Document:

Exhibit 10.1

 

[EMPLOYEE FORM]

 

VENTAS, INC.

STOCK OPTION AGREEMENT

THIS
STOCK OPTION AGREEMENT (“Agreement”) is made and entered into
as of                 
(“Effective Date”) by and between VENTAS, INC., a
Delaware corporation (“Company”), and                 ,
an employee of the Company (“Optionee”).

RECITALS:

A.   Company has adopted the 2006 Incentive Plan
(the “Plan”) to promote the interests of the Company, its subsidiaries [hereinafter
the term “Company” includes, where appropriate, all of the Company’s
subsidiaries, as that term is defined in section 424(f) of the Internal Revenue
Code of 1986, as amended (“Code”)] and its stockholders by encouraging selected
employees of Company, such as Optionee, to invest in Company’s shares of Common
Stock, having a par value $0.25 per share (“Common Stock”).

B.   Company believes that such investment should
increase the personal interest and special efforts of Optionee in providing for
the continued success and progress of the Company and should enhance the
efforts of Company to attract and retain competent key employees.

AGREEMENT:

NOW, THEREFORE, the parties
agree as follows:

1.             Grant of Option; Option Price.  Company hereby grants to Optionee, as a
matter of separate inducement and agreement, and not in lieu of any salary or
other compensation for Optionee’s services, the right and option to purchase
(the “Option”) all or any part of an aggregate of                 
(                )
shares of Common Stock (“Option Shares”), on the terms and conditions set forth
herein, subject to adjustment as provided in Section 7, at a purchase
price of [the closing price on                 
($                )]
per share (“Option Price”).  The Option
Price is considered by the Company and Optionee to be not less than the fair market
value of the Common Stock on the Effective Date, which is the date on which the
Option was granted to Optionee (“Option Date”).

2.             Term of Option.  The Option shall continue for a term ending
ten years from the Option Date (“Termination Date”), unless sooner terminated
as provided in Sections 5 and 6.

3.             Option
Exercisable in Installments.  Subject to the other terms and conditions
stated herein, the right to exercise the Option shall vest in installments as
follows:

 

 

 

(a)           First
Installment. 
Commencing on the Option Date, Optionee may exercise the Option for up
to 33 1/3 percent of the number of Option Shares.

(b)           Second
Installment. 
Commencing on the first anniversary of the Option Date, Optionee may
exercise the Option for 66 2/3 percent of the number of Option Shares, less the
number of Option Shares for which the Optionee has already exercised the
Option.

(c)           Third
Installment. 
Commencing on the second anniversary of the Option Date, the Option may
be fully exercised to the extent that it has not previously been exercised.

4.             Conditions to Exercise of the Option.

(a)           Exercise
of Option. 
Subject to the provisions of Section 3, Optionee may exercise the Option
by delivering to the Company written notice (“Notice”) of exercise stating the
number of Option Shares for which the Option is being exercised accompanied by
payment in the amount of the Option Price multiplied by the number of shares
for which the Option is being exercised (the “Exercise Price”) in the manner
provided in Section 4(b) and making provision for any applicable withholding
taxes.

(b)           Payment
of Exercise Price. 
Company shall accept as payment for the Exercise Price (a) a check
payable to the order of Company, (b) the tender of Common Stock (by either
actual delivery of Common Stock or by attestation) having a Fair Market Value
(determined as of the close of the business day immediately preceding the date
of exercise of the Option) provided such Common Stock has been held by Optionee
for at least six months prior to tender, (c) “cashless exercise” through a
third party in a transaction independent of the Company and properly structured
to avoid any adverse accounting consequences to the Company, (d) a combination
of the foregoing, or (e) by any other means which the Committee determines.

(c)           Delivery
of Shares on Exercise.  As soon as practicable after receipt of the
Notice and payment of the Exercise Price and any required withholding taxes,
Company shall deliver to Optionee, without transfer or issuance tax or other
incidental expense to Optionee, at the office of Company, or at such other
place as may be mutually acceptable, or, at the election of Company, by
certified mail addressed to Optionee at the Optionee’s address shown in the
employment records of Company, a certificate or certificates for the number of
shares of Common Stock set forth in the Notice and for which Company has
received payment in the manner prescribed herein.

5.             Restrictions
on Transfer of Option. 
During Optionee’s lifetime, the Option shall be exercisable only by
Optionee, and neither the Option nor any right hereunder shall be transferable
except by will or the laws of descent and distribution except as provided
herein.  The Optionee may transfer in
accordance with the Plan all or part of the Option to (i) the spouse, children
or grandchildren of the Optionee (“Immediate Family Members”), (ii) a trust or
trusts for the exclusive benefit of the

 

 

 

Optionee and/or the Optionee’s Immediate Family
Members or (iii) a partnership or limited liability company in which Optionee
and/or the Optionee’s Immediate Family Members are the only partners or
members.  The Option may not be subject
to execution or other similar process. 
If Optionee attempts to alienate, assign, pledge, hypothecate or
otherwise dispose of the Option or any of the Optionee’s rights hereunder,
except as provided herein, or in the event of any levy or any attachment,
execution or similar process upon the rights or interests hereby conferred,
Company may terminate the Option by notice to Optionee and it shall thereupon
become null and void.

6.             Exercise of the Option Upon Termination of Employment.

(a)           Termination
of Employment Other Than for Death, Disability, Retirement or Cause.  If Optionee ceases to be an Employee prior to
the Termination Date for any reason other than death, Disability, Retirement,
or termination for Cause, Optionee or such Optionee’s personal representative
may at any time within a period of 180 days after Optionee ceases to be an
Employee, exercise the Option to the extent the Option was exercisable by
Optionee on the date Optionee ceases to be an Employee.

(b)           Termination
of Employment for Cause.  If Optionee ceases to be an Employee because
of termination for Cause, the Option, whether or not exercisable, shall
terminate on the date Optionee ceases to be an Employee.

(c)           Termination
of Employment due to Death or Disability.  In the event of the death or Disability of
Optionee while Optionee is an Employee, this Option shall become fully vested
and immediately exercisable.  Optionee or
Optionee’s personal representative or the person or persons to whom Optionee’s
rights under the Option shall pass by will or by application of the laws of
descent and distribution in the event of death, may, at any time within a
period of two years after Optionee’s death or determination of Disability,
whichever shall be applicable, exercise the Option in full.

(d)           Termination
of Employment due to Retirement.  If Optionee ceases to be an Employee due to
Retirement, Optionee may, at the time within a period of two years after
Optionee’s Retirement, exercise the Option to the extent the Option was
exercisable by Optionee on the date of Optionee’s Retirement.

(e)           Restrictions
on Exercise. 
Notwithstanding anything contained in this Section 6, in no event may
the Option be exercised after the Termination Date.

7.             Adjustment to Option Shares.  This Option shall be subject to adjustment as
provided in the Plan.

8.             Change in Control.  Notwithstanding the provisions of Section 3,
upon a Change in Control, Optionee shall have the right to exercise the Option
in full as to all Option Shares.

9.             Agreement
Does Not Grant Employment Rights.  Neither the granting of the Option, nor the
exercise thereof, shall be construed as granting to Optionee any right to
employment by Company.  The right of the
Company to terminate Optionee’s

 

 

 

employment at any time, whether by dismissal,
discharge, retirement or otherwise, is specifically reserved.

10.          Withholding.  Optionee acknowledges that the Company will
be required to withhold certain taxes at the time Optionee exercises the
Option.  Withholdings by the Company will
not exceed the minimum required by law.

11.          Miscellaneous.

(a)           No
Rights as Stockholder.  Neither Optionee, nor any person entitled to
exercise Optionee’s rights hereunder, shall have any of the rights of a
stockholder regarding the shares of Common Stock subject to the Option, except
after the exercise of the Option as provided herein.

(b)           Incorporation
of Plan. 
Except as specifically provided herein, this Agreement is and shall be
in all respects subject to the terms and conditions of the Plan, a copy of
which Optionee acknowledges receiving prior to the execution hereof.

(c)           Captions.  The captions and section headings used herein
are for convenience only, shall not be deemed part of this Agreement and shall
not in any way restrict or modify the context and substance of any section or
paragraph of this Agreement.

(d)           Governing
Law.  This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of Delaware.

(e)           Defined
Terms.  All
defined terms not defined herein shall have the meanings set forth in the Plan,
unless a different meaning is plainly required by the context.

IN WITNESS WHEREOF, the parties
have executed this Agreement as of the day and year first above written.

	
  

  	
  VENTAS, INC.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
   

  
	
   

  	
   

  	 

	
   

  	
  Title:

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  NAMEExhibit 10.2

 

[EMPLOYEE FORM]

 

VENTAS,
INC.

RESTRICTED STOCK AGREEMENT

THIS RESTRICTED STOCK AGREEMENT (“Agreement”)
is made and entered into as of the         day
of            , by and
between VENTAS, INC., a Delaware corporation (“Company”),
and            , an
employee of the Company (“Employee”).

RECITALS:

A.   Company has adopted the 2006 Incentive Plan (“Plan”) to promote
the interests of Company, its subsidiaries (hereinafter the term “Company”
includes, where appropriate, all of Company’s subsidiaries, as that term is
defined in Section 424(f) of the Internal Revenue Code of 1986, as amended (“Code”))
and its stockholders by encouraging selected employees of Company, such as
Employee, to invest in Company’s shares of Common Stock, having a par value of
$0.25 per share (“Common Stock”).

B.   Company believes that such investment should increase the personal
interest and special efforts of Employee in providing for the continued success
and progress of Company and should enhance the efforts of Company to attract
and retain competent key employees.

AGREEMENT:

NOW, THEREFORE, the parties
agree as follows:

1.             Issuance of Common Stock.  The Company shall cause to
be issued to Employee                         
(          ) shares of Common
Stock (the “Shares”).  The certificates
representing the Shares, together with a stock power duly endorsed in blank by
Employee, shall be deposited with the Company to be held by it until the
restrictions imposed upon the Shares by this Agreement have expired.

2.             Vesting of Shares.  If Employee has not
forfeited any of the Shares, the restriction on the Transfer (as defined
herein) of the Shares shall expire with respect to one-third of the Shares on              ,
and shall expire with respect to an additional one-third of the Shares on             ,
and shall expire with respect to the balance of the Shares on                .  Upon expiration of the restriction against
Transfer of any of the Shares pursuant to this Section 2, the Shares shall
vest.  Notwithstanding the foregoing, in
the event of (A) a Change in Control or (B) the death or Disability of
Employee, the Shares shall automatically vest and all restrictions on the
Shares shall lapse.

3.             Forfeiture of Shares.  If Employee ceases to be an
Employee for any reason other than death or Disability, all of the Shares which
have not vested in accordance with Section 2 of this Agreement shall be
forfeited and reconveyed to the Company by Employee without additional
consideration and Employee shall have no further rights with respect thereto.

 1
 

 

 

4.             Restriction on Transfer of Shares.  Employee shall not Transfer
any of the Shares owned by Employee until such restriction on the Transfer of
the Shares is removed pursuant to this Agreement.  For the purposes of this Agreement, the term “Transfer”
shall mean any sale, exchange, assignment, gift, encumbrance, lien, transfer by
bankruptcy or judicial order, transfers by operation of law and all other types
of transfers and dispositions, whether direct or indirect, voluntary or
involuntary.

5.             Rights as Stockholder.  Unless the Shares are
forfeited, Employee shall be considered a stockholder of the Company with
respect to all such Shares that have not been forfeited and shall have all
rights appurtenant thereto, including the right to vote or consent to all
matters that may be presented to the stockholders and to receive all dividends
and other distributions paid on such Shares. 
If any dividends or distributions are paid in Common Stock, such Common
Stock shall be subject to the same restrictions as the Shares with respect to
which it was paid.

6.             Restrictive Legend.  Each certificate
representing the Shares may bear the following legend:

The sale or other
transfer of the shares represented by this Certificate, whether voluntary,
involuntary or by operation of law, is subject to certain restrictions on
transfer as set forth in the Ventas, Inc. 2006 Incentive Plan and in the
related Restricted Stock Agreement.  A
copy of the Plan and such Restricted Stock Agreement may be obtained from the
Secretary of Ventas, Inc.

When
the Shares have become vested, Employee shall have the right to have the
preceding legend removed from the certificate representing such vested Shares.

7.             Agreement Does Not Grant Employment Rights.  The granting of Shares shall not be construed
as granting to Employee any right to employment by the Company.  The right of the Company to terminate
Employee’s employment at any time, whether by dismissal, discharge, retirement
or otherwise, is specifically reserved.

8.             Miscellaneous.

a.             Incorporation
of Plan. 
This Agreement is and shall be, in all respects, subject to the terms
and conditions of the Plan, a copy of which Employee acknowledges receiving
prior to the execution hereof and the terms of which are incorporated by
reference.

b.             Captions.  The captions and
section headings used herein are for convenience only, shall not be deemed a
part of this Agreement and shall not in any way restrict or modify the context
or substance of any section or paragraph of this Agreement.

c.             Governing
Law.  This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of Delaware without regard to its conflict of laws rules.

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d.             Section
83(b) Election Under the Code.  If
Employee timely elects, under Section 83(b) of the Code, to include the fair
market value of the Shares on the date hereof in such Employee’s gross income
for the current taxable year, Employee agrees to give prompt written notice of
such election to the Company.  Employee
hereby acknowledges that the Company will be obligated to withhold income taxes
for the income includable in Employee’s income and hereby agrees to make
whatever arrangements are necessary to enable the Company to withhold as
required by law.

e.             Defined
Terms.  All
capitalized terms not defined herein shall have the same meanings as set forth
in the Plan unless a different meaning is plainly required by the context.

IN
WITNESS WHEREOF, the parties have executed this Agreement on
and as of the date first above written.

	
  

  	
  VENTAS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NAME

  
					

 

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