Document:

exv10w21

 

Exhibit 10.21

THIRD 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 January 1, 2005 (or other date set out
herein), as follows:

               1.     Section 6.1 of the Plan is hereby amended, effective January 1, 2006, by the addition of a
new sentence at the end thereof 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 (b) retires 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 Section 409A of the Internal Revenue Code, such later date as the
Participant may elect).”

               2.     Section 6.3 of the Plan is hereby amended, effective December 1, 2005, by the addition of
a new sentence at the end thereof 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 Section 409A of the
Internal Revenue Code, such later date as the Participant may elect); or
	 
	 	(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 Section 409A of the
Internal Revenue Code, such later date as the Participant may elect).”

               3.     Section 8.1 of the Plan is hereby amended, effective January 1, 2006, by the addition of a
new sentence at the end thereof to read as follows:

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

               4.     Section 12.2 of the Plan is hereby amended by the addition of a new sentence at the end
thereof to read as follows:

“Notwithstanding the foregoing, for any Participant who (a) made Annual
Deferrals (or became vested in employer contribution credits) in 2005 and (b)
terminated employment with the Company for any reason during that year, the
Participant (or his or her Beneficiary) may elect, to the extent permitted by
the Deferred Compensation Committee in its sole discretion, to terminate his or
her participation in the Plan and receive his or her entire vested Deferred
Account in a single lump distribution in 2005.”

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

               IN WITNESS WHEREOF, Sunrise Senior Living, Inc. has caused this Third Amendment to be
executed by its duly authorized officer, this 16th day of December, 2005.

	 	 	 	 	 
	 	SUNRISE SENIOR LIVING, INC.

 	 
	 	By:  	/s/ Jeffrey Jasnoff
 	 
	 	 	 	 
	 	Title:  	Senior Vice President — Human Resources 	 
	 

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Exhibit 10.22

FOURTH 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 January 1, 2006 (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), or
	 
	 	(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).”

               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);
or
	 
	 	(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).”

               3.     The reference to “Section 8.1” in the third paragraph of the Third Amendment is hereby
corrected to read “Section 7.1.”

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               4.     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); or
	 
	 	(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).”

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

               IN WITNESS WHEREOF, Sunrise Senior Living, Inc. has caused this Fourth Amendment to be
executed by its duly authorized officer, this 22nd day of December, 2006.

	 	 	 	 	 
	 	SUNRISE SENIOR LIVING, INC.

 	 
	 	By:  	/s/ Jeffrey Jasnoff
 	 
	 	 	 	 
	 	Title:  	Senior Vice President — Human Resources 	 
	 

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