Document:

Exhibit

Exhibit 10.1

EMPLOYMENT TRANSITION AGREEMENT
This EMPLOYMENT TRANSITION AGREEMENT (“Agreement”) is entered into as of the 25th day of July, 2017 (the “Execution Date”), by and between VENTAS, INC., a Delaware corporation (the “Company”), and Todd W. Lillibridge (“Employee”). The Agreement is effective (the “Effective Date”) as of the earlier of (i) the start date for the Employee’s successor (the “Transition Date”) and (ii) the 14th day of February, 2018, assuming Employee remains employed by the Company through such date. For the avoidance of doubt, the Agreement shall terminate and be of no force and effect if Employee’s employment with the Company terminates prior to the Effective Date.
WHEREAS, the Company and Employee entered into an Employee Protection and Noncompetition Agreement dated as of June 17, 2015 (the “EPA”);
WHEREAS, the Company and Employee wish to ensure and facilitate an orderly and effective transition of Employee’s duties to his successor;
WHEREAS, the EPA shall terminate and be of no further force or effect as of the Effective Date, and the Company and Employee now desire to enter into this Agreement, effective as of the Effective Date; and
WHEREAS, this Agreement describes the terms of Employee’s employment with the Company following the Effective Date, including compensation terms and limited severance protections if Employee’s employment is terminated in certain circumstances and provides the Company with certain protections regarding Employee’s actions, including after termination of employment.
NOW, THEREFORE, in consideration of the promises and the respective covenants and agreements contained herein, and intending to be legally bound hereby, the Company and Employee agree as follows:
1.Employment Term.  The EPA shall terminate and this Agreement shall become effective on the Effective Date and the terms of this Agreement shall remain in effect until Employee’s Date of Separation (as defined below) for any reason (such period from the Effective Date until Employee’s Date of Separation shall be known as the “Term”). Employee shall be an at-will employee of the Company during the Term and shall work no fewer than 30 hours per week.
2.    Employment Provisions.  During the Term, the following provisions shall govern Employee’s employment with the Company:
(a)    Title: Effective as of the Transition Date, Employee’s title shall be Special Advisor to the Chief Executive Officer, reporting to the Chief Executive Officer of the Company. Employee shall cease to be an executive officer of the Company and member of the Executive Leadership Team of the Company on the Transition Date.

(b)    Duties: Employee shall use his best efforts to facilitate a smooth transition of Employee’s role to Employee’s successor and shall perform special projects as assigned by the Chief Executive Officer of the Company, e.g., customer relations and projects related to hospitals, partners and the healthcare industry.
(c)    Base Salary: From the Execution Date until the Transition Date, Employee’s base salary shall remain at an annual rate of $510,000. On and after the Transition Date, Employee’s base salary shall be an annual rate of $400,000.
(d)    Annual Cash Incentive Awards
(i)    2017: Regardless of the timing of the Effective Date, Employee shall be entitled to his full 2017 annual cash incentive award based on actual achievement of the previously identified performance criteria, as determined by the Executive Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”), so long as Employee (A) is not terminated by the Company for Cause (as defined below) or (B) does not resign prior to the earlier of (x) the date such 2017 annual cash incentive awards are paid to similarly situated employees of the Company or (y) February 14, 2018. Employee’s 2017 award eligibility targets shall remain unchanged and be calculated as previously determined by the Committee.
(ii)    2018 and Future: If the Transition Date occurs on or prior to February 14, 2018, Employee shall not be entitled to earn any annual cash incentive award in respect of his 2018 performance. If the Transition Date occurs after February 14, 2018, subject to Employee’s execution and non-revocation of a general release of claims in a form substantially similar to the form attached hereto as Appendix A (the “Release”), Employee shall be entitled to earn a prorated portion of Employee’s 2018 annual cash incentive award based on actual achievement of the specified performance criteria through the Transition Date, as determined by the Committee. Such prorated award shall be calculated by multiplying the full amount of the award by the quotient of the number of days Employee was employed by the Company in 2018 through the Transition Date divided by 365. If eligible to receive an award under this Section 2(d)(ii), Employee’s 2018 award eligibility targets shall remain unchanged from the 2017 targets and performance criteria shall be as specified by the Committee. Such prorated award shall be paid within 30 days following the Transition Date. Employee shall not be eligible to receive any cash incentive awards other than as specified in this Section 2(d).
(e)    Equity Incentive Awards
(i)    Existing Equity Awards. Except as otherwise specified in Sections 2(e)(i)(1)-(2) below, Employee’s outstanding equity shall continue to vest during the Term and shall be governed by the applicable equity award agreements. 

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(1)    Subject to Committee approval (which shall be sought in good faith as soon as reasonably practicable following the Execution Date), notwithstanding any language to the contrary in the Ventas, Inc. 2006 Incentive Plan, the Ventas, Inc. 2012 Incentive Plan or in any applicable equity award agreements granted thereunder, all of Employee’s vested and unexercised stock options shall remain exercisable until the applicable expiration date of such stock options.
(2)    Subject to Committee approval (which shall be sought in good faith as soon as reasonably practicable following the Execution Date), notwithstanding any language to the contrary in the Ventas, Inc. 2006 Incentive Plan, the Ventas, Inc. 2012 Incentive Plan or in any applicable equity award agreements granted thereunder, if the Transition Date occurs prior to February 14, 2018 and Employee is terminated by the Company without Cause prior to February 14, 2018, (i) Employee’s outstanding time-based equity awards shall vest in full and (ii) all of Employee’s vested and unexercised stock options shall remain exercisable until the applicable expiration date of such stock options.
(ii)    2018 and Future Equity Awards. Regardless of the timing of the Effective Date, Employee shall not be eligible to receive any future equity award grants following the Execution Date, unless mutually agreed otherwise.
(f)    Severance. Following the Effective Date, Employee shall not be eligible to receive any severance under the EPA, this Agreement or under any other Company agreement, plan or document. Employee hereby agrees that in consideration for the rights granted under this Agreement, Employee waives any and all rights to any payments or benefits under any plans, programs, contracts or arrangements of the Company or its affiliates that provide for severance payments or benefits upon a termination of employment, regardless of whether such documents are in effect as of the Execution Date.
(g)    Employee Benefits. During the Term, Employee shall continue to participate in all Company benefit plans on the same terms as all other similarly situated employees.
(h)    Employment Support. During the Term, Employee shall be entitled to private office space, continued use of Company-provided technological devices and administrative assistant support.
(i)    Resignation from Boards and Committees. Employee shall resign from all corporate boards and Company committees and similar positions on the Transition Date.
3.    Agreement does not Trigger Good Reason.  Notwithstanding any language to the contrary in any other agreements, nothing contemplated in this Agreement, either expressly or implied (including but not limited to the termination of the EPA, Employee’s potential 

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ineligibility to receive 2018 or future annual cash incentive awards, Employee’s ineligibility to receive a 2018 or other future equity incentive awards, or any other change to Employee’s compensation, duties, responsibilities, title, reporting relationship or severance entitlements), shall trigger “Good Reason” or similar severance benefits under any other agreement (including but not limited to the EPA or any of the Company’s equity plans or equity award agreements). Employee expressly agrees that, on and after the Effective Date, (i) all existing “Good Reason” or similar protections contained in Company documents, agreements, plans or arrangements shall be of no further force and effect and (ii) all severance payments and benefits (including but not limited to equity vesting), if any, shall be solely as provided in this Agreement.
4.    Restrictive Covenants.
(a)    Confidentiality.
(i)    Employee shall not, unless written permission is granted by the Company, disclose to or communicate in any manner with the press or any other media about Employee’s employment with the Company, the terms of this Agreement, the termination of Employee’s employment with the Company, the Company’s businesses or affairs, the Company’s officers, directors, employees and/or consultants, or any matter related to any of the foregoing.
(ii)    Employee acknowledges that it is the policy of the Company and its Subsidiaries to maintain as secret and confidential all information and techniques acquired, developed, possessed or used by the Company and its Subsidiaries relating to their business, operations, actual or potential products, strategies, assets, liabilities, potential assets and liabilities, employees, customers, tenants, operators, borrowers, managers, proposed or prospective customers, tenants, operators, borrowers and managers, business partners, communities, buildings and facilities (including without limitation: information protected by the Company’s attorney/client, work product, or tax advisor/audit privileges; tax matters and information; financial analysis and models; the Company’s strategic plans; negotiations with third parties; methods, policies, processes, formulas, techniques, know-how and other knowledge; trade practices, trade secrets, or financial matters; lists of customers or customers’ purchases; lists of suppliers, representatives, or other distributors; lists of and information (business, financial or otherwise) about tenants, operators, borrowers, managers and customers and their respective businesses and operations; requirements for systems, programs, machines, or their equipment; information regarding the Company’s bank accounts, credit agreement or financial projections, results or information; information regarding the Company’s directors or officers or their personal affairs), whether or not any such information or any of the material described above is explicitly designated or marked as “confidential” (“Confidential Information”).  “Confidential Information” shall not include information that (A) is or becomes generally available to the public other than as a result of a disclosure by Employee in violation of this Agreement, (B) was available to 

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Employee on a non-confidential basis prior to Employee’s employment with the Company, or (C) is compelled to be disclosed by any law, regulation or order of a court or governmental agency, provided that prior written notice is given to the Company and Employee cooperates with the Company in any efforts by the Company to limit the scope of such obligation and/or to obtain confidential treatment of any material disclosed pursuant to such obligation.  Employee recognizes that all such Confidential Information is the sole and exclusive property of the Company and its Subsidiaries, and that disclosure of Confidential Information would cause damage to the Company and its Subsidiaries.  Employee shall not disclose, directly or indirectly, any Confidential Information obtained during Employee’s employment with the Company, and will take all necessary precautions to prevent disclosure, to any unauthorized individual or entity inside or outside the Company, and will not use the Confidential Information or permit its use for the benefit of Employee or other third party other than the Company.  These obligations shall continue for so long as the Confidential Information remains Confidential Information.
(b)    Noncompetition, Nonsolicitation, Noninterference.  Employee shall not during Employee’s employment with the Company and during the one (1) year period after the termination of Employee’s employment with the Company for any reason (the “Restricted Period”), either directly or indirectly (through another business or person), engage in or facilitate any of the following activities anywhere in the United States:
(i)    Hiring, recruiting, engaging as a consultant or adviser, employing or attempting or soliciting to hire, recruit or employ any person employed by the Company or any Subsidiary or affiliate, or causing or attempting to cause any third party to do any of the foregoing; nothing in this Section 3(b)(i) shall, however, restrict Employee from general employment advertising on a broad basis not targeted at or designed for any such employee;
(ii)    Causing or attempting to cause any person employed at any time during the Restricted Period by the Company or any Subsidiary or affiliate to terminate his or her relationship with the Company or any Subsidiary or affiliate;
(iii)    Soliciting, enticing away, or endeavoring to entice away, or otherwise interfering with any employee, customer, tenant, operator, manager or proposed employee, customer, tenant, operator or manager with whom the Company or any Subsidiary or affiliate has ongoing contact, financial partner or proposed financial partner with whom the Company or any Subsidiary or affiliate has ongoing contact, vendor, supplier or other similar business relation, who at any time during the Restricted Period or who at any time during the period commencing one (1) year prior to the Date of Separation, to Employee’s knowledge, maintained a material business relationship with the Company or any Subsidiary or affiliate or with whom the Company or any Subsidiary or affiliate is targeting for a material business relationship or is engaged in discussions with to 

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commence a material business relationship at the time of termination of Employee’s employment with the Company; or
(iv)    Performing services as an employee, director, officer, consultant, independent contractor or advisor; or investing in, whether in the form of equity or debt, owning any interest or otherwise having an ownership or other interest or a connection to any Prohibited Entity (as defined below); or performing services as an employee, director, officer, consultant, independent contractor or advisor to any other company, entity or person if those services relate directly to a business or businesses that directly and materially compete with the Company anywhere in the United States.  Nothing in this Section 3(b)(iv) shall, however, restrict Employee from (A) making an investment in and owning up to two percent (2%) of the common stock of any company whose stock is listed on a national exchange, provided that such investment does not give Employee the right or ability to control or influence the policy decisions of any direct competitor, or (B) except as provided in Section 3(c) below, performing services as an employee, director, officer, consultant, independent contractor or advisor of an operating company that provides healthcare goods or services other than leasing or financing of real property (for example, a hospital or a nursing facility).  For purposes of this Agreement, a “Prohibited Entity” is any company, entity or person that derives more than twenty percent (20%) of its consolidated gross revenues from a business or businesses that directly and materially compete with the Company.  
(c)    Other Prohibited Activities.  Employee acknowledges that Employee’s position at the Company provides Employee with access to highly sensitive information concerning the Company’s lessees, managers, borrowers and operators and their affiliates and leases, operating agreements, management agreements and other contractual agreements with such lessees, managers, borrowers and operators and their affiliates which are critical to the Company’s ability to effectively function and to the properties to be purchased by the Company, and that if Employee were to provide services for such lessees, managers, borrowers and operators and/or their affiliates such services would cause irreparable damages to the Company.  Employee shall not during Employee’s employment and the Restricted Period, either directly or indirectly (through another business or person), engage in or facilitate any of the following activities anywhere in the United States or in any location outside the United States where the Company conducts or plans to conduct business: performing services as an employee, director, officer, consultant, independent contractor or advisor of, or investing in, whether in the form of equity or debt, owning any interest or otherwise having an ownership or other interest in any of the Company’s then current lessees, managers, borrowers or operators or any of their respective parent, sister, subsidiary or affiliated entities (other than any such lessee, manager, borrower or operator that, together with its parent, sister, subsidiary and affiliated entities, contributes less than five percent (5%) of the Company’s net operating income (NOI), computed on a pro forma annualized basis consistent with the Company’s most recent supplemental disclosure, and is not in default under any of its agreements 

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with the Company nor has an ongoing dispute with the Company) in any manner, including without limitation as an owner, principal, partner, officer, director, stockholder, employee, consultant, contractor, agent, broker, representative or otherwise.  Nothing in this Section 3(c) shall, however, restrict Employee from making an investment in and owning, directly or indirectly, up to two percent (2%) of the common stock of any company whose stock is listed on a national exchange, provided that such investment does not give Employee the right or ability to control or influence the policy decisions of any lessee, manager, borrower or operator or any of its parent, sister, subsidiary or affiliated entities. 
(d)    Non-Disparagement.
(i)    Employee agrees not to make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral or written, directly or indirectly) that (A) accuses or implies that the Company and/or any of its affiliates, together with their respective present or former officers, directors, partners, stockholders, employees and agents, and each of their predecessors, successors and assigns, engaged in any wrongful, unlawful, unethical or improper conduct, whether relating to Employee’s employment (or termination thereof), the business or operations of the Company, or otherwise; or (B) disparages, impugns or in any way reflects adversely upon the business, good will, products, business opportunities, competency, character, behavior or reputation of the Company and/or any of its affiliates, together with their respective present or former officers, directors, partners, stockholders, employees and agents, and each of their predecessors, successors and assigns.
(ii)    Nothing in this Agreement is intended to: (1) limit Employee’s ability to report to, respond to inquiries from, or otherwise cooperate with, any governmental, regulatory or self-regulatory agency with jurisdiction over the Company or its assets, or make disclosures that are protected under whistleblower or other provisions of applicable law or regulation; (2) limit monetary or personal relief or remedy available for pursuing a claim or charge that cannot be released in accordance with federal, state or local law; or (3) create any obligation on Employee’s part to inform the Company about the fact or substance of any communications Employee may have with any governmental authorities in connection with any pending and/or future actions.
(e)    New Employer.  Employee shall provide the terms and conditions of this Section 3 to any prospective new employer or new employer and shall permit the Company to contact any such company, entity or individual to confirm Employee’s compliance with this Section 3 and shall provide the Company with such information as it requests to allow such inquiry.
(f)    Reasonableness of Restrictive Covenants.

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(i)    Employee acknowledges that the covenants contained in this Section 3 are reasonable in the scope of the activities restricted, the geographic area covered by the restrictions, and the duration of the restrictions, and that such covenants are reasonably necessary to protect the Company’s legitimate interests in its Confidential Information, its reputation, and in its relationships with its employees, customers, and suppliers.
(ii)    The Company has consulted, and Employee has had an opportunity to consult, with their respective legal counsel and to be advised concerning the reasonableness and propriety of such covenants.  Employee acknowledges that Employee’s observance of the covenants contained herein will not deprive Employee of the ability to earn a livelihood or to support Employee’s dependents.
(iii)    If any provision or portion of Section 3 of this Agreement is held to be unenforceable because of the scope, duration, territory or terms thereof, Employee agrees that the court making such determination shall have the power to and shall reduce the scope, duration, territory and/or terms of such provision, so that the provision is enforceable by the court to afford the maximum protection to the Company under the law, and such provision as amended shall be enforced by the court.
(g)    Right to Injunction.  In recognition of the confidential nature of the Confidential Information, and in recognition of the necessity of the limited restrictions imposed by Section 3, Employee and the Company agree that it would be impossible to measure solely in money the damages which the Company would suffer if Employee were to breach any of Employee’s obligations hereunder.  Employee acknowledges that any breach of any provision of this Agreement would irreparably injure the Company.  Accordingly, Employee agrees that if Employee breaches any of the provisions of Section 3, the Company shall be entitled, in addition to any other remedies to which the Company may be entitled under this Agreement or otherwise, to an injunction to be issued without bond by a court of competent jurisdiction, to restrain any breach, or threatened breach, of any provision of Section 3, and Employee hereby waives any right to assert any claim or defense that the Company has an adequate remedy at law for any such breach or to require the Company to post bond or other security during the pendency of such injunction.
(h)    Assistance.  During the one (1) year period following the Date of Separation, Employee shall from time to time provide the Company with such reasonable assistance and cooperation as the Company may reasonably from time to time request in connection with any financial and business issues, investigation, claim, dispute, judicial, legislative, administrative or arbitral proceeding, or litigation (any of the foregoing, a “Proceeding”) arising out of matters within the knowledge of Employee and related to Employee’s position as an employee of the Company.  Such assistance and cooperation shall include providing information, declarations or statements to the Company, signing documents, meeting with attorneys or other representatives of the Company, and 

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preparing for and giving truthful testimony in connection with any Proceeding or related deposition.  Employee shall agree to also make himself available to assist the Company with transition of Employee’s duties to his successor and addressing ongoing issues and problems.  In any such instance, Employee shall provide such assistance and cooperation at times and in places mutually convenient for the Company and Employee and which do not unreasonably interfere with Employee’s business or personal activities.  The Company shall reimburse Employee’s reasonable out-of-pocket costs and expenses in connection with such assistance and cooperation upon Employee’s written request in such form and containing such information as the Company shall reasonably request.
(i)    Public Announcements. The Company and Employee shall cooperate with respect to all public announcements regarding matters related to the Agreement. Employee shall be given an opportunity to review and comment on such public announcements, except for SEC filings and other similar mandatory disclosures.
5.    Termination of Employment.  Subject to the provisions of this Agreement, the Company or Employee may terminate Employee’s employment at any time for any reason whatsoever or for no reason and with or without Cause.  Employee acknowledges and agrees that Employee’s employment with the Company is terminable at the will of the Company or at the will of Employee without any obligation, except as may be expressly provided in Section 2.
(a)    Cause.  For purposes of this Agreement, “Cause” shall mean (i) Employee’s indictment for, conviction of, or plea of nolo contendere to, any felony or a misdemeanor involving fraud, dishonesty or moral turpitude; (ii) the willful or intentional material breach by Employee of Employee’s duties and responsibilities; (iii) the willful or intentional material misconduct by Employee in the performance of Employee’s duties, or (iv) the willful or intentional failure by Employee to comply in all material respects with any lawful instruction or directive of the CEO.  
(b)    Notice of Termination.  Any termination by the Company for Cause shall be communicated by notice (a “Notice of Termination”) given in accordance with this Agreement.  For purposes of this Agreement, a Notice of Termination means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination by the Company (for Cause) of Employee’s employment under the provision so indicated, and (iii) specifies the intended termination date.  The failure by the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing its rights hereunder.
(c)    Date of Separation.  “Date of Separation” means (i) if Employee’s employment is terminated by the Company for Cause, the date specified in the Notice of Termination or (ii) if Employee’s employment is terminated (1) by the Company other than for Cause, (2) by Employee or (3) due to Employee’s death or Disability (as defined below), the date on which the Company or Employee notified the other party of such 

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termination.  To the extent necessary to have payments and benefits under this Agreement be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Code Section 409A”), or comply with the requirements of Code Section 409A, the Company and Employee agree to cooperate in a reasonable manner (including with regard to any post-termination services by Employee) such that the Date of Separation as defined in this Agreement shall constitute a “separation from service” pursuant to Code Section 409A (“Separation from Service”).  Notwithstanding anything contained in this Agreement to the contrary, the date on which a Separation from Service occurs shall be the “Date of Separation” or termination of employment for purposes of determining the timing of payments under this Agreement to the extent necessary to have such payments and benefits under this Agreement be exempt from the requirements of Code Section 409A or comply with the requirements of Code Section 409A. For purposes of this Agreement, “Disability” shall mean the total disability as determined by the Board in accordance with standards and procedures similar to those under the Company’s long-term disability plan, or, if none, a physical or mental infirmity which impairs the Employee’s ability to perform substantially Employee’s duties for a period of 180 consecutive days.
6.    Disputes.  Any dispute or controversy arising under, out of, or in connection with this Agreement shall, at the election and upon written demand of the Company, be finally determined and settled by binding arbitration in the City of Chicago, Illinois, in accordance with the commercial arbitration rules and procedures of JAMS, and judgment upon the award may be entered in any court having jurisdiction thereof.  Each party shall bear its own costs, legal fees and other expenses respecting such arbitration; provided, however, if one party shall prevail in the claims in such arbitration as determined by the arbitrator, the non-prevailing party shall pay the prevailing party’s costs, legal fees and other expenses respecting such arbitration.  The parties agree that for any dispute for which the Company does not make the arbitration election and demand, the exclusive jurisdiction and venue will be in the federal or state courts located in Cook County, Illinois.
7.    Successors.
(a)    This Agreement is personal to Employee and without the prior written consent of the Company shall not be assignable by Employee otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Employee’s legal representatives.  
(b)    This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.  This Agreement shall not be terminated by the voluntary or involuntary dissolution of the Company or by any merger or consolidation where the Company is not the surviving corporation, or upon any transfer of all or substantially all of the Company’s stock or assets.  In the event of such merger, consolidation or transfer, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the surviving corporation or corporation to which such stock or assets of the Company shall be transferred.

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(c)    The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, or any business of the Company for which Employee’s services are principally performed, to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.  As used in this Agreement, “Company” shall mean the Company as herein before defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.
8.    Payment Cutback.  Notwithstanding any provision of this Agreement to the contrary, if any payments or benefits to which Employee becomes entitled, whether pursuant to the terms of or by reason of this Agreement or any other plan, arrangement, agreement, policy or program (including without limitation any restricted stock, stock option, stock appreciation right or similar right, or the lapse or termination of any restriction on the vesting or exercisability of any of the foregoing) with the Company, any successor to the Company or to all or a part of the business or assets of the Company (whether direct or indirect, by purchase, merger, consolidation, spin off, or otherwise and regardless of whether such payment is made by or on behalf of the Company or such successor) or any person whose actions result in a Change in Control (as defined below) or any person affiliated with the Company or such persons (in the aggregate, “Total Payments”), constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (“Code”), and but for this Section 8, would be subject to the excise tax imposed by Section 4999 of the Code, then Employee will be entitled to receive either (a) the full amount of the Total Payments or (b) a portion of the Total Payments having a value equal to $1 less than three (3) times such individual’s “base amount” (as such term is defined in Section 280G(b)(3)(A) of the Code), whichever of (a) and (b), after taking into account applicable federal, state, and local income and employment taxes and the excise tax imposed by Section 4999 of the Code or any successor provision of the Code or any similar state or local tax, results in the receipt by Employee on an after-tax basis, of the greatest portion of the Total Payments.
All determinations required to be made under this Section 8 shall be made by the accountant or tax counsel or other similar expert advisor selected by Employee (such advisor, the “Tax Advisor”), which shall, if requested, provide detailed supporting calculations both to the Company and Employee within fifteen (15) business days of the receipt of notice from the Company or Employee that there has been Total Payments, or such earlier time as is requested by the Company or Employee, and if requested, a written opinion.  All fees, costs and expenses (including, but not limited to, the costs of retaining experts) of the Tax Advisor shall be borne by the Company.  The determination by the Tax Advisor shall be binding upon the Company and Employee.
(a)    Change in Control.  For purposes of this Agreement, a “Change in Control” means the occurrence of any of the following events:

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(i)    An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting Securities”) by any “Person” (having the meaning ascribed to such term in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and as used in Section 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d)) immediately after which such Person has beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) (“Beneficial Ownership” and/or Beneficially Owned”) of thirty-five percent (35%) or more of the combined voting power of the Company’s then outstanding Voting Securities; provided, however, that in determining whether a Change in Control has occurred, Voting Securities which are acquired in a Non-Control Acquisition (as hereinafter defined) shall not constitute an acquisition which would cause a Change in Control.  A Non-Control Acquisition shall mean an acquisition by (i) the Company or any company, corporation, partnership, limited liability company or other Person in which the Company directly or indirectly owns a majority interest (“Subsidiary”), (ii) an employee benefit plan (or a trust forming a part thereof) maintained by the Company or any Subsidiary, or (iii) any Person in connection with a Non-Control Transaction (as hereinafter defined);
(ii)    The individuals who, as of the Execution Date, were members of the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least a majority of the Incumbent Board, such new director shall, for purposes of this Section 8(a), be considered a member of the Incumbent Board; and provided, further, however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened election contest (as described in former Rule 14a-11 promulgated under the 1934 Act) (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or
(iii)    Approval by stockholders of the Company and the consummation of: 
(1)    A merger, consolidation or reorganization involving the Company, unless such transaction is a Non-Control Transaction.  For purposes of this Agreement, the term “Non-Control Transaction” shall mean a merger, consolidation or reorganization of the Company in which:
(A)    The stockholders of the Company, immediately before such merger, consolidation or reorganization, own, directly or indirectly immediately following such merger, consolidation or reorganization, at least forty-five percent (45%) of the combined 

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voting power of the voting securities of the corporation or entity resulting from such merger, consolidation or reorganization (the “Surviving Company”) over which any Person has Beneficial Ownership in substantially the same proportion as their Beneficial Ownership of the Voting Securities immediately before such merger, consolidation or reorganization;
(B)    The individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute at least a majority of the members of the board of directors or equivalent body of the Surviving Company; and
(C)    No Person (other than the Company, any Subsidiary, any employee benefit plan (or any trust forming a part thereof) maintained by the Company, the Surviving Company or any Person who, immediately prior to such merger, consolidation or reorganization, had Beneficial Ownership of thirty-five percent (35%) or more of the then outstanding Voting Securities) has Beneficial Ownership of thirty-five percent (35%) or more of the combined voting power of the Surviving Company’s then outstanding voting securities.
(2)    A complete liquidation or dissolution of the Company.
(3)    The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Subsidiary).
Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company which, by reducing the number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person; provided, however, that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur.
9.    Withholding.  The Company may withhold all applicable required federal, state, local and other employment, income and other taxes from any and all payments to be made pursuant to this Agreement.

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10.    No Mitigation.  Employee shall have no duty to mitigate Employee’s damages by seeking other employment and, should Employee actually receive compensation from any such other employment, the payments required hereunder shall not be reduced or offset by any such compensation.
11.    Notices.  Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given and effective when delivered or sent by telephone facsimile transmission, personal or overnight couriers, or registered mail, in each case with confirmation of receipt, addressed as follows:
If to Employee: at the most recent address on file with the Company.
If to Company:
Ventas, Inc.
500 N. Hurstbourne Pkwy, Suite 200
Louisville, KY 40222
Attn.: General Counsel
Either party may change its specified address by giving notice in writing to the other in accordance with the foregoing method.
12.    Waiver of Breach and Severability.  The waiver by either party of a breach of any provision of this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by either party.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision, which other provision shall remain in full force and effect.  In the event any provision of this Agreement is found to be invalid or unenforceable, it may be severed from the Agreement and the remaining provisions of the Agreement shall continue to be binding and effective.
13.    Entire Agreement; Amendment.  This instrument contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements (including the EPA), promises, covenants, arrangements, communications, representations and warranties between them, whether written or oral, with respect to the subject matter hereof.  No provisions of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing signed by Employee and the Company. For the avoidance of doubt, the following agreements shall remain in full force and effect, to the extent any obligations remain outstanding thereunder: (i) the Intellectual Property Rights Purchase and Sale Agreement between Ventas, Inc. and Todd W. Lillibridge dated June 22, 2010, (ii) the Merger Agreement by and among LHRET, Ventas, Inc., Merger Sub I, PGA II, PGA III, Bristol, PGA II as the Shareholder Representative and the Management Indemnitors, (iii) the Merger Agreement by and among LHPT, Ventas, Inc., Merger Sub II, PGA III-A, PGA III-C, PGA III-A as the Shareholder Representative and the Management Indemnitors and (iv) the Merger Agreement by and among LHP-B, Ventas, Inc., Merger Sub III, PGA IV-DOM, PGA IV-INT, PGA IV-DOM as the Shareholder Representative and the Management Indemnitors.

14

14.    Agreement Does Not Grant Employment Rights.  This Agreement shall not be construed as granting to Employee any right to employment by the Company.  The right of the Company to terminate Employee’s employment at any time, with or without Cause, is specifically reserved.   
15.    Compliance with Code Section 409A.  All payments pursuant to this Agreement shall be subject to the provisions of this Section 15.  Notwithstanding anything herein to the contrary, this Agreement is intended to be interpreted and operated to the fullest extent possible so that the payments and benefits under this Agreement either shall be exempt from the requirements of Code Section 409A or shall comply with the requirements of such provision; provided, however, that notwithstanding anything to the contrary in this Agreement in no event shall the Company be liable to Employee for or with respect to any taxes, penalties or interest which may be imposed upon Employee pursuant to Code Section 409A.
(a)    Payments to Specified Employees.  To the extent that any payment or benefit pursuant to this Agreement constitutes a “deferral of compensation” subject to Code Section 409A (after taking into account to the maximum extent possible any applicable exemptions) (a “409A Payment”) treated as payable upon a Separation from Service, then, if on the date of Employee’s Separation from Service, Employee is a Specified Employee, then to the extent required for Employee not to incur additional taxes pursuant to Code Section 409A, no such 409A Payment shall be made to Employee earlier than the earlier of (i) six (6) months after Employee’s Separation from Service; or (ii) the date of his death.  Should this Section 15 otherwise result in the delay of in-kind benefits (for example, health benefits), any such benefit shall be made available to Employee by the Company during such delay period at Employee’s expense.  Should this Section 15 result in payments or benefits to Employee at a later time than otherwise would have been made under this Agreement, on the first day any such payments or benefits may be made without incurring additional tax pursuant to Code Section 409A (the “409A Payment Date”), the Company shall make such payments and provide such benefits as provided for in this Agreement, provided that any amounts that would have been payable earlier but for the application of this Section 15, as well as reimbursement of the amount Employee paid for benefits pursuant to the preceding sentence, shall be paid in lump-sum on the 409A Payment Date along with accrued interest at the rate of interest published in the Wall Street Journal as the “prime rate” (or equivalent) on the date that payments or benefits, as applicable, to Employee should have been made under this Agreement.  For purposes of this Section 15, the term “Specified Employee” shall have the meaning set forth in Code Section 409A, as determined in accordance with the methodology established by the Company.  For purposes of determining whether a Separation from Service has occurred for purposes of Code Section 409A, to the extent permissible under Code Section 409A, subsidiaries and affiliates of the Company are those included by using a twenty percent (20%) standard to define the controlled group under Code Section 1563(a) in lieu of the fifty percent (50%) default rule.  In addition, for purposes of determining whether a Separation from Service has occurred for purposes of Code Section 409A, a Separation from Service is deemed to include a reasonably anticipated permanent reduction in the level of services performed by Employee to less 

15

than fifty percent (50%) of the average level of services performed by Employee during the immediately preceding twelve (12) month period.
(b)    Reimbursements.  For purposes of complying with Code Section 409A and without extending the payment timing otherwise provided in this Agreement, taxable reimbursements under this Agreement, subject to the following sentence and to the extent required to comply with Code Section 409A, will be made no later than the end of the calendar year following the calendar year in which the expense was incurred.  To the extent required to comply with Code Section 409A, any taxable reimbursements and any in-kind benefits under this Agreement will be subject to the following: (a) payment of such reimbursements or in-kind benefits during one calendar year will not affect the amount of such reimbursement or in-kind benefits provided during any other calendar year (other than for medical reimbursement arrangements as excepted under Treasury Regulations §1.409A-3(i)(1)(iv)(B) solely because the arrangement provides for a limit on the amount of expenses that may be reimbursed under such arrangement over some or all of the period the arrangement remains in effect); (b) such right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another form of compensation to Employee and (c) the right to reimbursements under this Agreement will be in effect for the lesser of the time specified in this Agreement or ten (10) years plus the lifetime of Employee.  Any taxable reimbursements or in-kind benefits shall be treated as not subject to Code Section 409A to the maximum extent provided by Treasury Regulations §1.409A-1(b)(9)(v) or otherwise under Code Section 409A.
(c)    Release.  To the extent that Employee is required to execute and deliver a Release to receive a 409A Payment, and this Agreement provides for such 409A Payment to be provided prior to the 55th day following Employee’s Separation from Service, such 409A Payment will be provided upon the 55th day following Employee’s Separation from Service provided the Release in the form mutually agreed upon between Employee and the Company or in the form set forth in Appendix A has been executed, delivered and effective prior to such time.  To the extent a 409A Payment is made at a later time than otherwise would have been made under this Agreement because of the provisions of the preceding sentence of this Section 15(c), interest for the delay and the opportunity for Employee to pay for benefits in the interim with subsequent reimbursement from the Company shall be provided in a manner consistent with that set forth in Section 15(a).  To the extent that Employee is required to execute and deliver a Release to receive a 409A Payment and this Agreement provides for such 409A Payment to be provided in accordance with Section 15(a), such 409A Payment will be provided as set forth in Section 15(a) provided the Release in the form mutually agreed upon between Employee and the Company or in the form set forth in Appendix A has been executed, delivered and effective prior to such time.  If a Release is required for a 409A Payment and such Release is not executed, delivered and effective by the date six (6) months after Employee’s Separation from Service if such 409A Payment is subject to the limitations set forth in Section 15(a) or the 55th day following Employee’s Separation from Service if such 409A Payment is not subject to the limitations set forth in Section 15(a), such 409A Payment shall not be provided to Employee to the extent that providing such 409A 

16

Payment would cause such 409A Payment to fail to comply with Code Section 409A.  To the extent that any payments or benefits under this Agreement are intended to be exempt from Code Section 409A as a short-term deferral pursuant to Treasury Regulations §1.409A-1(b)(4) or any successor thereto and require Employee to provide a Release to the Company to obtain such payments or benefits, any Release required for such payment or benefit must be provided in the form mutually agreed upon between Employee and the Company or in the form set forth in Appendix A no later than March 7th of the calendar year following the calendar year of Employee’s Separation from Service.
(d)    No Acceleration; Separate Payments; Termination of Employment.  No 409A Payment payable under this Agreement shall be subject to acceleration or to any change in the specified time or method of payment, except as otherwise provided under this Agreement and consistent with Code Section 409A.  If under this Agreement, a 409A Payment is to be paid in two or more installments, for purposes of Section 409A, each installment shall be treated as a separate payment.  Notwithstanding anything contained in this Agreement to the contrary, the date on which a Separation from Service occurs shall be treated as the termination of employment date for purposes of determining the timing of payments under this Agreement to the extent necessary to have such payments and benefits under this Agreement be exempt from the requirements of Section 409A of the Code or comply with the requirements of Code Section 409A.
(e)    Cooperation.  If the Company or Employee determines that any provision of this Agreement is or might be inconsistent with the requirements of Code Section 409A, the parties shall attempt in good faith to agree on such amendments to this Agreement as may be necessary or appropriate to avoid subjecting Employee to the imposition of any additional tax under Code Section 409A without changing the basic economic terms of this Agreement.  Notwithstanding the foregoing, no provision of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with Code Section 409A from Employee or any other individual to the Company.  This Section 15 is not intended to impose any restrictions on payments or benefits to Employee other than those otherwise set forth in this Agreement or required for Employee not to incur additional tax under Code Section 409A and shall be interpreted and operated accordingly.  The Company to the extent reasonably requested by Employee shall modify this Agreement to effectuate the intention set forth in the preceding sentence.
16.    Recoupment.  Employee acknowledges that Employee will be subject to recoupment policies adopted by the Company pursuant to the requirements of Dodd-Frank Wall Street Reform and Consumer Protection Act or other law or the listing requirements of any national securities exchange on which the common stock of the Company is listed.
17.    Governing Law.  This Agreement shall be construed in accordance with and governed by the laws of the State of Illinois without regard to its choice of law principles.
18.    Headings.  The headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions.

17

19.    Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
VENTAS, INC.
By:  /s/ Edmund M. Brady, III    
Name: Edmund M. Brady, III
Title: Senior Vice President and Chief Human Resources Officer

 /s/ Todd W. Lillibridge    
Todd W. Lillibridge 
Employee

APPENDIX A
RELEASE AND WAIVER OF CLAIMS
This Release and Waiver of Claims (“Release”) is made as of this ____ day of _____________, _____, by and between Ventas, Inc., a Delaware corporation (the “Company”) and Todd W. Lillibridge (“Employee”).
WHEREAS, the Company and Employee entered into an Employment Transition Agreement, executed on July 25, 2017 (the “Agreement”);
WHEREAS, Employee’s employment with the Company has terminated; and
WHEREAS, in connection with the termination of Employee’s employment, under the Agreement, Employee is entitled to certain benefits.
NOW, THEREFORE, in consideration of the payments and other benefits, if any, due Employee under the Agreement (“Severance Benefits”), the Company and Employee hereby agree as follows:
1.    Except as specifically provided herein, Employee, for Employee and Employee’s heirs, agents, executors, successors, assigns, legal representatives, personal representatives, and administrators (collectively, the “Related Parties”), intending to be legally bound, does hereby RELEASE AND FOREVER DISCHARGE the Company, its agents, affiliates, subsidiaries, parents, joint ventures, and its and their respective officers, directors, shareholders, employees, predecessors, and partners, and its and their respective successors and assigns, heirs, executors, and administrators (collectively, “Releasees”) from all causes of action, suits, debts, claims obligations, and demands of every kind and nature whatsoever in law or in equity, known or unknown, which Employee ever had, now has, or hereafter may have, or which the Related Parties may have, by reason of any matter, cause or thing whatsoever, at any time prior to the execution of this Release and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to the Agreement, Employee’s employment relationship with Company, the terms and conditions of that employment relationship, and the termination of that employment relationship, including, but not limited to the following: claims or demands related to salary, bonuses, commissions, stock, stock options, any other ownership interests in the Company, paid time off, fringe benefits, expense reimbursements, sabbatical benefits, severance benefits, or any other form of compensation or equity; any claims arising under the Age Discrimination in Employment Act (“ADEA”), as amended, 29 U.S.C. § 621 et seq., the Older Worker’s Benefit Protection Act, 29 U.S.C. § 626(0(1), Title VII of The Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Civil Rights Act of 1871, the Civil Rights Act of 1991, the Americans with Disabilities Act, 42 U.S.C. § 12101-12213, the Rehabilitation Act, the Family and Medical Leave Act of 1993 (“FMLA”), 29 U.S.C. § 2601 et seq., the Fair Labor Standards Act; any other claims under any federal, state or local common law, statutory, or regulatory provision, now or hereafter recognized; claims for wrongful discharge, discrimination, fraud, defamation, harassment, emotional distress, or breach of the implied covenant of good faith and fair dealing; and any claims for attorneys’ fees and costs.  This Release does not apply to any claims that cannot be released or waived by law or to claims for the following: payments and benefits to Employee provided for under the Agreement or any employee benefit plan or equity plan of the Company in which Employee is a participant, including, without limitation, any options, stock or other equity awards that are vested (including those that vested as a result of Employee’s termination of employment), or payment of any benefits to which Employee may be entitled under a Company sponsored tax qualified retirement or savings plan; any rights of Employee to indemnification under the Certificate of Incorporation or by-laws of the Company, the Agreement or other agreement between Employee and the Company; or any rights of Employee under any directors’ and officers’ liability insurance policy maintained by the Company.  Except as specifically provided herein, it is expressly understood and agreed that this Release shall operate as a clear and unequivocal waiver by Employee of any claim for accrued or unpaid wages, benefits or any other type of payment other than as provided to Employee under the Agreement or any employee benefit plan or equity plan of the Company in which Employee is a participant.  It is the intention of the parties to make this Release as broad and as general as the law permits as to the claims released hereunder.
2.    Employee further agrees and recognizes that Employee has permanently and irrevocably severed Employee’s employment relationship with the Company, that Employee shall not seek employment at any time in the future with the Company or any entity with which the Company is consolidated for financial reporting purposes, and that the Company has no obligation to employ Employee in the future.
3.    Employee agrees that no promise or inducement to enter into this Release has been offered or made except as set forth herein and that Employee is entering into this Release without any threat or coercion and without reliance on any statement or representation made on behalf of the Company or by any person employed by or representing the Company, except for the written provisions and promises contained in this Release.
4.    The parties agree that damages incurred as a result of a breach of this Release will be difficult to measure.  It is, therefore, further agreed that, in addition to the remedy set forth in Section 6(h) or any other remedies, equitable relief will be available in the case of a breach of this Release.  It also is agreed that, in the event Employee files a claim against the Company (other than a charge before the EEOC) with respect to a claim released by Employee herein, the Company may withhold, retain, or require reimbursement of the Severance Benefits.
5.    The parties agree and acknowledge that this Release, and the settlement and termination of any asserted or unasserted claims against the Releasees pursuant to the Release, are not and shall not be construed to be an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by any of the Releasees to Employee.
6.    Employee certifies and acknowledges:
(a)    Employee has read the terms of this Release, and Employee understands its terms and effects, including the fact that Employee has agreed to RELEASE AND FOREVER DISCHARGE all Releasees from any legal action or other liability of any type related in any way to the matters released pursuant to this Release other than as provided in the Agreement and in this Release;
(b)    Employee has signed this Release voluntarily and knowingly in exchange for the Severance Benefits and other consideration described herein, which Employee acknowledges is adequate and satisfactory to Employee and which Employee acknowledges is in addition to any other benefits to which Employee is otherwise entitled;
(c)    Employee has been and is hereby advised in writing to consult with an attorney prior to signing this Release and Employee has had the opportunity to seek legal counsel in connection with this Release;
(d)    Employee does not waive rights or claims that may arise after the date this Release is executed;
(e)    Employee has been informed that Employee has the right to consider this Release for a period of [21] [45] days from receipt, and Employee has signed on the date indicated below after concluding that this Release is satisfactory to Employee;
(f)    Neither the Company, nor any of its directors, employees, or attorneys, has made any representations to Employee concerning the terms or effects of this Release other than those contained herein;
(g)    Employee has not filed a charge, lawsuit or any other claim (and will not hereafter file a charge, lawsuit or any other claim (other than a charge before the EEOC)) against the Company relating to Employee’s employment and/or cessation of employment with the Company or otherwise involving facts that occurred on or prior to the date that Employee has signed this Release, other than a lawsuit or claim that the Company has failed to pay Employee the Severance Benefits due under any employee benefit plan or equity plan of the Company in which Employee is a participant; and
(h)    If Employee commences, continues, joins in, or in any other manner attempts to pursue a recovery for any claim released herein against any of the Releasees, or otherwise violates the terms of this Release, (i) Employee will cease to have any further rights to Severance Benefits from the Company, and (ii) Employee shall be required to return any Severance Benefits granted to Employee by the Company (together with interest thereon).  A claim that would be expressly permitted by the terms of this Release were it successful will not be deemed a violation of this Release even if such claim is unsuccessful, provided that such claim is made in good faith.  In addition, nothing in this Release is intended to: (1) limit Employee’s ability to report to, respond to inquiries from, or otherwise cooperate with, any governmental, regulatory or self-regulatory agency with jurisdiction over the Company or its assets (including but not limited to the EEOC), or make disclosures that are protected under whistleblower or other provisions of applicable law or regulation; (2) limit monetary or personal relief or remedy available for pursuing a claim or charge that cannot be released in accordance with federal, state or local law; or (3) create any obligation on Employee’s part to inform the Company about the fact or substance of any communications Employee may have with any governmental authorities in connection with any pending and/or future actions.
7.    Employee acknowledges that Employee may later discover facts different from or in addition to those which Employee knows or believes to be true now, and Employee agrees that, in such event, this Release shall nevertheless remain effective in all respects, notwithstanding such different or additional facts or the discovery of those facts.
8.    This Release may not be introduced in any legal or administrative proceeding, or other similar forum, except one concerning a breach of this Release.
9.    If all or any part of this Release is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any other portion of this Release.  Any section or a part of a section declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of the section to the fullest extent possible while remaining lawful and valid.
10.    This Release shall not be altered, amended, or modified except by written instrument executed by the Company and Employee.  A waiver of any portion of this Release shall not be deemed a waiver of any other portion of this Release.
11.    This Release may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same instrument.
12.    This Release shall be governed by and construed and interpreted in accordance with the laws of the State of Illinois without regard to its choice of law principles.
13.    Employee also understands that Employee has the right to revoke this Release within seven (7) days after execution, and that this Release will not become effective or enforceable until the revocation period has expired, by giving written notice by regular mail and facsimile to the following:
Ventas, Inc.
SVP and Chief Human Resources Officer 
353 North Clark Street, Suite 3300
Chicago, Illinois 60654
Telephone No.: (312) 268-4717
Fax No.: (312) 660-3891

(Signature Page to Follow)
IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties execute the foregoing Release and Waiver of Claims.

TODD W. LILLIBRIDGE

                            

Date:                              

VENTAS, INC.

By:                              

Title:                              

Date:                              

18EX-10.1

 Exhibit 10.1 

FORM OF 
 TRANSITION
SERVICES AGREEMENT 
 TRANSITION SERVICES AGREEMENT (this “Agreement”) is made and entered into as of [DATE] by and
among CONSOL Energy, Inc., a Delaware corporation (“Parent”), and CONSOL Mining Corporation, a Delaware corporation (“CoalCo” and, together with Parent, the “Parties” and each a
“Party”). 
 RECITALS 

A.    The Parties have entered into that certain Separation and Distribution Agreement dated
[                ] (the “Separation Agreement”), pursuant to which one hundred percent (100%) of the outstanding common stock of CoalCo will be
distributed to the stockholders of Parent and CoalCo will become a separate public company, all as more fully described therein. 

B.    In order to ensure an orderly transition of the Coal Business (as defined in the Separation Agreement) to CoalCo and
as a condition to consummating the transactions contemplated by the Separation Agreement, CoalCo has requested to receive from Parent certain services and Parent has requested to receive from CoalCo certain services, in each case, on a transitional
basis and subject to the terms and conditions set forth herein. 
 AGREEMENT 

In consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which are
hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Definitions. Capitalized terms used but not defined in this Agreement shall have the meanings
assigned thereto in the Separation Agreement. In the case of capitalized terms defined herein by definitions inconsistent with the definitions ascribed to such terms in the Separation Agreement, the definitions provided herein shall be regarded as
controlling for the purposes of this Agreement. 
 ARTICLE II 

SERVICES 

Section 2.1    Description of Initial Services. On the terms and conditions of this Agreement, (i) Parent
shall provide to CoalCo, or cause to be provided to CoalCo, the initial transition services set forth on Exhibit A and (ii) CoalCo shall provide to Parent, or cause to be provided to Parent, the initial transition services set forth on
Exhibit B (the services designated therein, as adjusted in accordance with this Agreement, collectively, the “Transition Services”), in each case, subject to the completion of the Distribution and following the Closing. The
Party 

 
providing a Transition Service under this Agreement is referred to herein as the “Service Provider” and the Party receiving such a Transition Service is referred to herein as the
“Recipient.” 
 Section 2.2    Omitted, Additional or Modified Services. 

(a)    If during the 30 day period following Closing, either Parent or CoalCo reasonably determines that services that have
previously been provided by a Service Provider to a Recipient which are necessary to effect an orderly transition of the separation of the Coal Business from other operations of Parent and its Affiliates (each such service an “Omitted
Service”) have been omitted from the initial Transition Services listed on Exhibit A and Exhibit B, then the applicable Service Provider will be obligated to provide any Omitted Service and the Parties hereto will
negotiate in good faith an amendment to Exhibit A or Exhibit B, as applicable, setting forth the Omitted Service and the terms and conditions for the provision of such Omitted Service. 

(b)    During the 30 day period following Closing, a Recipient may also identify services in addition to the Omitted
Services, which services are of the type previously provided by a Service Provider to a Recipient and that are necessary to conduct the Coal Business or Parent Business, as applicable, in substantially the same manner as conducted prior to Closing
(each such service an “Additional Service”). Similarly, during the 30 day period following Closing, a Recipient may request modifications to any Transition Services currently being provided (a “Modified Service”).
Upon receipt by the Service Provider of written notice from the Recipient requesting Additional Services or Modified Services during the applicable time period set forth above, the Parties hereto will negotiate in good faith an amendment to
Exhibit A or Exhibit B, as applicable, setting forth the Additional Service or Modified Service and the terms and conditions for the provision of such Additional Service or Modified Service. 

(c)    If, during the Term, the Recipient anticipates needing any of the Transition Services beyond the original term of
such service, the Recipient may notify the Service Provider of such anticipated need and the Parties shall negotiate an extension to provide such services, provided that, no such extension may extend beyond 30 days of the original term for such
service. 
 Section 2.3    Third Party Services. The Parties have set forth on Exhibit A or
Exhibit B their expectations as to any initial Transition Services to be provided by a Person that is neither a Party nor an Affiliate or employee of any Party or its Affiliates (a “Third Party”) (it being understood
that the absence of a Transition Service to be designated as a Transition Service to be provided by a Third Party on Exhibit A or Exhibit B shall not preclude the Service Provider from using a Third Party to provide such
Transition Service). The Service Provider shall use commercially reasonable efforts, at the Recipient’s sole cost and expense, to cause such Third Party to provide such Transition Services to Recipient. In addition, one or more Third Parties
may provide Omitted Services, Additional Services or Modified Services to a Recipient. If any such Third Party is unable or unwilling to provide any such Transition Services, the Service Provider shall use commercially reasonable efforts to provide
such Transition Services in an 

  
 2 

 
alternative manner that is reasonably acceptable to the Recipient. A Recipient shall have the right to pre-approve any Third Party to the extent that such
Third Party is not providing services to any Party prior to the date of this Agreement. If the Service Provider intends to engage a Third Party that would be subject to the pre-approval right set forth in the
immediately preceding sentence to provide one or more Transition Services, the Service Provider shall provide advance notice to the Recipient, and the Recipient shall promptly notify the Service Provider whether the Recipient consents to such
engagement (such consent shall not be unreasonably withheld, conditioned or delayed). The Service Provider will advise any Third Party of its obligations to comply with the confidentiality provisions in Article VI and use reasonable
efforts to include similar confidentiality obligations in any agreement with such Third Party. 

Section 2.4    Consents; Resources. A Service Provider shall, and shall cause its Affiliates to, use
commercially reasonable efforts, at the Recipient’s sole cost and expense, to obtain all consents, approvals or authorizations (i) for any software or other Intellectual Property necessary to enable the Service Provider, its designee or a
Third Party to perform the Transition Services in accordance with this Agreement and (ii) necessary to allow the Service Provider to provide the Transition Services and to allow the Recipient to access and use the Transition Services. Unless
otherwise expressly agreed under the terms of a Transition Schedule as set forth in Exhibit A or Exhibit B, as applicable, or otherwise agreed to by the Parties in writing, in providing the Transition Services, neither the
Service Provider, nor any of its Affiliates, shall be obligated to: (i) expend funds and other resources beyond levels that would be customary and commercially reasonable for any similar service provider (all such expenses to be reimbursed by
the Recipient in accordance with this Agreement); (ii) maintain the employment of any specific employee or subcontractor; (iii) purchase, lease or license any additional equipment or materials; or (iv) pay any of the Recipient’s costs
related to its receipt of such Transition Services. 
 Section 2.5    Standard of Services. Each Service
Provider shall provide, and shall use commercially reasonable efforts to cause any relevant Third Party to provide, the Transition Services in a manner and to the extent that is substantially similar in scope, nature, quality and timeliness to the
services provided to (or with respect to) the Coal Business or Parent Business, as applicable, prior to the Closing Date, provided that, in any case, the Transition Services shall be provided (i) in a professional and workmanlike manner with
the same degree of care, skill, and prudence that the Service Provider would exercise when performing such services on its own behalf and (ii) in compliance with all applicable Laws. Notwithstanding anything to the contrary contained herein,
neither the Service Provider nor any of its Affiliates will be responsible for the quality of any services provided by a Third Party or the non-compliance with Laws by such Third Party. In the event that a
Third Party providing Transition Services on behalf of a Service Provider breaches or fails to perform under any agreement a Service Provider or any of its Affiliates has with such Third Party and such breach or
non-performance has a material adverse impact on the Recipient, Service Provider will use commercially reasonable efforts, at the Recipient’s sole cost and expense, to enforce any claims the Service
Provider (or its Affiliate) has against such Third Party for such breach or non-performance in the same manner with which the Service Provider would seek to enforce such claim in respect of a breach adversely
affecting the Service Provider (or its Affiliate) and Service Provider will pay to Recipient from the 

  
 3 

 
damages or other amounts that Service Provider or its Affiliates, as the case may be, recoup from such Third Party with respect to such breach or
non-performance an amount equal to the losses suffered by Recipient as a result of such breach or non-performance. 

Section 2.6    Provision of Services 

(a)    Employment and Supervision. Except for reimbursement of employee costs by the Recipient as set forth herein,
the Service Provider shall have the sole responsibility to employ, pay, supervise, direct and discharge all of its employees used in the provision of Transition Services hereunder. Except for reimbursement of employee costs by the Recipient as set
forth herein, the Service Provider shall be solely responsible for the payment of all employee benefits and any other direct and indirect compensation for any of such Service Provider’s employees assigned to perform services under this
Agreement, as well as such personnel’s worker’s compensation insurance, employment taxes, and other employer liabilities relating to such personnel as required by Law. 

(b)    Independence. The Service Provider shall be an independent contractor in connection with the performance of
Transition Services hereunder for any and all purposes (including federal or state Tax purposes), and the employees performing Transition Services in connection herewith shall not be deemed to be employees or agents of the Recipient or any of its
Affiliates and nothing contained herein shall be deemed to create a joint venture or partnership. 

(c)    Coordination. The Recipient shall provide the Service Provider with any and all information on a timely
basis as is reasonably necessary and requested by the Service Provider to enable the performance by the Service Provider (or any Third Party) of the Transition Services. In the event of a conflict in scheduling of available employees, contractors or
other resources by the Service Provider between the internal needs of the Service Provider (and its Affiliates) and the requirements of providing the Transition Services, the Service Provider shall allocate such available employees, contractors and
resources in a commercially reasonable manner using a substantially similar allocation as if it were performing the Transition Services for itself. 

(d)    Access. In order to enable the provision of the Transition Services by a Service Provider, the Recipient
agrees that it shall provide to the Service Provider and any Third Party providing Transition Services on behalf of a Service Provider, at no cost to the Service Provider, reasonable access to the facilities, assets and books and records of the
Recipient during regular and normal business hours to the extent necessary for the Service Provider to fulfill its obligations under this Agreement; provided, however, that each Service Provider, consistent with Section 6.1, will ensure that
access to technology systems is reasonably limited to those individuals or entities for whom access to such information is essential to perform their job, so as to minimize and avoid the inadvertent unauthorized access to sensitive employee
information or other data. 
 Section 2.7    Cooperation. During the Term, the Parties shall, and shall
cause each of their respective Affiliates and each of the foregoing entities’ respective employees, agents, 

  
 4 

 
auditors and representatives to, cooperate with each other in good faith (a) to implement or give effect to this Agreement and (b) to facilitate an orderly and efficient transition of
services, processes and functions contemplated in this Agreement, and in each case in a manner consistent with the intent of this Agreement and without undue burden on any Party thereto. 

Section 2.8    Service Interruption. Except as provided in this Section 2.8 and subject to the
terms of Section 2.9, the Transition Services shall be provided during regular and normal business hours during the Term. Upon reasonable prior written notice to the Recipient given the circumstances (provided such notice shall be no
less than 72 hours), the Service Provider may temporarily interrupt the provision of any Transition Services only when, and for such period of time, it is the commercially reasonable judgment of the Service Provider (or the relevant Third Party
providing such Transition Services for the Service Provider) that such action is necessary, including for routine maintenance purposes. With respect to any Transition Services provided by any Third Party, the Service Provider shall forward promptly
(which will be within two business days after Service Provider’s receipt of) any notice received from any such Third Party regarding the interruption of such Transition Services. In the event of any temporary interruptions, the Service Provider
shall use commercially reasonable efforts to minimize the impact on the Recipient of such interruption, including by minimizing each period of interruption and scheduling such period of interruption so as to not inconvenience or impair the conduct
of the Recipient’s business. Subject to the notice provisions set forth in this Section 2.8, the Service Provider shall consult with the Recipient prior to temporary interruptions to the extent reasonably practicable or, if not
reasonably practicable, promptly thereafter. 
 Section 2.9    Force Majeure. 

(a)    No Party will be held liable or responsible to another Party or be deemed to have defaulted under or breached this
Agreement for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is caused by or results from events beyond the reasonable control of the non-performing Party,
including war, acts of war, riot, rebellion, civil disturbances, terrorism, power failures, embargos, shortages, epidemics, pandemics, quarantines, shortage of fuel, raw materials or components, nuclear accident, strikes, lockouts or other labor
disturbances, flood, storm, fire and earthquake or other natural disasters or acts of God or acts, omissions or delays in acting by any governmental authority, or any breach by any Third Party of any of such Third Party’s obligations to the
Service Provider or any of its Affiliates (solely caused by the failure of such Third Party to perform its obligations and not due to the failure of a Party to provide necessary instructions or information or to otherwise perform under any
arrangement such Party has with the relevant Third Part) (collectively, each of the foregoing a “Force Majeure Event”). The suspension of performance as a result of a Force Majeure Event shall be of no greater in scope or longer in
duration than is necessary. The non-performing Party will use commercially reasonable efforts to remedy its inability to perform and will keep the other Party reasonably informed with respect thereto. The
other Party will agree to cooperate with the non-performing Party to seek other solutions that may be mutually satisfactory. 

  
 5 

 (b)    The Recipient shall be free to acquire any Transition Services from an
alternate source for the period and to the extent reasonably necessitated by such non-performance pursuant to Section 2.9(a), and the Service Provider shall cooperate with, provide information to
and take such other actions as may be reasonably required to assist such alternate source to provide such Transition Services. The Recipient shall not be obligated to pay for any Transition Services during any period when such Transition Services
are not being provided to the Recipient; provided, however that the Recipient shall pay Fees in accordance with Section 3.1 hereof for the assistance provided by the Service Provider to an alternative source. 

(c)    Subject to Section 2.9(b), the Parties hereto agree that this Section 2.9 shall not
otherwise be construed so as to excuse a Party hereto of its obligations to otherwise perform in accordance with Article III at all other times during the term of this Agreement. 

Section 2.10    Service Coordinators. Each of Parent and CoalCo shall identify one of its employees to
serve as the primary point of contact (the “Service Coordinator”) for the other Party hereto with respect to the Transition Services. Each of Parent and CoalCo shall cause its Service Coordinator to be reasonably available to the
other Party hereto to facilitate communication among the Parties and the identification, awareness and resolution of any interruption, deficiency or concern with respect to the Transition Services. 

ARTICLE III 
 FEES AND PAYMENT

 Section 3.1    Fees. The fees payable for any Transition Service (the “Fees”) shall be
as set forth for such Transition Service on Exhibit A, exclusive of any applicable taxes, including any value added tax, sales tax or duty of any kind (other than taxes based on the Service Provider’s income), which as applicable
shall be added to the Fees. It is the intent that the Recipient shall also reimburse the Service Provider and its Affiliates for all actual expenses, which shall expressly include any employee or subcontractor wage, benefit or other employment
expenses related to the time spent providing the Transition Services not otherwise expressly included in the Fees, which the Service Provider or any of its Affiliates incur in connection with performing the Transition Services, including actual and
documented out-of-pocket expenses incurred and paid by the Service Provider or any of its Affiliates to any Third Party (other than expenses expressly included in the
Fees) (“Third-Party Expenses”) in connection with performing the Transition Services (collectively, “Expenses”). With respect to any health or welfare benefits that CoalCo requests Parent to continue following the
Closing and which are self-insured by Parent, CoalCo shall promptly reimburse Parent upon Parent’s payment of claims for such health or welfare benefits. 

Section 3.2    Invoice and Payment. The Fees for the Transition Services shall be paid in advance on the date
of this Agreement and any Fees owed by one Party may be netted against Fees owed by the other Party. Any Fees on Additional Services or incurred upon extension of the Term shall be paid in advance of the provision of such Transition Services. The
Service Provider shall invoice the Recipient for the Expenses incurred in connection with the Transition Services as such Expenses are incurred. Each such invoice shall be accompanied by a statement properly

  
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supported and reasonably itemized, including the names of and containing copies of invoices from any Third Party with respect to any Third-Party Expenses included in the invoiced Expenses and any
other documentation reasonably requested by CoalCo to evidence any out-of-pocket expenses included therein. The Recipient shall pay all undisputed amounts of any invoice
no later than ten (10) days after the Recipient’s receipt of a properly submitted invoice (the “Invoice Due Date”). Any amounts outstanding after the Invoice Due Date shall accrue interest at a rate which is the lower of
one and one half percent (1.5%) per month or the highest monthly rate allowed by law. 
 Section 3.3    Disputes
and Resolution. The Recipient shall promptly notify the Service Provider in writing of any amounts billed to the Recipient that the Recipient, in good faith, determines to be in dispute along with a reasonable description of the Recipient’s
reason for disputing such amounts. Upon receipt of such notice, the Service Provider will research the items in question in a reasonably prompt manner and cooperate with the Service Provider to resolve any such dispute for a period of five
(5) days. In the event that the Parties agree, or a court of competent jurisdiction determines, that any amount that was paid was not properly owed, the Service Provider shall refund such amount to the Recipient within five (5) business
days of such agreement (or, alternatively, at the option of the Service Provider, such amount may be deducted from the amount payable under the next invoice submitted for payment). The Service Provider shall continue providing the Transition
Services in accordance with this Agreement pending resolution of any dispute. 
 ARTICLE IV 

DISCLAIMER AND LIMITATION OF LIABILITY 

Section 4.1    Disclaimer of Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN OR IN THE SEPARATION
AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT ALL SERVICES ARE PROVIDED ON AN “AS-IS” BASIS, AND THAT EACH PARTY MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, WITH
RESPECT TO THE TRANSITION SERVICES TO BE PROVIDED BY IT OR OTHERWISE WITH RESPECT TO THIS AGREEMENT. 

Section 4.2    Limitation on Certain Damages. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, IN NO
EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER OR ANY AFFILIATES OF THE OTHER FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, EVEN IF SUCH PARTY HAS BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGES, OTHER THAN IN THE CASE
OF GROSS NEGLIGENCE, FRAUD OR WILLFUL MISCONDUCT AND EXCEPT IN THE CASE OF ANY SUCH LIABILITY WITH RESPECT TO A THIRD-PARTY CLAIM. 

  
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 ARTICLE V 

OWNERSHIP OF ASSETS 

Section 5.1    Parent Systems and Data. Any information system, software, computer network, database, data
file, record or other information owned, licensed, leased or provided by Parent or any of its Affiliates that is used by Parent, or any of its Affiliates or provided to, or stored or accessed by, CoalCo or any of its Affiliates in connection with
provision of any Transition Service shall remain the sole and exclusive property of Parent or its Affiliates, as the case may be. 

Section 5.2    CoalCo Systems and Data. Any information system, software, computer network, database, data
file, record or other information owned, licensed, leased or provided by CoalCo or any of its Affiliates that is used by CoalCo, or any of its Affiliates, or provided to, or stored or accessed by, Parent or any of its Affiliates in connection with
any Transition Service shall remain the sole and exclusive property of CoalCo or its Affiliates, as the case may be. 

Section 5.3    Other Assets. All procedures, methods, systems, strategies, tools, equipment, facilities and
other resources owned, licensed or leased by any Party or its Affiliates and used or provided by such Party, any of its Affiliates or any relevant Third Party in connection with this Agreement shall remain the property of such Party or its
Affiliates and, except as otherwise provided herein, shall at all times be under the sole direction and control of such Party, its Affiliates or such Third Party. 

ARTICLE VI 
 CONFIDENTIALITY 

Section 6.1    Confidentiality. Each Party acknowledges and agrees that the provisions on confidentiality set
forth in Section 6.9 of the Separation Agreement shall be incorporated into this Agreement by reference. The Parties further agree that confidential information shall also include any other confidential information or data received in the
course of providing or receiving any Transition Services. 
 ARTICLE VII 

INSURANCE AND INDEMNIFICATION 

Section 7.1    Insurance. During the Term, each Party shall maintain insurance coverage substantially similar
to the insurance maintained by such Party on the date of this Agreement. 
 Section 7.2    Parent
Indemnification. Parent shall indemnify, defend and hold harmless CoalCo and its Affiliates from and against any Losses suffered or incurred by CoalCo or any of its Affiliates arising out of or relating to any breach of applicable Law or the
willful misconduct or gross negligence of Parent or its Affiliates related to this Agreement or the performance or 

  
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non-performance of the Transition Services (including any performance or non-performance by any Third Party engaged
by Parent or any of its Affiliates solely to the extent the Losses from performance or non-performance arise from any willful misconduct or gross negligence by Parent or such Affiliate under such Third Party
agreement or arrangement). 
 Section 7.3    CoalCo Indemnification. CoalCo shall indemnify, defend and hold
harmless Parent and its Affiliates from and against any Losses suffered or incurred by Parent or any of its Affiliates arising out of or relating to any breach of applicable Law or the willful misconduct or gross negligence of CoalCo or its
Affiliates related to this Agreement or the performance or non-performance of the Transition Services (including any performance or non-performance by any Third Party
engaged by CoalCo or any of its Affiliates solely to the extent the Losses from performance or non-performance arise from any willful misconduct or gross negligence by CoalCo or such Affiliate under such Third
Party agreement or arrangement). 
 ARTICLE VIII 

TERM AND TERMINATION 

Section 8.1    Term. 

(a)    Term of Agreement. The term of this Agreement (the “Term”) shall commence on the date hereof
and shall end on the earliest of: (i) the date all Service Terms have expired in accordance with the terms of this Agreement, (ii) the date all Transition Services have been terminated in accordance with the terms of this Agreement or
(iii) the date on which this Agreement is terminated pursuant to Section 8.3. 
 (b)    Term of
Services. The applicable Service Provider shall provide each Transition Service beginning on the date hereof, or as otherwise set forth in Exhibit A or Exhibit B, as applicable, or agreed to by each of the Parties hereto
in writing, and continuing for a period equal to the service term set forth in Exhibit A or Exhibit B, as applicable (the “Service Term”), or as otherwise agreed to by each of the Parties hereto in writing,
unless renewed or sooner terminated in accordance with the provisions of this Agreement. 

Section 8.2    Termination of Services. 

(a)    Voluntary Termination. A Recipient may terminate its right to receive any particular Transition Services for
any or no reason, by providing the Service Provider written notice of termination (the “Termination Notice”), not less than ten (10) days prior to the date on which such Transition Services shall be terminated (the
“Termination Date”) setting forth in reasonable detail such Transition Services to be terminated (the “Terminated Services”) and the Termination Date for each Terminated Service. 

(b)    Termination for Breach. If a Recipient materially breaches any of its obligations under this Agreement with
respect to any Transition Services received by such Recipient, and does not cure such default within thirty (30) days after receiving written notice 

  
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thereof from the Service Provider, then the Service Provider may, at its option, terminate any Transition Services affected by such breach by providing written notice of such termination to the
Service Provider, for which termination the effective Termination Date shall be the date of receipt of such written notice. 

(c)    Termination for Illegal Agreement. If a final and non-appealable
order has been entered determining that the provision or use of any of the Transition Services hereunder violates any applicable Law, then any Party hereto may terminate such Transition Services by providing written notice of such termination to the
other Party, for which termination the effective Termination Date shall be the date of receipt of such written notice. 

(d)    Procedures on Termination of Services. Beginning on the Termination Date, the Recipient shall not be
obligated to pay any Fees in connection with such Terminated Services other than Fees owed by such Recipient to the Service Provider for such Terminated Services rendered prior to the Termination Date for which payment has not yet been made;
provided, that, if the Service Provider (or its Affiliate) entered into a contract with a Third Party service provided to provide such services to the Recipient, the Recipient shall reimburse the Service Provider for any Losses incurred by the
Service Provider in connection with the early termination of such services. 
 Section 8.3    Termination of the
Transition Services Agreement. 
 (a)    By Mutual Consent. This Agreement may be terminated by mutual written
consent of the Parties in writing at any time. 
 (b)    Termination for
Non-Payment. A Party may terminate this Agreement if such other Party fails to pay any undisputed Fees by the applicable Invoice Due Date; provided that the terminating Party has given the breaching
Party written notice of such failure to pay, and the breaching Party has not cured such failure to pay within five (5) days following the date of such written notice.  

(c)    Bankruptcy Termination. This Agreement may be terminated by either Party hereto upon at least thirty
(30) days prior written notice if the other Party hereto is declared insolvent or bankrupt, or makes an assignment for the benefit of creditors, or a receiver is appointed or any proceeding is demanded by, for or against the other under any
provision of the Federal Bankruptcy Act. Any termination of this Agreement pursuant to this Section 8.3(c) shall be without prejudice to any rights or obligations of the Parties hereto accruing prior to such termination including the
right to payment of unpaid Fees and reimbursable costs owing for Transition Services performed prior to termination. 

Section 8.4    Procedures on Termination of the Agreement. Following any termination of this Agreement or
termination of any services to be rendered hereunder, each Party hereto will cooperate with the other Party as reasonably necessary to avoid material disruption of the ordinary course of the other Party’s and its Affiliates’ businesses.

  
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 Section 8.5    Effect of Termination; Survival. Upon the
expiration of the Term, this Agreement will be of no further force and effect; provided that no Party shall be relieved of any liability for any breach or nonfulfillment of any provision of this Agreement or any obligations under
Article VII prior to the expiration of the Term (including any liability to pay for Transition Services provided, or expenses incurred in connection therewith, prior to termination); provided, further, that any claims
relating to breach or nonfulfillment or for indemnification under Article VII shall have been made in writing prior to the expiration of the Term. Notwithstanding the foregoing, Articles III, IV, V, and
IX, and this Section 8.5 shall survive any expiration or termination of this Agreement. Article VI shall survive any expiration or termination of this Agreement until the second anniversary of the date of the
Separation Agreement. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.1    Amendment and Modification. This Agreement may not be amended, modified or supplemented in any
manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each Party and making specific reference to this Agreement. 

Section 9.2    Waiver. No failure or delay of either Party in exercising any right or remedy hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof
or the exercise of any other right or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of either Party to any
such waiver shall be valid only if set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such Party. No course of dealing between or among any Persons having an interest in this Agreement shall be deemed
effective to amend, supplement, modify or waive any part of this Agreement or any rights or obligations of any Person under or by reason of this Agreement. 

Section 9.3    Notices. All notices, requests, claims, demands and other communications under this Agreement
shall be given or made and shall be deemed to have been given in accordance with the notice provision set forth in the Separation Agreement. 

Section 9.4    Interpretation and Conflicts. When a reference is made in this Agreement to a Section, Article
or Exhibit such reference shall be to a Section, Article or Exhibit of this Agreement unless otherwise indicated. The headings contained in this Agreement or in any Exhibit are for convenience of reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. Any capitalized terms used in any Exhibit but not otherwise defined therein shall
have the meaning as defined in this Agreement. All Exhibits annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. The word “including” and words of similar import when

  
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used in this Agreement will mean “including, without limitation,” unless otherwise specified. This Agreement is being executed pursuant to the terms of the Separation Agreement. In the
event that any provision in this Agreement conflicts with or inconsistent with any provision in the Separation Agreement, the provisions of the Separation Agreement will control. In the event that the Distribution does not occur, then no Party will
have any further obligation under this Agreement. 
 Section 9.5    Entire Agreement. This Agreement
(including the Exhibits hereto) together with the Separation Agreement constitute the entire agreement, and supersedes all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements,
arrangements, communications and understandings between the Parties with respect to the subject matter hereof and thereof. 

Section 9.6    No Third-Party Beneficiaries. Except as provided in Article VII, nothing in this
Agreement, express or implied, is intended to or shall confer upon any Person other than the Parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this
Agreement. 
 Section 9.7    Governing Law. It is the intent of the Parties that the laws which govern this
Agreement be consistent with the governing law set forth in the Separation Agreement. As such, the provision of the Separation Agreement which sets forth governing law is incorporated herein by reference. 

Section 9.8    Assignment. Neither this Agreement nor any of the rights, interests or obligations under this
Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by either Party without the prior written consent of the other Party, and any such assignment without such prior written consent shall be null and void.
This Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns. Notwithstanding the foregoing, a Party may assign any or all of its rights, interests and
obligations under this Agreement to any direct or indirect wholly-owned subsidiary without the consent of the other party so long as such assignment does not have any adverse consequences to the other Party or its Affiliates. No assignment will
relieve the assigning Party from any of its obligations under this Agreement and the assigning Party will remain primarily liable for all of its obligations under this Agreement. 

Section 9.9    Severability. Whenever possible, each provision or portion of any provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule
in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such
invalid, illegal or unenforceable provision or portion of any provision had never been contained herein. 

  
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 Section 9.10    Waiver of Jury Trial. EACH OF THE PARTIES TO THIS
AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 9.11    Counterparts. This Agreement may be executed in two or more counterparts, including electronic
counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 

Section 9.12    Nonrecourse. This Agreement may only be enforced against, and any claims or causes of action
that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of the Agreement may only be made against, the entities that are expressly identified as parties hereto. No past, present or future
director, officer, employee, member, partner, stockholder, Affiliate, agent, attorney or representative of any party or its Affiliates shall have any liability for any obligations or liabilities of such party under this Agreement or for any claim
based on, in respect of, or by reason of, the transactions contemplated hereby or thereby. 
 [Signature page follows on next page] 

  
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 IN WITNESS WHEREOF, the undersigned have executed or caused this Agreement to be executed
by their respective officers thereunto duly authorized, each with the intent to be legally bound, as of the date first written above. 
  

			
	PARENT:
	
	CONSOL ENERGY, INC.

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	COALCO:
	
	CONSOL MINING CORPORATION

 
			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 [Signature Page to
Transition Services Agreement] 

 Exhibit A 

Transition Services Provided by Parent 

 Exhibit B 

Transition Services Provided by CoalCo 

 Exhibit C 

Benefits to be Maintained

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