Document:

Intercreditor Agreement

 Exhibit 10.6 
 EXECUTION VERSION 
 INTERCREDITOR AGREEMENT 
 This Intercreditor Agreement is entered into as of December 22, 2006, among Wells Fargo Foothill, Inc., a California corporation, in its capacity as
agent (in such capacity, together with any successor in such capacity, the “Senior Facility Agent”) for the lenders that are from time to time parties to the Senior Facility Agreement referred to below (the “Senior Facility
Creditors”), Wells Fargo Bank, N.A., a national banking association, in its capacity as trustee (in such capacity, together with any successor in such capacity, the “Trustee”) for the holders of the Notes (as defined below)
issued under the Indenture referred to below (the “Noteholders”). 
 RECITALS 
 A. Concurrently herewith, Velocity Express Corporation, a Delaware corporation (“Parent”), each Subsidiary of the Parent identified on the
signature pages hereof as a Borrower (such Subsidiaries, together with the Parent, each individually as a “Borrower” and individually and collectively, jointly and severally as “Borrowers”) and each Subsidiary of the Parent
identified on the signature pages hereof as a Guarantor (such Subsidiaries, each individually as a “Guarantor”, and individually and collectively, jointly and severally as “Guarantors”) are entering into that certain Credit
Agreement, of even date herewith (as such agreement may be amended, replaced (including any replacement in connection with a refinancing thereof), substituted or restated (in each case, to the extent not prohibited by Section 13 of this
Agreement), the “Senior Facility Agreement”), with the Senior Facility Agent and the Senior Facility Creditors pursuant to which the Senior Facility Creditors have agreed to extend certain financial accommodations to the Borrowers.

 B. Concurrently herewith, (i) each Borrower is entering into certain mortgages, security agreements, pledge agreements, collateral
assignments and other security documents (as such agreements may be amended, replaced (including, any replacement in connection with a refinancing), substituted or restated (in each case, to the extent not prohibited by Section 13 of this
Agreement), collectively, the “Senior Security Documents”) pursuant to which each Borrower is granting a lien on and a security interest in substantially all of its assets to the Senior Facility Agent, for the benefit of the Senior
Facility Agent and the Senior Facility Creditors, as security for the prompt payment and performance of its obligations under the Senior Facility Agreement and the Senior Facility Documents and (ii) each Guarantor is guaranteeing pursuant to a
Guaranty or pursuant to the Senior Facility Agreement (as such agreements may be amended, replaced (including, any replacement in connection with a refinancing), substituted or restated (in each case, to the extent not prohibited by Section 13
of this Agreement), each a “Senior Guaranty”) the obligations of the Borrower owing to the Senior Facility Agent and the Senior Facility Creditors under the Senior Facility Agreement and, as security for the prompt payment and performance
of its obligations under the Senior Guaranty, each Guarantor is entering into certain mortgages, security agreements, pledge agreements, collateral assignments and other security documents (as such agreements may be amended, replaced (including, any
replacement in connection with a refinancing), substituted or restated (in each case, to the extent not prohibited by Section 13 of this Agreement), collectively, the “Senior Guaranty Documents”), pursuant to which each Guarantor is
granting a lien on and a security interest in substantially all of its assets to the Senior Facility Agent for the benefit of the Senior Facility Creditors. 

 C. Parent has entered into, and each other Obligor has, in a “Subsidiary Guarantor” capacity,
acceded to, an Indenture, dated as of July 3, 2006 (as such Indenture may be amended, replaced (including, any replacement in connection with a refinancing thereof), substituted or restated (in each case, to the extent not prohibited by
Section 13 of this Agreement), the “Indenture”), among each of the Obligors and the Trustee, pursuant to which the Parent has issued $78,205,000 aggregate principal amount of its 12% Senior Secured Notes due 2010 (as amended,
restated, or otherwise modified (in each case, to the extent not prohibited by Section 13 of this Agreement), the “Notes”). 
 D. In connection with the Indenture, (i) as security for the prompt payment and performance of the Noteholder Indebtedness (as hereinafter defined), the Parent has entered into certain mortgages, security agreements, pledge agreements,
collateral assignments and other security documents (as such agreements may be amended, replaced (including, any replacement in connection with a refinancing), substituted or restated (in each case, to the extent not prohibited by Section 13 of
this Agreement), the “Noteholder Security Documents”) pursuant to which the Parent has granted a lien on and a security interest in substantially all of its assets to the Trustee for the benefit of the Noteholders, and (ii) each of
the Guarantors has guaranteed the obligations of the Parent owing to the Noteholders under the Indenture (each such guaranty, as may be amended, replaced (including, any replacement in connection with a refinancing), substituted or restated (in each
case, to the extent not prohibited by Section 13 of this Agreement), a “Noteholder Guaranty”) and, as security for the prompt payment and performance of its guaranty obligations, each Guarantor has acceded and become party to the
Noteholder Security Documents, pursuant to which each such Guarantor has granted a lien on and a security interest in all of its assets to the Trustee for the benefit of the Noteholders. 
 E. The Senior Facility Agent and the Trustee wish to agree as to the priority of their respective liens upon and security interests in the Collateral (as
hereinafter defined) and as to certain other rights, priorities, and interests as between and among the Senior Facility Agent and the Senior Facility Creditors and the Trustee and the Noteholders. 
 AGREEMENT 
 In consideration of
the foregoing, the mutual covenants contained herein, and for other good and valuable consideration, the receipt of which the Senior Facility Agent and the Trustee hereby acknowledge, the Senior Facility Agent and the Trustee hereby agree as
follows: 
 1. Definitions and Rules of Construction. 
 (a) Definitions. The following terms, as used in this Agreement, shall have the following meanings: 
 “Agreement” means this Intercreditor Agreement together with any and all amendments, extensions, modifications, riders, addenda, exhibits, and schedules hereto. 
  

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 “Bank Product Agreement” means any agreement for any service or facility extended to any
Obligor or any of its Subsidiaries by the Senior Facility Agent or the Senior Facility Creditors or any affiliate of the Senior Facility Agent or the Senior Facility Creditors including: (a) credit cards, (b) credit card processing
services, (c) debit cards, (d) purchase cards, (e) cash management or related services (including the Automated Clearing House processing of electronic funds transfers through the direct Federal Reserve Fedline system), (f) cash
management, including controlled disbursement, accounts or services, or (g) Hedging Agreements. 
 “Bank Product
Obligations” means all obligations, liabilities, contingent reimbursement obligations, fees, and expenses owing by any Obligor or its Subsidiaries to the Senior Facility Agent, any Senior Facility Creditor or any of its Affiliates pursuant
to or evidenced by the Bank Product Agreements and irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and including all such amounts that any
Obligor is obligated to reimburse to Senior Facility Agent or any Senior Facility Creditor as a result of such Person purchasing participations or executing indemnities or reimbursement obligations with respect to the Bank Products provided to any
Obligor or its Subsidiaries pursuant to the Bank Product Agreements. 
 “Bankruptcy Case” means any proceeding commenced by
or against any Obligor, under any provision of the Bankruptcy Code or under any other federal or state bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions generally
with its creditors, or proceedings seeking reorganization, arrangement, or other similar relief, and all converted or succeeding cases in respect thereof. 
 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C. § 101, et seq.), as amended, and any successor statute as in effect from time to time. 
 “Base Maximum Principal Amount” means $14,000,000, or upon delivery to the Senior Facility Agent of one or more certificates, each
substantially in the form of Exhibit A attached hereto, such greater amount not exceeding $29,000,000 as is indicated in the certificate most recently received by the Senior Facility Agent; provided, that, the Senior Facility
Agent (i) shall be under no obligation to ascertain or to inquire as to any calculations or any other information contained in any such certificate, and (ii) shall be entitled to rely, and shall be fully protected in relying, upon any such
certificate believed by it to be genuine and correct and to have been signed, sent, or made by the proper Person or Persons, in each case without any further inquiry whatsoever. 
 “Borrower” and “Borrowers” has the meaning set forth in the Recitals to this Agreement. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which national banks are authorized or required to close in
New York City. 
 “Casualty” has the meaning set forth in Section 8(b) of this Agreement. “Collateral” means
all assets and property of each Obligor, whether real, personal or mixed, in which any Secured Creditor now or hereafter has a lien as security for any Secured Creditors Indebtedness. 
  

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 “Currency Protection Agreement” means a currency swap, cap or collar agreement or
similar arrangement entered into with the intent of protecting against fluctuations in currency values, either generally or under specific contingencies. 
 “Documents” means, collectively, the Senior Facility Documents and the Noteholder Documents. 
 “Exigent Circumstances” shall have the meaning set forth in Section 16(b) of this Agreement. 
 “Governmental Authority” means any federal, state, local or other governmental or administrative body, instrumentality, department, or agency or any court, tribunal, administrative hearing body, arbitration panel,
commission, or other similar dispute-resolving panel or body. 
 “Guarantor” and “Guarantors” has the
meaning set forth in the Recitals to this Agreement, and shall include any Person that becomes a guarantor of the Senior Indebtedness or the Noteholder Indebtedness after the date hereof. 
 “Hedging Agreement” means any Currency Protection Agreement or any Interest Rate Protection Agreement. 
 “Indenture” has the meaning set forth in the Recitals to this Agreement. 
 “Interest Rate Protection Agreement” an interest rate swap, cap or collar agreement or similar arrangement entered into with the intent
of protecting against fluctuations in interest rates or the exchange of notional interest obligations, either generally or under specific contingencies. 
 “Maximum Senior Principal Amount” means, at any time of determination, the then applicable Base Maximum Principal Amount less the aggregate amount (other than by virtue of any initial or subsequent
refinancing of Senior Indebtedness in whole or in part) applied from time to time to repay the principal amount of the Senior Indebtedness which is accompanied by a corresponding permanent reduction of the Revolver Commitment (as defined in the
Senior Facility Agreement); provided, however, that (i) Bank Product Obligations shall be included in the calculation of Maximum Senior Principal Amount and (ii) in no event shall Indebtedness constituting Related Senior
Indebtedness be included in the calculation of Maximum Senior Principal Amount. 
 “Noteholder Documents” means,
collectively, the Indenture, the Noteholder Security Documents, the Noteholder Guaranties and any other document, instrument, mortgage or agreement now existing or in the future entered into evidencing, documenting, securing, or otherwise relating
to the Noteholder Indebtedness or the Collateral, together with any amendments, replacements (including, any replacements in connection with a refinancing), substitutions, or restatements (in each case, to the extent not prohibited by
Section 13 of this Agreement) thereof. 
  

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 “Noteholder Guaranty” has the meaning set forth in the Recitals to this Agreement.

 “Noteholder Indebtedness” means any and all presently existing or hereafter arising indebtedness, claims, debts,
liabilities, obligations (including any prepayment premium), fees, expenses or indemnities of the Obligors owing to the Noteholders and the Trustee under the Noteholder Documents, whether direct or indirect, whether contingent (including in respect
of any Noteholder Guaranty) or of any other nature, character, or description (including all interest fees and expenses and other amounts accruing after commencement of any Bankruptcy Case, and any interest, fees and expenses and other amounts that,
but for the provisions of the Bankruptcy Code, would have accrued and become due or otherwise would have been allowed), and any refinancings, renewals, refundings, or extensions (in each case, to the extent not prohibited by Section 13 of this
Agreement) of such amounts. 
 “Noteholder Security Documents” has the meaning set forth in the Recitals to this Agreement.

 “Noteholders” has the meaning set forth in the Preamble to this Agreement. 
 “Notes” has the meaning set forth in the Recitals to this Agreement. 
 “Obligors” means, collectively, each Borrower, each Guarantor and each other Person who becomes a Borrower or a Guarantor under the
Documents. 
 “Payment in Full” means the final payment in full in cash of all Senior Indebtedness (other than in connection
with the refinancing of any Senior Indebtedness) in accordance with, and the termination of, the Senior Documents. 
 “Parent” has the meaning set forth in the Preamble to this Agreement. 
 “Person” means natural
persons, corporations, limited liability companies, limited partnerships, general partnerships, limited liability partnerships, joint ventures, trusts, land trusts, business trusts, or other organizations, irrespective of whether they are legal
entities, and governments and agencies and political subdivisions thereof. 
 “Purchase Notice” shall have the meaning set
forth in Section 16(a) of this Agreement. 
 “Purchasing Noteholders” shall have the meaning set forth in
Section 16(a) of this Agreement. 
 “Recovery” shall have the meaning set forth in Section 9(e) of this Agreement.

  

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 “Related Senior Indebtedness” means the indebtedness of any Obligor under the Senior
Facility Documents with respect to interest, fees, indemnities, costs and expenses (including all interest, fees, costs and expenses and indebtedness accrued or accruing or payable (or which would, absent the commencement of a Bankruptcy Case,
accrue or be payable) after the commencement of a Bankruptcy Case in accordance with the Senior Facility Agreement whether or not the claim for such interest, fees, costs and expenses or indebtedness is allowed as a claim in such Bankruptcy Case),
in each case, whether or not charged to the loan account(s) of the Obligors pursuant to the Senior Facility Agreement, including, without limitation, in connection with any amendment (including any amendment and restatement thereof), supplement,
replacement, restatement or other modification (in each case, to the extent not prohibited by Section 13 of this Agreement) from time to time, including any agreements (and related instruments and documents) extending the maturity of,
refinancing, replacement or other restructuring (in each case, to the extent not prohibited by Section 13 of this Agreement) of all or any portion of the indebtedness under any Senior Facility Document or any successor or replacement agreements
(and related instruments and documents). 
 “Replacement Liens” shall have the meaning set forth in Section 9(b) of
this Agreement. 
 “Secured Creditor” means any of the Senior Facility Agent, the Senior Facility Creditors, the Trustee or
the Noteholders, or any successor or assignee of any of them, or any future holder of Senior Indebtedness or Noteholder Indebtedness, respectively. 
 “Secured Creditor Remedies” means any action by a Secured Creditor in furtherance of the sale, foreclosure, realization upon, or the repossession or liquidation of any of the Collateral, including, without limitation:
(i) the exercise of any remedies or rights of a “Secured Creditor” under Article 9 of the UCC, such as, without limitation, the notification of account debtors; (ii) the exercise of any remedies or rights as a mortgagee or
beneficiary (or by the trustee on behalf of the beneficiary), including, without limitation, the appointment of a receiver, or the commencement of any foreclosure proceedings or the exercise of any power of sale, including, without limitation, the
placing of any advertisement for the sale of any Collateral; (iii) the exercise of any remedies available to a judgment creditor; (iv) the exercise of any rights of forfeiture or repossession of any assets; (v) the exercise of any
set-off rights; or (vi) any other remedy available in respect of the Collateral available to such Secured Creditor under any Document to which it is a party or under applicable law, provided that Secured Creditor Remedies shall not
include any action taken by a Secured Creditor (A) solely to correct any mistake or ambiguity in any Documents, (B) solely to remedy or cure any defect in or lapse of perfection of the lien of a Secured Creditor in the Collateral,
(C) in connection with cash management services performed for any Obligor, whether at such Obligor’s request or as required by the terms of the Senior Facility Documents or (D) in connection with the collection of accounts receivable
through lockbox or blocked account arrangements, regardless of whether such collection occurs prior to or following any event of default under any Document. 
 “Secured Creditors’ Indebtedness” means, collectively, the Senior Indebtedness and the Noteholder Indebtedness. 
  

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 “Senior Facility Agent” has the meaning set forth in the Preamble to this Agreement and
shall include any successor agent under the Senior Facility Agreement or any replacement or refinancing thereof. 
 “Senior Facility
Agreement” has the meaning set forth in the Recitals to this Agreement. 
 “Senior Facility Creditors” has the
meaning set forth in the Preamble to this Agreement and shall include all subsequent holders of the Senior Indebtedness. 
 “Senior
Facility Documents” means, collectively, the Senior Facility Agreement, the Senior Security Documents, any Loan Documents (as defined in the Senior Facility Agreement), any Senior Guaranty, the Senior Guaranty Documents and any other
document, instrument or agreement now existing or in the future entered into evidencing, documenting, securing or otherwise relating to the Senior Indebtedness or the Collateral provided as security for the Senior Indebtedness, together with any
amendments, replacements (including, any replacements in connection with a refinancing), substitutions, or restatements (in each case, to the extent not prohibited by Section 13 of this Agreement) thereof. 
 “Senior Guaranty” has the meaning set forth in the Recitals to this Agreement. 
 “Senior Guaranty Documents” has the meaning set forth in the Recitals to this Agreement. 
 “Senior Indebtedness” means any and all presently existing or hereafter arising indebtedness, reimbursement obligations, claims, debts,
liabilities, obligations (including all Bank Product Obligations), fees (including all fees and premiums set forth in the Fee Letter (as defined in the Senior Facility Agreement)), expenses or indemnities of the Obligors owing to the Senior Facility
Agent and the Senior Facility Creditors under the Senior Facility Documents (including any Bank Product Agreement), whether direct or indirect, whether contingent (including in respect of any Senior Guaranty) or of any other nature, character, or
description (including all interest, fees and expenses and other amounts accruing after commencement of any Bankruptcy Case, and all interest, fees and expenses and other amounts that, but for the provisions of the Bankruptcy Code, would have
accrued and become due or otherwise would have been allowed), and any refinancings, renewals, refundings, or extensions (in each case, to the extent not prohibited by Section 13 of this Agreement) of such amounts; provided that, for
purposes of this Agreement, the term “Senior Indebtedness” shall not include the aggregate outstanding principal amount of loans, the aggregate undrawn amount of any letters of credit and the aggregate amount of Bank Product Obligations in
excess of the Maximum Senior Principal Amount; provided, further, that, the foregoing limitation shall not apply to, and the term “Senior Indebtedness” shall include Related Senior Indebtedness, whether or not charged by the
Senior Facility Agent or the Senior Facility Creditors to the loan account of the Obligors maintained by the Senior Facility Agent and the Senior Facility Creditors pursuant to the Senior Facility Agreement. 
 “Senior Lien” has the meaning set forth in Section 2 of this Agreement. 
  

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 “Senior Security Documents” has the meaning set forth in the Recitals to this Agreement.

 “Specified Collateral” has the meaning set forth in Section 11 of this Agreement. 
 “Taking” has the meaning set forth in Section 8(a) of this Agreement. 
 “Trigger Event” has the meaning set forth in Section 16(a) of this Agreement. 
 “Trigger Notice” has the meaning set forth in Section 16(a) of this Agreement. 
 “Trustee” shall have the meaning set forth in the Preamble to this Agreement and shall include any successor trustee under the Indenture
or any replacement or refinancing thereof. 
 “Trustee Lien” has the meaning set forth in Section 2 of this Agreement.

 “UCC” means the Uniform Commercial Code as adopted in the State of New York, or in such other jurisdiction as governs the
perfection of the liens and security interests in the Collateral for the purposes of the provisions hereof relating to such perfection or effect of perfection. 
 (b) UCC Definitions. All other capitalized terms used in this Agreement that are defined in the UCC shall have the meanings given to them in the UCC unless otherwise expressly defined herein. 
 (c) Other Definitional Provisions. When used in this Agreement: (i) the words “herein,” “hereof,” and
“hereunder” and words of similar import shall refer to this Agreement as a whole and not to any provision of this Agreement; (ii) the words “include,” “includes,” and “including” are not limiting; the
word “or” has, except where otherwise required by the context, the inclusive meaning represented by the phrase “and/or”; (iii) unless otherwise specified, the words “Section,” “Schedule” and
“Exhibit” refer to Sections of, and Schedules and Exhibits to, this Agreement unless otherwise specified; and (iv) the singular number includes the plural, and vice versa, whenever the context so requires. 
 2. Permitted Liens and Relative Priorities. As among the Secured Creditors, and notwithstanding the terms (including the description of
Collateral), dating, execution, or delivery of any agreement, instrument, or other document; the time, order, method, or manner of granting, or (except as provided in Section 2(b) below) perfection of any security interest or lien; the time of
filing or recording of any financing statements, assignments, deeds of trust, mortgages, or any agreements, instruments, or other documents under the UCC or any other applicable law; any invalidity, unenforceability, or lack of perfection of any
lien or security interest; and any provision of the UCC or any other applicable law to the contrary, the Secured Creditors agree: 
  

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 (a) The lien and security interest of the Senior Facility Agent, on behalf of and for the benefit of the
Senior Facility Creditors, upon the Collateral created or evidenced by the Senior Facility Documents, to the extent securing Senior Indebtedness (such lien and security interest, the “Senior Lien”), shall be senior and prior in right to
the lien and security interest of the Trustee, on behalf of and for the benefit of the Noteholders, upon the Collateral created or evidenced by the Noteholder Documents (the “Trustee Lien”); and 
 (b) The Trustee Lien upon the Collateral shall be junior and subordinate to the Senior Lien upon the Collateral. 
 Notwithstanding the foregoing, if a court of competent jurisdiction determines in a final judgment not subject to appeal that all or any portion of the
Senior Lien is not perfected or is invalid or unenforceable (any such Senior Lien, the “Unperfected Senior Lien”), the Unperfected Senior Lien shall be senior and prior in right to the Trustee Lien and the Trustee Lien shall be junior and
subordinated to the Unperfected Senior Lien, in each case only to the extent securing Senior Indebtedness in an aggregate principal amount not in excess of $7,000,000, provided that such limitation shall not apply to any Senior Lien that is
not an Unperfected Senior Lien. For purposes of the foregoing allocation of priorities, any claim of a right to a setoff (other than cashless Warrant exercises and Notes exchanges) shall be treated in all respects as a security interest and no
claimed right of setoff shall be asserted to defeat or diminish the rights or priorities provided for herein. 
 3. No Alteration of
Priority. The lien and security interest priorities provided in Section 2 shall not be altered or otherwise affected by any amendment, modification, supplement, extension, renewal, restatement or refinancing (in each case, to the extent not
prohibited by Section 13 of this Agreement) of any of the Senior Indebtedness or any Noteholder Indebtedness, or by any action or inaction which any Secured Creditor may take or fail to take in respect of the Collateral or, except as otherwise
provided in Section 2, by any invalidity, unenforceability, or lack of perfection of the liens and security interests of the Senior Facility Agent and the Senior Facility Creditors. The Secured Creditors consent to the Obligors’ granting
to each other Secured Creditor the liens and security interests reflected in Section 2. 
 4. Perfection. 
 (a) Each of the Secured Creditors shall be solely responsible for, and nothing herein shall prohibit any Secured Creditor from, perfecting and maintaining
the perfection of its lien and security interest in any of the Collateral in which such party has been granted a lien or security interest. The provisions of this Agreement are intended solely to govern the respective priorities as among the Secured
Creditors. Except after Payment in Full, the Trustee, on behalf of the Noteholders agrees that it will not directly or indirectly take any action to contest or challenge the validity, legality, perfection, priority, availability, or enforceability
of the Senior Lien or seek to have the same avoided, disallowed, set aside, or otherwise invalidated in any judicial proceeding or otherwise upon the Collateral or seek to have the same avoided, disallowed, set aside, or otherwise invalidated in any
judicial proceeding or otherwise. The Senior Facility Agent, on behalf of the Senior Facility Creditors agrees that, except to protect and give effect to the rights and priorities specifically conferred in this Agreement on and in respect of the
Senior Lien, it will not directly or indirectly take any action to contest or challenge the 
  

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 validity, legality, perfection, priority, availability, or enforceability of the Trustee Lien or seek to have the same
avoided, disallowed, set aside, or otherwise invalidated in any judicial proceeding or otherwise upon the Collateral or seek to have the same avoided, disallowed, set aside, or otherwise invalidated in any judicial proceeding or otherwise.

 (b) If the Trustee shall acquire and hold a lien on any assets of the Obligors that are not also subject to the lien of the Senior
Facility Agent, then notwithstanding any term of the Senior Documents or the Noteholder Documents to the contrary, the Trustee shall be deemed to hold such lien for the benefit of the Senior Facility Agent to secure the Senior Indebtedness, subject
in all cases to the provisions of this Agreement. 
 5. Exercise of Remedies; Management of Collateral. Notwithstanding anything to
the contrary contained in any of the Documents: 
 (a) Subject to clause (b) of Section 6, until Payment in Full: (i) the
Senior Facility Agent and the Senior Facility Creditors shall have the exclusive right to manage, perform, and enforce the terms of the Senior Facility Documents with respect to the Collateral and to exercise and enforce all privileges and rights
thereunder in their sole discretion, including, without limitation, the exclusive right to enforce or settle insurance claims with respect to Collateral, take or retake control or possession of Collateral and to hold, prepare for sale, process,
sell, lease, dispose of, or liquidate Collateral; (ii) the Trustee on behalf of the Noteholders shall not exercise any Secured Creditor Remedies with respect to Collateral; and (iii) subject to Section 15, any and all proceeds of
Collateral which shall come into the possession, control, or custody of the Trustee or the Noteholders will be deemed to have been received for the account of the Senior Facility Creditors and shall be immediately paid over to the Senior Facility
Agent for the benefit of the Senior Facility Creditors. In connection with the provisions of clause 5(a)(i) above, the Trustee and the Noteholders waive any and all rights to alter the method or challenge the appropriateness of any action in
compliance with applicable law by the Senior Facility Agent and the Senior Facility Creditors with respect to the Collateral, and waive any claims or defenses they may have against the Senior Facility Agent and the Senior Facility Creditors,
including any such claims or defenses based on any actions or omissions (other than actual fraud and non-compliance with applicable law) of any such Person in connection with the perfection, maintenance, enforcement, foreclosure, sale, liquidation
or release of any lien or security interest therein, or any modification or waiver of any Senior Facility Documents. 
 (b) The rights and
priorities set forth in this Agreement shall remain binding irrespective of the terms of any plan of reorganization in a Bankruptcy Case or other provisions of the Bankruptcy Code or any similar federal or state statute. 
 6. Sale of Collateral. 
 (a) Subject
to clause (b) of this Section 6, until the Payment in Full: (i) without in any manner limiting the obligations of the Obligors to comply with the various covenants and restrictions expressly provided for in Article Four of the
Indenture (but only to the extent that the Trustee Lien is not otherwise required to be released as provided in the immediately following clause (ii)), during the continuance of any event of default under the 
  

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 Senior Facility Documents only the Senior Facility Creditors shall have the right to restrict or permit, or approve or
disapprove, the sale, transfer or other disposition of the Collateral and (ii) upon an event of default under any Senior Facility Document, the Trustee will, immediately upon the written request of the Senior Facility Agent, release or
otherwise terminate the Trustee Lien with respect to all Collateral other than with respect to any proceeds of any sale or disposition of the Collateral as contemplated by this Section 6(a) (which Trustee Lien shall, accordingly, remain subject
and subordinate to the Senior Lien until Payment in Full), to the extent such Collateral is sold or otherwise disposed of by the Senior Facility Agent and the Senior Facility Creditors or, by any Obligor with the consent of the Senior Facility Agent
and the Senior Facility Creditors in accordance with the Senior Facility Documents, and the Trustee will immediately deliver such release documents as the Senior Facility Agent may reasonably require in connection therewith to the extent the
proceeds of such sale or other dispositions are applied to the Senior Indebtedness until Payment in Full; provided, however, that if any such sale or other disposition results in a surplus after Payment in Full, such surplus shall be
paid to the Trustee, for the benefit of the Noteholders, for application in accordance with the terms of the Noteholder Documents. 
 (b)
Upon the occurrence and during the continuance of an event of default under any Noteholder Documents, subject at all times to the provisions of Section 5(a)(iii), commencing 150 days after receipt by the Senior Facility Agent of the written
declaration of the Trustee on behalf of the Noteholders of such event of default, the Trustee, on behalf of the Noteholders, may take action to exercise its Secured Creditor Remedies, but, in the case of such action to exercise their Secured
Creditor Remedies, only so long as the Senior Facility Agent and the Senior Facility Creditors are not diligently pursuing in good faith the exercise of their Secured Creditor Remedies, or attempting to vacate any stay of enforcement of the Senior
Lien on, a material portion of the Collateral, including, without limitation, any or all of the following: solicitation of bids from third parties to conduct the liquidation of all or a material portion of the Collateral, the engagement or retention
of sales brokers, marketing agents, investment bankers, accountants, appraisers or auctioneers for the purposes of valuing, marketing, promoting and selling a material portion of the Collateral, the commencement of any action to foreclose on the
Senior Lien on all or any material portion of the Collateral, notification of account debtors to make or cause the remittance of payments to the Senior Facility Agent or its agents, any action to take possession of all or any material portion of the
Collateral or commencement of any legal proceedings or actions against or with respect to all or any material portion of the Collateral, provided that, notwithstanding the foregoing, such 150 day period shall be tolled during such time as both
the Senior Facility Agent and the Trustee are stayed from enforcing their liens on a material portion of the Collateral. In addition to and not by way of limitation of the foregoing, at no time prior to Payment in Full shall the Noteholders take any
action that will impede, interfere with, restrict, or restrain the exercise by the Senior Facility Agent and the Senior Facility Creditors of their rights and remedies under the Senior Facility Documents to the full extent of the Senior Lien herein
provided. If the Noteholders shall attempt any Secured Creditor Remedies or attempt any other action prohibited or restricted under this Agreement, any Obligor or the Senior Facility Agent and the Senior Facility Creditors may interpose as a defense
or plea the making of this Agreement and the Senior Facility Agent and the Senior Facility Creditors may intervene and interpose such defense in their name or in the name of any Obligor and any Obligor or the Senior Facility Agent and the Senior
Facility Creditors may by virtue of this Agreement restrain the enforcement thereof in the name of any 
  

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 Obligor or the Senior Facility Agent and the Senior Facility Creditors. Prior to Payment in Full, any Collateral or
proceeds thereof received by the Trustee or any Noteholder in connection with the exercise of any Secured Creditor Remedies in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the Senior Facility Agent
for the benefit of the Senior Facility Creditors in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Senior Facility Agent is hereby authorized to make any such endorsements
as agent for the Trustee or any such Noteholder. This authorization is coupled with an interest and is irrevocable. 
 (c) Whether or not any
Bankruptcy Case has been commenced by or against any Obligor, except as otherwise provided in Section 2, any Collateral or proceeds thereof received in connection with any exercise of Secured Creditor Remedies shall (at such time as such
Collateral or proceeds has been monetized) be applied: (a) first, an aggregate amount of $100,000 to be shared equally, to the payment of costs and expenses of the Senior Facility Agent and the Trustee in connection with such exercise of
Secured Creditor Remedies, (b) second, to the payment of all additional costs and expenses of Senior Facility Agent in connection with such exercise of Secured Creditor Remedies, (c) third, to the payment or collateralization
of the Senior Indebtedness in accordance with the Senior Facility Documents, and in the case of payment of any revolving credit loans, together with the concurrent permanent reduction of any revolving credit commitment thereunder in an amount equal
to the amount of such payment, (d) fourth, to the payment of all additional costs and expenses of the Trustee in connection with such exercise of Secured Creditor Remedies (to the extent Trustee’s exercise of Secured Creditor
Remedies is permitted hereunder), and (e) fifth, to the payment of the Note Indebtedness in accordance with the Noteholder Documents. 
 (d) This Section 6 shall not be construed in any way to limit or impair the right of (i) any Secured Creditor to bid for and purchase Collateral at any private or judicial foreclosure upon such Collateral initiated by any other
Secured Creditor, (ii) the Trustee to join (but not control) any foreclosure or other judicial lien enforcement proceeding with respect to the Collateral initiated by the Senior Facility Agent and the Senior Facility Creditors thereon, so long
as it does not delay or interfere with the exercise by the Senior Facility Agent and the Senior Facility Creditors of their rights or (iii) subject to the terms of this Agreement, the right of the Noteholders to receive payments from the
proceeds of the collection, sale or other disposition of the Collateral. 
 7. Sections 9-611 and 9-613 Notice and Waiver of
Marshalling. Each Secured Creditor hereby acknowledges that this Agreement shall constitute notice of the other Secured Creditors’ respective interests in the Collateral as provided by Sections 9-611 and 9-613 of the UCC and each of the
Secured Creditors waives any right to compel the other Secured Creditors to marshal any of the Collateral or to seek payment from any particular assets of any Obligor or from any third party. 
 8. Insurance or Condemnation. In the event of, in each case unless and until Payment in Full: 
 (a) a taking or threatened taking by condemnation or other eminent domain of all or any portion of any Real Property (collectively, a “Taking”)
or 
  

 - 12 - 

 (b) the occurrence of a fire or other casualty resulting in damage to all or any portion of any
Collateral (collectively, a “Casualty”): 
 (i) prior to the time the Trustee and the Noteholders are permitted to
take action with respect to an item of Collateral in accordance with Section 6(b), the Trustee and the Noteholders hereby waive any right to participate or join in any adjustment, compromise, or settlement of any claims resulting from a Taking
or a Casualty with respect to such item of Collateral; 
 (ii) all proceeds received or to be received on account of a Taking
and/or Casualty shall be applied in the manner or manners provided for in the Senior Facility Documents; and 
 (iii) the
Trustee agree to execute and deliver any documents, instruments, agreements or further assurances required to effectuate any of the foregoing. 
 9. Bankruptcy Issues. 
 (a) This Agreement shall continue in full force and effect after the commencement of a Bankruptcy
Case (all references herein to Obligors being deemed to apply to Obligors as debtors and debtors-in-possession and to a trustee for Obligors’ estate in a Bankruptcy Case), and shall apply with full force and effect with respect to all
Collateral acquired by such Obligors, and to all Senior Indebtedness, related Senior Indebtedness and Noteholder Indebtedness, as applicable, incurred by such Obligors, subsequent to such commencement. 
 (b) The Trustee and the Noteholders shall not (i) object on any grounds to any use of cash collateral permitted by, or post-petition financing
provided by, the Senior Facility Agent or any Senior Facility Creditor, provided that, the aggregate principal amount of pre-petition Senior Indebtedness together with the aggregate principal amount of financing in such Bankruptcy Case will
not exceed, at the time of determination, the Maximum Senior Principal Amount plus $10,000,000, (ii) seek adequate protection for the Trustee Lien in connection with any Bankruptcy Case (other than in the form of any replacement lien and
security interest to the Trustee Lien on post-petition assets of the Obligors which liens and security interests are subordinated to the Senior Lien securing the Senior Indebtedness and such financing in the Bankruptcy Case (and all Indebtedness
related thereto) on the same basis as the Trustee Lien is subordinated to the Senior Lien under this Agreement “Replacement Liens”)) or (iii) object to any motion by the Senior Facility Agent and the Senior Facility Creditors for
relief from the automatic stay in respect of the Senior Lien in any proceeding under the Bankruptcy Code to exercise any Secured Creditor Remedies. 
 (c) Without limiting the generality of the foregoing, until Payment in Full, the Trustee and the Noteholders agree that the Senior Facility Agent and the Senior Facility Creditors may consent to the sale or other disposition of all or any
portion of the Collateral in any Bankruptcy Case pursuant to Section 363 of the Bankruptcy Code, and the Trustee and the Noteholders shall not object to any such sale (except upon ground available to an unsecured creditor); provided that such
waiver of objection shall not limit or impair the Trustee’s or any Noteholder’s rights to proceeds thereof or therefrom immediately after Payment in Full. 
  

 - 13 - 

 (d) The Senior Facility Agent and the Senior Facility Creditors shall not object to any action taken by
the Trustee or any of the Noteholders seeking Replacement Liens, provided that, nothing contained herein shall prohibit or in any way limit the Senior Facility Agent or any Senior Facility Creditor from objecting in any Bankruptcy Case or
otherwise to any other action taken by the Trustee or any of the Noteholders, including, without limitation, the seeking by the Trustee or any Noteholder of adequate protection (other than in the form of Replacement Liens) or the asserting by the
Trustee or any Noteholder of any of its rights and remedies in respect of the Trustee Lien. 
 (e) If the Senior Facility Agent or any Senior
Facility Creditor is required in any Bankruptcy Case or otherwise to turn over or otherwise pay to the estate of any Obligor any amount (a “Recovery”), then the relevant Senior Indebtedness shall be reinstated to the extent of such
Recovery. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations
of the parties hereto from such date of reinstatement. 
 (f) If, in any Bankruptcy Case, debt obligations of the reorganized debtor secured
by liens upon any property of the reorganized debtor are distributed, pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of Senior Indebtedness and Noteholder Indebtedness, then, to the extent the debt
obligations distributed on account of Senior Indebtedness and Noteholder Indebtedness are secured by liens on the same property, the provisions of this Agreement will survive the distribution of such debt obligations pursuant to such plan and will
apply with like effect, as subject to the same terms and limitations applicable to the Senior Lien and the Junior Lien hereunder, to the liens securing such debt obligations. 
 10. Notice of Default and Certain Events. Each of the Senior Facility Agent and the Trustee shall, for and on behalf of the Senior Facility
Creditors and the Noteholders, respectively, send written notice to each other upon the occurrence of any of the following as applicable: 
 (a) the declaration of any default under such Secured Creditor’s Documents, or the acceleration of any of such Secured Creditor’s Indebtedness; or 
 (b) the commencement of any sale or liquidation of, or realization upon, any of the Collateral. 
 Each such
notice shall be sent to each other Secured Creditor contemporaneously with the sending of such notice to Obligors if and when sent under the applicable Documents. The failure of any Secured Creditor to give such notice shall not affect the relative
lien or security interest priorities or the other privileges of such Secured Creditor as provided in this Agreement or give rise to any liability. 
  

 - 14 - 

 11. Bailment. With respect to any Collateral in which a security interest may be perfected under
the UCC or other relevant law only by possession (“Specified Collateral”), the Senior Facility Agent will act as pledgeholder and/or bailee for the Noteholders until Payment in Full, whereupon the Senior Facility Agent shall immediately
transfer possession of any Collateral in the possession of the Senior Facility Agent to the Trustee for the benefit of the Noteholders; and immediately upon such transfer of possession the Trustee shall become the pledgeholder and/or the bailee of
such Specified Collateral for the benefit of the Noteholders. The Trustee acknowledges and agrees that: (a) the Senior Facility Agent and the Senior Facility Creditors do not make any representation or warranty whatsoever as to the nature,
extent, description, validity or priority of any Specified Collateral or the security interests in or liens upon any Specified Collateral; (b) while any Specified Collateral is held by the Senior Facility Agent, the Senior Facility Agent and
the Senior Facility Creditors shall not have any liability to, and shall be held harmless by, the Noteholders, for any losses, damages, claim, or liability of any kind to the extent arising out of the holding of such Specified Collateral, other than
losses, damages, claims, or liabilities arising out of the Senior Facility Agent’s gross negligence or willful misconduct; (c) the Senior Facility Agent need not act as a pledgeholder for the Noteholders with respect to any Collateral in
which a security interest may be perfected by means other than possession; (d) the Trustee and the Noteholders shall immediately deliver to the Senior Facility Agent any Specified Collateral that is now in or in the future comes into their
possession until Payment in Full; and (e) the priority of the Secured Creditors’ security interests in and liens upon the Specified Collateral shall be governed by the terms of this Agreement. 
 12. Authority of the Senior Facility Agent and the Trustee. 
 (a) The Senior Facility Agent represents and warrants that the execution, delivery and performance by it of this Agreement has been duly authorized by the Senior Facility Creditors and that this Agreement constitutes
the legal, valid and binding obligation of the Senior Facility Agent and the Senior Facility Creditors, enforceable against each of them in accordance with its terms. 
 (b) The Trustee represents and warrants that the execution, delivery and performance by it of this Agreement has been duly authorized by it and that this Agreement constitutes the legal, valid and binding obligation
of the Trustee, enforceable against the Trustee in accordance with its terms. 
 (c) The Trustee agrees that any assignment or transfer of an
interest in any of the Noteholder Indebtedness shall be made expressly subject to the terms and conditions of this Agreement. The Senior Facility Agent is the agent for the Senior Facility Creditors for all purposes of this Agreement and each Person
that becomes a Senior Facility Creditor after the date of this Agreement shall execute and deliver to the Senior Facility Agent an acknowledgment and consent to the terms of this Agreement. The Trustee is the trustee for the Noteholders for all
purposes of this Agreement. 
 13. Modification of Documents; Additional Covenants. 
 (a) The Trustee agrees that the Senior Facility Agent and the Senior Facility Creditors shall have absolute power and discretion, without notice to the
Noteholders, to 

  

 - 15 - 

 
deal in any manner with the Senior Indebtedness, including, without limitation, the power and discretion to do any of the following, in each case until
Payment in Full: (i) any demand for payment of any Senior Indebtedness may be rescinded in whole or in part, and any Senior Indebtedness may be continued, and the Senior Indebtedness or the liability of the Obligors upon or for any part
thereof, or any Collateral or guaranty therefor, or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, modified, accelerated, compromised, waived, surrendered, or released, (ii) the Senior
Documents may be amended, modified, supplemented, refinanced, renewed, refunded, extended or terminated, in whole or in part, as the Senior Facility Agent and the Senior Facility Creditors may deem advisable from time to time, provided that,
notwithstanding clauses (i) and (ii) above and except as provided in Section 9(b), the Senior Facility Creditors shall not (A) increase the principal amount of the Senior Indebtedness (excluding any Related Senior Indebtedness)
to a principal amount in excess of the Maximum Senior Principal Amount and (B) increase any “Applicable Margin” or other component of the interest rates on the Senior Indebtedness by more than 3% per annum above the rates as in
effect on the date hereof (excluding fluctuations in the underlying rate indices and the imposition of the default rate in effect on the date hereof), and (iii) any Collateral may be sold, exchanged, waived, surrendered, or released. The
Noteholders will remain bound under this Agreement, and the subordination the Trustee Lien provided for herein shall not be impaired, abridged, released, or otherwise affected notwithstanding any such renewal, extension, modification, acceleration,
compromise, amendment, supplement, termination, sale, exchange, waiver, surrender, or release, in each case, to the extent permitted by this Agreement. The Senior Indebtedness as may from time to time be subject to the Senior Lien shall conclusively
be deemed to have been created, contracted, or incurred in reliance upon this Agreement, and all dealings between the Senior Facility Agent and the Senior Facility Creditors on the one hand, and the Obligors, on the other hand, shall be deemed to
have been consummated in reliance upon this Agreement. 
 (b) Without the prior written consent of the Senior Facility Agent and the Senior
Facility Creditors, the Noteholders agree not to amend, modify or supplement, in whole or in part, any terms or provisions of any Noteholder Document in any manner directly and adversely affecting the rights and priorities appertaining to the Senior
Lien pursuant to the terms and conditions of this Agreement. 
 14. The Noteholders’ Waivers. Each Noteholder (a) waives any
and all notice of the creation, modification, renewal, extension, or accrual of any of the Senior Indebtedness and notice of or proof of reliance by Senior Facility Agent and the Senior Facility Creditors upon this Agreement; and (b) prior to
Payment in Full, waives any right of subrogation, contribution, reimbursement, or indemnity which it may have against any Obligor arising directly or indirectly out of this Agreement. 
 15. Rights As Unsecured Creditors. Except to the extent otherwise provided in this Agreement, the Trustee and the Noteholders may exercise rights
and remedies as an unsecured creditor against the Obligors in accordance with the terms of the Noteholder Documents and applicable law. Nothing in this Agreement shall prohibit the receipt by the Trustee or any Noteholders of the payments of
interest and principal and indemnities, fees, expenses and all other amounts which have become due and payable so long as such receipt is not the direct or indirect result of the exercise by the Trustee or any Noteholder of Secured 

  

 - 16 - 

 
Creditor Remedies in contravention of this Agreement. In the event the Trustee or any Noteholder becomes a judgment lien creditor in respect of Collateral as
a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subordinated to the liens securing Senior Indebtedness on the same basis as the other liens securing the Noteholder Indebtedness are so subordinated to
such Senior Indebtedness under this Agreement. Except as expressly provided in this Agreement, nothing in this Agreement modifies any rights or remedies the Senior Facility Agent or any of the Senior Facility Creditors may have with respect to the
Collateral. 
 16. Noteholders’ Purchase Option. 
 (a) Upon receipt by the Trustee of a notice (a “Trigger Notice”) by the Senior Facility Agent of its intent to (i) accelerate any Senior Indebtedness, (ii) take any lien enforcement action with
respect to the Collateral (other than any notification of account debtors) or (iii) request that the Trustee (or any agent thereof) release its liens on the Collateral pursuant to Section 6(a) (each a “Trigger Event”), one or
more of the holders of the beneficial interests in the Notes representing 10% or more of the then outstanding principal amount of the Notes shall have the option, exercised by delivery of a notice to the Senior Facility Agent (a “Purchase
Notice”), to purchase all (but not less than all) of the Senior Indebtedness from the Senior Facility Creditors (such holders of the beneficial interests in 10% or more of the then outstanding principal amount of the Notes electing to exercise
such purchase right, the “Purchasing Noteholders”). The Purchase Notice shall be irrevocable. 
 (b) The Senior Facility Creditor
shall deliver to Trustee any Trigger Notice referred to in Section 16(a) above (i) in the absence of an Exigent Circumstance (as defined below), not less than 5 Business Days prior to the taking of the earliest of the actions described in
Section 16(a) above or (ii) if Exigent Circumstances exist, as soon as commercially reasonable and in any event contemporaneously with the taking of such action. The Trustee shall thereupon forward the Trigger Notice to the holders of
record of the Notes. The Purchasing Noteholders may send to the Senior Facility Agent a Purchase Notice within 5 Business Days of the receipt by the Trustee of a Trigger Notice, in which event, the Senior Facility Agent and the Senior Facility
Creditors shall not accelerate the Senior Indebtedness or take any lien enforcement action, to the extent such action has not been taken, or release, or request that the Trustee release, its liens on the Collateral pursuant to Section 6(a), as
the case may be, provided, that, the purchase and sale with respect to the Senior Indebtedness provided for in this Section 16 shall have closed within 5 Business Days after receipt by the Senior Facility Agent of the Purchase Notice and the
Senior Facility Agent shall have received payment in full of the Senior Obligations as provided for herein within such 5 Business Day period. As used herein, “Exigent Circumstance” shall mean an event or circumstance that materially and
imminently threatens the ability of the Senior Facility Agent, acting in good faith and in a commercially reasonable manner, to realize upon all or a material part of the Collateral, such as, without limitation, fraudulent removal, concealment, or
abscondment thereof, destruction (other than to the extent covered by insurance) or material waste thereof, or the failure of any Obligor after reasonable demand to maintain or reinstate adequate casualty insurance coverage with respect thereto.

 (c) On the date specified by the Purchasing Noteholders in the Purchase Notice (which shall not be more than 5 Business Days after the
receipt by the Senior 
  

 - 17 - 

 Facility Agent of the Purchase Notice), the Senior Facility Creditors shall sell to the Purchasing Noteholders, and the
Purchasing Noteholders shall purchase from the Senior Facility Creditors, the Senior Indebtedness as provided for herein, which shall include the rights and claims of the Senior Facility Agent and the Senior Facility Creditors in respect of the
reimbursement obligations arising in connection with letters of credit and the unreimbursed obligations with respect to Bank Products. 
 (d)
Upon the date of such purchase and sale, the Purchasing Noteholders shall (i) pay to the Senior Facility Agent, for the benefit of the Senior Facility Creditors, as the purchase price therefor the full amount of all the Senior Indebtedness then
outstanding and unpaid, (ii) furnish cash collateral to the Senior Facility Agent in such amounts as the Senior Facility Agent determines is reasonably necessary to secure the Senior Facility Agent and the Senior Facility Creditors in
connection with (A) any issued and outstanding letters of credit constituting Senior Indebtedness provided by the Senior Facility Creditors (or letters of credit that the Senior Facility Agent and the Senior Facility Creditors have arranged to
be provided by third parties pursuant to the Senior Documents) to any Obligor (but not in any event in an amount greater than 105% of the aggregate undrawn face amount of such letters of credit) and (B) Bank Product Obligations owing to the
Bank Product Providers (but not in any event in an amount greater than 105% of such Bank Product Obligations), (iii) agree to reimburse the Senior Facility Agent and the Senior Facility Creditors for all expenses to the extent earned or due and
payable in accordance with the Senior Documents (including the reimbursement of legal expenses, financial examination expenses and appraisal fees), (iv) without duplication of any of the foregoing, agree to reimburse the Senior Facility Agent
and the Senior Facility Creditors for any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) in connection with any commissions, fees, costs or expenses related to any issued and outstanding letters of
credit as described above and any checks or other payments provisionally credited to the Senior Indebtedness, and/or as to which the Senior Facility Agent and the Senior Facility Creditors has not yet received final payment, and (v) agree to
reimburse the Senior Facility Agent and the Senior Facility Creditors in respect of indemnification obligations of the Obligors under the Senior Documents as to matters or circumstances known to the Noteholders (or any of them) at the time of the
purchase and sale that would reasonably be expected to result in any loss, cost, damage or expense (including reasonable attorneys’ fees and legal expenses) to the Senior Facility Agent and the Senior Facility Creditors, provided that, in no
event will the Noteholders have any liability for such amounts in excess of the proceeds of Collateral actually received by the Noteholders. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank
account of the Senior Facility Agent as the Senior Facility Agent may designate in writing to the Purchasing Noteholders for such purpose. Interest shall be calculated to but excluding the Business Day on which such purchase and sale shall occur if
the amounts so paid by the Purchasing Noteholders to the bank account designated by the Senior Facility Agent are received in such bank account prior to 12:00 noon, New York City time, and interest shall be calculated to and including such Business
Day if the amounts so paid by the Purchasing Noteholders to the bank account designated by the Senior Facility Creditor are received in such bank account later than 12:00 noon, New York City time. 
 (e) Such purchase shall be expressly made without representation or warranty of any kind by the Senior Facility Agent and the Senior Facility Creditors
as to the Senior Indebtedness so purchased or otherwise and without recourse to the Senior Facility Agent 

  

 - 18 - 

 
and the Senior Facility Creditors, except that the Senior Facility Creditors shall represent and warrant: (i) the principal amount of the Senior
Indebtedness being purchased from it, including the amount of Senior Indebtedness consisting of unreimbursed obligations with respect to letters of credit and Bank Products, (ii) that each Senior Facility Creditor owns its portion of the Senior
Indebtedness so purchased free and clear of any liens, (iii) each Senior Facility Creditor has the right to assign its portion of such Senior Indebtedness and the assignment is duly authorized by such Senior Facility Creditors, and
(iv) that such Senior Facility Creditor has not received any written claim with respect to any matter referred to in clause (v) of paragraph (d) above or, if such Senior Facility Creditor has received such written claim, that such
Senior Facility Creditor has delivered a copy of such written claim to the Trustee. 
 17. Binding Effect; Other. This Agreement shall
be a continuing agreement, shall be binding upon and shall inure to the benefit of the parties hereto from time to time and their respective successors and assigns, shall be irrevocable, and shall remain in full force and effect until Payment in
Full, but shall continue to be effective, or be reinstated, as the case may be, if any payment, or any part thereof, of any amount paid by or on behalf of any Obligor with regard to any Senior Indebtedness is rescinded or must otherwise be restored
or returned upon or as a result of any Bankruptcy Case, or for any other reason, all as though such payments had not been made. Any waiver or amendment hereunder must be evidenced by a signed writing of the party to be bound thereby, and shall only
be effective in the specific instance, provided, however, that, such waivers or amendments shall not require the signature of any Obligor but shall be binding upon each Obligor as if each such Obligor were a signatory to such waiver or
amendment. This Agreement and the rights and obligations of the parties under this Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. The parties agree that any actions arising out of
or in connection with this Agreement shall be tried and litigated in the state and federal courts located in the County of New York, in the State of New York. The headings in this Agreement are for convenience of reference only, and shall not alter
or otherwise affect the meaning hereof. 
 18. Parties Intended to be Benefited. All of the understandings, covenants, and agreements
contained herein are solely for the benefit of the Senior Facility Agent, the Senior Facility Creditors, the Trustee and the Noteholders, their respective successors and assigns, and future holders of the Senior Indebtedness and the Noteholder
Indebtedness respectively, and there are no other parties, including the Obligor or any of their creditors, successors, or assigns, which are intended to be benefited, in any way, by this Agreement. 
 19. No Limitation Intended. Nothing contained in this Agreement is intended to or shall affect or limit, in any way, the rights that the Senior
Facility Agent, the Senior Facility Creditors, the Trustee and the Noteholders have with respect to any third parties. The Senior Facility Agent, the Senior Facility Creditors, the Trustee and the Noteholders hereby specifically reserve all of their
respective rights against the Obligors and all other third parties. 
  

 - 19 - 

 20. Notice. Whenever it is provided herein that any notice, demand, request, consent, approval,
declaration, or other communication shall or may be given to or served upon any of the parties hereto, or whenever any of the parties desires to give or serve upon the other communication with respect to this Agreement, each such notice, demand,
request, consent, approval, declaration, or other communication shall be in writing and shall be delivered either in person by facsimile transmission, by recognized overnight courier service or by registered, or certified United States mail, postage
prepaid, addressed as follows: 
  

			
	20.1        	  	If to the Senior Facility Agent, at:
		
		  	WELLS FARGO FOOTHILL, INC.
		  	One Boston Place
		  	18th Floor
		  	Boston, MA 02108
		  	Attn: Business Finance Division Manager
		  	Fax No. 617-523-1697
		
		  	with a copy to:
		
		  	SCHULTE ROTH & ZABEL LLP
		  	919 Third Avenue
		  	New York, New York 10022
		  	Attn: Frederic L. Ragucci, Esq.
		  	Fax No. 212-593-5955
		
	20.2	  	If to the Trustee, at:
		
		  	Wells Fargo Bank, N.A.
		  	Corporate Trust Services
		  	Sixth and Marquette
		  	Mac N9303-120
		  	Minneapolis, Minnesota 55479
		  	Attn: Lynn M. Steiner, Vice President
		  	Fax No. 612-667-9825
		
		  	with copies to each of:
		
		  	Morgan, Lewis & Bockius LLP
		  	101 Park Avenue
		  	New York, New York 10178
		  	Attn: Stephen P. Farrell, Esq.
		  	Fax No. 212-309-6001

  

 - 20 - 

			
		  	and
		
		  	Kelley Drye & Warren LLP
		  	8000 Towers Crescent Drive, Suite 1200
		  	Vienna, Virginia 22182
		  	Attn: Jay Schifferli
		  	Fax No. (703) 918-2450
		
	20.3        	  	If to the Obligors, at:
		
		  	Velocity Express Corporation
		  	One Morningside Drive North
		  	Building B Suite 300
		  	Westport, Connecticut 06880
		  	Attn: Ted Stone
		  	Fax No. (952) 835-4997
		
		  	with copies to each of:
		
		  	Budd Larner
		  	150 John F. Kennedy Parkway
		  	Short Hills, New Jersey 07078
		  	Attn: Mark Larner
		  	Fax No. 973-379-7734
		
		  	and
		
		  	King & Spalding LLP
		  	1185 Avenue of the Americas
		  	New York, New York 10036
		  	Attn: Robert S. Finley
		  	Fax No. 212-556-2222

 or at such other address as may be substituted by notice given as herein provided. Giving of any notice required
hereunder may be waived in writing by the party entitled to receive such notice. All notices, demands, requests, consents, approvals, declarations, or other communications shall be deemed duly given, made or received: if delivered in person,
immediately upon delivery; if by facsimile transmission, immediately upon sending and upon confirmation of receipt; if by recognized overnight courier service with instructions to deliver the next business day, one (1) business day after
sending; and if by registered, or certified United States mail, postage prepaid, five (5) days after mailing to the parties at their addresses set forth above (or to such other addresses as the parties may designate in accordance with the
provisions of this Section). 
  

 - 21 - 

 21. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 22. Complete Agreement. This Agreement
constitutes the complete agreement and understanding of each of the Secured Creditors, and supersedes all prior or contemporaneous oral and written negotiations, agreements and understandings, express or implied, with respect to the subject matter
hereof. 
 23. No Joint Venture. Each of the Secured Creditors acknowledges and confirms that this Agreement shall not create a joint
venture, agency or fiduciary relationship. 
 24. Counterparts. This Agreement may be executed in any number of counterparts, and by
the parties each in separate counterparts, each of which shall be an original, but all of which shall together constitute one and the same Agreement. Delivery of an executed counterpart of this Agreement by facsimile or other electronic method of
transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by facsimile or other electronic method of transmission also shall deliver
an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Agreement. 
 25. Waiver of Jury Trial. THE SENIOR FACILITY AGENT, THE SENIOR FACILITY CREDITORS, THE TRUSTEE AND THE NOTEHOLDERS HEREBY EXPRESSLY WAIVE ANY
RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (A) ARISING UNDER THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR (B) IN ANY WAY CONNECTED WITH OR
RELATED OR INCIDENTAL TO THE DEALINGS OF THE SENIOR FACILITY AGENT, THE SENIOR FACILITY CREDITORS, THE TRUSTEE AND THE NOTEHOLDERS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED BY THEM IN
CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. THE SENIOR FACILITY AGENT, THE SENIOR FACILITY CREDITOR, THE TRUSTEE
AND THE NOTEHOLDERS HEREBY AGREE AND CONSENT THAT ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT JURY, AND THAT ANY OF THEM MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT TO THE WAIVER OF RIGHT TO TRIAL BY JURY. 
 26. Specific Performance. Each of the parties agrees and
acknowledges that in the event of any breach of this Agreement, the non-breaching party would be irrevocably harmed and would not be made whole by monetary damages. It is accordingly agreed that the 

  

 - 22 - 

 
parties hereto shall and do hereby waive the defense in any action for specific performance that a remedy at law would be adequate and that the parties
hereto, in addition to any other remedy to which they made be entitled at law or in equity, shall be entitled to compel specific performance of this Agreement in any action instituted in the Supreme Court of the State of New York in the County of
New York or the United States District Court of the Southern District of New York, or, in the event such courts shall not have jurisdiction of such action, in any court of the United States or any state thereof having subject matter jurisdiction of
such actions. 
 27. Further Assurances. The Noteholders and the Obligors will mark their books or accounts or take such other action
as shall be effective to give reasonable notice of the effect of this Agreement. The Noteholders and the Obligors will, at the Obligors’ expense and at any time and from time to time, promptly execute and deliver all further instruments and
other documents, and take all further action, that may be necessary or, in the reasonable opinion of the Senior Facility Agent, desirable, or that the Senior Facility Agent may reasonably request, in order to protect any right or interest granted or
purported to be granted hereby or to enable the Senior Facility Agent and the Senior Facility Creditors to exercise and enforce their rights and remedies hereunder. 
 [signature pages follow] 
  

 - 23 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date
first herein above set forth. 
  

			
	 WELLS FARGO FOOTHILL, INC.,
 as Senior Facility Agent

		
	 By:
	 	 
	Name:	 	
	Title:	 	

			
	 WELLS FARGO BANK, N.A.,
 as Trustee

		
	 By:
	 	 
	Name:	 	
	Title:	 	

 Each of the undersigned hereby acknowledges and agrees to the foregoing terms and provisions. By its
signature below, each of the undersigned agrees that it will, together with its successors and assigns, be bound by the provisions hereof. 
 Each of the undersigned agrees that any Secured Creditor holding Collateral does so as bailee (under the UCC) for each other Secured Creditor that has a lien on such Collateral and is hereby authorized to and may turn over to such other
Secured Creditor upon request therefor any such Collateral, after all obligations and indebtedness of the undersigned to the bailee Secured Creditor have been fully paid and performed. 
 Each of undersigned acknowledges and agrees that although it may sign this Intercreditor Agreement it is not a party hereto for purposes of receiving any
right, benefit, priority or interest under or because of the existence of the foregoing Intercreditor Agreement (other than as specified in Section 17 hereof). 
 EACH OF THE FOLLOWING ENTITIES, 
 JOINTLY AND SEVERALLY, AS THE BORROWERS: 
 VELOCITY EXPRESS, INC. 
 VXP MID-WEST, INC. 
 VELOCITY EXPRESS LEASING, INC. 
 VXP LEASING MID-WEST, INC. 
 CLAYTON/NATIONAL COURIER SYSTEMS, INC. 
 CLICK MESSENGER SERVICE, INC.

 OLYMPIC COURIER SYSTEMS, INC. 
 SECURITIES COURIER CORPORATION

 SILVER STAR EXPRESS, INC. 
  

			
	 By:
	 	 
	Name:	 	
	Title:	 	

 EACH OF THE FOLLOWING ENTITIES, 
 JOINTLY AND SEVERALLY, AS THE GUARANTORS: 
 VELOCITY EXPRESS CORPORATION 
 CD&L, INC. 
  

			
	 By:
	 	 
	Name:	 	
	Title:	 	

 Exhibit A 
 CERTIFICATE REGARDING 
 BASE MAXIMUM PRINCIPAL AMOUNT 
 The undersigned, being the chief financial officer of VELOCITY EXPRESS CORPORATION, a Delaware corporation, hereby delivers this certificate to WELLS
FARGO FOOTHILL, INC., a California corporation (“Senior Facility Agent”), pursuant to that certain Intercreditor Agreement, dated as of December 22, 2006 (as amended, modified, supplemented or restated from time to time, the
“Intercreditor Agreement”), between Senior Facility Agent and Wells Fargo Bank, N.A., as trustee for the holders of the Notes (as defined therein). Capitalized terms used herein which are not otherwise defined herein shall have the
meanings assigned to such terms in the Intercreditor Agreement. 
 The undersigned hereby certifies to the Senior Facility Agent that
(a) for the immediately preceding Covenant Reference Period (as that term is defined in the Indenture) Consolidated Cash Flow (as that term is defined in the Indenture) has first exceeded
$             [INSERT $25,000,000, $30,000,000 or $35,000,000], (b) that the Base Maximum Principal Amount is presently
$            , and (c) that as a result of the satisfaction of the condition described in the preceding clause (a) the Base Maximum Principal Amount is to be increased to
[(i) $19,000,000, if the amount in clause (a) is $25,000,000, (ii) 24,000,000, if the amount in clause (a) is $30,000,000, and (iii) $29,000,000, if the amount in clause (a) is $35,000,000]. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Certificate as the officer described
below and not in his individual capacity of the      day of             , 200  . 
  

			
	 VELOCITY EXPRESS CORPORATION

		
	 By:
	 	 
	Name:	 	
	Title:Amended and Restated Employment Agreement

 Exhibit 10.1 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This AMENDED AND RESTATED EMPLOYMENT AGREEMENT
(“Agreement”) is made as of the 28th day of December, 2006 (the “Effective Date”), by and between Ventas, Inc., a Delaware corporation (the “Company”), and Debra A. Cafaro (the
“Executive”). 
 W I T N E S S E T H: 
 WHEREAS, Executive has, pursuant to the terms of an Employment Agreement dated as of March 5, 1999 (the “Existing Employment
Agreement”), served as President and Chief Executive Officer of the Company since March 5, 1999 and as Chairman of the Board of Directors of the Company (the “Board”) since January 28, 2003; 
 WHEREAS, the Company and Executive desire to amend and restate in its entirety, subject to Section 21 herein, the Existing Employment Agreement and
enter into this Agreement pursuant to which the Executive will continue to serve as the Company’s President, Chief Executive Officer and Chairman of the Board; and 
 NOW, THEREFORE, in consideration of the premises and the respective covenants and agreements contained herein, and intending to be legally bound hereby, the Company and Executive agree as follows: 
 1. EMPLOYMENT. The Company hereby agrees to employ the Executive and Executive hereby agrees to be employed by the Company upon the terms and
subject to the conditions herein set forth. The term of employment of Executive by the Company pursuant to this Agreement (the “Employment Term”) shall commence on the date hereof and shall continue until terminated pursuant to
Section 6 or amended pursuant to Section 21. 
 2. DUTIES. The Company hereby employs Executive and Executive hereby accepts
employment with the Company as President and Chief Executive Officer. During the Employment Term, Executive shall have the title, status and duties of President and Chief Executive Officer, shall report directly to the Board, and shall have duties
consistent with and authority comparable to Chief Executive Officers of other publicly-traded REITs, including the designation of senior management. During the Employment Term, the Company shall cause Executive to be nominated for election as a
member of the Board. 
 3. EXTENT OF SERVICES. Executive, subject to the direction and control of the Board, shall have the power and
authority commensurate with her status as President and Chief Executive Officer and necessary to perform her full-time duties hereunder. During the term, Executive shall devote her working time, attention, labor, skill and energies to the business
of the Company, and shall not, without the consent of the Company, be actively engaged in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, that competes, conflicts or
interferes with the performance of her duties hereunder in any material way. 

 4. COMPENSATION. As compensation for services hereunder rendered, Executive shall receive during
the Employment Term: 
 (a) BASE SALARY. A base salary at a rate of not less than six hundred thousand dollars ($600,000) per year
subject to increases from time to time as determined by the Executive Compensation Committee acting in its sole discretion. Executive’s base salary shall be payable in equal installments in accordance with the Company’s normal payroll
procedures (but no less frequently than semimonthly). The term “Base Salary” for purposes of this Agreement shall refer to Executive’s base salary annualized, as most recently increased. 
 (b) 2007 ANNUAL BONUS AND LONG-TERM INCENTIVE COMPENSATION. In addition to Base Salary, Executive shall be eligible to receive such other bonuses
and incentive compensation as the Board may approve from time to time. Provided that Executive’s employment is not terminated prior to December 31, 2007, she shall be entitled to the following annual bonus and long-term incentive compensation
in respect of her services during 2007: 
 (i) Annual Bonus Paid in 2008 in Respect of Services Rendered During 2007.
Executive’s annual bonus for the 2007 fiscal year under the Company’s annual incentive plan shall be $2,100,000, which shall be paid at the same time and in the same manner as annual bonuses in respect of fiscal 2007 are paid to the
Company’s other senior executives. Executive shall not be entitled to any other annual bonus in respect of fiscal 2007; provided, however, that if Executive’s employment is terminated by the Company without Cause or by the Executive for
Good Reason and Executive has executed and delivered a general release of claims in form substantially similar to the form attached hereto as Exhibit B (the “Release”), the Company shall pay Executive on Executive’s Date of
Termination a lump sum payment in the amount of $2,100,000; 
 (ii) Long-Term Incentives Awarded in 2008 in Respect of
Services Rendered During 2007. Executive shall in 2008 be awarded a package of long-term incentives in respect of services during 2007 that shall have a total value at grant of $5,400,000. This package of incentives shall be divided among
restricted stock, stock options and/or awards under the Company’s Performance Cash Plan in the manner determined by the Executive Compensation Committee in the exercise of its sole discretion; provided, however, that if Executive’s
employment is terminated by the Company without Cause or by the Executive for Good Reason and Executive has executed and delivered the Release, the Company shall pay Executive on Executive’s Date of Termination a lump sum payment in cash in the
amount of $5,400,000. Executive shall not be entitled to any other long-term incentive compensation in respect of fiscal 2007. 
 5.
BENEFITS. 
 (a) Executive shall be entitled to participate in any and all pension benefit, welfare benefit (including, without
limitation, medical, dental, disability and group life insurance coverages) and fringe benefit plans from time to time in effect for executives of the Company and its affiliates. Without limitation of the foregoing, the Company shall provide
Executive, 

  

 2 

 
without any cost to Executive, with two million dollars of life insurance coverage and executive disability coverage with an “own occupation”
definition of disability providing annual benefits of at least 100% of Executive’s Base Salary. To the extent any of the benefits or payments within this Section 5(a) are treated as taxable to the Executive, the Company shall pay Executive
an additional amount such that the net amount or benefit retained by Executive after deduction or payment of all federal, state, local and other taxes with respect to amounts or benefits under this Section 5(a) shall be equal to the full amount
of the payments or benefits required by this Section 5(a). 
 (b) Executive shall be granted on the Effective Date 179,813 shares of
restricted common stock of the Company under the Ventas, Inc. 2000 Incentive Compensation Plan, as amended. The agreement evidencing such award shall be substantially in the form attached to this Agreement as Exhibit A. 
 (c) Executive shall be entitled to participate in such bonus, stock option and other incentive compensation plans of the Company and its affiliates in
effect from time to time for executives of the Company. 
 (d) Executive shall be entitled to four weeks of paid vacation each year, earned
on the Effective Date and the first day of each subsequent calendar year. The Executive shall schedule the timing of such vacations in a reasonable manner. The Executive may also be entitled to such other leave, with or without compensation, as
shall be mutually agreed by the Company and Executive. 
 (e) Executive may incur reasonable business related expenses including for
promoting the business and expenses for entertainment, travel, cellular telephone and similar items related thereto. The Company shall reimburse Executive for all such reasonable expenses subject to the Company’s reimbursement procedures
regarding the reporting and documentation of such expenses. 
 (f) The Company shall pay or promptly reimburse Executive for all reasonable
travel expenses incurred by Executive to travel to and from the Chicago area once each week. To the extent any of the payments within this Section 5(f) are treated as taxable to the Executive, the Company shall pay Executive an additional
amount such that the net amount retained by Executive after deduction or payment of all federal, state, local and other taxes with respect to amounts under this Section 5(f) shall be equal to the full amount of the payments required by this
Section 5(f). 
 (g) The Company intends that all provisions of this Agreement will be fully operative, effective, binding and
enforceable as of the Effective Date and agrees to adopt such employee benefit plans, amendments to employee benefit plans or other arrangements, as applicable, take such other acts and pay such other amounts as are necessary to effectuate the
provisions of this Agreement effective on the Effective Date. Without limitation of the foregoing, to the extent Executive experiences any economic or tax or other detriment or diminution in benefit on account of or related to any of such provisions
not being fully operative, effective, binding and enforceable on the Effective Date fully in accordance with the terms and provisions of such provisions, or any delay or failure to comply with such provisions, the 

  

 3 

 
Company shall immediately take such actions, and pay such amounts, as Executive and the Executive Compensation Committee reasonably determine are appropriate
so that the Executive achieves at least the same economic, tax and other benefits the Executive would have had if such provisions were fully operative, effective, binding and enforceable in accordance with their terms as of the Effective Date.

 6. TERMINATION OF EMPLOYMENT. 
 (a) DEATH OR DISABILITY. Executive’s employment shall terminate automatically upon Executive’s death during the Employment Term. If the Company determines in good faith that the Disability of Executive has occurred during
the Employment Term (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall
terminate effective on the 30th day after receipt of such notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to performance of
Executive’s duties. For purposes of this Agreement, “Disability” shall mean the total disability as determined by the Board in accordance with standards and procedures similar to those under the Company’s long-term
disability plan, or, if none, a physical or mental infirmity which impairs the Executive’s ability to perform substantially her duties for a period of 180 consecutive days. 
 (b) CAUSE. The Company may terminate Executive’s employment during the Employment Term for Cause or without Cause. For purposes of this
Agreement, “Cause” shall mean the Executive’s (i) conviction of or plea of nolo contendere to a crime involving moral turpitude; or (ii) willful and material breach by Executive of her duties and responsibilities
which is directly and materially harmful to the business and reputation of the Company and which is committed in bad faith or without reasonable belief that such breaching conduct is in the best interests of the Company and its affiliates, but with
respect to (ii) only if the Board adopts a resolution by a vote of at least 75% of its members so finding after giving the Executive and her attorney an opportunity to be heard by the Board. Any act, or failure to act, based upon authority
given pursuant to a resolution duly adopted by the Board or based upon advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company.

 (c) GOOD REASON. Executive’s employment may be terminated by Executive for Good Reason or otherwise. “Good
Reason” shall exist upon the occurrence, without Executive’s express written consent, of any of the following events: 
 (i) a diminution in Executive’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities (including the assignment to Executive of any duties inconsistent with Executive’s
position, authority, duties or responsibilities), in each case, as President and Chief Executive Officer, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and which is remedied by the Company
promptly after receipt of notice thereof given by the Executive, it being understood that it shall constitute a diminution in Executive’s position within the meaning of this provision if Executive is, following a 

  

 4 

 
transaction in which the Company is a participant, no longer the chief executive officer of a publicly traded company; 
 (ii) the Company shall (A) reduce the Base Salary or annual maximum bonus opportunity of Executive or (B) reduce (other than
pursuant to a uniform reduction applicable to all similarly situated executives of the Company) Executive’s benefits and perquisites; 
 (iii) the Company shall require Executive to relocate Executive’s principal business office to any location more than 30 miles from its location on the Effective Date except that a relocation of the
Executive’s principal business office to the Chicago business district shall not constitute Good Reason; 
 (iv) the
Company’s failure or refusal to comply with any provision of this Agreement; 
 (v) the Company (1) is a debtor in
any bankruptcy case in which an order for relief is entered under any chapter of the federal Bankruptcy Code; (2) is adjudicated a bankrupt under any bankruptcy, insolvency, or reorganization law; (3) has a receiver of all or a substantial
portion of its assets or property appointed; or (4) makes an assignment for the benefit of creditors; or 
 (vi) the
failure of the Company to obtain the assumption of this Agreement as contemplated by Section 12(c). 
 Notwithstanding anything in this
Agreement to the contrary, a termination by Executive for any reason during the 30-day period immediately following the one-year anniversary of a Change of Control shall be deemed to be a termination with Good Reason for all purposes of this
Agreement. 
 (d) For purposes of this Agreement, “Change of Control” shall mean the occurrence of any one of the following events:

 (i) An acquisition of any voting or other securities by any “Person” (having the meaning ascribed to such term in
Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (“1934 Act”) and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d)), such that immediately after which such
Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 under the 1934 Act) of 20% or more of either (i) any class of then-outstanding equity securities of the Company (“Outstanding Shares”) or (ii) the
combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors (“Voting Securities”); provided, however, that in determining whether a Change of Control has occurred,
Outstanding Shares or Voting Securities which are acquired in an acquisition by (i) the Company or any of its subsidiaries or, (ii) an employee benefit plan (or a trust forming a part thereof) maintained by the Company or any of its
subsidiaries shall not constitute an acquisition which would cause a Change of Control; 
  

 5 

 (ii) The individuals who, as of the Effective Date, constituted the Board (the
“Incumbent Board”) cease for any reason to constitute over 50% of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of over 50% of
the Incumbent Board, such new director shall, for purposes of this Section 6(d), be considered as though such person were a member of the Incumbent Board; provided, further, however, that no individual shall be considered a member of the Incumbent
Board if such individual initially assumed office as a result of either an actual or threatened “Election Contest” (as described in Rule 14a-11 promulgated under the 1934 Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Incumbent Board (a “Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; 
 (iii) Consummation of a merger, consolidation or reorganization involving the Company, unless each of the following events occurs in
connection with such merger, consolidation or reorganization: 
 1) the stockholders of the Company, immediately before such
merger, consolidation or reorganization, have Beneficial Ownership, directly or indirectly immediately following such merger, consolidation or reorganization, of over 50% of the then outstanding shares of common stock and the combined voting power
of all voting securities of the corporation resulting from such merger or consolidation or reorganization (the “Surviving Company”) in substantially the same proportion as their Beneficial Ownership of the Outstanding Shares and Voting
Securities immediately before such merger, consolidation or reorganization; 
 2) the individuals who were members of the
Incumbent Board immediately prior to the execution of the agreement providing for such merger, consolidation or reorganization constitute over 50% of the members of the board of directors of the Surviving Company; and 
 3) no Person (other than the Company, any of its subsidiaries, any employee benefit plan (or any trust forming a part thereof) maintained
by the Company, the Surviving Company or any Person who, immediately prior to such merger, consolidation or reorganization had Beneficial Ownership of 20% or more of the then Outstanding Shares or Voting Securities) has Beneficial Ownership of 20%
or more of the then Outstand Shares of the Surviving Company or combined voting power of the Surviving Company’s then outstanding voting securities; 
 (iv) Approval by the Company’s stockholders of a complete liquidation or dissolution of the Company, or the occurrence of the same. 
 (v) Approval by the Company’s stockholder of an agreement for the assignment, sale, conveyance, transfer, lease or other disposition
of all or substantially all of the assets of the Company to any Person (other than a transfer to a subsidiary of the Company), or the occurrence of the same. 
  

 6 

 (vi) The occurrence of any transaction which is reasonably likely to result in the
Company not continuing to be a real estate investment trust as defined under section 856 of the Code (for example, such as because the Company will not have sufficient qualifying income or assets). 
 (vii) Any other event that the Board shall determine constitutes an effective Change of Control or Company. 
 (viii) Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because any Person (the “Subject
Person”) acquired Beneficial Ownership of more than the permitted amount of the Outstanding Shares or Voting Securities as a result of the acquisition of Outstanding Shares or Voting Securities by the Company which, by reducing the number of
Outstanding Shares or Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person; provided that if a Change of Control would occur (but for the operation of this sentence) as a result of the
acquisition of Shares or Voting Securities by the Company, the Subject Person becomes the Beneficial Owner of any additional Outstanding Shares or Voting Securities which increases the percentage of the then Outstanding Shares or Voting Securities
Owned by the Subject Person, then a Change of Control shall occur. 
 (e) NOTICE OF TERMINATION. Any termination by the Company for
Cause, or by Executive for Good Reason, shall be communicated by a Notice of Termination given in accordance with this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which
(i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision
so indicated, and (iii) specifies the intended termination date (which date, in the case of a termination for Good Reason, shall be not more than thirty days after the giving of such notice). The failure by Executive or the Company to set forth
in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of Executive or the Company, respectively, hereunder or preclude Executive or the Company, respectively, from
asserting such fact or circumstance in enforcing Executive’s or the Company’s rights hereunder. 
 (f) DATE OF TERMINATION.
“Date of Termination” means (i) if Executive’s employment is terminated by the Company for Cause, or by Executive for Good Reason, the later of the date specified in the Notice of Termination or the date that is one day
after the last day of any applicable cure period, (ii) if Executive’s employment is terminated by the Company other than for Cause or Disability, or Executive resigns without Good Reason, the Date of Termination shall be the date on which
the Company or Executive notified Executive or the Company, respectively, of such termination and (iii) if Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of
Executive or the Disability Effective Date, as the case may be. 
  

 7 

 7. OBLIGATIONS OF THE COMPANY UPON TERMINATION. Following any termination of Executive’s
employment hereunder for any reason whatsoever, the Company shall pay Executive her Base Salary through the Date of Termination, all amounts earned by Executive through the Date of Termination (including accrued vacation and bonus and expenses
incurred but not yet reimbursed), and all amounts owed to Executive pursuant to the terms and conditions of the benefit plans, programs and arrangements of the Company at the time such payments are due. In addition, Executive shall be entitled to
the following additional payments and benefits. 
 (a) DEATH OR DISABILITY. If, during the Employment Term, Executive’s
employment shall terminate by reason of Executive’s death or Disability, the Company shall pay to Executive (or her designated beneficiary or estate, as the case may be) the prorated portion of any Target Bonus (as defined in Section 7(d))
Executive would have received for the year of termination of employment. Such amount shall be paid within 30 days of the date when such amounts would otherwise have been payable to the Executive if Executive’s employment had not terminated. In
addition, if during the Employment Term, Executive’s employment shall terminate by reason of Executive’s Disability, the Company shall provide the benefits set forth in Section 7(b)(2). 
 (b) GOOD REASON; OTHER THAN FOR CAUSE. Subject to Executive’s execution and delivery of the Release, if the Company shall terminate
Executive’s employment other than for Cause (but not for Disability) or the Executive shall terminate her employment for Good Reason: 
 (1) The Company shall pay Executive on the Executive’s Date of Termination an amount equal to the sum of (i) the prorated portion of the Target Bonus for Executive for the year in which the Date of
Termination occurs, plus (ii) an amount equal to three (3) times the sum of the Executive’s Base Salary and Target Bonus as of the Date of Termination. 
 (2) For a period of two (2) years following the Date of Termination, the Executive shall be treated as if she had continued to be an
Executive for all purposes under the Company’s Health Insurance Plan and Dental Insurance Plan; or if the Company has not yet established its own Health Insurance Plan and/or Dental Plan or the Executive is prohibited from participating in such
plan, the Company shall, at its sole cost and expense, provide health and dental insurance coverage for Executive which is equivalent to the coverage provided to Executive as of the Date of Termination. Such benefits shall not have any waiting
period for coverage and shall provide coverage for any pre-existing condition. Following this continuation period, the Executive shall be entitled to receive continuation coverage under Part 6 of Title I of ERISA treating the end of this period as a
termination of the Executive’s employment if allowed by law. 
 (3) For a period of two (2) years following the Date
of Termination, Company shall maintain in force, at its expense, all life insurance being provided or required to be provided to the Executive by the Company as of the Date of Termination and shall thereafter enable Executive to assume such life
insurance at the Executive’s expense. 
  

 8 

 (4) For a period of two (2) years following the Executive’s Date of
Termination, the Company shall provide short-term and long-term disability insurance benefits to Executive equivalent to the coverage that the Executive would have had she remained employed under the disability insurance plans applicable to
Executive on the Date of Termination. Should Executive become disabled during such period, Executive shall be entitled to receive such benefits, and for such duration, as the applicable plan provides. 
 (5) To the extent not already vested pursuant to the terms of such plan, the Executive’s interests under any retirement, savings,
deferred compensation, profit sharing or similar arrangement of the Company shall be automatically fully (i.e., 100%) vested, without regard to otherwise applicable percentages for the vesting of employer contributions based upon the
Executive’s years of service with the Company. 
 (6) The Company shall adopt such employee benefit plans or amendments
to its employee benefit plans, if any, as are necessary to effectuate the provisions of this Agreement. 
 (7) Executive shall
become vested in all restricted stock awards, stock options and other performance related compensation, including any performance cash plan awards or awards under a successor or replacement plan, on the basis of the maximum payout for any open
performance cycles. 
 (8) The Company shall provide Executive with executive office space and an executive secretary (both
the office space and secretary shall be of a quality comparable to that the Executive had during the Employment Term) in a city or other locale chosen by Executive for a period of one year after the termination of Executive’s employment with an
aggregate cost not to exceed $50,000. 
 (c) DEATH AFTER TERMINATION. In the event of the death of Executive during the period
Executive is receiving payments pursuant to this Agreement, Executive’s designated beneficiary shall be entitled to receive the balance of the payments; or in the event of no designated beneficiary, the remaining payments shall be made to
Executive’s estate. 
 (d) TARGET BONUS. For the purposes of all provisions of this Agreement, the term “Target
Bonus” shall mean the greater of (x) the highest actual bonus paid to Executive pursuant to the Company’s annual incentive plan with respect to any of the three preceding calendar years and (y) the full amount of the annual
bonus that would be payable to the Executive, assuming all performance criteria (at the maximum level) on which such bonus is based were deemed to be satisfied, in respect of services for the calendar year in which the date in question occurs.

 8. CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY. If Executive becomes entitled to any payments or benefits whether pursuant to
the terms of or by reason of this Agreement or any other plan, arrangement, agreement, policy or program (including without limitation any restricted stock, stock option, stock appreciation right or similar right, or the lapse or termination of any
restriction on the vesting or exercisability of any of the foregoing) with the  

  

 9 

 
Company, any successor to the Company or to all or a part of the business or assets of the Company (whether direct or indirect, by purchase, merger,
consolidation, spin off, or otherwise and regardless of whether such payment is made by or on behalf of the Company or such successor) or any person whose actions result in a change of control or any person affiliated with the Company or such
persons (in the aggregate, “Payments” or singularly, “Payment”), which Payments are reasonably determined by the Executive to be subject to the tax imposed by Section 4999 or any successor provision of the Code or
any similar state or local tax, or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to as the “Excise
Tax”), the Company shall pay Executive an additional amount (“Gross-Up Payment”) such that the net amount retained by Executive, after deduction or payment of (i) any Excise Tax on Payments, (ii) any federal, state and
local income tax and Excise Tax upon the payment provided for by this Section, and (iii) any additional interest and penalties imposed because the Excise Tax is not paid when due, shall be equal to the full amount of the Payments. The Gross-Up
Payment shall be paid to the Executive within ten (10) days of the Company’s receipt of written notice from the Executive that the Excise Tax has been paid, is or was payable or will be payable at any time in the future. 
 9. TAX PAYMENT. For purposes of determining the amount of payments pursuant to Sections 5(a), 5(f), 5(g), 8, 10 and 16 and elsewhere in this
Agreement, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the calendar year in which the payment is to be made and state and local income taxes at the highest marginal rates of
taxation in the state and locality of the Executive’s residence or the Executive’s place of business, whichever is higher, on the date the payment is to be made. Without limitation on any other provision of this Agreement, all such
payments involving the calculation of taxes shall be made no later than two (2) days after the receipt by the Company of written advice from a professional tax advisor selected by the Executive that taxes are payable. The expense incurred in
obtaining such advice shall be paid by the Company. Without limitation on any other provisions of this Agreement, the Company shall indemnify Executive for all taxes with respect to the amounts for which payments described in the first sentence of
this Section are required to be made pursuant to this Agreement and all other costs including interest and penalties with respect to the payment of such taxes. To the extent any of the payments pursuant to this Section are treated as taxable to the
Executive, the Company shall pay Executive an additional amount such that the net amount retained by the Executive after deduction or payment of all federal, state, local and other taxes with respect to amounts pursuant to this Section shall be
equal to the full amount of the payments required by this Section. 
 10. DISPUTES. Any dispute or controversy arising under, out of,
or in connection with this Agreement shall, at the election and upon written demand of either party, be finally determined and settled by binding arbitration in the City of Chicago, Illinois, in accordance with the Labor Arbitration rules and
procedures of the American Arbitration Association, and judgment upon the award may be entered in any court having jurisdiction thereof. The Company shall pay all costs of the arbitration and all reasonable attorneys’ and accountants’ fees
of the Executive in connection therewith, including any litigation to enforce any arbitration award. To the extent any of the payments within this Section are treated as taxable to the Executive, the Company shall pay Executive an additional amount
such that the net amount retained by Executive after deduction or payment of all federal, state, local and other taxes with respect to amounts under this Section shall be equal to the full amount of the payments required by this Section. 

 

 10 

 11. RESTRICTIVE COVENANTS. 
 (a) CONFIDENTIALITY. 
 (i) The Executive acknowledges that in the course of the Executive’s employment with the Company the Executive has and will become familiar with trade secrets and other confidential information concerning the Company and its
subsidiaries and that the Executive’s services will be of special, unique and extraordinary value to the Company and its subsidiaries. 
 (ii) Executive acknowledges that it is the policy of the Company and its subsidiaries to maintain as secret and confidential all valuable and unique information and techniques acquired, developed or used by the
Company and its subsidiaries relating to their business, operations, actual or potential products, strategies, potential liabilities, employees, tenants, proposed or perspective tenants and customers, business partners and customers, (including
without limitation information protected by the Company’s attorney/client, work product, or tax advisor/audit privileges; tax matters and information; financial analysis models; the Company’s strategic plans; negotiations with third
parties; methods, policies, processes, formulas, techniques, know-how and other knowledge; trade practices, trade secrets, or financial matters; lists of customers or customers’ purchases; lists of suppliers, manufacturers, representatives, or
other distributors; lists of and information about tenants; requirements for systems, programs, machines, or their equipment; information regarding the Company’s bank accounts, credit agreement or financial projections information; information
regarding the Company’s directors or officers or their personal affairs) which gives the Company and its subsidiaries a competitive advantage in the businesses in which the Company and its subsidiaries are engaged (“Confidential
Information”). “Confidential Information” shall not include information that (A) is or becomes generally available to the public other than as a result of a disclosure by Executive in violation of this Agreement, (B) was
available to Executive on a non-confidential basis prior to the date hereof, or (C) is compelled to be disclosed by a court or governmental agency, provided that prior written notice is given to the Company and Executive cooperates with the
Company in any efforts by the Company to limit the scope of such obligation and/or to obtain confidential treatment of any material disclosed pursuant to such obligation. Executive recognizes that all such Confidential Information is the sole and
exclusive property of the Company and its subsidiaries, and that disclosure of Confidential Information would cause damage to the Company and its subsidiaries. Executive shall not disclose, directly or indirectly, any Confidential Information
obtained during her employment with the Company, and will take all necessary precautions to prevent disclosure, to any unauthorized individual or entity inside or outside the Company, and will not use the Confidential Information or permit its use
for the benefit of Executive or other third party other than the Company. These obligations shall continue for so long as the Confidential Information remains Confidential Information. 
  

 11 

 (b) NONCOMPETITION, NONSOLICITATION, NONINTERFERENCE. Executive shall not during the Employment
Term, and during the one-year period after the termination of Executive’s employment with the Company for any reason (the “Restricted Period”), either directly or indirectly (through another business or person) engage in or
facilitate any of the following activities anywhere in the United States: 
 (i) soliciting to hire, recruit or employ any
person who is, or during the six-month period preceding such activity was, employed by the Company or any subsidiary, or causing or attempting to cause any third party to do any of the foregoing; 
 (ii) performing services as an employee, director, officer, consultant, independent contractor or advisor; or investing in, whether in the
form of equity or debt, owning any interest or otherwise having an ownership or other interest or a connection to any Prohibited Entity or performing services as an employee, director, officer, consultant, independent contractor or advisor to any
other company, entity or person if those services relate directly to a business or businesses that directly and materially compete with the Company anywhere in the United States. Nothing in this Section (ii) shall, however, restrict Executive
from (A) making an investment in and owning up to one-percent (1%) of the common stock of any company whose stock is listed on a national exchange, provided that such investment does not give Executive the right or ability to control or
influence the policy decisions of any direct competitor, or (B) except as provided in Section 11(c) below, performing services as an employee, director, officer, consultant, independent contractor or advisor in an operating company which
provides healthcare services or goods other than leasing or financing of real property (for example, a hospital or a nursing facility). For purposes of this Agreement, a Prohibited Entity is any company, entity or person that derives more than 20%
of its consolidated gross revenues from a business or businesses that directly and materially compete with the Company. 
 (c) OTHER
PROHIBITED ACTIVITIES. Executive acknowledges that her position at the Company provides her with access to highly sensitive information concerning the Company’s principal lessee and its affiliates and leases to such lessee and its
affiliates which are critical to the Company’s ability to effectively function and to the properties to be purchased by the Company, and that if Executive were to provide services for such principal lessee and/or its affiliates such services
would cause irreparable damages to the Company. Executive shall not during the Employment Term and the Restricted Period, either directly or indirectly (through another business or person) engage in or facilitate any of the following activities
anywhere in the United States or in any location outside the United States where the Company conducts or plans to conduct business: performing services as an employee, director, officer, consultant, independent contractor or advisor; or investing
in, whether in the form of equity or debt, owning any interest or otherwise having an ownership or other interest or a connection to Kindred Healthcare, Inc. or any of its parent, sister, subsidiary or affiliated entities in any manner, including
without limitation as an owner, principal, partner, officer, director, stockholder, employee, consultant, contractor, agent, broker, representative or otherwise (unless Executive becomes a stockholder in Kindred Healthcare as part of a restructuring
of Kindred Healthcare where the Company’s stockholders receive Kindred Healthcare stock), provided, however that subsection (c) shall not preclude Executive from owning any equity or debt interest in Kindred Healthcare to which she became
entitled by reason of her previous employment by Kindred Healthcare. 
  

 12 

 (d) NON-DISPARAGEMENT. 
 (i) Executive agrees not to make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral
or written, directly or indirectly) that (A) accuses or implies that the Company and/or any of its affiliates, together with their respective present or former officers, directors, partners, stockholders, employees and agents, and each of their
predecessors, successors and assigns, engaged in any wrongful, unlawful, unethical or improper conduct, whether relating to Executive’s employment (or termination thereof), the business or operations of the Company, or otherwise; or
(B) disparages, impugns or in any way reflects adversely upon the business, good will, products, business opportunities, competency, character, behavior or reputation of the Company and/or any of its affiliates, together with their respective
present or former officers, directors, partners, stockholders, employees and agents, and each of their predecessors, successors and assigns. 
 (ii) The Company agrees not to make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral or written, directly or indirectly) that (A) accuses or implies that
Executive engaged in any wrongful, unlawful, unethical or improper conduct, whether relating to Executive’s employment (or termination thereof), the business or operations of the Company, or otherwise; or (B) disparages, impugns or in any
way reflects adversely upon the business, business opportunities, competency, character, behavior or reputation of Executive. 
 (iii) Nothing herein shall be deemed to preclude Executive or the Company from providing truthful testimony or information pursuant to subpoena, court or other similar legal process. 
 (e) NEW EMPLOYER. Executive shall provide the terms and conditions of this Section 11 to any prospective new employer or new employer and shall
permit the Company to contact any such company, entity or individual to confirm Executive’s compliance with this Section 11 and shall provide the Company with such information as it requests to allow such inquiry. 
 (f) REASONABLENESS OF RESTRICTIVE COVENANTS.  
 (i) Executive acknowledges that the covenants contained in this Section 11 are reasonable in the scope of the activities restricted, the geographic area covered by the restrictions, and the duration of the
restrictions, and that such covenants are reasonably necessary to protect the Company’s legitimate interests in its Confidential Information, its reputation, and in its relationships with its employees, customers, and suppliers. 
 (ii) The Company has, and the Executive has had an opportunity to, consult with their respective legal counsel and to be advised
concerning the reasonableness and propriety of such covenants. Executive acknowledges that her observance of the covenants contained herein will not deprive Executive of the ability to earn a livelihood or to support her dependents. 
  

 13 

 (g) RIGHT TO INJUNCTION. In recognition of the confidential nature of the Confidential
Information, and in recognition of the necessity of the limited restrictions imposed by Section 11, Executive and the Company agree that it would be impossible to measure solely in money the damages which the Company would suffer if Executive
were to breach any of her obligations hereunder. Executive acknowledges that any breach of any provision of this Agreement would irreparably injure the Company. Accordingly, Executive agrees that if she breaches any of the provisions of
Section 11, the Company shall be entitled, in addition to any other remedies to which the Company may be entitled under this Agreement or otherwise, to an injunction to be issued by a court of competent jurisdiction, to restrain any breach, or
threatened breach, of any provision of Section 11, and Executive hereby waives any right to assert any claim or defense that the Company has an adequate remedy at law for any such breach. 
 (h) ASSISTANCE. During the one-year period following a termination of Executive’s employment with the Company, Executive shall from time to
time provide the Company with such reasonable assistance and cooperation as the Company may reasonably from time to time request in connection with any financial and business issues, investigation, claim, dispute, judicial, legislative,
administrative or arbitral proceeding, or litigation arising out of matters within the knowledge of Executive and related to her position as an employee of the Company at the times and on the terms agreed to in good faith by Executive and the
Company. 
 12. SUCCESSORS. 
 (a) This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit
of and be enforceable by Executive’s legal representatives. 
 (b) This Agreement shall inure to the benefit of and be binding upon the
Company and its successors and assigns. This Agreement shall not be terminated by the voluntary or involuntary dissolution of the Company or by any merger or consolidation where the Company is not the surviving corporation, or upon any transfer of
all or substantially all of the Company’s stock or assets. In the event of such merger, consolidation or transfer, the provisions of this Agreement shall be binding upon and shall inure to the benefit of the surviving corporation or corporation
to which such stock or assets of the Company shall be transferred. 
 (c) The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, or any business of the Company for which Executive’s services are principally performed, to assume expressly,
absolutely and unconditionally and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company as herein before defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
  

 14 

 13. OTHER SEVERANCE BENEFITS. Executive hereby agrees that in consideration for and subject to the
receipt of the payments to be received under this Agreement, Executive waives any and all rights to any payments or benefits under any other plans, programs, contracts or arrangements of the Company or their respective affiliates that provide for
severance payments or benefits upon a termination of employment, except as provided in this Agreement. 
 14. PRESS RELEASE. The
Company shall not issue or permit to be issued any press release or other public announcement regarding the Executive or the terms of Executive’s employment (including related to any termination of Executive’s employment for any reason)
without Executive’s prior approval, which shall not be unreasonably withheld. 
 15. INDEMNIFICATION AND INSURANCE. Beginning on
the Effective Date and continuing thereafter, including after the termination of Executive’s employment hereunder, the Company shall indemnify, defend and hold the Executive harmless from and against any and all Expenses, liabilities, damages,
costs, judgments, penalties, fines and amounts paid in settlement, incurred by Executive in connection with any Proceeding involving her by reason of her being or having been an officer, director, employee or agent of the Company (or any affiliate
of the Company) to the fullest extent permitted by law, whether or not Executive is, or is threatened to be made, a party to any threatened, pending, or completed Proceeding, and whether or not Executive is successful in such Proceeding. In
addition, upon receipt from Executive of (i) a written request for an advancement of Expenses which Executive reasonably believes will be subject to indemnification hereunder and (ii) a written undertaking by Executive to repay any such
amounts if it shall ultimately be determined that she is not entitled to indemnification under this Agreement or otherwise, the Company shall advance such Expenses to Executive or pay such Expenses for Executive, all in advance of the final
disposition of any such matter. The provisions of the preceding two sentences shall survive the termination of Executive’s employment hereunder for any reason whatsoever and the termination of this Agreement. The rights of indemnification and
to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Executive may at any time be entitled under applicable law, the Certificate of Incorporation, the By-Laws of the Company, any
other agreement, a vote of stockholders or a resolution of the Board, or otherwise. For purposes hereof, “Expenses” shall include all reasonable fees and expenses including, without limitation, reasonable attorneys’ fees,
retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and disbursements and expenses of the types customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding; and “Proceeding” shall include (without limitation) any and all proceedings,
including, without limitation, actions, suits, arbitrations, alternative dispute resolution mechanisms, investigations, administrative hearings and other proceedings, whether civil, criminal, administrative or investigative, and whether or not by or
in the right of the Company. Beginning on the Effective Date and continuing thereafter, including after the termination of Executive’s employment hereunder, Executive shall have coverage under a director’s and officer’s liability
insurance policy in amounts no less than, and on terms no less favorable than those, as provided to officers of the Company as of the Effective Date and in amounts no less than, and on terms no less favorable than those, as provided to the other
members of the Board and senior executive officers of the Company from time to time. 
  

 15 

 16. ATTORNEY FEES. The Company will pay, or reimburse Executive for, at Executive’s
discretion, all attorneys fees, costs and expenses incurred by Executive in connection with the negotiation, execution and delivery of this Agreement. All reasonable costs and expenses (including fees and disbursements of counsel) incurred by
Executive in seeking to interpret this Agreement or enforce rights pursuant to this Agreement shall be paid on behalf of or reimbursed to Executive promptly by the Company, whether or not Executive is successful in asserting such rights; provided,
however, that no reimbursement shall be made of such expenses relating to any unsuccessful assertion of rights if and to the extent that Executive’s assertion of such rights was in bad faith. To the extent any of the payments within this
Section are treated as taxable to the Executive, the Company shall pay Executive an additional amount such that the net amount retained by Executive after deduction or payment of all federal, state, local and other taxes with respect to amounts
under this subsection shall be equal to the full amount of the payments required by this Section. 
 17. WITHHOLDING. All payments to
be made to Executive hereunder will be subject to all applicable required withholding of taxes. 
 18. NO MITIGATION. Executive shall
have no duty to mitigate her damages by seeking other employment or taking other action by way of mitigation of the amounts payable to the Executive under this Agreement and the payments required hereunder shall not be reduced or offset by any
amounts, including compensation from other employment. Further, the Company’s obligations to make any payments hereunder shall not be subject to or affected by any set off, counterclaims or defenses which the Company may have against Executive
or others. 
 19. NOTICES. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed
to have been duly given and effective when delivered by personal or overnight couriers, or registered mail, in each case with confirmation of receipt, prepaid and addressed as follows: 
  

	
	 If to Executive:

	
	 Debra A. Cafaro

	 166 Sheridan Road

	 Winnetka, Illinois 60093

	
	 With a copy to:

	
	 Wachtell, Lipton, Rosen & Katz

	 51 W. 52nd
Street

	 New York, New York 10019

	 Attention: Adam D. Chinn

	
	 If to Company:

	
	 Ventas, Inc.

	 10350 Ormsby Park Place

	 Suite 300

	 Louisville, Kentucky 40223

	 Attn: General Counsel

 Either party may change its specified address by giving notice in writing to the other in
accordance with the foregoing method. 
  

 16 

 20. WAIVER OF BREACH AND SEVERABILITY. The waiver by either party of a breach of any provision of
this Agreement by the other party shall not operate or be construed as a waiver of any subsequent breach by either party. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision, which other provision shall remain in full force and effect. In the event any provision of this Agreement is found to be invalid or unenforceable, it may be severed from the Agreement and the remaining provisions of the Agreement,
including all make- whole provisions of this Agreement, shall continue to be binding and effective. 
 21. ENTIRE AGREEMENT;
AMENDMENT. This instrument contains the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements (including the Existing Employment Agreement), promises, covenants, arrangements,
communications, representations and warranties between them, whether written or oral, with respect to the subject matter hereof; provided, however, notwithstanding anything to the contrary found herein (including this Section 21),
Section 6 of the Existing Employment Agreement shall not be modified in any way and the loans granted and outstanding as of the Effective Date pursuant to such Section 6 shall continue to represent the Executive’s obligations to the
Company. The penultimate sentence of Section 5(c) of the Existing Agreement shall also remain in full force and effect. No provisions of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is
agreed to in writing signed by Executive and such officer of the Company specifically designated by the Board. 
 22. COMPLIANCE WITH
SECTION 409A OF THE INTERNAL REVENUE CODE. All payments pursuant to this Agreement shall be subject to the provisions of this Section 22. If Executive is a “Specified Employee” of the Company for purposes of Internal Revenue
Code Section 409A (“Code Section 409A”) at the time of a payment event set forth in this Agreement, then no severance or other payments pursuant to this Agreement shall be made to Executive by the Company until the amount of time
has passed that is necessary to avoid incurring excise taxes under Code Section 409A. Should this Section 22 result in a delay of payments to Executive, on the first day any such payments may be made without incurring a penalty pursuant to
Code Section 409A (the “409A Payment Date”), the Company shall begin to make such payments as provided for in this Agreement, provided that any amounts that would have been payable earlier but for the application of this
Section 22, shall be paid in lump-sum on the 409A Payment Date along with accrued interest at the rate of interest published in the Wall Street Journal as the “prime rate” (or equivalent) on the date that payments to Executive should
have been made under this Agreement. For purposes of this provision, the term Specified Employee shall have the meaning set forth in Section 409A(2)(B)(i) of the Internal Revenue Code of 1986, as amended or any successor provision and the
treasury regulations and rulings issued thereunder. If any compensation or benefits provided by this Agreement may result in the application of Code Section 409A, the Company shall, in consultation with the Executive, modify the Agreement in
the least restrictive manner necessary in order to exclude such 

  

 17 

 
compensation from the definition of “deferred compensation” within the meaning of such Code Section 409A or in order to comply with the provisions
of Code Section 409A of the Code and without any diminution in the value of the payments or benefits to the Executive. 
 23. GOVERNING
LAW. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware. 
 24. HEADINGS. The
headings in this Agreement are for convenience only and shall not be used to interpret or construe its provisions. 
 25.
COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	VENTAS, INC.
		
	By:	 	 /s/ Ronald G. Geary

		 	Ronald G. Geary, Director
		
		 	 /s/ Debra A. Cafaro

		 	Executive

  

 18

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