Document:

EX-10.35

 

EXHIBIT 10.35

HEALTH CARE REIT, INC.

Summary of Director Compensation

     For each calendar year, each non-employee member of the Board of Directors of Health Care
REIT, Inc. (the “Company”) will receive an annual retainer of $45,000, payable in equal quarterly
installments. Additionally, each of the chairs of the Audit Committee and the Compensation
Committee will receive an additional retainer of $10,000, the chair of the Nominating/Corporate
Governance Committee will receive an additional retainer of $7,500 and the presiding director of
executive sessions of non-employee directors will receive an additional retainer of $2,500. If the
Board of Directors holds more than four meetings in a year, each non-employee member of the Board
will receive $1,500 for each meeting attended in excess of four meetings. With respect to the
Audit, Compensation, Executive and Nominating/Corporate Governance Committees, if any of these
committees holds more than four meetings in a year, each non-employee member of these committees
will receive $1,000 for each meeting attended in excess of four meetings.

     In each calendar year and until otherwise determined by the Compensation Committee of the
Board of Directors, each of the non-employee directors will receive a grant of deferred stock units
with a value of $70,000, pursuant to the Company’s 2005 Long-Term Incentive Plan. The deferred
stock units will be convertible into shares of common stock of the Company in three equal
installments on the first three anniversaries of the date of the grant. Recipients of the deferred
stock units also will be entitled to dividend equivalent rights.EX-10(B)

 

EXHIBIT 10(b)

SUMMARY OF COMPENSATION

PAYABLE TO NON-EMPLOYEE DIRECTORS

Effective January 1, 2008

          Director Fees. Effective January 1, 2008, the cash compensation payable to Sherwin-Williams’
non-employee directors is as follows:

	 	•	 	An annual cash retainer of $85,000;
	 
	 	•	 	An additional annual cash retainer of $15,000 for the chair of the Audit
Committee;
	 
	 	•	 	An additional annual cash retainer of $11,500 for the chair of the Compensation
and Management Development Committee;
	 
	 	•	 	An additional annual cash retainer of $8,500 for the chair of the Nominating
and Corporate Governance Committee; and
	 
	 	•	 	A meeting fee of $1,750 for each Board or Committee meeting attended in excess
of twelve meetings during a calendar year. For purposes of calculating the number
of meetings during a calendar year, any Board and Committee meetings held on the
same date shall constitute one meeting.

          All retainer amounts are payable in quarterly installments in advance. All meeting fees are
payable on the date of the meeting.

          In addition, non-employee directors receive an annual grant of restricted stock valued at
approximately $85,000 at the time of the grant pursuant to The Sherwin-Williams Company 2006 Stock
Plan for Nonemployee Directors.

          Other Benefits. All directors are reimbursed for reasonable travel and other out-of-pocket
expenses incurred in connection with attendance at meetings of the Board of Directors and of
committees of the Board of Directors (including travel expenses of spouses if they are invited for
a specific business purpose).

          Sherwin-Williams pays the premiums for liability insurance and business travel accident
insurance for all directors, including $225,000 accidental death and dismemberment coverage and
$225,000 permanent total disability coverage, while the directors are traveling on
Sherwin-Williams’ business.

          Directors may also receive the same discounts as Sherwin-Williams’ employees on the purchase
of products at Sherwin-Williams’ stores and are eligible to participate in Sherwin-Williams’
matching gifts on the same basis as employees. These programs provide for annual matches of up to
$5,000 under the matching gifts to education program and $1,000 under the matching gifts for
volunteer leaders program, as well as annual grants of up to $200 under the grants for volunteers
program.

 

 

          Deferral of Director Fees. In accordance with the Director Deferred Fee Plan, directors may
elect to defer all or a part of their retainer and meeting fees. Deferred fees may be credited in
a common stock account, a shadow stock account or an interest bearing cash account. The value of
the shadow stock account reflects changes in the market price of Sherwin-Williams common stock and
the payment of dividend equivalents at the same rate as paid on the common stock. Amounts deferred
may be distributed either in annual installments over a period up to ten years or in a lump sum on
the date chosen by the director. Amounts credited to a shadow stock account are distributed in
cash.EX-10(C)

 

EXHIBIT 10(c)

SUMMARY OF BASE SALARY AND ANNUAL INCENTIVE

COMPENSATION PAYABLE TO NAMED EXECUTIVE OFFICERS

          2008 Base Salary. On February 19, 2008, the Compensation and Management Development Committee
(the “Compensation Committee”) of the Board of Directors of The Sherwin-Williams Company
(“Sherwin-Williams”) set the 2008 base salaries of the executive officers who will be named in the
Summary Compensation Table of Sherwin-Williams’ 2008 Proxy Statement (the “Named Executive
Officers”). Base salary increases are effective in March 2008. The base salaries of the Named
Executive Officers for 2008 are as follows: C.M. Connor, Chairman and Chief Executive Officer
($1,221,987); J.G. Morikis, President and Chief Operating Officer ($705,566); S.P. Hennessy, Senior
Vice President — Finance and Chief Financial Officer ($539,127); S.J. Oberfeld, President, Paint
Stores Group ($489,999); and T. W. Seitz, Senior Vice President — Strategic Excellence Initiatives
($450,907).

          Annual Incentive Compensation to Be Earned in 2008. The Compensation Committee also approved
the following minimum, target and maximum cash bonus award levels, as a percent of salary, for the
Named Executive Officers for 2008 under The Sherwin-Williams Company 2007 Executive Performance
Bonus Plan based upon each Named Executive Officer achieving 75%, 100% and 125%, respectively, of
their performance goals.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Incentive Award as a Percentage of Base Salary
	Named Executive Officer	 	Minimum	 	Target	 	Maximum
	C.M. Connor
	 	 	40	 	 	 	95	 	 	 	190	 
	J.G. Morikis
	 	 	40	 	 	 	75	 	 	 	150	 
	S.P. Hennessy
	 	 	40	 	 	 	75	 	 	 	150	 
	S.J. Oberfeld
	 	 	30	 	 	 	60	 	 	 	120	 
	T.W. Seitz
	 	 	30	 	 	 	60	 	 	 	120EX-10(E)

 

EXHIBIT 10(e)

Schedule of Certain Executive Officers who are Parties

to the Severance Agreements in the Forms Referred to

in Exhibit 10(d) to the Company’s Annual Report on Form 10-K

For the Fiscal Year Ended December 31, 2007

Form A of Severance Pay Agreement

Christopher M. Connor

John G. Morikis

Sean P. Hennessy

Form B of Severance Pay Agreement

John L. Ault

Thomas E. Hopkins

Timothy A. Knight

Steven J. Oberfeld

Thomas W. Seitz

Louis E. Stellato

Robert J. WellsEX-10(Y)

 

EXHIBIT 10(y)

THE SHERWIN-WILLIAMS COMPANY

2006 EQUITY AND PERFORMANCE INCENTIVE PLAN

 Form of

Nonqualified Stock Option Award — Additional Terms and Conditions

          1. Grant of Option. The Board of Directors (the “Board”) of The Sherwin-Williams Company (the
“Company”) has granted an option to you pursuant to a Notice of Award that has been delivered to
you. Each option entitles you to purchase from the Company one share of Common Stock of the
Company at the Option Price per share in accordance with the terms of The Sherwin-Williams Company
2006 Equity and Performance Incentive Plan (the “Plan”), the related Prospectus, the Notice of
Award, these Additional Terms and Conditions, and such other rules and procedures as may be adopted
by the Company. Capitalized terms used herein without definition shall have the meanings assigned
to them in the Plan.

          2. Vesting of Option. (A) The option (unless terminated as hereinafter provided) shall be
exercisable only to the extent of one-third of the shares after you shall have been in the
continuous employ of the Company or any Subsidiary for one full year from the Date of Grant and to
the extent of an additional one-third of such shares after each of the next two successive full
years thereafter during which you shall have been in the continuous employ of the Company or any
Subsidiary.

     (B) Notwithstanding Section 2(A) above, the option shall become immediately exercisable
in full if you should die while in the employ of the Company or any Subsidiary.

     (C) Notwithstanding Section 2(A) above, the option shall become immediately exercisable
in full in the event of a Change of Control of the Company, as defined in Section 5, below.

          3. Termination of Option. The option shall terminate on the earliest of the following dates:

     (A) The date on which you cease to be an employee of the Company or a Subsidiary,
unless you cease to be such employee by reason of (i) death, (ii) disability or (iii)
retirement under a retirement plan of the Company or a Subsidiary at or after satisfying the
age and service criteria as provided for in the applicable retirement plan of the Company or
a Subsidiary or retirement at an earlier age with the consent of the Board (“Retirement”);

     (B) Three years after the date of your death if (i) you die while an employee of the
Company or a Subsidiary or (ii) you die following your Retirement;

     (C) Three years after the date you are terminated by the Company or a Subsidiary as a
result of expiration of available disability leave of absence pursuant to applicable Company
policy due to sickness or bodily injury;

 

 

     (D) Ten years from the Date of Grant; or

     (E) The date on which you knowingly or willfully engage in misconduct, which is
materially harmful to the interests of the Company or a Subsidiary as determined by the
Board.

          4. Exercise and Payment of Option. To the extent exercisable, the option may be exercised in
whole or in part from time to time. The Option Price shall be payable (i) in cash or by check
acceptable to the Company or by wire transfer of immediately available funds, (ii) by the actual or
constructive transfer to the Company by you of nonforfeitable, unrestricted shares of Common Stock
of the Company owned by you and having an aggregate Market Value Per Share at the time of exercise
of the option equal to the total Option Price of the shares of Common Stock which are the subject
of such exercise, (iii) by a combination of such methods of payment, or (iv) by such other methods
as may be approved by the Board.

          5. Change of Control. A “Change of Control” shall be deemed to have occurred if:

     (A) Any person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934, as amended, hereinafter the “Exchange Act”) who or that, together with
all “Affiliates” and “Associates” (as such terms are defined in Rule 12b-2, as in effect on
April 23, 1997, of the General Rules and Regulations under the Exchange Act) of such person, is
the Beneficial Owner (as defined below) of ten percent (10%) or more of the shares of Common
Stock then outstanding, except:

          (i) the Company;

          (ii) any of the Company’s subsidiaries in which a majority of the voting power of the
equity securities or equity interests of such subsidiary is owned, directly or indirectly,
by the Company;

          (iii) any employee benefit or stock ownership plan of the Company or any trustee or
fiduciary with respect to such a plan acting in such capacity; or

          (iv) any such person who has reported or may, pursuant to Rule 13d-l(b)(1) of the
General Rules and Regulations under the Exchange Act, report such ownership (but only as
long as such person is the Beneficial Owner of less than fifteen percent (15%) of the shares
of Common Stock then outstanding) on Schedule 13G (or any comparable or successor report)
under the Exchange Act.

Notwithstanding the foregoing: (a) no person shall become the Beneficial Owner of ten percent
(10%) or more (fifteen percent (15%) or more in the case of any person identified in clause (iv)
above) solely as the result of an acquisition of Common Stock by the Company that, by reducing
the number of shares outstanding, increases the proportionate number of shares beneficially
owned by such person to ten percent (10%) or more (fifteen percent (15%) or more in the case of
any person identified in clause (iv) above) of the shares of Common Stock then outstanding;
provided, however, that if a person becomes the Beneficial

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Owner of ten percent (10%) or more (fifteen percent (15%) or more in the case of any person
identified in clause (iv) above) of the shares of Common Stock solely by reason of purchases of
Common Stock by the Company and shall, after such purchases by the Company, become the
Beneficial Owner of any additional shares of Common Stock which has the effect of increasing
such person’s percentage ownership of the then-outstanding shares of Common Stock by any means
whatsoever, then such person shall be deemed to have triggered a Change of Control; and (b) if
the Board determines that a person who would otherwise be the Beneficial Owner of ten percent
(10%) or more (fifteen percent (15%) or more in the case of any person identified in clause (iv)
above) of the shares of Common Stock has become such inadvertently (including, without
limitation, because (1) such person was unaware that it Beneficially Owned ten percent (10%) or
more (fifteen percent (15%) or more in the case of any person identified in clause (iv) above)
of the shares of Common Stock or (2) such person was aware of the extent of such beneficial
ownership but such person acquired beneficial ownership of such shares of Common Stock without
the intention to change or influence the control of the Company) and such person divests itself
as promptly as practicable of a sufficient number of shares of Common Stock so that such person
would no longer be the Beneficial Owner of ten percent (10%) or more (fifteen percent (15%) or
more in the case of any person identified in clause (iv) above), then such person shall not be
deemed to be, or have been, the Beneficial Owner of ten percent (10%) or more (fifteen percent
(15%) or more in the case of any person identified in clause (iv) above) of the shares of Common
Stock, and no Change of Control shall be deemed to have occurred.

     (B) During any period of two consecutive years, individuals who at the beginning of such
period constituted the Board and any new director (other than a director initially elected or
nominated as a director as a result of an actual or threatened election contest with respect to
directors or any other actual or threatened solicitation of proxies by or on behalf of such
director) whose election by the Board or nomination for election by the Company’s shareholders was
approved by a vote of at least two-thirds (2/3) of the directors then still in office who either
were directors at the beginning of the period or whose election or nomination for election was
previously so approved, cease for any reason to constitute a majority thereof.

     (C) There shall be consummated any consolidation, merger or other combination of the Company
with any other person or entity other than:

          (i) a consolidation, merger or other combination which would result in the voting
securities of the Company outstanding immediately prior thereto continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity)
more than fifty-one percent (51%) of the combined voting power of the voting securities of the
Company or such surviving entity outstanding immediately after such consolidation, merger or
other combination; or

          (ii) a consolidation, merger or other combination effected to implement a recapitalization
and/or reorganization of the Company (or similar transaction), or any other consolidation,
merger or other combination of the Company, which results in no person, together with all
Affiliates and Associates of such person, becoming the Beneficial Owner of ten percent (10%) or
more (fifteen percent (15%) or more in the case of any person identified

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in clause (A)(iv) above) of the combined voting power of the Company’s then outstanding
securities.

     (D) There shall be consummated any sale, lease, assignment, exchange, transfer or other
disposition (in one transaction or a series of related transactions) of fifty percent (50%) or more
of the assets or earning power of the Company (including, without limitation, any such sale, lease,
assignment, exchange, transfer or other disposition effected to implement a recapitalization and/or
reorganization of the Company (or similar transaction)) which results in any person, together with
all Affiliates and Associates of such person, owning a proportionate share of such assets or
earning power greater than the proportionate share of the voting power of the Company that such
person, together with all Affiliates and Associates of such person, owned immediately prior to any
such sale, lease, assignment, exchange, transfer or other disposition.

     (E) The shareholders of the Company approve a plan of complete liquidation of the Company.

     For purposes of this Section 5, a person shall be deemed the “Beneficial Owner” of and shall
be deemed to “beneficially own” any securities:

          (x) which such person or any of such person’s Affiliates or Associates is considered to be
a “beneficial owner” under Rule 13d-3 of the General Rules and Regulations under the Exchange
Act, as in effect on April 23, 1997;

          (y) which such person or any of such person’s Affiliates or Associates, directly or
indirectly, has or shares the right to acquire, hold, vote (except pursuant to a revocable
proxy as described in the proviso to this definition) or dispose of such securities (whether
any such right is exercisable immediately or only after the passage of time) pursuant to any
agreement, arrangement or understanding (whether or not in writing), or upon the exercise of
conversion rights, exchange rights, rights, warrants or options, or otherwise; provided,
however, that a person shall not be deemed to be the Beneficial Owner of, or to beneficially
own, securities tendered pursuant to a tender or exchange offer made by or on behalf of such
person or any of such person’s Affiliates or Associates until such tendered securities are
accepted for purchase or exchange; or

          (z) which are beneficially owned, directly or indirectly, by any other person (or any
Affiliate or Associate of such other person) with which such person (or any of such person’s
Affiliates or Associates) has any agreement, arrangement or understanding (whether or not in
writing), with respect to acquiring, holding, voting (except as described in the proviso to
this definition) or disposing of any securities of the Company;

provided, however, that a person shall not be deemed the Beneficial Owner of, nor to beneficially
own, any security if such person has the right to vote such security pursuant to an agreement,
arrangement or understanding which (1) arises solely from a revocable proxy given to such person in
response to a public proxy or consent solicitation made pursuant to, and in accordance with, the
applicable rules and regulations under the Exchange Act, and (2) is not also then reportable on
Schedule 13D (or any comparable or successor report) under the Exchange

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Act; and provided, further, that nothing in this Section 5 shall cause a person engaged in
business as an underwriter or securities to be the Beneficial Owner of, or to beneficially own, any
securities acquired through such person’s participation in good faith in a firm commitment
underwriting until the expiration of forty (40) days after the date of such acquisition or such
later date as the Board may determine in any specific case.

          6. Transferability, Binding Effect. The option is not transferable by you otherwise than by
will or the laws of descent and distribution, and is exercisable, during your lifetime, only by you
or, in the case of your legal incapacity, only by your guardian or legal representative. These
Additional Terms and Conditions bind you and your guardians, legal representatives and heirs.

          7. Compliance with Law. The option shall not be exercisable if such exercise would involve a
violation of any law.

          8. Withholding Taxes. If the Company shall be required to withhold any federal, state, local
or foreign tax in connection with exercise of the option, it shall be a condition to such exercise
that you pay or make provision satisfactory to the Company for payment of all such taxes.

          9. No Right to Future Awards or Employment. The option award is a voluntary, discretionary
bonus being made on a one-time basis and it does not constitute a commitment to make any future
awards. The option award and any related payments made to you will not be considered salary or
other compensation for purposes of any severance pay or similar allowance, except as otherwise
required by law. Nothing contained herein will not confer upon you any right with respect to
continuance of employment or other service with the Company or any Subsidiary, nor will it
interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate
your employment or other service at any time.

          10. Severability. If any provision of these Additional Terms and Conditions or the
application of any provision hereof to any person or circumstances is held invalid, unenforceable
or otherwise illegal, the remainder of these Additional Terms and Conditions and the application of
such provision to any other person or circumstances shall not be affected, and the provisions so
held to be invalid, unenforceable or otherwise illegal shall be reformed to the extent (and only to
the extent) necessary to make it enforceable, valid and legal.

          11. Governing Law. These Additional Terms and Conditions shall be governed by and construed
with the internal substantive laws of the State of Ohio, without giving effect to any principle of
law that would result in the application of the law of any other jurisdiction.

          12. Application of The Sherwin-Williams Company Executive Compensation Adjustment and
Recapture Policy. You acknowledge and agree that the terms and conditions set forth in The
Sherwin-Williams Company Executive Compensation Adjustment and Recapture Policy (“Policy”) are
incorporated in these Additional Terms and Conditions by reference. To the extent the Policy is
applicable to you, it creates additional rights for the Company with respect to your option award.

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