Document:

exv10w23

 

Exhibit 10.23

FIFTH AMENDMENT

TO THE SUNRISE ASSISTED LIVING 

EXECUTIVE DEFERRED COMPENSATION PLAN

               WHEREAS, Sunrise Senior Living, Inc. (the “Company”) maintains the Sunrise Senior Living
Executive Deferred Compensation Plan (the “Plan”); and

               WHEREAS, the Company desires to amend the Plan to (i) document compliance with various
Internal Revenue Service transitional rules for implementing the new deferred compensation rules
under Section 409A of the Internal Revenue Code and (ii) make other related changes; and

               WHEREAS, the Company has reserved the right in Plan Section 12.1 to amend the Plan at any
time.

               NOW, THEREFORE, the Plan is hereby amended, effective December 31, 2007 (or other date set out
herein), as follows:

               1.     The last sentence of Section 6.1 of the Plan is hereby amended in its entirety to read as
follows:

“Notwithstanding any other provision of this Plan to the contrary, for any
Participant who made Annual Deferrals (or became vested in employer contribution
credits) after 2004 and retires —

	 	(a)	 	prior to 2007, distribution of his or her vested Deferral Account
shall be made (or commence) as of the later of January, 2007 or six (6)
months following the date of his or her Retirement (or, to the extent
permitted by the Deferred Compensation Committee consistent with Internal
Revenue Service guidance under Section 409A of the Internal Revenue Code,
such later date as the Participant may elect),
	 
	 	(b)	 	during 2007, distribution of his or her vested Deferral Account
shall be made (or commence) as of the later of January, 2008 or six (6)
months following the date of his or her Retirement (or, to the extent
permitted by the Deferred Compensation Committee consistent with Internal

 

 

	 	 	 	Revenue Service guidance under Section 409A, such later date as the
Participant may elect); or
	 
	 	(c)	 	during 2008, distribution of his or her vested Deferral Account
shall be made (or commence) as of the later of January, 2009 or six (6)
months following the date of his or her Retirement (or, to the extent
permitted by the Deferred Compensation Committee consistent with Internal
Revenue Service guidance under Section 409A, such later date as the
Participant may elect).”

               2.     The last sentence of Section 6.3 of the Plan is hereby amended in its entirety to read as
follows:

“Notwithstanding any other provision of this Plan to the contrary, for any Participant who —

	 	(a)	 	made Annual Deferrals (or became vested in employer contribution
credits) after 2004 and had a Termination of Employment in 2005,
distribution of his or her vested Deferral Account shall be made in a
single lump sum payment as of the later of January, 2006 or six (6) months
following the date of his or her termination (or, to the extent permitted
by the Deferred Compensation Committee consistent with Internal Revenue
Service guidance under Section 409A of the Internal Revenue Code, such
later date as the Participant may elect);
	 
	 	(b)	 	made Annual Deferrals (or became vested in employer contribution
credits) after 2004 and had a Termination of Employment in 2006,
distribution of his or her vested Deferral Account shall be made in a
single lump sum payment as of the later of January, 2007 or six (6) months
following the date of his or her termination (or, as permitted by the
Deferred Compensation Committee consistent with Internal Revenue Service
guidance under Section 409A, such later date as the Participant may elect);
	 
	 	(c)	 	made Annual Deferrals (or became vested in employer contribution
credits) after 2004 and had a Termination of Employment in 2007,
distribution of his or her vested Deferral Account shall be made in a
single lump sum payment as of the later of January, 2008 or six (6) months
following the date of his or her termination (or, as permitted by the
Deferred Compensation Committee consistent with Internal Revenue Service
guidance under Section 409A, such later date as the Participant may elect);
or
	 
	 	(d)	 	made Annual Deferrals (or became vested in employer contribution
credits) after 2004 and had a Termination of Employment in 2008,
distribution of his or her vested Deferral Account shall be made in a
single lump sum payment as of the later of January, 2009 or six (6) months
following the date of his or her termination (or, as permitted by

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	 	 	 	the Deferred Compensation Committee consistent with Internal Revenue
Service guidance under Section 409A, such later date as the Participant
may elect).”

               3.     The last sentence of Section 7.1 of the Plan is hereby amended in its entirety to read as
follows:

“Notwithstanding the foregoing, for any Participant who made Annual Deferrals
(or became vested in employer contribution credits) after 2004 and dies —

	 	(a)	 	prior to 2007, distribution of the Participant’s vested Deferral
Account shall be made in a single lump sum payment as of January, 2007 (or,
to the extent permitted by the Deferred Compensation Committee consistent
with Internal Revenue Service guidance under Section 409A of the Internal
Revenue Code, in 5, 10 or 15 annual installments and/or at such earlier or
later date as the Beneficiary may elect);
	 
	 	(b)	 	during 2007, distribution of the Participant’s vested Deferral
Account shall be made in a single lump sum payment as of January, 2008 (or,
to the extent permitted by the Deferred Compensation Committee consistent
with Internal Revenue Service guidance under Section 409A, in 5, 10 or 15
annual installments and/or at such earlier or later date as the Beneficiary
may elect); or
	 
	 	(c)	 	during 2008, distribution of the Participant’s vested Deferral
Account shall be made in a single lump sum payment as of January, 2008 (or,
to the extent permitted by the Deferred Compensation Committee consistent
with Internal Revenue Service guidance under Section 409A, in 5, 10 or 15
annual installments and/or at such earlier or later date as the Beneficiary
may elect).”

               4.     The Plan, as amended herein, is hereby ratified and affirmed in all other respects.

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               IN WITNESS WHEREOF, Sunrise Senior Living, Inc. has caused this Fifth Amendment to be
executed by its duly authorized officer, this 28th day of November, 2007.

	 	 	 	 	 
	 	SUNRISE SENIOR LIVING, INC.

 	 
	 	By:  	/s/ Lou Baviello
 	 
	 	 	 	 
	 	Title:  	Vice President — Compensation and	 
	 	 	Benefits	 
	 

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Exhibit 10.30

AMENDMENT NO. 1 TO AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

     THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Amendment No. 1”) is made,
effective as of March 16, 2008, by and between Sunrise Senior Living, Inc., a Delaware corporation
(the “Company”), and Paul J. Klaassen (“Executive”).

Recitals:

     WHEREAS, Executive and the Company previously entered into the Amended and Restated Employment
Agreement, effective as of November 13, 2003 (the “Employment Agreement”), in which the Company
employed Executive as both the Company’s Chairman and the Company’s Chief Executive Officer; and

     WHEREAS, Executive and the Company wish to amend the terms of the Employment Agreement to
provide that Executive’s employment by the Company pursuant to the Employment Agreement shall be
solely as the Company’s Chief Executive Officer and not as Chairman and Chief Executive Officer.

Agreement:

     NOW, THEREFORE, in consideration of the agreements contained herein and of such other good and
valuable consideration, the sufficiency of which Executive acknowledges, the Company and Executive,
intending to be legally bound, agree as follows:

          1. The first recital in the Employment Agreement is deleted in its entirety, and is restated
to read as follows:

“WHEREAS, the Company wishes to employ the Executive as Chief Executive Officer on
the terms and conditions set forth in this Agreement; and”

          2. Section 1 of the Employment Agreement is deleted in its entirety, and is restated to read
as follows:

“1. SCOPE OF EMPLOYMENT. The Company hereby agrees to employ the
Executive upon the terms and conditions herein set forth and the Executive
agrees to perform such executive duties as may be determined and assigned to
him by the Board of Directors of the Company (the “Board”). The Executive
hereby accepts such employment, subject to the terms and conditions herein
set forth. The Executive shall have the title of Chief Executive Officer.
While serving as Chief Executive Officer, the Executive shall have the
customary duties and powers of such position. The Executive shall not be
employed by any other organization during the term of this Agreement.”

 

 

          3. The words “Chairman and” in Section 2(c)(ii) of the Employment Agreement are hereby
deleted.

          4. It is understood and agreed by the parties hereto that the change in the scope of
Executive’s employment as provided by this Amendment No. 1 shall not constitute, or give rise to a
right by the Executive to terminate his employment or the Employment Agreement for, Good Reason (as
previously defined in the Employment Agreement).

          5. The provisions of this Amendment No. 1 may be amended and waived only with the prior
written consent of the parties hereto. This Amendment No. 1 may be executed and delivered in one
or more counterparts, each of which shall be deemed an original and together shall constitute one
and the same instrument.

          6. Except as set forth in this Amendment No. 1, the Employment Agreement shall remain
unchanged and shall continue in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment No. 1 on the
date first written above.

	 	 	 	 	 
	 	SUNRISE SENIOR LIVING, INC.

 	 
	 	By:  	/s/
Richard J. Nadeau	 
	 	 	Name:  	Richard J. Nadeau	 
	 	 	Title:  	Chief Financial Officer	 
	 
	 
	 	EXECUTIVE

 	 
	 	By:  	/s/
Paul J. Klaassen	 
	 	 	Paul J. Klaassen 	 
	 	 	 	 
	 

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