Document:

Amended and Restated Stock Unit Award Agreement

 Exhibit 10.20 
 AMENDED AND RESTATED 
 NATIONWIDE HEALTH PROPERTIES, INC. 
 2005 PERFORMANCE INCENTIVE PLAN 
 STOCK UNIT AWARD AGREEMENT 
 This amended and restated stock unit award agreement, effective as of December 31, 2008,
hereby amends and restates that certain stock unit award agreement dated as of April 23, 2007 (the “Prior Agreement”), by and between Nationwide Health Properties, Inc., a Maryland corporation (the
“Corporation”) and Donald D. Bradley (the “Executive”), with reference to the following: 
 WHEREAS,
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), places certain restrictions, among other things, as to the timing and distributions from nonqualified deferred compensation plans and arrangements; and

 WHEREAS, the Board of Directors of the Corporation desires to amend and restate the Prior Agreement to comply with Section 409A of
the Code. 
 NOW THEREFORE, the Prior Agreement is hereby amended and restated in its entirety as follows: 
 THIS STOCK UNIT AWARD AGREEMENT (this “Agreement”) is dated as of April 23, 2007 by and between Nationwide Health Properties,
Inc., a Maryland corporation (the “Corporation”), and Donald D. Bradley (the “Executive”). 
 W I T N E S
S E T H 
 WHEREAS, pursuant to the Nationwide Health Properties, Inc. 2005 Performance Incentive Plan (the
“Plan”), the Corporation has granted to the Executive effective as of April 23, 2007 (the “Award Date”), a credit of stock units under the Plan (the “Award”), upon the terms and conditions set
forth herein and in the Plan. 
 NOW THEREFORE, in consideration of services rendered and to be rendered by the Executive, and the
mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows: 
 1. Defined Terms.
Capitalized terms used herein and not otherwise defined herein shall have the meaning assigned to such terms in the Plan. 
 2.
Grant. Subject to the terms of this Agreement, the Corporation hereby grants to the Executive an Award with respect to an aggregate of 30,807.1473 stock units (subject to adjustment as provided in Section 7.1 of the Plan) (the
“Stock Units”). As used herein, the term “stock unit” shall mean a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent to one outstanding share of the Corporation’s Common Stock
(subject to adjustment as provided in Section 7.1 of the Plan) solely for purposes of the Plan and this 

  

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Agreement. The Stock Units shall be used solely as a device for the determination of the payment to eventually be made to the Executive if such Stock Units
vest pursuant to Section 3 or Section 9. The Stock Units shall not be treated as property or as a trust fund of any kind. 
 3. Vesting. Subject to Sections 8 and 9 below, the Award shall vest and become nonforfeitable with respect to the applicable number of the total Stock Units subject to the Award (with such number subject to adjustment
under Section 7.1 of the Plan) upon each date set forth in the table below (with the first such date set forth below referred to herein as the “Initial Vesting Date”): 
  

			
	 Date
	  	Number of Units
That Vest
	 January 23, 2014
	  	15,403.57365
	 January 23, 2015
	  	2,200.51052
	 January 23, 2016
	  	2,200.51052
	 January 23, 2017
	  	2,200.51052
	 January 23, 2018
	  	2,200.51052
	 January 23, 2019
	  	2,200.51052
	 January 23, 2020
	  	2,200.51052
	 January 23, 2021
	  	2,200.51053

 4. Continuance of Employment. The vesting schedule requires continued employment or
service through each applicable vesting date as a condition to the vesting of the applicable installment of the Award and the rights and benefits under this Agreement. Except as expressly provided in Section 8(b), employment or service for only
a portion of any vesting period, even if a substantial portion, will not entitle the Executive to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as
provided in Section 8 below or under the Plan for such vesting period (or for any later vesting period). 
 Nothing contained in this
Agreement or the Plan constitutes an employment or service commitment by the Corporation, affects the Executive’s status as an employee at will who is subject to termination without cause, confers upon the Executive any right to remain employed
by or in service to the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment or services, or affects the right of the Corporation or any Subsidiary to
increase or decrease the Executive’s other compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Executive without his consent thereto. 
 5. Dividend and Voting Rights. 
 (a) Limitations on Rights Associated with Units. The Executive shall have no rights as a stockholder of the Corporation, no dividend rights (except as expressly provided in Sections 5(b) and 5(c) with respect to Dividend
Equivalent Rights) and no voting rights, with respect to the Stock Units and any shares of Common Stock underlying or issuable in respect of 

  

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such Stock Units until such shares of Common Stock are actually issued to and held of record by the Executive. No adjustments will be made for dividends or
other rights of a holder for which the record date is prior to the date of issuance of the stock certificate. 
 (b) Dividend Equivalent Rights. In the event that the Corporation pays an ordinary cash dividend on its Common Stock and the related dividend payment record date occurs at any time after the Award Date
and before all of the Stock Units subject to the Award have either been paid pursuant to Section 7 or terminated pursuant to Sections 8 or 9, the Corporation shall credit the Executive as of the last day of the calendar quarter in which such
record date occurs (the “Crediting Date”) with an additional number of Stock Units equal to (i) the per-share cash dividend paid by the Corporation on its Common Stock with respect to such record date, multiplied by
(ii) the total number of outstanding and unpaid Stock Units (including any dividend equivalents previously credited hereunder) (with such total number adjusted pursuant to Section 7.1 of the Plan and/or Section 10 hereof) subject to
the Award as of such record date, divided by (iii) the fair market value of a share of Common Stock (as determined under the Plan) on the Crediting Date. Any Stock Units credited pursuant to the foregoing provisions of this Section 5(b)
shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Stock Units to which they relate. No crediting of Stock Units shall be made pursuant to this Section 5(b) with respect to any Stock Units
which, as of such record date, have either been paid pursuant to Section 7 or terminated pursuant to Sections 8 or 9. Notwithstanding the above,  68/91 (the number of days remaining in the quarter after the Award Date divided by the total number of days in the quarter) of the dividend payable June 1, 2007, shall be payable in additional stock units on and
applicable to the Stock Units and shall be credited on the Crediting Date of June 30, 2007. 
 (c) Special Crediting
Date. Notwithstanding Section 5(b), if the vesting of the Award is accelerated in whole or in part pursuant to an Acceleration Event (as defined in Section 9) as provided in Section 9, and the Corporation pays an ordinary cash
dividend on its Common Stock for which the related dividend payment record date occurs during the calendar quarter in which the Acceleration Event occurs and before the occurrence of such Acceleration Event, a Crediting Date shall be deemed to have
occurred on the date of such Acceleration Event (a “Special Crediting Date”), and the Corporation shall credit the Executive as of such Special Crediting Date with an additional number of Stock Units equal to (i) the per-share
cash dividend paid by the Corporation on its Common Stock with respect to each such record date, multiplied by (ii) the total number of outstanding and unpaid Stock Units (including any dividend equivalents previously credited hereunder) (with
such total number adjusted pursuant to Section 7.1 of the Plan and/or Section 10 hereof) subject to the Award as of such record date, divided by (iii) the fair market value of a share of Common Stock on the Special Crediting Date. Any
Stock Units credited pursuant to the foregoing provisions of this Section 5(c) shall be subject to the same vesting, payment and other terms, conditions and restrictions as the original Stock Units to which they relate. No crediting of Stock
Units shall be made pursuant to this Section 5(c) with respect to any Stock Units which, as of such record date, have either been paid pursuant to Section 7 or terminated pursuant to Sections 8 or 9. For purposes of clarity, the Executive
will not be entitled to a credit of additional Stock Units under both Section 5(b) and this Section 5(c) with respect to any one dividend payment record date. 
  

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 6. Restrictions on Transfer. Neither the Award, nor any interest therein or amount or
shares payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to
(a) transfers to the Corporation, or (b) transfers by will or the laws of descent and distribution. 
 7. Timing and Manner of Payment of Stock Units. Except as provided below with respect to an Acceleration Event (as defined in Section 9), on or as soon as administratively practicable following the
vesting of the applicable portion of the Stock Units being subject to the Award, and in no event later than the later of (i) the 15th day of
the third month following the end of the Executive’s taxable year in which any Stock Units subject to the Award became vested (regardless of whether such Stock Units became vested pursuant to Section 3, in connection with the
Executive’s termination of employment pursuant to the Change in Control Agreement (as defined below) or any written employment or successor change in control agreement or in connection with the Executive’s termination of employment due to
death or Disability pursuant to Section 8(b) below), or (ii) the 15th day of the third month following the end of the Corporation’s
taxable year in which such vesting occurs, the Corporation shall deliver to the Executive a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined
by the Corporation in its discretion) equal to the number of such Stock Units that vested during such calendar quarter (including any vested Stock Units credited in respect of Dividend Equivalent Rights for such calendar quarter pursuant to
Section 5(b) hereof); provided, however, (x) that the Executive may elect, on a form and in a manner prescribed by the Administrator, to defer any such payment of vested Stock Units, provided that such election must not take effect until
at least twelve (12) months after it is made, must be made no less than twelve (12) months before such payment would otherwise be made, must defer such payment for a period of not less than five (5) years, and must otherwise comply
with any applicable requirements of Section 409A of the Code and (y) that for any Stock Units becoming vested in connection with the Executive’s termination of employment for any reason, if such termination of employment is not a
“separation from service” within the meaning of Section 409A of the Code, then such Stock Units shall not become payable until after the earliest of, as soon as practicable and in no event later than sixty (60) days following
(A) the date the Stock Units would have been paid absent the accelerated vesting resulting from the Executive’s termination of employment, (B) the date of the Executive’s “separation from service” within the meaning of
Section 409A of the Code, or (C) the date of a “change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Corporation (each as
determined in accordance with Section 409A of the Code). Notwithstanding the foregoing sentence, upon the occurrence of an Acceleration Event (as defined in Section 9 herein), the Stock Units that have vested as of the date of such
Acceleration Event (after giving effect to any accelerated vesting in connection with such event pursuant to Section 9 and the crediting of any Dividend Equivalent Rights pursuant to Section 5(c) hereof) shall be paid promptly after, and
in no event later than the later of (i) the 15th day of the third month following the end of the Executive’s taxable year in which such
Acceleration Event occurs or (ii) the 15th day of the third month following the end of the Corporation’s taxable year in which such
Acceleration Event occurs; provided, however, that for any Stock Units becoming vested in connection with an Acceleration Event, if the Acceleration Event is not a “change in the ownership,” a “change in the effective control” or
a “change in the ownership of a substantial portion of the assets” of the Corporation (each as 

  

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determined in accordance with Section 409A of the Code), then, to the extent necessary to avoid the imposition of any taxes under Section 409A of
the Code, such Stock Units becoming vested shall not become payable in connection with the Acceleration Event and shall instead become payable after the earliest of, as soon as practicable and in no event later than sixty (60) days following
(A) the date the Stock Units would have been paid absent the Acceleration Event, (B) the date of the Executive’s “separation from service” within the meaning of Section 409A of the Code, or (C) the date of a
“change in the ownership,” a “change in the effective control” or a “change in the ownership of a substantial portion of the assets” of the Corporation (each as determined in accordance with Section 409A of the
Code). The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Stock Units is subject to the condition precedent that the Executive or other person entitled under the Plan to receive any
shares with respect to the vested Stock Units deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Executive shall have no further rights with respect to any Stock
Units that are paid pursuant to this Section 7 or that terminate pursuant to Sections 8 or 9. 
 8. Effect of Termination of
Employment. 
 (a) General. Subject to Section 8(b), the Executive’s Stock Units shall terminate to the extent
such units have not become vested prior to the first date the Executive is no longer employed by the Corporation or one of its Subsidiaries, regardless of the reason for the termination of the Executive’s employment with the Corporation or a
Subsidiary, whether with or without cause, voluntarily or involuntarily. If any unvested Stock Units are terminated hereunder, such Stock Units shall automatically terminate and be cancelled as of the applicable termination date without payment of
any consideration by the Corporation and without any other action by the Executive, or the Executive’s beneficiary or personal representative, as the case may be. 
 (b) Death or Disability. Notwithstanding Section 8(a) or any other provisions of this Agreement or the Plan, in the event that the Executive’s employment with the Corporation and its
Subsidiaries terminates due to the Executive’s death or Disability (as defined below): 
  

	 	•	 	 at any time prior to the Initial Vesting Date, the Award shall vest and become nonforfeitable with respect to 1.1905% of the total number of Stock Units (subject to
adjustment under Section 7.1 of the Plan) for each month of Executive’s employment with the Corporation (measured with reference to monthly anniversaries of the Award Date) after the Award Date and ending with the date of such termination
of the Executive’s employment (rounded up to the nearest whole share); and 

  

	 	•	 	 at any time on or after the Initial Vesting Date, the Award shall become fully vested and nonforfeitable as of the date of such termination of the Executive’s
employment. 

 For purposes of this Section 8(b), the term “Disability” shall mean the Executive’s
inability to engage in any substantial gainful activity necessary to perform his duties hereunder by reason of any medically determinable physical or mental impairment which can be 

  

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expected to result in death or which has lasted, or can be expected to last, for a continuous period of not less than twelve (12) months. Any Stock
Units subject to the Award that are not vested after giving effect to the foregoing provisions of this Section 8(b) shall terminate as of the date of termination of the Executive’s employment. If any unvested Stock Units are terminated
hereunder, such Stock Units shall automatically terminate and be cancelled as of the applicable termination date without payment of any consideration by the Corporation and without any other action by the Executive, or the Executive’s
beneficiary or personal representative, as the case may be. 
 9. Effect of Change in Control Event. Notwithstanding anything
to the contrary in Section 3 of this Agreement or Section 7.2 of the Plan, in the event of the dissolution of the Corporation or other event described in Section 7.1 of the Plan (which generally covers mergers or similar
reorganizations) that the Corporation does not survive (or does not survive as a public company in respect of its Common Stock) or a Change in Control Event (an “Acceleration Event”), the Award shall be deemed vested as of the
effective date of the Acceleration Event with respect to the applicable number of the total Stock Units subject to the Award (with such number subject to adjustment under Section 7.1 of the Plan) set forth in the table below based upon the year
following the Award Date (measured with reference to anniversaries of the Award Date) in which such Acceleration Event occurs: 
  

			
	 Year Following
 Award Date
	  	Number of Units
Deemed Vest
	 1st
	  	9,242.14419
	 2nd
	  	10,905.73014
	 3rd
	  	12,569.31610
	 4th
	  	14,232.90205
	 5th
	  	15,896.48800
	 6th
	  	17,560.07396
	 7th
	  	19,223.65992
	 8th
	  	20,887.24587
	 9th
	  	22,550.83182
	 10th
	  	24,214.41778
	 11th
	  	25,878.00373
	 12th
	  	27,541.58969
	 13th
	  	29,205.17564
	 14th
	  	30,807.14730

 Any Stock Units subject to the Award that are not vested after giving effect to the foregoing
provisions of this Section 9 shall terminate as of the effective date of the Acceleration Event, unless provision has been expressly made by the Administrator, through a plan of reorganization or otherwise, for the survival, substitution,
assumption or exchange of the Award in connection with the Acceleration Event in a manner and to the extent that such survival, substitution, assumption or exchange would not result in any tax, interest or penalty under 

  

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Section 409A of the Code. If any unvested Stock Units are terminated hereunder, such Stock Units shall automatically terminate and be cancelled as of
the applicable termination date without payment of any consideration by the Corporation and without any other action by the Executive, or the Executive’s beneficiary or personal representative, as the case may be. 
 10. Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the Corporation’s stock contemplated by
Section 7.1 of the Plan (including, without limitation, an extraordinary cash dividend on such stock), the Administrator shall make adjustments in accordance with such section in the number of Stock Units then outstanding and the number and
kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash dividend for which dividend equivalents are credited pursuant to Sections 5(b) or 5(c). 
 11. Tax Withholding. Subject to Section 8.1 of the Plan and such rules and procedures as the Administrator may impose, upon any
distribution of shares of Common Stock in respect of the Stock Units, the Corporation shall automatically reduce the number of shares to be delivered by (or otherwise reacquire) the appropriate number of whole shares, valued at their then fair
market value (with the “fair market value” of such shares determined in accordance with the applicable provisions of the Plan), to satisfy any withholding obligations of the Corporation or its Subsidiaries with respect to such distribution
of shares at the minimum applicable withholding rates. In the event that the Corporation cannot legally satisfy such withholding obligations by such reduction of shares, or in the event of a cash payment or any other withholding event in respect of
the Stock Units, the Corporation (or a Subsidiary) shall be entitled to require a cash payment by or on behalf of the Executive and/or to deduct from other compensation payable to the Executive any sums required by federal, state or local tax law to
be withheld with respect to such distribution or payment. 
 12. Notices. Any notice to be given under the terms of this
Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Executive at the Executive’s last address reflected on the Corporation’s records, or at such other address
as either party may hereafter designate in writing to the other. Any such notice shall be given only when received, but if the Executive is no longer an employee of the Corporation, shall be deemed to have been duly given by the Corporation when
enclosed in a properly sealed envelope addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government.

 13. Plan. The Award and all rights of the Executive under this Agreement are subject to the terms and conditions of the
provisions of the Plan, incorporated herein by reference. The Executive agrees to be bound by the terms of the Plan and this Agreement. The Executive acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this
Agreement. Unless otherwise expressly provided in other sections of this Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and shall not be deemed to) create any rights in the Executive
unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof. 

 

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 14. Construction; Section 409A. It is intended that the terms of the Award will not
result in the imposition of any tax liability pursuant to Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. Notwithstanding any provision to the contrary in this Agreement, to the extent
necessary to avoid the imposition of taxes under Section 409A of the Code, no payment or distribution under this Agreement that becomes payable by reason of the Executive’s termination of employment with the Corporation will be made to the
Executive unless the Executive’s termination of employment constitutes a “separation from service” (as such term is defined in Section 409A of the Code). For purposes of this Agreement, each amount to be paid or benefit to be
provided shall be construed as a separate identified payment for purposes of Section 409A of the Code. If the Executive is a “specified employee” as defined in Section 409A of the Code and, as a result of that status, any portion
of the payments under this Agreement would otherwise be subject to taxation pursuant to Section 409A of the Code, the Executive shall not be entitled to any payments upon a termination of his employment until the earlier of (i) the
expiration of the six (6)-month period measured from the date of the Executive’s “separation from service” (within the meaning of Section 409A of the Code) or (ii) the date of the Executive’s death. Upon the expiration
of the applicable Section 409A deferral period, all payments and benefits deferred pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such deferral) shall be paid or
reimbursed to the Executive in a lump sum as soon as practicable, but in no event later than ten (10) days following the expiration of the six-month period (or if the payment is being made following Executive’s death, no later than sixty
(60) days following the date of Executive’s death), and any remaining payments due under this Agreement will be paid in accordance with the normal payment dates specified for them herein. 
 15. Entire Agreement; Applicability of Other Agreements. This Agreement and the Plan together constitute the entire agreement and supersede
all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Agreement may be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and
signed by the Corporation. The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Executive hereunder, but no such waiver shall operate as or be
construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. Notwithstanding the foregoing, if the Executive is subject to a written employment, change in control or similar agreement with the Corporation that
is in effect as of the date of termination of the Executive’s employment with the Corporation and its Subsidiaries and the Executive would be entitled under the express provisions of such agreement to greater rights with respect to accelerated
vesting of the Award in connection with the termination of the Executive’s employment in the circumstances, subject to Section 14 of this Agreement and to the extent permitted by Section 409A of the Code, the provisions of such
agreement shall control with respect to such vesting rights, and the corresponding provisions of this Agreement shall not apply. 
 16.
Limitation on Executive’s Rights. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Corporation as to amounts payable and
shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. The Executive shall have only the rights of a general unsecured creditor of the Corporation with respect to 

  

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amounts credited and benefits payable, if any, with respect to the Stock Units, and rights no greater than the right to receive the Common Stock as a general
unsecured creditor with respect to Stock Units, as and when payable hereunder. 
 17. Counterparts. This Agreement may be
executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 18. Section Headings. The section headings of this Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof. 
 19. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Maryland
without regard to conflict of law principles thereunder. 
 [Remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the Corporation has caused this Agreement to be executed on its behalf by a
duly authorized officer and the Executive has hereunto set his hand as of the date and year first above written. 
  

							
	NATIONWIDE HEALTH PROPERTIES, INC.	 	 	 	EXECUTIVE
	A Maryland corporation	 	 	 	 
	 	 	 	 	 	 	 /s/ Donald D. Bradley

	By:	 	 /s/ Douglas M. Pasquale
	 		 	Signature
				
	Print Name:	 	 Douglas M. Pasquale
	 		 	 Donald D. Bradley

		 		 		 	Print Name
	Its:	 	 President and Chief Executive Officer
	 		 	

  

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 CONSENT OF SPOUSE 
 In consideration of the execution of the foregoing Stock Unit Award Agreement by Nationwide Health Properties, Inc.,
I,                                         
                , the spouse of the Executive therein named, do hereby join with my spouse in executing the foregoing Stock Unit Award Agreement and do hereby agree to be
bound by all of the terms and provisions thereof and of the Plan. 
 Dated:
                     
  

	
	  

	Signature of Spouse
	
	  

	Print Name

  

 11Guaranty of Obligations

 Exhibit 10.28 
 GUARANTY OF OBLIGATIONS 
 THIS GUARANTY OF OBLIGATIONS (this “Guaranty”) is
executed as of September 18, 2008 by JEFFREY L. RUSH, an individual, MARK D. TOOTHACRE, an individual, ELIZABETH A. POWELL, an individual, KIMBERLY B. COCHRANE, an individual, and ROBERT A. ROSENTHAL, an
individual (collectively, “Guarantor”), in favor of NATIONWIDE HEALTH PROPERTIES, INC., a Maryland corporation (“Lender”). 
 RECITALS 
 A. Lender has agreed to make a loan in the principal amount of $47,500,000
(the “Loan”) to PDP Pomerado LLC, a California limited liability company ( “Borrower”), pursuant to the terms and conditions of that certain Secured Promissory Note of even date herewith to be executed by Borrower
in favor of Lender (the “Note”). The obligations due from Borrower to Lender under the Note are secured by that certain Leasehold Deed of Trust, Assignment of Rents, Security Agreement, Financing Statement and Fixture Filing (the
“Deed of Trust”), which creates a lien, inter alia, on Borrower’s leasehold interest in certain real property located in the City of Poway, County of San Diego, State of California, as more particularly described in the
Deed of Trust. All initially-capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Deed of Trust. The Note and Deed of Trust (together with any and all amendments, modifications, restatements or
extensions thereof), and all other documents, agreements or instruments executed by Borrower in favor of Lender in connection with the Loan, shall be hereinafter collectively referred to as the “Loan Documents.” 
 B. Guarantor acknowledges and agrees that Lender would not have been willing to make the Loan to Borrower unless Guarantor was willing to execute
and deliver this Guaranty. 
 AGREEMENTS 
 NOW, THEREFORE, in consideration of Lender making the Loan to Borrower, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows:

  

	 	1.	Guaranty. 

 Guarantor hereby absolutely and
unconditionally guarantees to Lender the following (collectively, the “Guaranteed Obligations”): 
 (a) the
full, complete and timely payment when due, by acceleration or otherwise, of all obligations of Borrower now or hereafter existing under the Note and other Loan Documents, whether for principal, interest, fees, expenses or otherwise; 
 (b) the full, complete and timely performance by Borrower of all covenants, indemnities and other obligations under the Deed of Trust and
the other Loan Documents, including, without limitation, any indemnity or other obligations of Borrower which survives the expiration or earlier termination of the Loan Documents; and 
  

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 (c) all costs of collection or enforcement incurred by Lender in exercising any remedies
provided for in the Note or the other Loan Documents at law or in equity with respect to the matters set forth in clauses (a) and (b), inclusive, above. 
  

	 	2.	Guaranty Cap. 

 Except as otherwise expressly
set forth herein, the aggregate liability of Guarantor under this Guaranty shall not exceed the sum of $7,136,250, plus interest on the full principal amount outstanding and payable under the Note and costs and expenses incurred in enforcing or
collecting under this Guaranty. The foregoing monetary cap shall not apply to any liability of Guarantor arising under this Guaranty by reason of any of the following: 
 (a) The misapplication of Insurance Proceeds under the terms of the Deed of Trust; 
 (b) The misapplication of Condemnation Proceeds under the terms of the Deed of Trust; 
 (c) The misapplication of Rents under the terms of the Deed of Trust; 
 (d) Waste committed on the Trust Estate or damage to the Trust Estate as a result of the intentional misconduct or negligence of Borrower
or Guarantor, or any removal or disposal of any of the Trust Estate in violation of the terms of the Deed of Trust; 
 (e) Any
mechanic’s liens, materialmen’s liens or other liens not paid to the appropriate payee which could create liens on any portion of the Trust Estate; 
 (f) The breach by Borrower or Guarantor of any of its respective obligations and indemnities under the Loan Documents relating to
hazardous or toxic substances or compliance with environmental laws and regulations, it being understood that nothing herein shall be deemed to limit, impair or reduce said obligations and indemnities; 
 (g) Fraud or material misrepresentation by Borrower or Guarantor or, if Guarantor knew or would have known thereof by exercising
reasonable supervision of such persons, by any principals, officers or employees of Borrower or by any guarantor, any indemnitor or any agent, employee or other person authorized or apparently authorized to make statements or representations on
behalf of Borrower; 
 (h) The failure of Borrower to maintain the types and levels of insurance required under the terms of
the Deed of Trust; and 
 (i) The assertion by Borrower or Guarantor of any cause of action against Lender relating to the
Loan, that Lender has any liability whatsoever to Borrower or Guarantor, or that Lender is a partner or joint venturer of Borrower or has any liability as such. 
  

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	 	3.	Performance by Guarantor. 

 Upon the
occurrence of an Event of Default (as defined in the Note) and the expiration of any applicable notice and/or cure period thereunder, then upon demand by Lender, Guarantor shall pay within ten (10) days such sums and perform such obligations as
required by the Loan Documents, without regard to: 
 (a) any defense, set-off, or counterclaim which Guarantor or Borrower
may have or assert; 
 (b) whether or not Lender shall have instituted any suit, action or proceeding or exhausted its
remedies or taken any steps to enforce any rights against Borrower or any other person to collect all or any part of such sums, either pursuant to the provisions of the Loan Documents or at law or in equity (it being understood that this is a
guaranty of payment and not collection, and Guarantor’s liability for such payment shall be primary); or 
 (c) any other
condition or contingency. 
 Guarantor waives any right of exoneration and any right to require Lender to make an election of remedies.
Guarantor covenants and agrees that it shall not cause any default under the Loan Documents. Guarantor’s performance or satisfaction of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge
Guarantor’s liability for that portion of the Guaranteed Obligations which is not performed and Lender shall have the right to designate the manner in which any payments made by Borrower under the Loan Documents or by Guarantor pursuant to this
Guaranty are applied to the Guaranteed Obligations. Without limiting the generality of the foregoing, in the event that Lender receives payment for, or is awarded a judgment in any suit brought to enforce Guarantor’s covenant to perform a
portion of the Guaranteed Obligations, such payment or judgment shall in no way be deemed to release Guarantor from its covenant to perform or satisfy any portion of the Guaranteed Obligations which is not satisfied by such payment or the collection
of any such judgment. Lender shall be under no obligation whatsoever to exhaust any of its collateral for the Guaranteed Obligations or to pursue any right or remedy it may have under the Loan Documents, at law, in equity or otherwise, or to take
any action whatsoever to mitigate or reduce Guarantor’s liability hereunder, notwithstanding the fact that the Loan may be fully matured, the outstanding principal balance thereof may be fully due and payable and Borrower is in default of its
obligations under the Loan Documents. 
  

	 	4.	Guarantor’s Representations and Warranties. 

 Each Guarantor hereby represents and warrants unto Lender that: 
 (a) this Guaranty constitutes a legal, valid, and
binding obligation of Guarantor and is fully enforceable against Guarantor in accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application and of legal or
equitable principles generally and covenants of good faith and fair dealing; and 
  

 3 

 (b) this Guaranty is duly authorized, executed and delivered by and binding upon
Guarantor. 
 Any material breach by any Guarantor of the representations and warranties set forth herein shall be a default under this
Guaranty. 
  

	 	5.	Waiver. 

 Guarantor hereby knowingly,
voluntarily and unequivocally waives: 
 (a) all notice of acceptance hereof, protest, demand and dishonor, presentment and
demands of any kind now or hereafter provided for by any statute or rule of law; 
 (b) any and all requirements that Lender
institute any action or proceeding, or exhaust any or all of Lender’s rights, remedies or recourse, against Borrower or anyone else as a condition precedent to bringing an action against Guarantor under this Guaranty, it being expressly agreed
that the liability of Guarantor hereunder shall be primary and not secondary; 
 (c) any defense arising by reason of any
disability, insolvency, bankruptcy, lack of authority or power, death, insanity, minority, dissolution or any other defense of Borrower, its successors and assigns, Guarantor or, if applicable, any other guarantor of the Guaranteed Obligations (even
though rendering the same void, unenforceable or otherwise uncollectible), it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower or any other such person be found not liable thereon for any reason; 
 (d) the benefits of any and all statutes, laws, rules or regulations applicable in the State of California which may require the prior or
concurrent joinder of any other party to any action on this Guaranty or which may require the exhaustion of remedies prior to a suit on this Guaranty, all as amended from time to time; 
 (e) any failure, omission, delay or lack on the part of Lender or Borrower to enforce, assert or exercise any right, power or remedy
conferred on Lender or Borrower in the Loan Documents or this Guaranty or any action on the part of Lender granting a waiver, indulgence or extension to Borrower or Guarantor; 
 (f) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets of Borrower,
marshaling of assets or liabilities, receiverships, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting Borrower or any of its assets, or
the disaffirmance of any of the Loan Documents in any such proceeding; and 
 (g) any release or other reduction of the
Guaranteed Obligations arising as a result of the expansion, release, substitution or replacement (whether or not in accordance with terms of any of the Loan Documents) of the Loan Documents. 
  

 4 

	 	6.	Additional Waivers. 

 Without limitation of
any other provision of this Guaranty (including the waivers, acknowledgments and agreements set forth in Sections 5 and 7 hereof), Guarantor further waives: (i) any defense to the recovery by Lender against Guarantor of any
deficiency or otherwise to the enforcement of this Guaranty or any security for this Guaranty based upon Lender’s election of any remedy against Guarantor or Borrower, including the defense to enforcement of this Guaranty (the so-called
“Gradsky” defense) which, absent this waiver, Guarantor would have by virtue of an election by Lender to conduct a non-judicial foreclosure sale (also known as a “trustee’s sale”) of any real property security for the Loan,
it being understood by Guarantor that any such non-judicial foreclosure sale will destroy, by operation of California Code of Civil Procedure (“CCP”) Section 580d, all rights of any party to a deficiency judgment against
Borrower and, as a consequence, will destroy all rights that Guarantor would otherwise have (including the right of subrogation, the right of reimbursement, and the right of contribution) to proceed against Borrower; (ii) any defense or
benefits that may be derived from CCP Sections 580a, 580b, 580d or 726, or comparable provisions of the laws of any other jurisdiction and all other anti-deficiency and one form of action defenses under the laws of California and any other
jurisdiction; and (iii) any right to a fair value hearing under CCP Section 580a, or any other similar law, to determine the size of any deficiency owing (for which Guarantor would be liable hereunder) following a non-judicial foreclosure
sale. 
 (a) Without limitation of this Section 6 or any other provision of this Guaranty, Guarantor waives all
rights and defenses that Guarantor may have because the Loan is secured by real property. This means, among other things: 
 (i) That Lender may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by Borrower; and 
 (ii) If Lender forecloses on any real property collateral pledged by Borrower: (A) the amount of the Loan may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the
collateral is worth more than the sale price; and (B) Lender may collect from Guarantor even if Lender, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrower. 
 This is an unconditional and irrevocable waiver of any rights and defenses that Guarantor may have because the Loan is secured by real property. These
rights and defenses include, but are not limited to, any rights or defenses based upon CCP Sections 580a, 580b, 580d, or 726. 
 (b) Guarantor waives all rights and defenses arising out of an election of remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for the Loan, has destroyed Guarantor’s
rights of subrogation and reimbursement against Borrower by operation of CCP Section 580d or otherwise. 
 (c) Until the
Guaranteed Obligations have been paid or discharged in full, Guarantor waives Guarantor’s rights of subrogation and reimbursement, including (i) any defenses Guarantor may have by reason of an election of remedies by Lender, and
(ii) any rights or defenses Guarantor may have by reason of protection afforded to Borrower with 

  

 5 

 
respect to the Loan, pursuant to the anti-deficiency or other laws of California limiting or discharging Borrower’s obligations, including CCP Sections
580a, 580b, 580d or 726. 
 (d) Until the Guaranteed Obligations have been paid or discharged in full, Guarantor waives notice
of acceptance of this Guaranty, any rights, defenses and benefits that may be derived from Sections 2787 to 2855, inclusive, of the California Civil Code or comparable provisions of the laws of any other jurisdiction, and all other suretyship
defenses Guarantor would otherwise have under the laws of California or any other jurisdiction. 
 (e) No provision or waiver
in this Guaranty shall be construed as limiting the generality of any other provision or waiver contained in this Guaranty. All of the waivers contained herein are irrevocable and unconditional and are intentionally and freely made by Guarantor.

  

	 	7.	Subsequent Acts. 

 Without notice to,
consideration to, or the consent of, any Guarantor: 
 (a) the Loan Documents, and Borrower’s rights and obligations
thereunder, may be modified, amended, renewed, extended or increased; 
 (b) any additional parties who are or may become
liable for the Guaranteed Obligations may hereafter be released from their liability hereunder and thereon; and/or 
 (c)
Lender may take, or delay in taking or refuse to take, any and all action with reference to the Loan Documents (regardless of whether the same might vary the risk or alter the rights, remedies or recourse of Guarantor), including specifically the
settlement or compromise of any amount allegedly due thereunder. 
 No such acts shall in any way release, diminish, or affect the absolute
nature of Guarantor’s obligations and liabilities hereunder. Guarantor’s obligations and liabilities under this Guaranty are primary, absolute and unconditional, under any and all circumstances and until the Guaranteed Obligations are
fully and finally satisfied, such obligations and liabilities shall not be discharged or released, in whole or in part, by any act or occurrence which might, but for this Section 7, be deemed a legal or equitable discharge or release of
Guarantor. 
  

	 	8.	Successors and Assigns. 

 This Guaranty may
be enforced as to any one or more breaches either separately or cumulatively, shall inure to the benefit of Lender (and its successors and assigns) and shall be binding upon Guarantor (and its successors and assigns). All references herein to
“Lender” shall mean the above-named Lender and any subsequent owner of Lender’s interest in the Note. No transfer by Guarantor of its obligations hereunder shall operate to release Guarantor from such obligations. 

 

 6 

	 	9.	Remedies Cumulative. 

 All rights, remedies
and recourse afforded to Lender by reason of this Guaranty, or otherwise, are separate and cumulative and may be pursued separately, successively or concurrently, as occasion therefor shall arise and are non-exclusive and shall in no way limit or
prejudice any other legal or equitable right, remedy or recourse which Lender may have. 
  

	 	10.	Subordination; No Subrogation. 

 (a) If for any reason whatsoever Borrower now or hereafter becomes indebted to Guarantor or any Affiliate of Guarantor, such unpaid indebtedness and all interest thereon shall at all times be subordinate in all respects to the Guaranteed
Obligations. During any time in which an Event of Default has occurred and is continuing under the Loan Documents, Guarantor agrees to make no claim for such indebtedness that does not recite that such claim is expressly subordinate to Lender’s
rights and remedies under the Loan Documents. 
 (b) Notwithstanding anything to the contrary contained in this Guaranty or
any payments made by Guarantor, no Guarantor shall have any right of subrogation in or under the Loan Documents or to participate in the rights and benefits accruing to Lender thereunder, all such rights of subrogation and participation, together
with all of the contractual, statutory, or common law rights which Guarantor may have to be reimbursed for any payments Guarantor may make to, or performance by Guarantor of any of the Guaranteed Obligations for the benefit of, Lender pursuant to
this Guaranty, being hereby expressly waived and released; provided, however, that Guarantor’s waiver of any of its rights of reimbursement, indemnification and contribution against Borrower, including without limitation under California Civil
Code Sections 2846 through 2849, shall continue only until the Guaranteed Obligations have been paid or discharged in full. 
  

	 	11.	Governing Law. 

 This Guaranty and all rights
and duties of Guarantor and Lender arising from this Guaranty shall be governed by, construed and enforced in accordance with the internal laws of the State of California. 
  

	 	12.	Severability. 

 If any provision of this
Guaranty or the application thereof to any person or circumstance shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Guaranty nor the application of such provision to any other persons or
circumstances shall be affected thereby, but rather the same shall be enforced to the greatest extent permitted by law. 
  

	 	13.	Attorneys’ Fees. 

 In the event any
legal action or proceeding is commenced to interpret or enforce the terms of, or obligations arising out of, this Guaranty, or to recover damages for the breach thereof, the party prevailing in any such action or proceedings shall be entitled to
recover from the non- 

  

 7 

 
prevailing party all reasonable attorneys’ fees and reasonable costs and expenses incurred by the prevailing party. 
  

	 	14.	Confirmation. 

 At any time, and at the
request of Lender, Guarantor shall execute and deliver to Lender a certificate ratifying and confirming all of Guarantor’s obligations and liabilities under this Guaranty. 
  

	 	15.	Benefit to Guarantor. 

 Guarantor
acknowledges that it will benefit from the making of the Loan and the execution and continued existence of the Loan Documents, and Guarantor further acknowledges that Lender will be relying upon Guarantor’s guarantee, representations,
warranties and covenants contained herein. 
  

	 	16.	Notices. 

 All notices, demand or documents
which are required or permitted to be given or served hereunder shall be in writing and shall be deemed served: (i) three (3) days after deposited in the United States Mail, postage prepaid, certified mail, return receipt requested;
(ii) upon receipt by commercial express courier; and (iii) upon receipt by confirmed receipted facsimile if properly sent and confirmed to the receiving parties’ facsimile number listed below, when addressed or faxed as follows:

  

			
	 If to Guarantor:
	 	If to Lender:
		
	c/o Pacific Medical Buildings LLC	 	Nationwide Health Properties, Inc.
	12348 High Bluff Drive, Suite 100	 	610 Newport Center Drive, Suite 1150
	San Diego, California 92130	 	Newport Beach, California 92660
	Attn: Evan Stone, Esq.	 	Attn: President and CFO
	Fax No.: (858) 794-1910	 	Fax No.: (949) 759-6876

  

 8 

					
	 With a copy to:
	 	With a copy to:
		
	Palomar Pomerado Health	 	Sherry Meyerhoff Hanson & Crance LLP
	15255 Innovation Drive	 	610 Newport Center Drive, Suite 1200
	San Diego, California 92128	 	Newport Beach, California 92660
	Attn:	 	CFO	 	Attn: Kevin L. Sherry, Esq.
	Fax No.:
                                         
           	 	Fax No.: (949) 719-1212
		
	Palomar Pomerado Health	 	
	15255 Innovation Drive	 	
	San Diego, California 92128	 	
	Attn:	 	Director of Facilities Planning and	 	
		 	Development	 	
	Fax No.:
                                         
           	 	
		
	Evan Stone, Esq.	 	
	PMB LLC	 	
	12348 High Bluff Drive, Suite 100	 	
	San Diego, California 92130	 	
	Fax No.: (858) 350-1953	 	

 Each of such parties shall have the right to designate from time to time another address or facsimile number for
purposes of this Guaranty by written notice to the other parties sent in the manner set forth in this Section 16. 
  

	 	17.	Incorporation of Recitals. 

 The Recitals set
forth above are hereby incorporated by this reference and made a part of this Guaranty. Guarantor hereby represents and warrants that the Recitals are true and correct. 
  

	 	18.	Joint and Several Liability. 

 Each Guarantor
shall be jointly and severally liable to Lender for the faithful performance of this Guaranty. 
  

	 	19.	Counterparts. 

 This Guaranty may be executed
in any number of counterparts, each of which shall be considered an original but all of which, when taken together, shall constitute one and the same instrument. 
  

 9 

 EXECUTED as of the date first set forth above. 
 “GUARANTOR”: 
  

	
	JEFFREY L. RUSH,
	an individual,
	
	 /s/ Jeffrey L. Rush

	
	MARK D. TOOTHACRE,
	an individual,
	
	 /s/ Mark D. Toothacre

	
	ELIZABETH A. POWELL,
	an individual,
	
	 /s/ Elizabeth A. Powell

	
	KIMBERLY B. COCHRANE,
	an individual,
	
	 /s/ Kimberly B. Cochrane

	
	ROBERT A. ROSENTHAL,
	an individual
	
	 /s/ Robert A. Rosenthal

  

 S-1

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