Document:

Exhibit 10.1

 

AMENDMENT

 

TO

 

WARREN RESOURCES, INC.

 

2010 STOCK INCENTIVE PLAN

 

WARREN RESOURCES, INC., a Maryland corporation (the “Company”) adopted the Warren Resources, Inc. 2010 Stock Incentive Plan, effective January 1, 2010. This Amendment to the Plan is made effective as of January 1, 2012 (the “Effective Date”).

 

RECITALS

 

A. Section 3(e) of the Plan permits the Company to amend the Plan from time to time.

 

B. Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) requires a nonqualified deferred compensation plan to meet specified design and operational requirements. Certain awards granted under the Plan may provide for nonqualified deferred compensation within the meaning of Section 409A of the Code.

 

C. The Company hereby amends the Plan for the purpose of compliance with Section 409A of the Code and the final Treasury Regulations thereunder.

 

AMENDMENT

 

(g) Compliance with Section 409A.

 

(i) Awards made under this Plan are intended to comply with or be exempt from Section 409A of the Code, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for an Award if such action would result in the imposition of taxes under Section 409A of the Code. Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under this Plan would result in the imposition of an additional tax under Section 409A of the Code, that Plan provision or Award shall be reformed, to the extent permissible under Section 409A of the Code, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant’s rights to an Award.

 

(ii) Unless the Committee provides otherwise in an Award Agreement, each Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar year in which the Award (or such portion thereof) is no longer subject to a “substantial risk of forfeiture” within the meaning of Section 409A of the Code. If the Committee determines that an Award is intended to be subject to Section 409A of the Code, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Section 409A of the Code.

 

(iii) Notwithstanding anything herein or in any Award Agreement to the contrary, if the Participant is a “specified employee” within  the  meaning  of  Section  409A  of  the  Code(a)(2)(B)(i)  on  the  date  on  which  the  Participant  has  a  “separation  from  service”  (other  than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any Award payable or settled on account of separation from service that is deferred compensation subject to Section 409A of the Code shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Participant’s separation from service, (2) the date of the

 

 

Participant’s death, or (3) such earlier date as complies with the requirements of Section 409A of the Code.

 

(h) No Guarantee of Tax Consequences. None of the Board, the Company, nor any Affiliate of the Company or the Committee makes any commitment or guarantee that any federal, state or local tax treatment will apply or be available to any person participating or eligible to participate hereunder.

 

(i) Claw-back Policy. All Awards (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of any Award or upon the receipt or resale of any Shares underlying the Award) shall be subject to the provisions of any claw-back policy implemented by the Company, including, without limitation, any claw-back policy adopted to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder, to the extent set forth in such claw-back policy and/or in the applicable Award Agreement.Exhibit 10.3

 

August 21, 2012

 

BINDING TERM SHEET FOR LOANS

 

	
LENDER:
    	
 
    	
Health   Care REIT, Inc. or a designated affiliate thereof (“HCN”); provided   that in the event that Health Care REIT, Inc. designates an affiliate to   fund the Loan, Health Care REIT, Inc. shall not be relieved of its   obligations hereunder to fund the Loans in the event that its affiliate fails   to do so.
    
	
 
    	
 
    	
 
    
	
BORROWER:
    	
 
    	
Sunrise   Senior Living, Inc. (“Sunrise” or “Company”)
    
	
 
    	
 
    	
 
    
	
LOAN   TYPE AND USE OF PROCEEDS:
    	
 
    	
Term   Loans (“Loans”). The Loans will be documented under a single facility and   funded in three separate advances, with all fundings to take place by   December 31, 2012. The Loan proceeds will be used by the Company solely   to buy out the Company’s existing joint venture partners’ equity interests in   (i)  twelve Heitman facilities (the “MSH Facilities”), (ii) four   other Heitman facilities (the “HBLR Facilities”) and (iii) seventeen   MSREF facilities (the “MSREF Facilities”). The buy outs are described in the   term sheets or purchase and sale agreements attached as Exhibits A and B (the   “Purchase Agreements”).
    
	
 
    	
 
    	
 
    
	
MAXIMUM   LOAN AMOUNT:
    	
 
    	
US$365   million and the United States dollar equivalent of GBP64.5 million (on the   date of the advance to fund the acquisition of the equity interests in the   MSREF Facilities). The Loans shall be advanced as follows: (i) US$312   million upon closing of the acquisition of the existing joint venture   partners’ equity interests in the MSH Facilities (with such amount funding   (x) the purchase of Heitman’s equity interests and (y) the   repayment of existing mortgage debt and related defeasance costs);   (ii) US$53 million upon closing of the acquisition of the existing joint   venture partners’ equity interests in the HBLR Facilities (with such amount   funding the purchase of Hetiman’s equity interests) and (iii) the United   States dollar equivalent of GBP 64.5 million (on the date of the advance to   fund the acquisition of the equity interests in the MSREF Facilities) upon   closing of the acquisition of the existing joint venture partners’ equity   interests in the MSREF Facilities (with such amount funding (x) the   purchase of MSREF’s equity interests and (z) the repayment of existing   mortgage debt on certain of the properties and related defeasance costs).
    
	
 
    	
 
    	
 
    
	
LOAN   TERMS:
    	
 
    	
The   following terms shall apply to the Loans.
    

 

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Initial   Closing Date:
    	
 
    	
 
    	
 
    	
The   date that the initial Loan is advanced. Additional Loans shall be advanced on   the closing of the other acquisitions contemplated above.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Maturity   Date:
    	
 
    	
 
    	
 
    	
12/31/13
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Interest   Rate:
    	
 
    	
Interest   Rate:
    	
 
    	
Floating   rate equal to one month LIBOR plus 5.00%. LIBOR will be determined and the   interest rate will be adjusted as of the close of business on the last day of   each month.
    
	
 
    	
 
    	
Default   Rate:
    	
 
    	
2.00%   per annum plus the rate otherwise applicable.
    
	
 
    	
 
    	
Calculation   Method:
    	
 
    	
Interest   shall be calculated based on 360-day year.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Payments:
    	
 
    	
Type:
    	
 
    	
Interest   only, paid in cash
    
	
 
    	
 
    	
Frequency:
    	
 
    	
Monthly
    
	
 
    	
 
    	
Due:
    	
 
    	
1st of each month in arrears via   wire transfer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Security:
    	
 
    	
 
    	
 
    	
The   security shall consist of: (i) pledge of Company’s equity interests in   the MSH Facilities and the Sonning and Beaconsfield facilities that are part   of the MSREF portfolio and (ii) first priority mortgages on the MSH   Facilities and the Sonning and Beaconsfield facilities. Borrower will not   permit any new liens (other than incidental liens arising in the ordinary   course) on any of the HBLR Facilities or other MSREF Facilities or its   interests therein, and will grant to Lender a first priority mortgage and   security interest on such facilities and interests therein if / when the   existing first mortgages are satisfied and discharged.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Events   of Default:
    	
 
    	
 
    	
 
    	
10-day   grace period for monetary defaults, non-monetary defaults are, where   customary, subject to 30-day notice and cure period; cross-defaulted with any   other obligations in excess of $25 million (other than obligations in respect   of the merger agreement dated on or about the date hereof) owed to Lender or   its affiliates by Borrower or its affiliates.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Prepayment:
    	
 
    	
 
    	
 
    	
The   Loans are prepayable at any time without premium or penalty.
    

 

	
TRANSACTION   COSTS:
    	
 
    	
Each   party is responsible for its own transaction costs including legal counsel.
    

 

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FINANCIAL   STATEMENTS:
    	
 
    	
During   the term of the Loans, Borrower will deliver to HCN: [i] Annual audited   consolidated financial statements of Borrower within 90 days of fiscal   year end; [ii] Unaudited quarterly financial statements of Borrower   within 45 days after quarter end; and [iii] Monthly financial statements   for each of the MSH Facilities, HBLR Facilities and MSREF Facilities within   30 days of month end.
    
	
 
    	
 
    	
 
    
	
DOCUMENTATION:
    	
 
    	
The   Loan Agreement and related documents will include customary loan covenants   and representations of Borrower. Without HCN consent, except as otherwise set   forth in the Purchase Agrements and on the MSREF Loan Term Sheet attached   hereto as Exhibit C, the Borrower will not amend the terms of the existing   loans, joint venture agreements or management agreements relating to the MSH   Facilities, HBLR Facilities and MSREF Facilities. The terms of the definitive   documentation will be in a form such that they do not impair the availability   of the Loans on the date that the Loans are to be advanced if all conditions   expressly set forth herein are satisfied. There shall be no conditions to   closing other than those expressly set forth in this Binding Term Sheet.
    
	
 
    	
 
    	
 
    
	
CONDITIONS   TO CLOSING:
    	
 
    	
HCN’s   obligation to fund the Loans are conditioned only upon: (i) execution of   a definitive loan agreement that is consistent with the terms hereof,   (ii) for the advance to fund the acquisition of the existing joint   venture partners’ equity interests in the MSH Facilities only, the contemporaneous   purchase of the existing joint venture partners’ equity interests in the MSH   Facilities, (iii) for the advance to fund the acquisition of the of the   existing joint venture partners’ equity interests in the HBLR Facilities   only, the contemporaneous purchase of the existing joint venture partners’   equity interests in the HBLR Facilities, (iv) for the advance to fund   the acquisition of the of the existing joint venture partners’ equity   interests in the MSREF Facilities only, the contemporaneous purchase of the   existing joint venture partners’ equity interests in the MSREF Facilities and   (v) the accuracy of the Specified Representations (as defined below).   “Specified Representations” means only the following representations and   warranties relating to the Company: organization; requisite power and   authority (as they relate to due authorization, execution and delivery and   enforceability of the loan documents); due authorization, execution and   delivery and enforceability of the loan documents; no conflicts of the loan   documents with organizational documents; binding obligation; and senior   indebtedness.
    
	
 
    	
 
    	
 
    
	
EXCLUSIVITY:
    	
 
    	
Subject   to Lender complying with its obligations set forth herein, Company agrees   that if it consummates the equity acquisitions contemplated hereby that it   shall borrow the necessary funds from Lender on the terms set forth herein.
    
	
 
    	
 
    	
 
    
	
EXPIRATION   DATE:
    	
 
    	
This   Term Sheet will expire if not accepted and returned to Lender by   5:00 p.m. Eastern Time on August 21, 2012.
    

 

The undersigned acknowledge that this Binding Term Sheet constitutes a binding commitment on the part of Lender and Company.  Lender acknowledges and agrees that Company is relying on the availability of the funds contemplated hereby.

 

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HEALTH   CARE REIT, INC.
    	
 
    	
SUNRISE   SENIOR LIVING, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Michael A. Crabtree
    	
 
    	
By:
    	
/s/   Mark S. Ordan
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title: 
    	
Senior   Vice President and Treasurer
    	
 
    	
Title:
    	
Chief   Executive Officer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date   of Acceptance:
    	
August 21,   2012
    	
 
    	
Date   of Acceptance:
    	
August 21,   2012
    
									

 

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