Document:

EX-10.1

 EXHIBIT 10.1 

 
  

 
 AMENDMENT TO 

MEMORANDUM OF LEASE AND 
 SPECIFIC PROPERTY LEASE AMENDMENT 
 BY AND AMONG 

KINDRED HEALTHCARE, INC., 
 KINDRED HEALTHCARE OPERATING, INC., AND 
 VENTAS REALTY, LIMITED PARTNERSHIP

  
  

 
  

 

							
		  	Master Lease No.:	  	3	  	
				
		  	Facility No.:	  	IN—694	  	
				
		  	Property Address:	  	101 Potters Lane	  	
		  		  	Clarksville, Indiana	  	
		  		  	(Clark County)	  	

 AMENDMENT TO SECOND AMENDED AND RESTATED 

MASTER LEASE AGREEMENT NO. 3 AND MEMORANDUM OF LEASE 

THIS AMENDMENT TO SECOND AMENDED AND RESTATED MASTER LEASE AGREEMENT NO. 3 AND MEMORANDUM OF LEASE (hereinafter this
“Amendment” ) is dated as of the 1st day
of March 2012 and is between VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership (together with its successors and assigns, “Lessor”) having an office at 10350 Ormsby Park Place, Suite 300, Louisville, Kentucky 40223,
and KINDRED HEALTHCARE, INC., a Delaware corporation formerly known as Vencor, Inc. (“Kindred”), and KINDRED HEALTHCARE OPERATING, INC., a Delaware corporation formerly known as Vencor Operating, Inc. (“Operator”;
Operator, jointly and severally with Kindred and permitted successors and assignees of Operator and Kindred, “Tenant”), both having an office at 680 South 4th Avenue, Louisville, Kentucky 40202. 
 RECITALS 
 A. Lessor and Tenant have heretofore entered into
(i) a certain Amended and Restated Master Lease Agreement No. 3, dated as of April 20, 2001 (the “2001 Lease”); and (ii) a certain Second Amended and Restated Master Lease Agreement No. 3 dated as of April 27, 2007
(as the same may have been or may hereafter be amended, amended and restated, supplemented, modified, renewed, extended or replaced, the “Lease”), which superseded the 2001 Lease, and demised to Tenant, among other properties, the
real property described in Exhibit A attached hereto and made a part hereof, together with the improvements thereon (the “Premises”), and (iii) a Memorandum of Lease (the “Memorandum”) dated as of
April 20, 2001, and recorded on April 30, 2001, with the Recorder of Clark County, Indiana as Instrument No. 200108266, which Memorandum provides record notice of the Lease, as it applies to the Premises. 

B. The Town of Clarksville is purchasing a portion of the Premises legally described in Exhibit B attached hereto and made a part
hereof (the “ Parcel”). 
 C. Lessor and Tenant desire to amend the Lease, as it relates to the Premises, and
to amend the Memorandum, in combination with such purchase by the Town of Clarksville. 
 NOW, THEREFORE, in consideration of
the premises and other good and valuable consideration, the parties hereby agree as follows: 
 1. Effective on the date of the
recording of the deed transferring the Parcel from Lessor to the Town of Clarksville, the Memorandum, and the Lease as it applies to the Premises, are amended: (a) to terminate the Memorandum and the Lease as they apply to the Parcel, and
(b) to confirm and adopt, as the revised legal description for the Premises, the amended legal description (the “Amended Premises”) that is attached hereto and made a part hereof as Exhibit C. 

 2. This Amendment is being executed solely to give notice of the Lease, as it relates to the
Amended Premises, and to amend the Memorandum and the Lease as they apply to the Amended Premises, and is not intended to amend the Lease in any respect other than as expressly provided in Paragraph 1 above. Without limitation of the foregoing,
Lessor and Tenant acknowledge and agree that the Lease relates to the Amended Premises and multiple other properties and that, as provided in the Lease, the Lease demises all of such properties as a unified commercial operating lease and Lessor is
not obligated, and may not be required, to lease less than all of such properties pursuant to the Lease. 
 3. This Amendment may
be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto were upon the same instrument. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the parties hereto have executed these presents the day and year
first above written. 
  

			
	LESSOR:
	
	 VENTAS REALTY, LIMITED
 PARTNERSHIP, a Delaware limited partnership

		
	By:	 	 Ventas, Inc., a Delaware corporation,
 its general partner

  

			
		
	By:	 	/s/ T. Richard Riney
		 	T. Richard Riney, Executive Vice
		 	 President, Chief Administrative
 Officer, General Counsel and Secretary

  

			
	TENANT:
	
	KINDRED HEALTHCARE, INC., a Delaware corporation
		
	By:	 	/s/ Douglas L. Curnutte
	Name:	 	Douglas L. Curnutte
	Title:	 	 Vice President of

Facilities & Real Estate

Development

  

			
	 KINDRED HEALTHCARE OPERATING,
 INC., a Delaware corporation

		
	By:	 	/s/ Douglas L. Curnutte
	Name:	 	Douglas L. Curnutte
	Title:	 	 Vice President of

Facilities & Real Estate

Development

 Acknowledgments 

 

			
	STATE OF Kentucky	  	)
		  	) ss
	COUNTY OF Jefferson	  	)

 On Oct. 10, 2011, before me, Terri Parker personally appeared T. Richard Riney, who is personally known
to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, as the Executive Vice President, Chief
Administrative Officer, General Counsel and Secretary of Ventas, Inc., a Delaware corporation, in its capacity as the general partner of Ventas Realty, Limited Partnership, a Delaware limited partnership, and that by his signature on the instrument
the aforesaid corporation executed the instrument, as the general partner and on behalf of the aforesaid limited partnership. 

WITNESS my hand and official seal. 
  

					
			
	(SEAL)	 		 	/s/ Terri Parker
		 		 	 NOTARY PUBLIC
 Printed Name:
Terri Parker
 Resides in Jefferson County, Kentucky
 Notary Public, State at Large, KY
 My commission expires Jan. 6, 2013

  

			
	STATE OF Kentucky	  	)
		  	) ss
	COUNTY OF Jefferson	  	)

 On 08/04, 2011, before me, Doug Curnutte personally appeared, the VP of Facilities & Real
Estate Dev of KINDRED HEALTHCARE, INC., a Delaware corporation, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he/she
executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

WITNESS my hand and official seal. 
  

					
			
	(SEAL)	 		 	/s/ Sondra L. Staten
		 		 	 NOTARY PUBLIC
 Printed Name:
Sondra L. Staten
 Resides in Jefferson County, Kentucky

			
	STATE OF Kentucky	  	)
		  	) ss
	COUNTY OF Jefferson	  	)

 On 08/04, 2011, before me, Doug Curnutte personally appeared, the VP of Facilities & Real
Estate Dev of KINDRED HEALTHCARE OPERATING, INC., a Delaware corporation, personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that
he/she executed the same in his/her authorized capacity, and that by his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument. 

WITNESS my hand and official seal. 
  

					
			
	(SEAL)	 		 	/s/ Sondra L. Staten
		 		 	 NOTARY PUBLIC
 Printed Name:
Sondra L. Staten
 Resides in Jefferson County, Kentucky

 This instrument was prepared by: 
 Benjamin C. Fultz, Esq. 
 Fultz Maddox Hovious & Dickens PLC 

101 South 5th Street, 27th Floor 

Louisville, Kentucky 40202 
 I hereby affirm
under the penalties of perjury that I have taken reasonable care to redact each social security number in said instrument unless required by law: 
  

	
	/s/ Benjamin C. Fultz

 EXHIBIT A 

The Premises 
 COUNTY OF CLARK, STATE OF INDIANA 
 A PART OF SURVEY NO. 45 OF THE ILLINOIS GRANT
IN JEFFERSONVILLE TOWNSHIP OF CLARK COUNTY, INDIANA, BEING A PART OF THE SAME LAND CONVEYED TO WALTER W. AND ELIZABETH MEYER AT DEED RECORD 136, PAGE 37 AND BOUNDED AS FOLLOWS: 

COMMENCING AT A LIMESTONE MONUMENT IN THE NORTHWESTERLY LINE OF SURVEY NO. 32, ILLINOIS GRANT WHICH MARKS THE EAST CORNER OF SAID SURVEY
NO. 45, THENCE THE FOLLOWING COURSES: NORTH 35 DEGREES 47 MINUTES 16 SECONDS WEST 1148.21 FEET WITH THE LINE DIVIDING SURVEYS NO. 45 AND 46 OF THE ILLINOIS GRANT TO AN IRON PIPE; SOUTH .55 DEGREES 06 MINUTES 27 SECONDS WEST, 1688.86 FEET LEAVING
SAID DIVIDING LINE TO AN IRON PIN; NORTH 36 DEGREES 02 MINUTES 17 SECONDS WEST, 1086.51 FEET TO AN IRON SPIKE IN POTTER’S LANE; SOUTH 54 DEGREES 47 MINUTES 33 SECONDS WEST, 514.05 FEET WITH THE CENTER OF POTTER’S LANE TO AN IRON SPIKE, THE
EAST CORNER OF THE FALLS LODGE LOT (DD 9, INSTR. 8177); SOUTH 54 DEGREES 47 MINUTES 33 SECONDS WEST, 125.0 FEET WITH THE CENTER OF POTTER’S LANE TO AN IRON SPIKE; THE SOUTH CORNER OF SAID FALLS LODGE LOT AND WHICH IS THE TRUE PLACE OF
BEGINNING. 
 THENCE THE FOLLOWING COURSES OF THE BOUNDARY: SOUTH 54 DEGREES 49 MINUTES 47 SECONDS WEST, 442.62 FEET WITH THE
CENTER OF POTTER’S LANE TO AN IRON SPIKE; NORTH 30 DEGREES 00 MINUTES 33 SECONDS WEST, 126.26 FEET WITH LLOYD MYERS LOT (DD 9, INSTR. 10422) TO AN IRON 
 PIPE; NORTH 30 DEGREES 14 MINUTES 02 SECONDS WEST, 168.33 FEET WITH ANOTHER LOT OWNED BY LLOYD MYERS (DD 10, INSTR. 397) TO AN IRON PIPE; NORTH 30 DEGREES 19 MINUTES 48 SECONDS WEST, 85.98 FEET WITH
RICHARD SAWYER’S LOT (DD 3, INSTR. 6569) TO AN IRON PIPE; NORTH 30 DEGREES 19 MINUTES 48 SECONDS WEST, 85.93 FEET WITH CHARLES RICHARD’S LOT (DR 208, PAGE 289) TO AN IRON ROD; NORTH 28 DEGREES 41 MINUTES 41 SECONDS WEST, 203.80 FEET WITH
CHARLES LENFERT’S LOT (DR 183, PAGE 121) AND CLAUDE BLAKE’S LOT (DR 222, PAGE 111) TO AN IRON AXLE; NORTH 28 DEGREES 49 MINUTES 32 SECONDS WEST, 104.73 FEET WITH DANIEL SMITH’S LOT (DR 290, PAGE 331)TO AN IRON PIPE; NORTH 29 DEGREES
03 MINUTES 47 SECONDS WEST, 114.67 FEET WITH ZANE SHRADER’S LOT (DR 219, PAGE 216) TO AN IRON ROD; NORTH 29 DEGREES 45 MINUTES 04 SECONDS WEST, 75.70 FEET WITH JAMES SMITH’S LOT (DD 11, INSTR. 8683) TO AN IRON PIPE, THE SOUTH CORNER OF
CLETUS RECEVEUR’S LOT (DR 279, PAGE 176); NORTH 54 DEGREES 34 MINUTES 06 SECONDS EAST, 137.53 FEET WITH THE SOUTHERLY LINE OF SAID RECEVEUR’S LOT TO AN IRON ROD; THE EAST CORNER THEREOF; SOUTH 51 DEGREES 16 MINUTES 32 SECONDS EAST, 689.21
FEET, SEVERING THE LAND OF THE GRANTOR TO AN IRON PIPE, THE WEST CORNER OF SAID FALLS LODGE LOT; SOUTH 38 DEGREES 55 MINUTES 37 SECONDS EAST, 299.83 FEET WITH THE WESTERLY LINE OF SAID FALLS LODGE LOT TO THE TRUE PLACE OF BEGINNING AND CONTAINING
6.953 ACRES OF LAND. 

 EXHIBIT B 

The Parcel 
 Being
a part of Survey No. 45 of the Illinois Grant in the Town of Clarksville, Clark County, Indiana, and intending to be all that tract of land described in Deed Drawer 30 Instrument 24372 lying within the Right-of-Way lines depicted on the
attached Right-of-Way Parcel Plat, marked EXHIBIT “B”, described as follows: 
 Commencing at the east corner of Survey No. 45,
being the south corner of Survey No. 46; thence North 35°35’51” West, 497.62 feet along the line dividing said Survey Nos. 45 and 46; thence South 55°11’22” West, 2865.16 feet to the centerline of
Blackiston Mill Road at the southernmost corner of Parkwood Subdivision, First Section, Plat Book 6, Page 231; thence North 34°48’38” West, 650.00 feet along said centerline to the westernmost corner of said subdivision;
thence North 42°06’20” West, 476.38 feet along said centerline; thence North 42°52’06” West, 614.20 feet along said centerline to its intersection with the centerline of Potters Lane; thence North
54°54’06” East, 209.25 feet along the centerline of Potters Lane to the southernmost comer of said tract (Deed Drawer 30, Instrument 24372), being the True Point of Beginning. 

Thence North 30°05’37” West, 23.69 feet along the southwesterly line of said tract; thence North 53°49’08”
East, 39.54 feet to point designated as “1015” on said plat; thence North 54°44’38” East, 15.44 feet to a point designated as “1014” on said plat; thence South 35°10’52” East, 24.39 feet
to the centerline of Potters Lane; thence South 54°54’06” West, 57.07 feet along said centerline to the True Point of Beginning. 

 EXHIBIT C 

The Amended Premises 
 COUNTY OF CLARK, STATE OF INDIANA 
 A PART OF SURVEY NO. 45 OF THE ILLINOIS GRANT
IN JEFFERSONVILLE TOWNSHIP OF CLARK COUNTY, INDIANA, BEING A PART OF THE SAME LAND CONVEYED TO WALTER W. AND ELIZABETH MEYER AT DEED RECORD 136, PAGE 37 AND BOUNDED AS FOLLOWS: 

COMMENCING AT A LIMESTONE MONUMENT IN THE NORTHWESTERLY LINE OF SURVEY NO. 32, ILLINOIS GRANT WHICH MARKS THE EAST CORNER OF SAID SURVEY
NO. 45, THENCE THE FOLLOWING COURSES: NORTH 35 DEGREES 47 MINUTES 16 SECONDS WEST 1148.21 FEET WITH THE LINE DIVIDING SURVEYS NO. 45 AND 46 OF THE ILLINOIS GRANT TO AN IRON PIPE; SOUTH.55 DEGREES 06 MINUTES 27 SECONDS WEST, 1688.86 FEET LEAVING SAID
DIVIDING LINE TO AN IRON PIN; NORTH 36 DEGREES 02 MINUTES 17 SECONDS WEST, 1086.51 FEET TO AN IRON SPIKE IN POTTER’S LANE; SOUTH 54 DEGREES 47 MINUTES 33 SECONDS WEST, 514.05 FEET WITH THE CENTER OF POTTER’S LANE TO AN IRON SPIKE, THE EAST
CORNER OF THE FALLS LODGE LOT (DD 9, INSTR. 8177); SOUTH 54 DEGREES 47 MINUTES 33 SECONDS WEST, 125.0 FEET WITH THE CENTER OF POTTER’S LANE TO AN IRON SPIKE; THE SOUTH CORNER OF SAID FALLS LODGE LOT AND WHICH IS THE TRUE PLACE OF BEGINNING.

 THENCE THE FOLLOWING COURSES OF THE BOUNDARY: SOUTH 54 DEGREES 49 MINUTES 47 SECONDS WEST, 442.62 FEET WITH THE CENTER OF
POTTER’S LANE TO AN IRON SPIKE; NORTH 30 DEGREES 00 MINUTES 33 SECONDS WEST, 126.26 FEET WITH LLOYD MYERS LOT (DD 9, INSTR. 10422) TO AN IRON 
 PIPE; NORTH 30 DEGREES 14 MINUTES 02 SECONDS WEST, 168.33 FEET WITH ANOTHER LOT OWNED BY LLOYD MYERS (DD 10, INSTR. 397) TO AN IRON PIPE; NORTH 30 DEGREES 19 MINUTES 48 SECONDS WEST, 85.98 FEET WITH
RICHARD SAWYER’S LOT (DD 3, INSTR. 6569) TO AN IRON PIPE; NORTH 30 DEGREES 19 MINUTES 48 SECONDS WEST, 85.93 FEET WITH CHARLES RICHARD’S LOT (DR 208, PAGE 289) TO AN IRON ROD; NORTH 28 DEGREES 41 MINUTES 41 SECONDS WEST, 203.80 FEET WITH
CHARLES LENFERT’S LOT (DR 183, PAGE 121) ·AND CLAUDE BLAKE’S LOT (DR 222, PAGE 111) TO AN IRON AXLE; NORTH 28 DEGREES 49 MINUTES 32 SECONDS WEST, 104.73 FEET WITH DANIEL SMITH’S LOT (DR 290, PAGE 331) TO AN IRON PIPE; NORTH 29
DEGREES 03 MINUTES 47 SECONDS WEST, 114.67 FEET WITH ZANE SHRADER’S LOT (DR 219, PAGE 216) TO AN IRON ROD; NORTH 29 DEGREES 45 MINUTES 04 SECONDS WEST, 75.70 FEET WITH JAMES SMITH’S LOT (DD 11, INSTR. 8683) TO AN IRON PIPE, THE SOUTH
CORNER OF CLETUS RECEVEUR’S LOT (DR 279, PAGE 176); NORTH 54 DEGREES 34 MINUTES 06 SECONDS EAST, 137.53 FEET WITH THE SOUTHERLY LINE OF SAID RECEVEUR’S LOT TO AN IRON ROD; THE EAST CORNER THEREOF; SOUTH 51 DEGREES 16 MINUTES 32 SECONDS
EAST, 689.21 FEET, SEVERING THE LAND OF THE GRANTOR TO AN IRON PIPE, THE WEST CORNER OF SAID FALLS LODGE LOT; SOUTH 38 DEGREES 55 MINUTES 37 SECONDS EAST, 299.83 FEET WITH THE WESTERLY LINE OF SAID FALLS LODGE LOT TO THE TRUE PLACE OF BEGINNING AND
CONTAINING 6.953 ACRES OF LAND. 

 LESS AND EXCEPT SO MUCH THEREOF CONVEYED TO THE TOWN OF 

CLARKSVILLE BY DEED DATED APRIL 18, 2011, TO-WIT: 
 Being a part of Survey No. 45 of the Illinois Grant in the Town of Clarksville, Clark County, Indiana, and intending to be all that tract of land described in Deed Drawer 30 Instrument 24372 lying
within the right-of-way lines depicted on the attached Right-of-Way Parcel Plat, marked EXHIBIT “B”, described as follows: 

Commencing at the east corner of Survey No. 45, being the south corner of Survey No. 46; thence North 35°35’51” West,
497.62 feet along the line dividing said Survey Nos. 45 and 46; thence South 55°11’22” West, 2865.16 feet to the centerline of Blackiston Mill Road at the southernmost corner of Parkwood Subdivision, First Section, Plat Book 6,
Page 231; thence North 34°48’38” West, 650.00 feet along said centerline to the westernmost corner of said subdivision; thence North 42°06’20” West, 476.38 feet along said centerline; thence North
42°52’06” West; 614.20 feet along said centerline to its intersection with the centerline of Potter’s Lane; thence North 54°54’06” East, 209.25 feet along the centerline of Potters Lane to the
southernmost corner of said tract (Deed Drawer 30, Instrument 24372), being the True Point of Beginning; 
 Thence North
30°05’37” West, 23.69 feet along the southwesterly line of said tract; thence North 53°49’08” East, 39.54 feet to point designated as “1015” on said plat; thence North
54°44’38” East, 15.44 feet to a point designated as “1014” on said plat; thence South 35°10’52” East, 24.39 feet to the centerline of Potters Lane; thence South 54°54’06” West,
57.07 feet along said centerline to the True Point of Beginning.EX-10.2

 EXHIBIT 10.2 
 RESTRICTED SHARE AWARD AGREEMENT 
 THIS AGREEMENT, made as of this
             day of             , 20            
between Kindred Healthcare, Inc., a Delaware corporation and its successors (the “Company”), and
                                 (the “Participant”). 

WHEREAS, the Company adopted and maintains the Kindred Healthcare, Inc. 2011 Stock Incentive Plan (the “Plan”); 

WHEREAS, the Plan provides for the award to participants in the Plan of restricted shares of common stock of Kindred Healthcare, Inc.,
par value $0.25 per share (the “Common Stock”). 
 NOW THEREFORE, in consideration of the premises and the mutual
covenants hereinafter set forth, the parties hereto hereby agree as follows: 
 1. Grant of Restricted Stock. Pursuant and
subject to the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Participant                     
(            ) shares of Common Stock (the “Shares,” and this grant shall be referred to herein as the “Award”). The Shares shall vest only in accordance with the
provisions of this Agreement and of the Plan. The certificates representing the Shares, together with stock powers duly authorized in blank by the Participant, shall be deposited with the Company to be held by it until the Shares vest in accordance
with Section 3 hereof or are forfeited in accordance with Section 4. All capitalized terms used herein and not defined herein shall have the meanings assigned to them in the Plan. 

2. Non-Transferability. Prior to the vesting of the Shares as described in Section 3 hereof, neither the Shares nor the
rights represented thereby shall be assignable, transferable, pledged or otherwise encumbered under any circumstances. Any purported or attempted transfer of such Shares or such rights in contravention of this Section 2 shall be null and void
and shall result in the immediate forfeiture of the Shares. 
 3. Vesting of Shares. 

(a) Except as provided in Section 3(b) and Section 4, the Shares subject to this Award shall vest and become fully transferable
without restriction according to the following schedule: 
  

	 	(i)	            of the Shares subject to this Award shall vest
            , 20__. 

  

	 	(ii)	An additional             of the Shares subject to this Award shall vest on
            , 20__. 

  

	 	(iii)	An additional             of the Shares subject to this Award shall vest on
            , 20__. 

  

	 	(iv)	An additional              of the Shares subject to this Award will vest on
            , 20__. 

  
 1 

 (b) Notwithstanding the foregoing, in the event of (1) a Change in Control or
(2) the death or Disability of the Participant, the Shares shall automatically vest, all restrictions on the Shares shall lapse and the Company shall deliver to Participant a certificate representing the Shares; provided, however, in no event
may the vesting of any Shares held by a Participant subject to Section 16(b) of the Exchange Act be accelerated until such time as the vesting would not violate Section 16(b). 

4. Forfeiture of Shares. If the employment of the Participant with the Company shall terminate for any reason other than
death or Disability, all of the Shares which have not vested in accordance with Section 3 of this Agreement shall be forfeited and reconveyed to the Company by Participant without additional consideration and Participant shall have no further
rights with respect thereto. 
 5. Modification and Waiver. Except as provided in this Agreement and in the Plan with
respect to determinations of the Committee and subject to the Company’s right to amend the Plan, neither this Agreement nor any provision hereof can be changed, modified, amended, discharged, terminated or waived orally or by any course of
dealing or purported course of dealing, but only by an agreement in writing signed by the Participant and the Company. No such agreement shall extend to or affect any provision of this Agreement not expressly changed, modified, amended, discharged,
terminated or waived or impair any right consequent on such a provision. The waiver of or failure to enforce any breach of this Agreement shall not be deemed to be a waiver or acquiescence in any other breach thereof. 

6. Rights as Stockholder. Participant shall be considered a stockholder of the Company with respect to all such Shares that
have not been forfeited and shall have all rights appurtenant thereto, including the right to vote or consent to all matters that may be presented to the stockholders and to receive all dividends and other distributions paid on such Shares. If any
dividends or distributions are paid in Common Stock, such Common Stock shall be subject to the same restrictions as the Shares with respect to which it was paid. 
 7. Adjustment Upon Changes in Common Stock. 
 (a) In the event of any
change in the capitalization of the Company or other corporate change or transaction involving the Company or its securities, the Committee shall, to the extent it deems appropriate, make equitable adjustments in the number and class of shares
subject to the Award outstanding on the date on which such change occurs. 
 (b) In the event of (i) a dissolution or
liquidation of the Company, (ii) a sale of all or substantially all of the Company’s assets, (iii) a merger or consolidation involving the Company in which the Company is not the surviving corporation or (iv) a merger or
consolidation involving the Company in which the Company is the surviving corporation but the holders of shares of Common Stock receive securities of another corporation and/or other property, including cash, the Committee shall either: 

(i) cancel each Share outstanding immediately prior to such event (whether or not then vested), and, in full consideration of such
cancellation, pay to the Participant an equitable amount in cash for each Share equal to the value of the property (including cash) received by the holder of a share of Common Stock; or 

  
 2 

 (ii) provide for the exchange of each Share outstanding immediately prior to such event
(whether or not then vested) for an option, a stock appreciation right or a share of restricted stock with respect to, as appropriate, some or all of the property which a holder of the number of shares of Common Stock subject to the Award would have
received in such transaction and, incident thereto, make an equitable adjustment in the exercise price of the option or stock appreciation right, or the number of shares or amount of property subject to the option, stock appreciation right or share
of restricted stock, or, if appropriate, provide for a cash payment to the Participant in partial consideration for the exchange of the Shares. 
 8. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Kentucky. 
 9. Participant Acknowledgment. The Participant hereby acknowledges receipt of a copy of the Plan and a Plan prospectus. The Participant hereby acknowledges that all decisions, determinations and
interpretations of the Committee in respect of the Plan, this Agreement and the Shares shall be final and conclusive. 
 10.
Incorporation of Plan. All terms and provisions of the Plan are incorporated herein and made part hereof as if stated herein. If any provision hereof and of the Plan shall be in conflict, the terms of the Plan shall govern. 

11. Entire Agreement. This Agreement and the Plan represent the final, complete and total agreement of the parties hereto
respecting the Shares and the matters discussed herein and this Agreement supersedes any and all previous agreements and understandings, whether written, oral or otherwise, relating to the Shares and such matters. 

12. No Contract of Employment. This Agreement shall not confer upon the Participant any right with respect to the continuation of
such Participant’s employment by the Company or prohibit the Company at any time from terminating such employment or increasing or decreasing the base salary or other compensation for such Participant. 

  
 3 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly
authorized officer and said Participant has hereunto signed this Agreement on the Participant’s own behalf, thereby representing that the Participant has carefully read and understands this Agreement and the Plan, as of the day and year first
above written. 
  

	
	KINDRED HEALTHCARE, INC.
	
	  
	 By:  Richard A. Lechleiter
 Title: Executive Vice President and

          Chief Financial Officer

  

			
		
	 	 	 
	Name of Individual	 	

  
 4

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