executive's Base Salary,
         target Bonus and Profit Sharing Bonus for the remainder of the then
         Term of the Agreement; or (ii) one and one-half times the Executive's
         annual Base Salary, target Bonus and Profit Sharing Bonus based on his
         current Base Salary at the time of termination. The severance pay
         provided for in this subsection shall be paid in a single sum cash
         payment made as soon as administratively practicable following the
         Termination Date, but in no event later than two and one-half (2 1/2)
         months after his Termination Date; provided that such payment shall be
         contingent upon the Executive's execution of a general release of all
         claims, as described in Section 5.7.

                                                                         Page 11

<PAGE>

                  (b) Equity Compensation: Any outstanding equity-based
         compensation grants or awards held by the Executive shall be governed
         by the terms of the plans under which they were granted.

                  (c) Group Health Benefits: Regardless of whether the Executive
         or his eligible qualified beneficiaries actually elect COBRA
         continuation coverage under the Bank's group health plan, the Executive
         shall be entitled to a lump-sum payment equal to the full COBRA premium
         amount (determined as of the Termination Date) for eighteen (18) months
         of continued group health plan coverage (as in place as of the
         Termination Date) for the Executive, his spouse and eligible
         dependents. Such payment shall be made as soon as administratively
         practicable following the Executive's termination of employment, but in
         no event later than two and one-half (2 1/2) months after the date his
         employment ends. In addition, if the Executive or his eligible
         qualified beneficiaries have elected COBRA continuation coverage under
         the Bank's group health plan and any one of them becomes eligible for
         COBRA continuation coverage beyond the initial 18-month period due to a
         second qualifying event, the Executive shall be entitled to a lump-sum
         payment equal to the full COBRA premium amount (determined as of the
         date of such second qualifying event) for the additional period of
         continuation coverage (up to a maximum of an additional 18 months of
         continuation coverage). This additional lump sum payment for the second
         qualifying event coverage shall be made as soon as administratively
         practicable following the Executive's providing written notice to the
         Bank of the second qualifying event, but no later than two and one-half
         (2 1/2) months after the date of such second qualifying event.

         The severance pay provided for herein shall be in lieu of any and all
         other payments, bonuses or other compensation to which the Executive
         may have been entitled under any severance plan, policy or payroll
         practice of the Bank.

         5.3 Termination of Employment Without Cause Following a Change in
Control. If the Executive's employment is terminated by the Bank (or the
applicable successor) without Cause in the twenty-four (24) month period
commencing on the date of the Change in Control, then, in addition to any earned
but unpaid Base Salary, any accrued but unused vacation, any earned but unpaid
Bonus for the fiscal year which ended prior to the Termination Date, any unpaid
Profit Sharing Bonus for the fiscal year which ended prior to the Termination
Date, and unreimbursed expenses through the Termination Date, the Executive
shall be entitled to receive the following:

                  (a) Severance Pay: The Executive shall be entitled to
         severance pay in an amount equal to twenty-four (24) months of the
         Executive's Base Salary, target Bonus and Profit Sharing Bonus based on
         his current Base Salary at the Termination Date. The severance pay
         provided for in this subsection shall be paid in a single sum cash
         payment made as soon as administratively practicable following the
         Termination Date, but in no event later than two and one-half (2 1/2)
         months after his Termination Date; provided that such payment shall be
         contingent upon the Executive's execution of a general release of all
         claims, as described in Section 5.7.

                                                                         Page 12

<PAGE>

                  (b) Equity Compensation: Any outstanding equity-based
         compensation grants or awards held by the Executive shall be governed
         by the terms of the plans under which such grants or awards were made.

                  (c) Group Health Benefits: Regardless of whether the Executive
         or his eligible qualified beneficiaries actually elect COBRA
         continuation coverage under the Bank's group health plan, the Executive
         shall be entitled to a lump-sum payment equal to the full COBRA premium
         amount (determined as of the Termination Date) for eighteen (18) months
         of continued group health plan coverage (as in place as of the
         Termination Date) for the Executive, his spouse and eligible
         dependents. Such payment shall be made as soon as administratively
         practicable following the Executive's termination of employment, but in
         no event later than two and one-half (2 1/2) months after the date his
         employment ends. In addition, if the Executive or his eligible
         qualified beneficiaries have elected COBRA continuation coverage under
         the Bank's group health plan and any one of them becomes eligible for
         COBRA continuation coverage beyond the initial 18-month period due to a
         second qualifying event, the Executive shall be entitled to a lump-sum
         payment equal to the full COBRA premium amount (determined as of the
         date of such second qualifying event) for the additional period of
         continuation coverage (up to a maximum of an additional 18 months of
         continuation coverage). This additional lump sum payment for the second
         qualifying event coverage shall be made as soon as administratively
         practicable following the Executive's providing written notice to the
         Bank of the second qualifying event, but no later than two and one-half
         (2 1/2) months after the date of such second qualifying event.

         The severance pay provided for herein shall be in lieu of any and all
         other payments, bonuses or other compensation to which the Executive
         may have been entitled under any severance plan, policy or payroll
         practice of the Bank.

                  (d) Excess Parachute Payment. Notwithstanding anything herein
         to the contrary, the Bank shall not pay to the Executive any amount
         which shall be deemed to constitute an "excess parachute payment" in
         accordance with Code Section 280G. The Bank shall reduce any amount due
         hereunder by such minimum amount necessary to cause the total amount
         payable to the Executive in the applicable year not to constitute an
         "excess parachute payment."

         5.4 Termination of Agreement by Reason of Executive's Death or
Disability. This Agreement shall terminate immediately upon the termination of
the Executive's employment due to the death of the Executive or due to written
notice from the Bank to the Executive if he shall at any time become
incapacitated by reason of a Disability. Upon the Executive's termination due to
death or Disability, the Executive, or his estate in the case of his death,
shall be entitled to any earned but unpaid Base Salary, any accrued but unused
vacation, any earned but unpaid Bonus and/or Profit Sharing Bonus for the fiscal
year which ended prior to the Termination Date, and unreimbursed expenses
through the Termination Date. The monies due under this Section 5.4 shall be
paid in a single-sum cash payment made as soon as administratively practicable
following the Termination Date, but in no event later than two and one-half (2
1/2) months after the Termination Date. Upon the Executive's termination due to
death or Disability, any outstanding equity-based compensation grants or awards
held by the Executive shall be governed

                                                                         Page 13

<PAGE>

by the terms of the plans under which such grants or awards were granted. The
Bank shall not have any further obligations to the Executive, the Executive's
estate, heirs or other legal representatives.

         5.5 Termination by Executive. Executive may terminate this Agreement
and his employment with the Bank upon thirty (30) days' written notice to the
Bank. Upon such a termination, the Executive shall be entitled to any accrued
but unpaid Base Salary, any accrued but unused vacation, and any unreimbursed
expenses through the Termination Date. Executive shall not be entitled to any
other compensation, bonus, severance pay or post-termination benefits, other
than as required by law. Any outstanding equity-based compensation grants or
awards held by the Executive shall be governed by the terms of the plan under
which such grants or awards were made.

         5.6 Other Benefits After Termination Date. Except for the payments and
benefits, if any, provided under this Article 5, no other benefits, compensation
or other remuneration of any type, whether taxable or nontaxable, shall be
payable to the Executive after his Termination Date, except as required by law
or by the applicable terms and provisions of any employee benefit plan
applicable to the Executive .

         5.7 General Release. The Executive agrees that in the event of any
termination of this Agreement that results in a payment pursuant to any
provision of this Section 5, prior to the payment, as a condition to the receipt
of and as consideration for such payment, the Executive (or if due to death, the
executor or administrator of his estate) shall sign a general release of any and
all claims that the Executive, his heirs and assigns and/or his estate may have
against WGNB or the Bank or its related parties related to his employment and
such payment in substantially the form attached hereto as Exhibit "A".

                                       6.

                            MISCELLANEOUS PROVISIONS

         6.1 Invalidity of Any Provision. It is the intention of the parties
hereto that the provisions of this Agreement shall be enforced to the fullest
extent permissible under the laws of each state and jurisdiction in which such
enforcement is sought, but that the unenforceability (or the modification to
conform with such laws) of any provision hereof shall not render unenforceable
or impair the remainder of this Agreement which shall be deemed amended to
delete or modify, as necessary, the invalid or unenforceable provisions. The
parties further agree to alter the balance of this Agreement in order to render
the same valid and enforceable. The terms of the restrictive covenant provisions
of this Agreement shall be deemed modified to the extent necessary to be
enforceable and, specifically, without limiting the foregoing, if the term of
the applicable restrictive covenant is too long to be enforceable, it shall be
modified to encompass the longest term which is enforceable and, if the scope of
the geographic area of the applicable restrictive covenant is too great to be
enforceable, it shall be modified to encompass the greatest area that is
enforceable.

         6.2 Applicable Law. This Agreement shall be construed and enforced in
accordance with the laws of the State of Georgia.

                                                                         Page 14

<PAGE>

         6.3 Waiver of Breach. The waiver of a breach of any provision of this
Agreement by a party hereto shall not operate or be construed as a wavier of any
subsequent breach by the other party hereto.

         6.4 Successors and Assigns. This Agreement shall inure to the benefit
of the Bank and its Affiliates, and their respective successors and assigns.
This Agreement shall inure to the benefit of and be enforceable by the
Executive's estate and/or legal representatives.

         6.5 Assignment of Agreement. This Agreement may not be assigned by any
of the parties without the express written consent of the other parties to this
Agreement; provided, however, that the provisions of this Agreement shall inure
to the benefit of and be binding upon each successor of the Bank, whether by
merger, consolidation, transfer of all or substantially all assets, or
otherwise.

         6.6 Notices. All notices, demands and other communications hereunder
shall be in writing and shall be delivered in person or deposited in the United
States mail, certified or registered, with return receipt requested, as follows:

             (a)      If to the Executive:         Mr. William R. Whitaker.
                                                   615 Horseshoe Bend Road
                                                   Carrollton, Georgia  30116

             (b)      If to the Bank:              West Georgia National Bank
                                                   P.O. Box 280
                                                   Carrollton, Georgia  30112
                                                   c/o Chief Executive Officer

         6.7 Entire Agreement. This Agreement contains the entire agreement of
the parties with respect to the subject matter hereof. All understanding and
agreements heretofore made between the parties hereto with respect to the
subject matter of this Agreement are merged into this document which alone fully
and completely expresses their agreement. This Agreement may not be changed
orally but only by an agreement in writing signed by both parties.

         6.8 Survival of Provisions. The provisions of Section 4 "Restrictive
Covenants" shall survive termination of this Agreement.

         6.9 Application of Code Section 409A. It is the intent of the parties
to this Agreement that this Agreement shall be interpreted, construed and
operated in compliance with any applicable provisions of Code Section 409A. To
the extent that future regulations issued pursuant to Code Section 409A require
any amendments to this Agreement, the parties agree that they will consent to,
and make, such amendments.

         6.10 Captions. The captions appearing in this Agreement are inserted
only as a matter of convenience and in no way define, limit, construe or
describe the scope or intent of any provisions of this Agreement or in any way
affect this Agreement.

                                                                         Page 15

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Agreement under seal as of this 28th day of November, 2005.

                                     EXECUTIVE:

                                     /s/ William R. Whitaker
                                     -------------------------------------------
                                     William R. Whitaker

                                     WEST GEORGIA NATIONAL BANK

                                     By: /s/ L. Leighton Alston
                                         ---------------------------------------
                                             L. Leighton Alston
                                             Chief Executive Officer

                                                                         Page 16

<PAGE>

                                   EXHIBIT "A"

                                 GENERAL RELEASE

         IN ACCORDANCE WITH THE TERMS OF THAT CERTAIN EMPLOYMENT AGREEMENT DATED
________ ___, 2005, BETWEEN West Georgia National Bank (THE "BANK") AND WILLIAM
R. WHITAKER (THE "EXECUTIVE"), THE EXECUTIVE HEREBY ENTERS INTO THIS GENERAL
RELEASE, IN CONSIDERATION OF THE PAYMENTS AND BENEFITS THAT HE WILL RECEIVE AS A
RESULT OF HIS TERMINATION OF EMPLOYMENT EFFECTIVE AS OF ________________,
20____, TO WHICH HE WOULD NOT OTHERWISE BE ENTITLED, AS FOLLOWS:

         THE EXECUTIVE AGREES, FOR HIMSELF, HIS SPOUSE, HEIRS, EXECUTOR OR
ADMINISTRATOR, ASSIGNS, INSURERS, ATTORNEYS AND OTHER PERSONS OR ENTITIES ACTING
OR PURPORTING TO ACT ON HIS BEHALF (THE "EXECUTIVE'S PARTIES"), TO IRREVOCABLY
AND UNCONDITIONALLY RELEASE, ACQUIT AND FOREVER DISCHARGE THE BANK AND WGNB,
THEIR AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, SHAREHOLDERS,
PARTNERS, AGENTS, REPRESENTATIVES, PREDECESSORS, SUCCESSORS, ASSIGNS, INSURERS,
ATTORNEYS, BENEFIT PLANS SPONSORED BY THE BANK AND WGNB AND SAID PLANS'
FIDUCIARIES, AGENTS AND TRUSTEES (THE "BANK'S PARTIES"), FROM ANY AND ALL
ACTIONS, CAUSE OF ACTION, SUITS, CLAIMS, OBLIGATIONS, LIABILITIES, DEBTS,
DEMANDS, CONTENTIONS, DAMAGES, JUDGMENTS, LEVIES AND EXECUTIONS OF ANY KIND,
WHETHER IN LAW OR IN EQUITY, KNOWN OR UNKNOWN, WHICH THE EXECUTIVE'S PARTIES
HAVE, HAVE HAD, OR MAY IN THE FUTURE CLAIM TO HAVE AGAINST THE BANK'S PARTIES BY
REASON OF, ARISING OUT OF, RELATED TO, OR RESULTING FROM EXECUTIVE'S EMPLOYMENT
WITH THE BANK OR THE TERMINATION THEREOF. THIS RELEASE SPECIFICALLY INCLUDES
WITHOUT LIMITATION ANY CLAIMS ARISING IN TORT OR CONTRACT, ANY CLAIM BASED ON
WRONGFUL DISCHARGE, ANY CLAIM BASED ON BREACH OF CONTRACT, ANY CLAIM ARISING
UNDER FEDERAL, STATE OR LOCAL LAW PROHIBITING RACE, SEX, AGE, RELIGION, NATIONAL
ORIGIN, HANDICAP, DISABILITY OR OTHER FORMS OF DISCRIMINATION, ANY CLAIM ARISING
UNDER FEDERAL, STATE OR LOCAL LAW CONCERNING EMPLOYMENT PRACTICES, AND ANY CLAIM
RELATING TO COMPENSATION OR BENEFITS. THIS SPECIFICALLY INCLUDES, WITHOUT
LIMITATION, ANY CLAIM WHICH THE EXECUTIVE HAS OR HAS HAD UNDER TITLE VII OF THE
CIVIL RIGHTS ACT OF 1964, AS AMENDED, THE AGE DISCRIMINATION IN EMPLOYMENT ACT,
AS AMENDED ("ADEA"), THE AMERICANS WITH DISABILITIES ACT, AS AMENDED, AND THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED. IT IS UNDERSTOOD
AND AGREED THAT THE WAIVER OF BENEFITS AND CLAIMS CONTAINED IN THIS SECTION DOES
NOT INCLUDE A WAIVER OF THE RIGHT TO PAYMENT OF ANY VESTED, NONFORFEITABLE
BENEFITS TO WHICH THE EXECUTIVE OR A BENEFICIARY OF THE EXECUTIVE MAY BE
ENTITLED UNDER THE TERMS AND PROVISIONS OF ANY EMPLOYEE BENEFIT PLAN OF THE BANK
WHICH HAVE ACCRUED AS OF THE SEPARATION DATE AND DOES NOT INCLUDE A WAIVER OF
THE RIGHT TO BENEFITS AND PAYMENT OF CONSIDERATION TO WHICH THE EXECUTIVE MAY BE
ENTITLED UNDER THE EMPLOYMENT AGREEMENT. THE EXECUTIVE ACKNOWLEDGES THAT HE IS
ONLY ENTITLED TO THE SEVERANCE BENEFITS AND COMPENSATION SET FORTH IN THE
EMPLOYMENT AGREEMENT, AND THAT ALL OTHER CLAIMS FOR ANY OTHER BENEFITS OR
COMPENSATION ARE HEREBY WAIVED, EXCEPT THOSE EXPRESSLY STATED IN THE PRECEDING
SENTENCE.

                           This paragraph shall apply only if the Executive has
attained age 40 or over at the time of his termination of employment. The
Executive hereby acknowledges that he is knowingly and voluntarily waiving and
releasing any rights he may have under ADEA and that the consideration given
under the Employment Agreement for this General Release is in addition to
anything of value to which he was already entitled. He further acknowledges that
he has been advised by this writing, as required by the ADEA, that: (A) the
waiver and release do not apply to any rights or claims that may arise on or
after the date he executes this Release; (B) he has the right to consult with an
attorney prior to executing this Release; (C) he has twenty-one (21) days to
consider this Release (although he may choose to voluntarily execute this
Release earlier); (D) he has seven (7) days following his

                                                                         Page 17

<PAGE>

execution of this Release to revoke the Release; and (E) this Release shall not
be effective until the date upon which the revocation period has expired, which
shall be the eighth day after he executes this Release.

                           Agreed to, acknowledged and executed by the Executive
this ___________ day of ____________________, 20______.

                                              ----------------------------------
                                              WILLIAM R. WHITAKER

                                                                         Page 18

<PAGE>

                                   EXHIBIT "B"

                  APPROVED INVESTMENTS PURSUANT TO SECTION 2.2

                                                                         Page 19EX-4.1

 

EXHIBIT 4.1

SUPPLEMENTAL INDENTURE NO. 5

by and between

HEALTH CARE REIT, INC.

and

THE BANK OF NEW YORK TRUST COMPANY, N.A.

As of
November 30, 2005

SUPPLEMENTAL TO THE INDENTURE DATED AS OF SEPTEMBER 6, 2002

 

HEALTH CARE REIT, INC.

6.20%
Senior Notes due 2016

 

 

     This SUPPLEMENTAL INDENTURE NO. 5 (this “Supplemental Indenture”) is made and entered into as
of November 30, 2005 between HEALTH CARE REIT, INC., a Delaware corporation (the “Company”), and
THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association and successor to Fifth
Third Bank, as Trustee (the “Trustee”).

WITNESSETH THAT:

     WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of
September 6, 2002 (as amended, supplemented or otherwise modified from time to time, the “Base
Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise
modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s
senior debt securities (the “Securities”) to be issued from time to time in one or more series; and

     WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the
establishment of a series of its Securities, to be known as its 6.20%
Senior Notes due 2016, the
form and substance of such Securities and the terms, provisions and conditions thereof to be set
forth as provided in the Indenture;

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

ARTICLE 1

DEFINED TERMS

     Section 1.1 The following definitions supplement, and, to the extent inconsistent
with, replace the definitions in Section 101 of the Base Indenture:

     “Business Day” means any day other than a Saturday or Sunday or a day on which banking
institutions in the City of New York are required or authorized to close.

     “Capital Base” means, at any date, the sum of Tangible Net Worth and Subordinated Debt.

     “Capital Lease” means at any time any lease of property, real or personal, which, in
accordance with GAAP, would at such time be required to be capitalized on a balance sheet of the
lessee.

     “Capitalized Lease Obligations” means, as to any Person, the obligations of such Person to pay
rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or
personal property which obligations are required to be classified and accounted for as a Capital
Lease on a balance sheet of such Person under GAAP.

     “Cash” means as to any Person, such Person’s cash and cash equivalents, as defined in
accordance with GAAP consistently applied.

 

 

     “Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable
reserves and other properly deductible items) less (i) all current liabilities and (ii) all
goodwill, trade names, trademarks, patents, unamortized debt discount and expenses and other like
tangibles of the Company and its consolidated Subsidiaries, all as set forth on the most recent
balance sheet of the Company and its consolidated Subsidiaries prepared in accordance with GAAP.

     “DTC” means The Depository Trust Company located at 55 Water Street, 49th Floor, New York, New
York, 10041-0099.

     “EBITDA” means for any period, with respect to the Company on a consolidated basis, determined
in accordance with GAAP, the sum of net income (or net loss) for such period PLUS, the sum of all
amounts treated as expenses for: (a) interest, (b) depreciation, (c) amortization and (d) all
accrued taxes on or measured by income to the extent included in the determination of such net
income (or net loss); provided, however, that net income (or net loss) shall be computed without
giving effect to extraordinary losses or gains.

     “Funded Indebtedness” means as of any date of determination thereof, (i) all Indebtedness of
any Person, determined in accordance with GAAP, which by its terms matures more than one year after
the date of calculation, and any such Indebtedness maturing within one year from such date which is
renewable or extendable at the option of the obligor to a date more than one year from such date,
and (ii) the current portion of all such Indebtedness.

     “GAAP” means generally accepted accounting principles.

     “Global Notes” has the meaning specified in Section 2.1(a) of this Supplemental Indenture.

     “Indebtedness” means with respect to any Person, all: (a) liabilities or obligations, direct
and contingent, which in accordance with GAAP would be included in determining total liabilities as
shown on the liability side of a balance sheet of such Person at the date as of which Indebtedness
is to be determined, including, without limitation, contingent liabilities that in accordance with
such principles, would be set forth in a specific Dollar amount on the liability side of such
balance sheet, and Capitalized Lease Obligations of such Person; (b) liabilities or obligations of
others for which such Person is directly or indirectly liable, by way of guaranty (whether by
direct guaranty, suretyship, discount, endorsement, take-or-pay agreement, agreement to purchase or
advance or keep in funds or other agreement having the effect of a guaranty) or otherwise; (c)
liabilities or obligations secured by Liens on any assets of such Person, whether or not such
liabilities or obligations shall have been assumed by it; and (d) liabilities or obligations of
such Person, direct or contingent, with respect to letters of credit issued for the account of such
Person and bankers acceptances created for such Person.

     “Interest Coverage” means as of the last day of any fiscal quarter, the quotient, expressed as
a percentage (which may be in excess of 100%), determined by dividing EBITDA by Interest

-2-

 

Expense; all of the foregoing calculated by reference to the immediately preceding four fiscal
quarters of the Company ending on such date of determination.

     “Interest Expense” means for any period, on a combined basis, the sum of all interest paid or
payable (excluding unamortized debt issuance costs) on all items of Indebtedness of the Company
outstanding at any time during such period.

     “Interest Payment Date” with respect to the Notes is defined in Section 101 of the Base
Indenture and Section 2.1(b) of this Supplemental Indenture.

     “Liabilities” means, at any date, the items shown as liabilities on the balance sheet of the
Company, except any items of deferred income, including capital gains.

     “Lien” means any mortgage, deed of trust, pledge, security interest, encumbrance, lien, claim
or charge of any kind (including any agreement to give any of the foregoing), any conditional sale
or other title retention agreement, any lease in the nature of any of the foregoing, and the filing
of or agreement to give any financing statement under the Uniform Commercial Code of any
jurisdiction.

     “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any Notes, the excess, if any, of (i) the aggregate present value as of the date of such
redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount
of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that
would have been payable in respect of each such dollar if such redemption or accelerated payment
had not been made, determined by discounting, on a semi-annual basis, such principal and interest
at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective dates on which such
principal and interest would have been payable if such redemption or accelerated payment had not
been made, over (ii) the aggregate principal amount of the Notes being redeemed or paid.

     “Moody’s” means Moody’s Investors Services, Inc. or any successor thereof.

     “Notes”
means the Company’s 6.20% Senior Notes due 2016, issued under the Indenture.

     “Regular Record Date” with respect to the Notes is defined in Section 101 of the Base
Indenture and Section 2.1(b) of this Supplemental Indenture.

     “Reinvestment
Rate” means 0.30% plus the arithmetic mean of the yields under the respective
heading “Week Ending” published in the most recent Statistical Release under the caption “Treasury
Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining
life to maturity, as of the payment date of the principal being redeemed or paid. If no maturity
exactly corresponds to such maturity, yields for the two published maturities most closely
corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence
and the Reinvestment Rate shall be interpolated or

-3-

 

extrapolated from such yields on a straight-line basis, rounding in each of such relevant
periods to the nearest month. For the purpose of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the Make-Whole Amount shall be
used.

     “Senior Debt” means all Indebtedness other than Subordinated Debt.

     “Standard & Poor’s” means Standard & Poor’s Rating Services, a division of The McGraw-Hill
Companies, Inc. or any successor thereof.

     “Statistical Release” means that statistical release designated “H.15(519)” or any successor
publication that is published weekly by the Federal Reserve System and that establishes yields on
actively traded United States government securities adjusted to constant maturities, or, if such
statistical release is not published at the time of any determination under the Senior Indenture,
then such other reasonably comparable index that shall be designated by the Company.

     “Subordinated Debt” means any unsecured Indebtedness of the Company which is issued or assumed
pursuant to, or evidenced by, an indenture or other instrument which contains provisions for the
subordination of such other Indebtedness (to which appropriate reference shall be made in the
instruments evidencing such other Indebtedness if not contained therein) to the Notes (and, at the
option of the Company, if so provided, to other Indebtedness of the Company, either generally or as
specifically designated).

     “Subsidiary” means any corporation or other entity of which a majority of (i) the voting power
of the voting equity securities or (ii) the outstanding equity interests of which are owned,
directly or indirectly, by the Company or one or more other Subsidiaries of the Company. For the
purposes of this definition, “voting equity securities” means equity securities having voting power
for the election of directors or similar functionaries, whether at all times or only so long as no
senior class of security has such voting power by reason of any contingency.

     “Tangible Net Worth” means the sum of capital surplus, earned surplus and capital stock, minus
deferred charges with GAAP consistently applied.

     “Total Assets” means on any date, the consolidated total assets of the Company and its
Subsidiaries, as such amount would appear on a consolidated balance sheet of the Company prepared
as of such date in accordance with GAAP.

     “Total Unencumbered Assets” means on any date, net real estate investments (valued on a book
basis) of the Company and its Subsidiaries that are not subject to any Lien which secures
indebtedness for borrowed money of any of the Company and its Subsidiaries plus, without
duplication, loan loss reserves relating thereto, accumulated depreciation thereon plus Cash, as
all such amounts would appear on a consolidated balance sheet of the Company prepared as of such
date in accordance with GAAP.

-4-

 

     “Unsecured Debt” means Funded Indebtedness less Indebtedness secured by Liens on the property
or assets of the Company and its subsidiaries.

ARTICLE 2

TERMS OF THE NOTES

     Section 2.1 Pursuant to Section 301 of the Indenture, the Notes shall have the
following terms and conditions:

     (a) Title; Aggregate Principal Amount; Form of Notes. The Notes shall be Registered
Securities under the Indenture and shall be known as the
Company’s “6.20% Senior Notes due 2016.”
The Notes will be limited to an aggregate principal amount of $300,000,000, subject to the right of
the Company to reopen such series for issuances of additional securities of such series and except
(i) as provided in this Section and (ii) for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities
which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and
delivered hereunder. The Notes (together with the Trustee’s certificate of authentication) shall be
substantially in the form of Exhibit A hereto, which is hereby incorporated in and made a part of
this Supplemental Indenture.

     The Notes will be issued in the form of one or more registered global securities without
coupons (“Global Notes”) that will be deposited with, or on behalf of, The Depository Trust Company
(“DTC”), and registered in the name of DTC’s nominee, Cede & Co. Except under the circumstance
described below, the Notes will not be issuable in definitive form. Unless and until it is
exchanged in whole or in part for the individual notes represented thereby, a Global Note may not
be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or
another nominee of DTC or by DTC or any nominee of DTC to a successor depositary or any nominee of
such successor.

     So long as DTC or its nominee is the registered owner of a Global Note, DTC or such nominee,
as the case may be, will be considered the sole owner or holder of the Notes represented by such
Global Note for all purposes under this Supplemental Indenture. Except as described below, owners
of beneficial interest in Notes evidenced by a Global Note will not be entitled to have any of the
individual Notes represented by such Global Note registered in their names, will not receive or be
entitled to receive physical delivery of any such Notes in definitive form and will not be
considered the owners or holders thereof under the Indenture or this Supplemental Indenture.

     If DTC is at any time unwilling, unable or ineligible to continue as depositary and a
successor depositary is not appointed by the Company within 90 days, the Company will issue
individual Notes in exchange for the Global Note or Global Notes representing such Notes. In
addition, the Company may at any time and in its sole discretion, subject to certain limitations
set forth in the Indenture, determine not to have any of such Notes represented by one or more
Global Notes and, in such event, will issue individual Notes in exchange for the Global Note or

-5-

 

Global Notes representing the Notes. Individual Notes so issued will be issued in denominations of
$1,000 and integral multiples thereof.

     (b) Interest
and Interest Rate. The Notes will bear interest at a rate of 6.20% per
annum, from December 2, 2005 (or, in the case of Notes issued upon the reopening of this series of
Notes, from the date designated by the Company in connection with such reopening) or from the
immediately preceding Interest Payment Date to which interest has been paid or duly provided for,
payable semiannually on each June 1 and December 1,
commencing June 1, 2006 (each of which shall
be an “Interest Payment Date”), to the Persons in whose names the Notes are registered in the
Security Register at the close of business on May 15 and
November 15, as the case may be (whether or
not a Business Day), next preceding such Interest Payment Date (each, a “Regular Record Date”).

     (c) Principal
Repayment; Currency. The stated maturity of the Notes is
June 1, 2016,
provided, however, the Notes may be earlier redeemed at the option of the Company as provided in
paragraph (d) below. The principal of each Note payable on its maturity date shall be paid against
presentation and surrender thereof to Corporate Trust Operations of the Trustee, located at 111
Sanders Creek Parkway, East Syracuse, NY 13057, in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public or private debts.

     (d) Redemption at the Option of the Company. The Notes will be subject to redemption
at any time at the option of the Company, in whole or in part, upon not less than 30 nor more than
60 days’ notice to each Holder of Notes to be redeemed at its address appearing in the Security
Register, at a price equal to the sum of (i) the Outstanding principal amount of the Notes being
redeemed, plus accrued and unpaid interest to but excluding the applicable Redemption Date, plus
(ii) the Make-Whole Amount, if any.

     (e) Notices. All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if mailed or transmitted by facsimile. Notices to the
Company shall be directed to it at One SeaGate, Suite 1500, Toledo, Ohio 43604, Attention:
President; notices to the Trustee shall be directed to it at The Bank of New York Trust Company,
N.A., 525 Vine St., Suite 900, Cincinnati, Ohio 45202, Attention: Corporate Trust Administration,
Re: Health Care REIT, Inc. 6.20% Senior Notes due 2016; or as to either party, at such other
address as shall be designated by such party in a written notice to the other party.

     (f) Global Note Legend. Each Global Note shall bear the following legend on the face
thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED

-6-

 

REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     (g) Applicability of Discharge, Defeasance and Covenant Defeasance Provisions. The
Discharge, Defeasance and Covenant Defeasance provisions in Article Thirteen of the Indenture will
apply to the Notes.

ARTICLE 3

ADDITIONAL COVENANTS

     Section 3.1 Holders of the Notes shall have the benefit of the following covenants, in
addition to the covenants of the Company set forth in Articles Eight and Ten of the Indenture:

     (a) The Company will not pledge or otherwise subject to any Lien, any property or assets of
the Company or its Subsidiaries unless the Notes are secured by such pledge or Lien equally and
ratably with all other obligations secured thereby so long as such obligations shall be so secured;
provided, however, that such restriction shall not apply to the following:

     (i) Liens securing obligations that do not in the aggregate at any one time
outstanding exceed 40% of the sum of (i) the Total Assets of the Company and its
consolidated subsidiaries as of the end of the calendar year or quarter covered in the
Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be,
most recently filed with the Commission (or, if such filing is not permitted under the
Exchange Act, with the Trustee) prior to the incurrence of such additional Liens and (ii)
the purchase price of any real estate assets or mortgages receivable acquired, and the
amount of any securities offering proceeds received (to the extent that such proceeds were
not used to acquire real estate assets or mortgages receivable or used to reduce
Indebtedness), by the Company or any Subsidiary since the end of such calendar quarter,
including those proceeds obtained in connection with the incurrence of such additional
Liens;

     (ii) Pledges or deposits by the Company or its Subsidiaries under workers’
compensation laws, unemployment insurance laws, social security laws, or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than
for the payment of Indebtedness of the Company or its Subsidiaries), or leases to which the
Company or any of its Subsidiaries is a party, or deposits to secure public or statutory
obligations of the Company or its Subsidiaries or deposits of cash or United States
Government Bonds to secure surety, appeal, performance or other similar bonds to which the
Company or any of its Subsidiaries is a party, or deposits as security for contested taxes
or import duties or for the payment of rent;

-7-

 

     (iii) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s and
mechanics’ liens, or Liens arising out of judgments or awards against the Company or any of
its Subsidiaries which the Company or such Subsidiary at the time shall be currently
prosecuting an appeal or proceeding for review;

     (iv) Liens for taxes not yet subject to penalties for non-payment and Liens for taxes
the payment of which is being contested in good faith and by appropriate proceedings;

     (v) Minor survey exceptions, minor encumbrances, easements or reservations of, or
rights of, others for rights of way, highways and railroad crossings, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or zoning or other
restrictions as to the use of real properties;

     (vi) Liens incidental to the conduct of the business of the Company or any Subsidiary
or to the ownership of their respective properties that were not incurred in connection with
Indebtedness of the Company or such Subsidiary, all of which Liens referred to in this
clause (vi) do not in the aggregate materially impair the value of the properties to which
they relate or materially impair their use in the operation of the business taken as a whole
of the Company and its Subsidiaries, and as to all of the foregoing referenced in clauses
(ii) through (vi), only to the extent arising and continuing in the ordinary course of
business;

     (vii) Purchase money Liens on property acquired or held by the Company or its
Subsidiaries in the ordinary course of business, securing Indebtedness incurred or assumed
for the purpose of financing all or any part of the cost of such property; provided,
however, that (A) any such Lien attaches concurrently with or within 20 days after the
acquisition thereof, (B) such Lien attaches solely to the property so acquired in such
transaction, (C) the principal amount of the Indebtedness secured thereby does not exceed
100% of the cost of such property and (D) the aggregate amount of all such Indebtedness on a
consolidated basis for the Company and its Subsidiaries shall not at any time exceed
$1,000,000;

     (viii) Liens existing on the Company’s balance sheet as of December 31, 2001; and

     (ix) Any extension, renewal or replacement (or successive extensions, renewals or
replacements), as a whole or in part, of any Lien referred to in the foregoing clauses (ii)
through (viii) inclusive; provided, however, that the amount of any and all obligations and
Indebtedness secured thereby shall not exceed the amount thereof so secured immediately
prior to the time of such extension, renewal or replacement and that such extension, renewal
or replacement shall be limited to all or a part of the property which secured the Lien so
extended, renewed or replaced (plus improvements on such property).

     (b) The Company will not create, assume, incur, or otherwise become liable in respect of, any
Indebtedness if the aggregate outstanding principal amount of Indebtedness of the

-8-

 

Company and its consolidated subsidiaries is, at the time of such creation, assumption or
incurrence and after giving effect thereto and to any concurrent transactions, greater than 60% of
the sum of (i) the Total Assets of the Company and its consolidated subsidiaries as of the end of
the calendar year or quarter covered in the Company’s Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such
filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such
additional Indebtedness and (ii) the purchase price of any real estate assets or mortgages
receivable acquired, and the amount of any securities offering proceeds received (to the extent
that such proceeds were not used to acquire real estate assets or mortgages receivable or used to
reduce Indebtedness), by the Company or any Subsidiary since the end of such calendar quarter,
including those proceeds obtained in connection with the incurrence of such additional
Indebtedness.

     (c) The Company will have or maintain, on a consolidated basis, as of the last day of each of
the Company’s fiscal quarters, Interest Coverage of not less than 150%.

     (d) The Company will maintain, as of the last day of each of the Company’s fiscal quarters
and at all times, Total Unencumbered Assets of not less than 150% of the aggregate outstanding
principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

     (e) For purposes of this Section 3, Indebtedness and Debt shall be deemed to be “incurred” by
the Company or a Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee
or otherwise become liable in respect thereof.

ARTICLE 4

ADDITIONAL EVENTS OF DEFAULT

     Section 4.1 For purposes of this Supplemental Indenture and the Notes, in addition to
the Events of Default set forth in Section 501 of the Indenture, each of the following also shall
constitute an “Event of Default:”

     (a) default in the payment of the principal of or any premium on the Notes at Maturity;

     (b) there shall occur a default under any bond, debenture, note or other evidence of
indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company
(including a default with respect to Securities of any series other than that series) under which
there may be issued or by which there may be secured any indebtedness of the Company (or by any
Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly
responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall
hereafter be created, which default shall constitute a failure to pay an aggregate principal amount
exceeding $10,000,000 of such indebtedness when due and payable after the expiration of any
applicable grace period with respect thereto and shall have resulted in such indebtedness in an
aggregate principal amount exceeding $10,000,000 becoming or being declared due and payable prior
to the date on which it would otherwise have become

-9-

 

due and payable, without such indebtedness having been discharged, or such acceleration having
been rescinded or annulled, within a period of 10 days after there shall have been given, by first
class mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at
least a majority in principal amount of the Outstanding Securities of that series a written notice
specifying such default and requiring the Company to cause such indebtedness to be discharged or
cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of
Default” under the Indenture; and

     (c) the entry by a court of competent jurisdiction of one or more judgments, orders or
decrees against the Company or any of its Subsidiaries in an aggregate amount (excluding amounts
covered by insurance) in excess of $10,000,000 and such judgments, orders or decrees remain
undischarged, unstayed and unsatisfied in an aggregate amount (excluding amounts covered by
insurance) in excess of $10,000,000 for a period of 30 consecutive days.

     Section 4.2 Notwithstanding any provisions to the contrary in the Indenture, upon the
acceleration of the Notes in accordance with Section 502 of the Indenture, the amount immediately
due and payable in respect of the Notes shall equal the Outstanding principal amount thereof, plus
accrued and unpaid interest, plus the Make-Whole Amount.

ARTICLE 5

EFFECTIVENESS

     Section 5.1 This Supplemental Indenture shall be effective for all purposes as of the
date and time this Supplemental Indenture has been executed and delivered by the Company and the
Trustee in accordance with Article Nine of the Indenture. As supplemented hereby, the Indenture is
hereby confirmed as being in full force and effect.

ARTICLE 6

NOTICE TO TRUSTEE

     Section 6.1 Notwithstanding anything to the contrary in the Indenture including,
without limitation, Section 1102 thereof, in connection with the redemption at the election of the
Company of less than all the Notes, the Company shall notify the Trustee of the establishment of a
Redemption Date and the principal amount of Notes to be redeemed at least 45 days prior to such
Redemption Date unless a shorter period shall be satisfactory to the Trustee.

ARTICLE 7

MISCELLANEOUS

     Section 7.1 In the event any provision of this Supplemental Indenture shall be held
invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate
or render unenforceable any other provision hereof or any provision of the Indenture.

-10-

 

     Section 7.2 To the extent that any terms of this Supplemental Indenture or the Notes
are inconsistent with the terms of the Indenture, the terms of this Supplemental Indenture or the
Notes shall govern and supersede such inconsistent terms.

     Section 7.3 This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of Delaware.

     Section 7.4 This Supplemental Indenture may be executed in several counterparts, each
of which shall be an original and all of which shall constitute but one and the same instrument.

     IN WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to be
executed in their respective corporate names as of the date first above written.

	 	 	 	 	 
	 	 	HEALTH CARE REIT, INC.
	 
	 	 	 	 
	 

	 	By:	 	 /s/ Michael A. Crabtree
	 

	 	 	 	 
	 	 	Name:		Michael A.
Crabtree
	 	 	Title:	 	Treasurer
	 
	 	 	 	 
	 	 	THE BANK OF NEW
YORK TRUST COMPANY, N. A., 

as Trustee
	 
	 	 	 	 
	 

	 	By:	 	/s/
Geoffrey D. Anderson
	 

	 	Name:
	 	Geoffrey D. Anderson
	 

	 	Title:
	 	Assistant Vice President

-11-

 

EXHIBIT A

FORM OF NOTE

[Form of Face of Security]

HEALTH CARE REIT, INC.

6.20%
Senior Notes due 2016

			
	 	 	 
	CUSIP No. 42217K AN6
	 	$300,000,000

     Health Care REIT, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company,” which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Three Hundred Million
Dollars on December 2, 2005, and to pay
interest thereon from December 2, 2005, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on
June 1 and December 1 in each year,
commencing June 1, 2006 at the rate of 6.20% per annum, until the principal hereof is paid or
made available for payment. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the May 15
or November 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture.

     Payment of the principal of (and premium, if any) and any such interest on this Security will
be made at the office or agency of the Company maintained for that purpose in the City of New York,
New York, or elsewhere as provided in the Indenture, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

A-1

 

     No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had against
any promoter, as such, or against any past, present or future shareholder, officer or director, as
such, of the Company or of any successor, either directly or through the Company or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance of this Security by the Holder thereof and as part of the consideration
for the issue of the Securities of this series.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     In Witness Whereof, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 	 	 
	 	 	HEALTH CARE REIT, INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 
	 

	 	 	 	Name:
	 	      
	 

	 	 	 	Title:
	 	      

CERTIFICATE OF AUTHENTICATION

Dated:                     

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N. A.,	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

          Authorized Signatory
	 	 

A-2

 

[Form of Reverse of Security]

     1. General. This Security is one of a duly authorized issue of securities of the
Company (herein called the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of September 6, 2002 (as amended, supplemented or otherwise modified from time
to time, the “Base Indenture”), as supplemented by Supplemental Indenture No. 5, dated as of
November 30, 2005, (as amended, supplemented or otherwise modified from time to time, the
“Supplemental Indenture” and the Base Indenture, as supplemented by such Supplemental Indenture,
the “Indenture”), between the Company and The Bank of New York Trust Company, N.A., as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt
and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof.

     2. Optional Redemption. The Securities of this series are subject to redemption upon not
less than 30 nor more than 60 days’ notice by mail, at any time or from time to time, as a whole or
in part, at the election of the Company, at a redemption price equal to the sum of (i) the
principal amount of the Notes being redeemed, (ii) accrued and unpaid interest to but excluding the
applicable Redemption Date and (iii) the Make-Whole Amount, if any.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     3. Defeasance. The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture.

     4. Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture.

     5. Actions of Holders. The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon

A-3

 

such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than a majority in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.

     6. Payments Not Impaired. No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Security
at the times, place and rate, and in the coin or currency, herein prescribed.

     7. Denominations, Transfer, Exchange. As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of
the Company in any place where the principal of and any premium and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000.00 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     8. Persons Deemed Owners. Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or

A-4

 

not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

     9. Defined Terms. All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

     10. Governing Law. The Indenture and the Note shall be deemed to be a contract made
under the laws of the State of Delaware, and for all purposes shall be construed in accordance with
the laws of said state.

     11. CUSIP Number. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes
as a convenience to the Holders of the Notes. No representation is made as to the correctness or
accuracy of such CUSIP numbers as printed on the Notes, and reliance may be placed only on the
other identification numbers printed hereon.

A-5

 

[ASSIGNMENT FORM]

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	TEN COM —	 	as tenants in common	 	 	UNIF GIFT MIN ACT —	 	                    Custodian                    
	 

	 	TEN ENT —
	 	as tenants by the entireties
	 	 	 	 	(Cust)
	 	(Minor)
	 	 	JT TEN —	 	as joint tenants with right of survivorship	 	 	 	 	Under Uniform Gifts to Minors Act
	 

	 	 	 	and not as tenants in common	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 

(State)
	 	 

Additional abbreviations may also be used though not in the above list.

———————————

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)
and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

the within security and all rights thereunder, hereby irrevocably constituting and appointing
                             Attorney to transfer said security on
the books of the Company with full power of substitution in the premises.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	Signed:	 	 	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	Notice: The signature to this assignment
must correspond with the name as it appears
upon the face of the within security in
every particular, without alteration or
enlargement or any change whatever.	 	 
	 

	 	 	 	 	Signature Guarantee*:	 	 	 	 
	 

	 	 	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	* Participant in a recognized Signature
Guarantee Medallion Program (or other
signature guarantor acceptable to the
Trustee).	 	 

A-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00094-of-00352.parquet"}]]