Document:

Third Amendment to the Credit and Guaranty Agreement dated as of March 31, 2009

 Exhibit 10.1 
 [EXECUTION COPY] 
 THIRD AMENDMENT TO 
 CREDIT AND GUARANTY AGREEMENT 
 Dated as of March 31, 2009 
 among 
 VENTAS REALTY, LIMITED PARTNERSHIP

 AND THE ADDITIONAL BORROWERS LISTED HEREIN, 
 as Borrower, 
 THE GUARANTORS REFERRED TO HEREIN, 
 THE LENDERS REFERRED TO HEREIN 
 and 
 BANK OF AMERICA, N.A., 
 as Administrative
Agent, Issuing Bank and Swingline Lender 
 CALYON NEW YORK BRANCH 
 and 
 CITICORP NORTH AMERICA, INC., 
 as Co-Syndication Agents 
 UBS SECURITIES LLC,

 as Documentation Agent 
 BANC OF
AMERICA SECURITIES LLC 
 and 
 CALYON NEW YORK BRANCH, 
 as Joint Lead Arrangers and Joint Book Managers 

 THIRD AMENDMENT 
 THIS THIRD AMENDMENT dated as of March 31, 2009 (this “Amendment”) to that certain Credit and Guaranty Agreement referenced below is by and among VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware
limited partnership (the “Parent Borrower”), SZR US INVESTMENTS, INC., VENTAS SSL HOLDINGS, INC., EC LEBANON REALTY, LLC, EC HAMILTON PLACE REALTY, LLC, KINGSPORT NOMINEE, LP, KNOXVILLE NOMINEE, LP and HENDERSONVILLE NOMINEE, LP in
their capacities as additional borrowers (collectively, the “Additional Borrowers”, and together with the Parent Borrower, the “Borrower”), the Guarantors, the lenders identified on the signature pages hereto and
BANK OF AMERICA, N.A., as Administrative Agent. 
 W I T N E S S E T H 
 WHEREAS, a revolving credit facility was established in favor of the Borrower pursuant to the terms of that certain Credit and Guaranty Agreement, dated
as of April 26, 2006, by and among the Parent Borrower, the Guarantors, the Existing Lenders, and the Administrative Agent, as modified by that certain Modification Agreement, dated as of March 30, 2007 and as amended by that certain First
Amendment dated as of July 27, 2007 and that certain Second Amendment dated as of March 13, 2008 (as further amended, restated, extended, supplemented, renewed, replaced or otherwise modified from time to time, the “Existing Credit
Agreement”); 
 WHEREAS, the Parent Borrower has requested to amend the Existing Credit Agreement (the “Proposed
Amendment”) to extend the Revolving Commitment Termination Date to April 26, 2012; 
 WHEREAS, in connection with the Proposed
Amendment, the Parent Borrower has agreed to modify certain other provisions of the Existing Credit Agreement and to reduce the Total Revolving Committed Amount by ten percent (10%); 
 WHEREAS, the requested amendments require the consent of the Required Lenders; and 
 WHEREAS, the Required Lenders have agreed to the requested amendments on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows: 
 PART 1 
 DEFINITIONS 
 SUBPART 1.1 Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Amendment, including its preamble and recitals, have the meanings provided in the Existing Credit Agreement. 
  

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 PART 2 
 AMENDMENTS TO EXISTING CREDIT AGREEMENT 
 Effective on (and subject to the occurrence of) the Third
Amendment Effective Date (as defined in Subpart 3.1), the Existing Credit Agreement is hereby amended in accordance with this Part 2. 
 SUBPART 2.1 Amendments to Section 1.1. 
 (a) The definition of “Applicable Percentage” set forth
in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Applicable Percentage” shall mean, for any applicable period, a per annum rate based on the Consolidated Total Leverage Ratio as follows: 
  

												
	 Pricing
Level
	 	Consolidated
Total Leverage
Ratio	 	Applicable
Percentage for
Eurodollar
Rate Loans	 	 	Applicable
Percentage for
Base Rate Loans	 	 	Utilization Spread
for Extended
Revolving
Commitments	 
	I	 	> 55%	 	1.25	%	 	0	%	 	2.30	%
	II	 	> 50% but £ 55%	 	1.05	%	 	0	%	 	2.25	%
	III	 	> 45% but £ 50%	 	0.90	%	 	0	%	 	2.15	%
	IV	 	> 35% but £ 45%	 	0.75	%	 	0	%	 	2.05	%
	V	 	£ 35%	 	0.50	%	 	0	%	 	1.80	%

 Any increase or decrease in the Applicable Percentage resulting from a change in the
Consolidated Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.2(a); provided, however, that
if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level I shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered until the
Business Day following the delivery of the Compliance Certificate. The Applicable Percentage in effect from the Third Amendment Date through the first Business Day following delivery of the Compliance Certificate pursuant to Section 6.2(a) with
respect to the fiscal quarter ending March 31, 2009 shall be determined based upon Pricing Level IV. 
 (b) The definition of
“Base Rate” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows:  
 “Base Rate” shall mean, for any day, a fluctuating rate per
annum equal to the highest of: (i) the Prime Rate for such day, (ii) the Federal Funds Rate for such day, plus  1/2 of
1% and (iii) the Eurodollar Rate for a Eurodollar Rate Loan with an Interest Period of one month calculated on such day (or if such day is not a Business Day, the immediately preceding Business Day). 
 (c) The definition of “Canadian Facility” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its
entirety to read as follows: 
 “Canadian Facility” shall mean that certain Credit and Guaranty Agreement
dated as of March 13, 2008 among Ventas Realty, Limited Partnership, Ventas SSL Ontario II, Inc. and Ventas SSL Ontario III, Inc., each as a borrower, the guarantors referred to therein, the lenders referred to therein and Bank of America,
N.A., as administrative agent, Banc of America 

  

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Securities LLC and Calyon New York Branch, as joint lead arrangers and joint book managers, as amended, restated, extended, supplemented, renewed,
replaced or otherwise modified from time to time. 
 (d) The definition of “Capitalization Rate” set forth in
Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows:  
 “Capitalization Rate” shall mean (i) eight and one-quarter percent (8.25%) in the case of non-government reimbursed properties and assets and (ii) ten percent (10.00%) in the case of government
reimbursed properties and assets. 
 (e) The definition of “Interest Period” set forth in Section 1.1 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Interest Period” shall
mean, as to any Eurodollar Rate Loan, a period of one (1), two (2), three (3) or six (6) months, as the Borrower may elect, in each case commencing on the date of the Borrowing (including conversions, continuations and renewals);
provided, however, (a) if any Interest Period would end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day (except in the case of Eurodollar Rate Loans where the next
succeeding Business Day falls in the next succeeding calendar month, then such Interest Period shall end on the next preceding Business Day), (b) no Interest Period entered into prior to the Existing Revolver Commitment Termination Date shall
extend beyond the Existing Revolving Commitment Termination Date, (c) no Interest Period shall extend beyond the Extended Revolving Commitment Termination Date and (d) in the case of Eurodollar Rate Loans, where an Interest Period begins
on a day for which there is no numerically corresponding day in the calendar month in which the Interest Period is to end, such Interest Period shall end on the last day of such calendar month. 
 (f) The definition of “Permitted Liens” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended by adding a new
clause (i) to the end thereof to read as follows and making the appropriate grammatical changes thereto: 
 (i) Liens,
if any, in favor of the Issuing Bank and/or Swingline Lender to cash collateralize or otherwise secure the obligations of an Impacted Lender to fund risk participations hereunder. 
 (g) The definition of “Lenders” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read
as follows: 
 “Lenders” shall mean the Extending Lenders, the Non-Extending Lenders, the Issuing Bank
and/or the Swingline Lender, as applicable. 
 (h) The definition of “Letter of Credit Expiration Date” set forth in
Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Letter
of Credit Expiration Date” shall mean the day that is seven (7) days prior to the Extended Revolving Commitment Termination Date. 
 (i) The definition of “Revolving Commitment Termination Date” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Revolving Commitment Termination Date” shall mean (a) for Non-Extending Lenders, the Existing Revolving
Commitment Termination Date and (b) for Extending Lenders, the Extended Revolving Commitment Termination Date. 
  

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 (j) The following new definitions are hereby added to Section 1.1 of the Existing Credit Agreement
in their appropriate alphabetical order: 
 “Extended Revolving Commitment” means the Revolving Commitment
of a Lender that matures on the Extended Revolving Commitment Termination Date. 
 “Existing Revolving
Commitment Termination Date” means April 26, 2010. 
 “Extended Revolving Commitment Termination
Date” means April 26, 2012. 
 “Extending Lender” means those lenders with a Revolving
Commitment that matures on the Extended Revolving Commitment Termination Date. On the Third Amendment Date, the Extending Lenders are identified as such on Schedule 1.1(a). 
 “Impacted Lender” means a Defaulting Lender or any Lender as to which (a) the Issuing Bank has a good faith
belief that the Lender has defaulted in fulfilling its obligations under one or more other syndicated credit facilities or (b) an entity that controls the Lender has been deemed insolvent or become subject to a bankruptcy or other similar
proceeding. 
 “Non-Extending Lender” means those lenders with a Revolving Commitment that matures on
the Existing Revolving Commitment Termination Date. On the Third Amendment Date, the Non-Extending Lenders are identified as such on Schedule 1.1(a). 
 “Non-Extended Revolving Commitment” means the Revolving Commitment of a Lender that matures on the Existing Revolving
Commitment Termination Date. 
 “Third Amendment Date” means March 31, 2009. 
 SUBPART 2.2 Amendments to Section 1.2(a). Section 1.2(a) of the Existing Credit Agreement is hereby amended in its entirety to
read as follows: 
 (a) Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted, and all
financial statements and certificates and reports as to financial matters required to be delivered to the Lenders hereunder shall be prepared in accordance with GAAP (without giving effect to Statement of Financial Accounting Standards
No. 141(R)) “Business Combinations” (“SFAS No. 141(R)”). All calculations made for the purposes of determining compliance with this Credit Agreement shall (except as otherwise expressly provided herein) be made
by application of GAAP (without giving effect to SFAS No. 141(R)) on a basis consistent with the most recent annual or quarterly financial statements delivered pursuant to Section 6.1 (or, prior to the delivery of the first
financial statements pursuant to Section 6.1, consistent with the annual audited financial statements referenced in Section 4.6 hereof); provided, however, if (i) the Borrower shall object to determining
such compliance on such basis at the time of delivery of such financial statements due to any change in GAAP or the rules promulgated with respect thereto or (ii) the Administrative Agent or the Required Lenders shall so object in writing
within sixty (60) days after delivery of such financial statements, then such calculations shall be made on a basis consistent with the most recent financial statements delivered by the Credit Parties to the Lenders as to which no such
objection shall have been made. Any other prorations utilized by the Parent Borrower in making any calculation under this Credit Agreement shall be subject to the approval of the Administrative Agent in its sole discretion. 
  

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 SUBPART 2.3 Amendments to Section 2.1(a). Subclause (i) contained in
Section 2.1(a) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (i)
the aggregate principal amount of Revolving Obligations outstanding shall not at any time exceed SEVEN HUNDRED SIXTEEN MILLION NINE HUNDRED FIFTY THOUSAND DOLLARS ($716,950,000) (as such amount may be increased or reduced from time to time in
accordance with the provisions hereof, the “Total Revolving Committed Amount”), 
 SUBPART 2.4 Amendments to
Section 2.1(b). Clause (i) contained in Section 2.1(b) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (i) the aggregate principal amount of LOC Obligations shall not at any time exceed the lesser of (A) SEVENTY MILLION DOLLARS
($70,000,000) or (B) the Total Revolving Committed Amount in effect at such time (as such amount may be decreased in accordance with the provisions of Section 2.6(b), the “LOC Committed Amount”), 
 SUBPART 2.5 Amendments to Section 2.1(c). Clause (i) contained in Section 2.1(c) of the Existing Credit Agreement is hereby
amended in its entirety to read as follows: 
 (i) the aggregate principal amount of Swingline Loans outstanding shall not
at any time exceed the lesser of (A) SEVENTY MILLION DOLLARS ($70,000,000) or (B) the Total Revolving Committed Amount in effect at such time (as such amount may be decreased in accordance with the provisions of Section 2.6(b),
the “Swingline Committed Amount”), 
 SUBPART 2.6 Amendments to Section 2.1(c). Section 2.1(c)
of the Existing Credit Agreement is hereby amended to add a sentence to the end thereof to read as follows: 
 It is
understood and agreed that, notwithstanding anything to the contrary contained above, the Swingline Lender shall have no obligation to make Swingline Loans if any Lender is at such time an Impacted Lender, unless the Swingline Lender has entered
into satisfactory arrangements with the Borrower or such Lender to eliminate the Swingline Lender’s risk with respect to such Lender. 
 SUBPART 2.7 Amendments to Section 2.1(d). The lead-in contained in Section 2.1(d) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 Subject to the terms and conditions set forth herein, the Borrower may at any time, or from time to time, upon notice to the
Administrative Agent increase the Total Revolving Committed Amount to an amount not greater than $850,000,000; provided that: 
 SUBPART 2.8 Amendments to Section 2.1(d)(vi). Section 2.1(d)(vi) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (vi) [Reserved]. 
 SUBPART 2.9 Amendments to Section 2.1(d)(ix). Section 2.1(d)(ix) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (ix) the additional Revolving Commitment of an existing Lender and each new Revolving Commitment from a new Lender obtained by the
Borrower in accordance with this Section 2.1(d) shall mature on the Extended Revolving Commitment Termination Date. 
  

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 SUBPART 2.10 Amendments to Section 2.1(e). Section 2.1(e) of the Existing Credit
Agreement is hereby amended in its entirety to read as follows: 
 (e) Conversion of Non-Extended Revolving Commitments By Lenders.
Each Lender may, at its option and with the consent of the Parent Borrower, elect to convert some or all its Non-Extended Revolving Commitment to an Extended Revolving Commitment; provided that: 
 (i) Notice: The applicable Lender shall give written notice to the Administrative Agent of (x) its election to convert its
Non-Extended Revolving Commitment not less than fifteen (15) days prior to the Existing Revolving Commitment Termination Date and (y) the aggregate principal amount of such Lender’s Non-Extended Revolving Commitment to be converted to
an Extended Revolving Commitment; and 
 (ii) Minimum Amounts: 
 (A) In the case of conversion of the entire remaining amount of such Lender’s Non-Extended Revolving Commitment and the Loans at
the time owing to it, no minimum amount need be converted; and 
 (B) In any case not described in
Section 2.1(e)(ii)(A), the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of such Lender
subject to each such conversion, shall not be less than $5,000,000 (and in increments of $1,000,000 in excess thereof) unless each of the Administrative Agent and the Parent Borrower otherwise consents. 
 SUBPART 2.11 Amendments to Section 2.3(d). Section 2.3(d) is hereby amended by deleting the words, “determined by reference
to the Prime Rate”. 
 SUBPART 2.12 Amendments to Section 2.5. Section 2.5 of the Existing Credit Agreement is
hereby amended in the following respects: 
 (a) Existing clause (c) is renumbered clause (d). 
 (b) A new clause (c) is hereby added to Section 2.5 in the appropriate order to read as follows: 
 (c) Utilization Spread. The Borrower shall pay to the Administrative Agent for the account of each Lender that holds an Extended
Revolving Commitment, a utilization spread (the “Utilization Spread”) at the per annum rate equal to the Utilization Spread set forth in the definition of Applicable Percentage (based on the Consolidated Total Leverage Ratio)
times the daily outstanding principal amount of all Revolving Loans and LOC Obligations funded or participated in by such Lender attributable to such Lender’s Extended Revolving Commitment. The Utilization Spread shall be due and payable
quarterly in arrears on the first Business Day after the end of each March, June, September and December, commencing June 30, 2009, and on the Extended Revolving Commitment Termination Date. The Utilization Spread shall be calculated quarterly
in arrears and if there is any change in the Applicable Percentage during any quarter, the daily amount shall be computed and multiplied by the Applicable Percentage for each period during which such Applicable Percentage was in effect.

  

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 SUBPART 2.13 Amendments to Section 2.11(a). Subclause (E) set forth in clause
(ii) of Section 2.11(a) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (E) a default of any Lender’s obligations to fund under Section 2.11(c) exists or any Lender is at such time an Impacted Lender, unless the Issuing Bank has entered into satisfactory arrangements with the Borrower or
such Lender to eliminate the Issuing Bank’s risk with respect to such Lender. 
 SUBPART 2.14 Amendments to
Section 7.4. Section 7.4 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 Merge, dissolve, liquidate, consolidate with or into another Person, except that, so long as no Default exists or would result therefrom, (a) any Subsidiary may merge with: (i) the Parent Borrower, provided that the Parent
Borrower shall be the continuing or surviving Person, or (ii) an Additional Borrower, provided that an Additional Borrower shall be the continuing or surviving Person, or (iii) any one or more Credit Parties or other Subsidiaries,
provided that when any wholly-owned Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving Person and (b) ElderTrust Operating Limited Partnership may be dissolved or liquidated,
so long as the dissolution or liquidation process is commenced on or before June 30, 2009. 
 SUBPART 2.15 Amendments to
Section 7.10(f). Clause (f) set forth in Section 7.10 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (f) Consolidated Adjusted Net Worth. As of the end of each fiscal quarter, permit the Consolidated Adjusted Net Worth to be less
than an amount equal to the sum of (i) $2,250,000,000, plus (ii) eighty-five percent (85%) of Net Cash Proceeds from Equity Transactions after the Third Amendment Date. 
 SUBPART 2.16 Replacement of Schedule 1.1. Schedule 1.1 of the Existing Credit Agreement is hereby deleted in its entirety and a new
schedule in the form of Schedule 1.1 attached hereto is substituted therefor. 
 SUBPART 2.17 Replacement of Exhibit
12.6(b). Exhibit 12.6(b) of the Existing Credit Agreement is hereby deleted in its entirety and a new exhibit in the form of Exhibit 12.6(b) attached hereto is substituted therefor. 
 SUBPART 2.18 New Schedule. A new Schedule 1.1(a) in the form of Schedule 1.1(a) attached hereto is hereby added to the Existing
Credit Agreement. 
 PART 3 
 CONDITIONS TO EFFECTIVENESS 
 SUBPART 3.1 Third Amendment Effective Date. This Amendment shall be and become
effective as of the date hereof (the “Third Amendment Effective Date”) when all of the following conditions shall have been satisfied: 
 (a) Execution of Counterparts of Amendment. The Administrative Agent shall have received counterparts of this Amendment, which collectively shall have been duly executed on behalf of each of the Credit Parties,
the Existing Lenders representing “Required Lenders”, the New Lenders and the Administrative Agent. 
  

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 (b) Supporting Credit Party Documents. The Administrative Agent shall have received: 

(i) a certificate or certificates of the Secretary or Authorized Officer of each Credit Party (other than the Additional Borrowers),
dated as of the date hereof, and certifying, respectively, that the Organizational Documents of such Credit Party previously delivered to the Administrative Agent have not been amended, supplemented or otherwise modified and are currently in full
force and effect, except as noted therein (in which case a complete copy of such Organizational Documents, including any amendments thereto shall be attached to such certificate); 
 (ii) a certificate or certificates of the Secretary or Authorized Officer of each Credit Party, dated as of the date hereof and
certifying, respectively, (A) that attached thereto is a true and complete copy of resolutions adopted by Ventas Inc.’s Board of Directors authorizing the Amendment by Ventas, Inc., the Parent Borrower and the other Guarantors and the
execution and delivery hereof, and further certifying that such resolutions have not been amended, rescinded or supplemented and are currently in effect and (B) that attached thereto is a true and complete copy of resolutions adopted by the
Board of Directors, Board of Managers or Board of Trustees, as applicable, of each Guarantor (other than those Guarantors whose resolutions are certified pursuant to clause (A) above), or each entity acting on behalf of such Guarantors,
as applicable, authorizing the Guaranty of all borrowings under the Credit Agreement by each such Guarantor to which such resolutions respectively relate and the execution and delivery hereof, and further certifying that such resolutions have not
been amended, rescinded or supplemented and are currently in effect. 
 (c) Good Standing Certificates. The Administrative Agent shall
have received certificates of good standing or the equivalent for each of the Credit Parties from its jurisdiction of incorporation, organization or formation. 
 (d) Legal Opinions. The Administrative Agent shall have received the written opinions of (i) T. Richard Riney, internal general counsel to the Credit Parties, with respect to the authorization, execution
and delivery of this Amendment and (ii) Willkie Farr & Gallagher LLP, counsel to the Credit Parties, with respect to enforceability of this Amendment and certain other matters, each dated as of the date hereof and addressed to the
Administrative Agent, the Issuing Bank, the Swingline Lender and the Lenders, which opinions shall be in form and substance reasonably satisfactory to the Administrative Agent and to Moore & Van Allen PLLC, counsel to the Administrative
Agent. 
 (e) Additional Guarantors. With respect to each new guarantor party to this Amendment, the Administrative Agent shall have
received officers’ certificates with copies of resolutions, applicable Organizational Documents, and favorable opinions of counsel, in each case, as required by Section 6.12 of the Existing Credit Agreement. 
 (f) Closing Certificate. The Administrative Agent shall have received a certificate signed by an authorized officer of the Parent Borrower which
shall, among other things, set forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the financial covenants set forth in Section 7.10 of the Existing Credit Agreement as of the
Third Amendment Effective Date on a pro forma basis. 
  

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 (g) Total Revolving Commitment Reduction. On or before the date hereof, the Parent Borrower shall
have reduced the Total Revolving Committed Amount under the Existing Credit Agreement in accordance with Section 2.6 of the Existing Credit Agreement by ten percent (10%). 
 (h) Fees and Expenses. The Administrative Agent and the Lenders shall have received from the Parent Borrower (i) all reasonable out-of-pocket
costs and expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Amendment, including without limitation, the reasonable fees and expenses of Moore & Van Allen PLLC, special counsel
to the Administrative Agent and (ii) all other fees and expenses set forth in that certain Engagement Letter, dated February 2, 2009, among the Parent Borrower, Bank of America, N.A. and Banc of America Securities LLC. 
 PART 4 
 GUARANTOR JOINDER

 Each Person listed as a new guarantor on the signature pages hereto (each, an “Additional Guarantor”) hereby
acknowledges, agrees and confirms that, by its execution of this Amendment, each such Additional Guarantor will be deemed to be a party to the Existing Credit Agreement (as amended hereby) and a “Guarantor” for all purposes of the Existing
Credit Agreement (as amended hereby) and, shall have all of the obligations of a Guarantor thereunder as if it had executed the Existing Credit Agreement. Each Additional Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by,
all of the terms, provisions and conditions applicable to the Guarantors contained in the Existing Credit Agreement (as amended hereby). Without limiting the generality of the foregoing terms of this Part 4, each Additional Guarantor hereby, jointly
and severally together with the other Guarantors, guarantees to each Lender and the Administrative Agent, the prompt payment and performance of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration
or otherwise) strictly in accordance with the terms thereof. 
 PART 5 
 REVOLVING COMMITMENTS/REVOLVING LOANS 
 ASSIGNMENTS AND ASSUMPTIONS

 Each Person identified on the signature pages hereto as a Lender (individually, an “Assigning Lender” and
collectively, the “Assigning Lenders”) hereby sells and assigns, without recourse, to the other Lenders (individually an “Accepting Lender” and collectively, the “Accepting Lenders”), as necessary,
and each Accepting Lender hereby purchases and assumes, without recourse, from each such Assigning Lender, effective as of the Third Amendment Effective Date, such interests in such Assigning Lender’s rights and obligations under the Existing
Credit Agreement (including, without limitation, the Revolving Commitment of and Revolving Loans owed to such Assigning Lender on the Third Amendment Effective Date) owing to each such Assigning Lender which are outstanding on the Third Amendment
Effective Date) as shall be necessary in order to give effect to the reallocations of the Revolving Commitments and Revolving Commitment Percentages effected by the amendment to Schedule 1.1 to the Existing Credit Agreement pursuant to
Subpart 2.11 hereof. 
  

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 PART 6 
 MISCELLANEOUS 
 SUBPART 6.1 Representations and Warranties. The Credit Parties affirm
that, after giving effect to this Amendment, the representations and warranties set forth in the Existing Credit Agreement and the other Fundamental Documents are true and correct in all material respects as of the date hereof (except those which
expressly relate to an earlier period or date). 
 SUBPART 6.2 Guarantor Acknowledgment. Each Guarantor hereby
(a) acknowledges and consents to all of the terms and conditions of this Amendment and (b) reaffirms that, jointly and severally together with the other Guarantors, it guarantees the prompt payment and performance of their obligations as
provided in Article IX of the Credit Agreement. 
 SUBPART 6.3 References in Other Credit Documents. On and after the date
hereof, all references to the Existing Credit Agreement in each of the Fundamental Documents shall hereafter mean the Existing Credit Agreement as amended by this Amendment. Except as specifically amended hereby, the Existing Credit Agreement is
hereby ratified and confirmed and shall remain in full force and effect according to its terms. 
 SUBPART 6.4
Counterparts/Telecopy. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Amendment to produce or
account for more than one such counterpart. Delivery by any party hereto of an executed counterpart of this Amendment by facsimile or other electronic means shall be effective as such party’s original executed counterpart and shall constitute a
representation that such party’s original executed counterpart will be delivered upon request by the Administrative Agent. 
 SUBPART
6.5 Governing Law. This Amendment shall be deemed to be a contract made under, and for all purposes shall be construed in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely within
such state. 
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the day and the year first above written. 
  

					
	PARENT BORROWER:	 	VENTAS REALTY, LIMITED PARTNERSHIP
			
		 	By:	 	Ventas, Inc., its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary
		
	ADDITIONAL BORROWERS:	 	SZR US INVESTMENTS, INC.
		 	VENTAS SSL HOLDINGS, INC.
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President and Secretary
		
		 	EC HAMILTON PLACE REALTY, LLC
		 	EC LEBANON REALTY, LLC
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary
		
		 	KINGSPORT NOMINEE, LP
			
		 	By:	 	Kingsport Nominee, LLC, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary
		
		 	KNOXVILLE NOMINEE, LP
			
		 	By:	 	Knoxville Nominee, LLC, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary

					
		 	HENDERSONVILLE NOMINEE, LP
			
		 	By:	 	Hendersonville Nominee, LLC, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary
		
	GUARANTORS:	 	VENTAS, INC.
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary
		
		 	VENTAS CAPITAL CORPORATION
		 	VENTAS HEALTHCARE PROPERTIES, INC.
		 	VENTAS FRAMINGHAM, LLC
		 	VENTAS SUN LLC
		 	VENTAS CAL SUN, LLC
		 	VENTAS PROVIDENT, LLC
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
		
		 	VENTAS LP REALTY, L.L.C.
			
		 	By:	 	Ventas, Inc., its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary
		
		 	VENTAS TRS, LLC
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President

					
		 	ELDERTRUST
		 	ET CAPITAL CORP.
		 	ET SUB-LOPATCONG, L.L.C.
		 	ET PENNSBURG FINANCE, L.L.C.
		 	ET SUB-PLEASANT VIEW, L.L.C.
		 	ET SUB-SMOB, L.L.C.
		 	ET WAYNE FINANCE, L.L.C.
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary
		
		 	ELDERTRUST OPERATING LIMITED PARTNERSHIP
			
		 	By:	 	ElderTrust, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary
		
		 	ET SUB-BERKSHIRE LIMITED PARTNERSHIP
			
		 	By:	 	ET Berkshire, LLC, its General Partner
		 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
		 	By:	 	ElderTrust, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary

					
		 	ET BERKSHIRE, LLC
		 	ET SUB-HERITAGE WOODS, L.L.C.
		 	ET GENPAR, L.L.C.
		 	ET SUB-LACEY I, L.L.C.
		 	ET LEHIGH, LLC
		 	ET SUB-PHILLIPSBURG I, L.L.C.
		 	ET SANATOGA, LLC
			
		 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
		 	By:	 	ElderTrust, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary
		
		 	ET SUB-HIGHGATE, L.P.
		 	ET SUB-RITTENHOUSE LIMITED PARTNERSHIP, L.L.P.
		 	ET SUB-RIVERVIEW RIDGE LIMITED PARTNERSHIP, L.L.P.
		 	ET SUB-WILLOWBROOK LIMITED PARTNERSHIP, L.L.P.
		 	ET SUB-WOODBRIDGE, L.P.
			
		 	By:	 	ET GENPAR, L.L.C., its General Partner
		 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
		 	By:	 	ElderTrust, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary
		
		 	ET SUB-LEHIGH LIMITED PARTNERSHIP
			
		 	By:	 	ET Lehigh, LLC, its General Partner
		 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
		 	By:	 	ElderTrust, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary

					
		 	ET SUB-PENNSBURG MANOR LIMITED PARTNERSHIP, L.L.P.
			
		 	By:	 	ET Pennsburg Finance, L.L.C., its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary
		
		 	ET SUB-SANATOGA LIMITED PARTNERSHIP
			
		 	By:	 	ET Sanatoga, LLC, its General Partner
		 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
		 	By:	 	ElderTrust, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary
		
		 	ET SUB-WAYNE I LIMITED PARTNERSHIP, L.L.P.
			
		 	By:	 	ET Wayne Finance, L.L.C., its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Secretary
		
		 	ET WAYNE FINANCE, INC.
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Chairman, Executive Vice President and Secretary
		
		 	PSLT GP, LLC
			
		 	By:	 	Ventas Provident, LLC, its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

					
		 	PSLT OP, L.P.
			
		 	By:	 	PSLT GP, LLC, its General Partner
		 	By:	 	Ventas Provident, LLC, its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
		
		 	PSLT-BLC PROPERTIES HOLDINGS, LLC
		 	PSLT-ALS PROPERTIES HOLDINGS, LLC
			
		 	By:	 	PSLT OP, L.P., its Sole Member
		 	By:	 	PSLT GP, LLC, its General Partner
		 	By:	 	Ventas Provident, LLC, its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

					
		 	BROOKDALE LIVING COMMUNITIES OF ARIZONA-EM, LLC
		 	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA, LLC
		 	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-RC, LLC
		 	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-SAN MARCOS, LLC
		 	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-2960, LLC
		 	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-II, LLC
		 	BROOKDALE HOLDINGS, LLC
		 	BROOKDALE LIVING COMMUNITIES OF MASSACHUSETTS-RB, LLC
		 	BROOKDALE LIVING COMMUNITIES OF MINNESOTA, LLC
		 	BROOKDALE LIVING COMMUNITIES OF NEW YORK-GB, LLC
		 	BROOKDALE LIVING COMMUNITIES OF WASHINGTON-PP, LLC
			
		 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
		 	By:	 	PSLT OP, L.P., its Sole Member
		 	By:	 	PSLT GP, LLC, its General Partner
		 	By:	 	Ventas Provident, LLC, its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
		
		 	BLC OF CALIFORNIA-SAN MARCOS, L.P.
			
		 	By:	 	Brookdale Living Communities of California-
		 		 	San Marcos, LLC, its General Partner
		 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
		 	By:	 	PSLT OP, L.P., its Sole Member
		 	By:	 	PSLT GP, LLC, its General Partner
		 	By:	 	Ventas Provident, LLC, its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

					
		 	THE PONDS OF PEMBROKE LIMITED PARTNERSHIP
		 	RIVER OAKS PARTNERS
			
		 	By:	 	Brookdale Holdings, LLC, its General Partner
		 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
		 	By:	 	PSLT OP, L.P., its Sole Member
		 	By:	 	PSLT GP, LLC, its General Partner
		 	By:	 	Ventas Provident, LLC, its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
		
		 	PSLT-ALS PROPERTIES I, LLC
			
		 	By:	 	PSLT-ALS Properties Holdings, LLC, its Sole Member
		 	By:	 	PSLT OP, L.P., its Sole Member
		 	By:	 	PSLT GP, LLC, its General Partner
		 	By:	 	Ventas Provident, LLC, its Sole Member
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

					
		 	VTRLTH MAB I, LLC
		 	VTRLTH MAB II, LLC
		 	VSCRE HOLDINGS, LLC
		 	UNITED REHAB REALTY HOLDING, LLC
		 	BCC MARTINSBURG REALTY, LLC
		 	BCC ONTARIO REALTY, LLC
		 	BCC MEDINA REALTY, LLC
		 	BCC WASHINGTON TOWNSHIP REALTY, LLC
		 	EC TIMBERLIN PARC REALTY, LLC
		 	EC HALCYON REALTY, LLC
		 	BCC ALTOONA REALTY, LLC
		 	BCC ALTOONA REALTY GP, LLC
		 	BCC READING REALTY, LLC
		 	BCC READING REALTY GP, LLC
		 	BCC BERWICK REALTY, LLC
		 	BCC BERWICK REALTY GP, LLC
		 	BCC LEWISTOWN REALTY, LLC
		 	BCC LEWISTOWN REALTY GP, LLC
		 	BCC STATE COLLEGE REALTY, LLC
		 	BCC STATE COLLEGE REALTY GP, LLC
		 	SOUTH BEAVER REALTY HOLDINGS, LLC
		 	BCC SOUTH BEAVER REALTY, LLC
		 	SHIPPENSBURG REALTY HOLDINGS, LLC
		 	BCC SHIPPENSBURG REALTY, LLC
		 	IPC (AP) HOLDING, LLC
		 	AL (AP) HOLDING, LLC
		 	ALLISON PARK NOMINEE, LLC
		 	IPC (HCN) HOLDING, LLC
		 	AL (HCN) HOLDING, LLC
		 	BLOOMSBURG NOMINEE, LLC
		 	SAGAMORE HILLS NOMINEE, LLC
		 	LEBANON NOMINEE, LLC
		 	KNOXVILLE NOMINEE, LLC
		 	KINGSPORT NOMINEE, LLC
		 	HENDERSONVILLE NOMINEE, LLC
		 	SAXONBURG NOMINEE, LLC
		 	LOYALSOCK NOMINEE, LLC
		 	IPC (MT) HOLDING, LLC
		 	AL (MT) HOLDING, LLC
		 	LEWISBURG NOMINEE, LLC
		 	LIMA NOMINEE, LLC
		 	XENIA NOMINEE, LLC
		 	CHIPPEWA NOMINEE, LLC
		 	DILLSBURG NOMINEE, LLC
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary

					
		 	BCC ALTOONA REALTY, LP
			
		 	By:	 	BCC Altoona Realty GP, LLC, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary
		
		 	BCC READING REALTY, LP
			
		 	By:	 	BCC Reading Realty GP, LLC, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary
		
		 	BCC BERWICK REALTY, LP
			
		 	By:	 	BCC Berwick Realty GP, LLC, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary
		
		 	BCC LEWISTOWN REALTY, LP
			
		 	By:	 	BCC Lewistown Realty GP, LLC, its General Partner
			
		 	By:	 	 /s/ T. Richard Riney

		 	Name:	 	T. Richard Riney
		 	Title:	 	Executive Vice President, General Counsel and Secretary

			
	BCC STATE COLLEGE REALTY, LP
		
	By:	 	BCC State College Realty GP, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	ALLISON PARK NOMINEE, LP
		
	By:	 	Allison Park Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	BLOOMSBURG NOMINEE, LP
		
	By:	 	Bloomsburg Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	SAGAMORE HILLS NOMINEE, LP
		
	By:	 	Sagamore Hills Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

			
	LEBANON NOMINEE, LP
		
	By:	 	Lebanon Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	SAXONBURG NOMINEE, LP
		
	By:	 	Saxonburg Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	LOYALSOCK NOMINEE, LP
		
	By:	 	Loyalsock Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	LEWISBURG NOMINEE, LP
		
	By:	 	Lewisburg Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

			
	LIMA NOMINEE, LP
		
	By:	 	Lima Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	XENIA NOMINEE, LP
		
	By:	 	Xenia Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	CHIPPEWA NOMINEE, LP
		
	By:	 	Chippewa Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	DILLSBURG NOMINEE, LP
		
	By:	 	Dillsburg Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

			
	VENTAS CARROLL MOB, LLC
	VENTAS DASCO MOB HOLDINGS, LLC
	VENTAS MO HOLDINGS, LLC
	VENTAS MOB HOLDINGS, LLC
	VENTAS UNIVERSITY MOB, LLC
	VENTAS NEXCORE HOLDINGS, LLC
	VENTAS BROADWAY MOB, LLC
	VENTAS CASPER HOLDINGS, LLC
	VENTAS SSL ONTARIO III, INC.
	SZR MISSISSAUGA INC.
	VENTAS SSL LYNN VALLEY, INC.
	SZR MARKHAM INC.
	VENTAS SSL BEACON HILL, INC.
	SZR RICHMOND HILL INC.
	VENTAS SSL ONTARIO II, INC.
	VENTAS GRANTOR TRUST #2
	SZR WINDSOR INC.
	SZR OAKVILLE INC.
	VENTAS SSL VANCOUVER, INC.
	VENTAS OF VANCOUVER LIMITED
	SZR OF BURLINGTON INC.
	VENTAS GRANTOR TRUST #1
	VENTAS SSL, INC.
	VENTAS SSL HOLDINGS, LLC
	VENTAS REIT US HOLDINGS, INC.
	SZR US UPREIT THREE, LLC
	SZR SCOTTSDALE, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and Secretary
	
	SZR ACQUISITIONS, LLC
	SZR COLUMBIA, LLC
	SZR WILLOWBROOK, LLC
	SZR NORWOOD, LLC
	SZR ROCKVILLE, LLC
	SZR SAN MATEO, LLC
		
	By:	 	SZR US Investments, Inc., its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and Secretary

			
	SZR LINCOLN PARK, LLC
	SZR NORTH HILLS, LLC
	SZR WESTLAKE VILLAGE LLC
	SZR YORBA LINDA, LLC
		
	By:	 	SZR US UPREIT THREE, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and Secretary
	
	VENTAS CENTER MOB, LLC
		
	By:	 	Ventas MO Holdings, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President and Secretary
	
	MAB PARENT LLC
		
	By:	 	Ventas MOB Holdings, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President

							
	ADMINISTRATIVE AGENT:	 		 	BANK OF AMERICA, N.A.,
		 		 	as Administrative Agent and as Cash Collateral Bank
				
		 		 	By:	 	 /s/ Amie L. Edwards

		 		 	Name:	 	Amie L. Edwards
		 		 	Title:	 	Vice President

							
	LENDERS:	 		 		 	
			
		 		 	 BANK OF AMERICA, N.A., individually as a Lender,
 as Issuing Bank and as Swingline Lender

				
		 		 	By:	 	 /s/ Amie L. Edwards

		 		 	Name:	 	Amie L. Edwards
		 		 	Title:	 	Vice President
			
		 		 	MERRILL LYNCH CAPITAL CORPORATION,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Michael E. O’Brien

		 		 	Name:	 	Michael E. O’Brien
		 		 	Title:	 	Vice President
			
		 		 	MERRILL LYNCH BANK USA,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Louis Alder

		 		 	Name:	 	Louis Alder
		 		 	Title:	 	First Vice President

			
	CALYON NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Thomas Randolph

	Name:	 	Thomas Randolph
	Title:	 	Managing Director
		
	By:	 	 /s/ Priya Vrat

	Name:	 	Priya Vrat
	Title:	 	Director

			
	CITICORP NORTH AMERICA, INC.,
	as a Lender
		
	By:	 	 /s/ David Bouton

	Name:	 	David Bouton
	Title:	 	

			
	BANK OF MONTREAL,
	as a Lender
		
	By:	 	 /s/ Thomas Batterham

	Name:	 	Thomas Batterham
	Title:	 	Managing Director

			
	UBS AG, STAMFORD BRANCH,
	as a Lender
		
	By:	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
		
	By:	 	 /s/ Marie Haddad

	Name:	 	Marie Haddad
	Title:	 	Associate Director

			
	KEYBANK NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Charles W. Cashin III

	Name:	 	Charles W. Cashin III
	Title:	 	Assistant Vice President

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as a Lender
		
	By:	 	 /s/ Ming K. Chu

	Name:	 	Ming K. Chu
	Title:	 	Vice President
		
	By:	 	 /s/ Heidi Sandquist

	Name:	 	Heidi Sandquist
	Title:	 	Director

			
	JPMORGAN CHASE BANK, N.A.
	as a Lender
		
	By:	 	 /s/ Ralph Totoonchie

	Name:	 	Ralph Totoonchie
	Title:	 	Vice President

			
	ALLIED IRISH BANKS, PLC,
	as a Lender
		
	By:	 	 /s/ Anthony O’Reilly

	Name:	 	Anthony O’Reilly
	Title:	 	SVP
		
	By:	 	 /s/ Marc Pierron

	Name:	 	Marc Pierron
	Title:	 	AVP

			
	CHEVY CHASE BANK F.S.B.,
	as a Lender
		
	By:	 	 /s/ Marie Findu

	Name:	 	Marie Findu
	Title:	 	Vice President

			
	SUNTRUST BANK
	as a Lender
		
	By:	 	 /s/ Ken Yarbrough

	Name:	 	Ken Yarbrough
	Title:	 	Vice President

			
	STATE BANK OF INDIA
	as a Lender
		
	By:	 	 /s/ Prabodh Parikh

	Name:	 	PRABODH PARIKH
	Title:	 	VICE PRESIDENT & HEAD (CREDIT)

 SCHEDULE 1.1 
 Lenders and Commitments 
  

													
	 Lender
	  	Non-Extended
Revolving
Commitment	  	Extended
Revolving
Commitment	  	Total Revolving
Commitment	  	Revolving
Commitment
Percentage	 
	 Bank of America, N.A.
	  			  	$	54,450,000	  	$	54,450,000	  	7.594671874	%
	 Merrill Lynch Capital Corporation
	  			  	$	22,050,000	  	$	22,050,000	  	3.075528280	%
	 Merrill Lynch Bank USA
	  			  	$	22,500,000	  	$	22,500,000	  	3.138294163	%
	 Calyon New York Branch
	  			  	$	76,000,000	  	$	76,000,000	  	10.600460283	%
	 KeyBank, National Association
	  			  	$	53,000,000	  	$	53,000,000	  	7.392426250	%
	 Bank of Montreal
	  			  	$	53,000,000	  	$	53,000,000	  	7.392426250	%
	 Citicorp North America, Inc.
	  			  	$	57,000,000	  	$	57,000,000	  	7.950345212	%
	 UBS AG, Stamford Branch
	  			  	$	53,000,000	  	$	53,000,000	  	7.392426250	%
	 Deutsche Bank Trust Company Americas
	  	$	44,000,000	  			  	$	44,000,000	  	6.137108585	%
	 Allied Irish Banks, PLC
	  	$	18,300,000	  	$	15,000,000	  	$	33,300,000	  	4.644675361	%
	 Morgan Stanley Bank
	  	$	31,950,000	  			  	$	31,950,000	  	4.456377711	%
	 Goldman Sachs
	  	$	29,700,000	  			  	$	29,700,000	  	4.142548295	%
	 Barclays Bank plc
	  	$	27,000,000	  			  	$	27,000,000	  	3.765952995	%
	 JPMorgan Chase Bank, N.A.
	  	$	30,000,000	  			  	$	30,000,000	  	4.184392217	%
	 Wachovia Bank, National Association
	  	$	22,500,000	  			  	$	22,500,000	  	3.138294163	%
	 Emigrant Bank
	  	$	22,500,000	  			  	$	22,500,000	  	3.138294163	%
	 Lehman Commercial Paper
	  	$	18,000,000	  			  	$	18,000,000	  	2.510635330	%
	 SunTrust Bank
	  	$	13,500,000	  			  	$	13,500,000	  	1.882976498	%
	 Chevy Chase Bank, F.S.B.
	  			  	$	15,000,000	  	$	15,000,000	  	2.092196109	%
	 Bank of the West
	  	$	13,500,000	  			  	$	13,500,000	  	1.882976498	%
	 State Bank of India
	  			  	$	25,000,000	  	$	25,000,000	  	3.486993514	%
					
	 Total:
	  	$	270,950,000	  	$	446,000,000	  	$	716,950,000	  	100.0000000000	%

 SCHEDULE 1.1(a) 
 Extending Lenders and Non-Extending Lenders as of Third Amendment Date 
 EXTENDING LENDERS 
 Bank of America, N.A. 
 Merrill Lynch Capital Corporation 
 Merrill Lynch Bank USA 
 Calyon New York Branch 
 KeyBank, National Association 
 Bank of Montreal 
 Citicorp North America, Inc. 
 UBS AG, Stamford Branch 
 Allied Irish Banks, PLC 
 Chevy Chase Bank, F.S.B. 
 State Bank of India 
 NON-EXTENDING LENDERS 
 Deutsche Bank Trust Company Americas 
 Allied Irish Banks, PLC 
 Morgan Stanley Bank 
 Goldman Sachs 
 Barclays Bank plc 
 JPMorgan Chase Bank, N.A. 
 Wachovia Bank, National Association 
 Emigrant Bank 
 Lehman Commercial Paper 
 SunTrust Bank 
 Bank of the West 

 Exhibit 12.6(b) 
 FORM OF ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this “Assignment and
Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee identified in item 2 below (the
“Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified in item 5 below (the “Credit Agreement”), receipt of a copy of which is
hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in
full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
such outstanding rights and obligations of the Assignor under the respective facilities identified below (including, without limitation, the Letters of Credit and the Swingline Loans included in such facilities) and (ii) to the extent permitted
to be assigned under applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses
(i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and
Assumption, without representation or warranty by the Assignor. 
  

							
	1.	  	Assignor:	  	  
	  	
				
		  		  	  
	  	
				
	2.	  	Assignee:	  	  
	  	
				
		  		  	  
	  	
		  		  	[indicate [Affiliate][Approved Fund] of [identify Lender]]
			
	3.	  	Borrowers:	  	VENTAS REALTY, LIMITED PARTNERSHIP
		  		  	SZR US INVESTMENTS, INC.
		  		  	VENTAS SSL HOLDINGS, INC.
		  		  	EC LEBANON REALTY, LLC
		  		  	EC HAMILTON PLACE REALTY, LLC
		  		  	KINGSPORT NOMINEE, LP
		  		  	KNOXVILLE NOMINEE, LP
		  		  	HENDERSONVILLE NOMINEE, LP

							
			
	4.	  	Administrative Agent:	  	BANK OF AMERICA, N.A., as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	Credit and Guaranty Agreement, dated as of April 26, 2006 (as amended, restated, extended, supplemented, renewed, replaced or otherwise modified from time to time, the
“Credit Agreement”), by and among Ventas Realty, Limited Partnership (the “Parent Borrower”), the Additional Borrowers therein (collectively with the Parent Borrower, the “Borrowers”) the Guarantors
referred to therein, the lenders from time to time party thereto (together with their successors and assigns, the “Lenders”), and Bank of America, N.A., as administrative agent (the “Administrative Agent”) for the
Lenders, the Issuing Bank and the Swingline Lender.
				
	6.	  	Assigned Interest:	  		  	

  

													
	 Assignor
	  	 Assignee
	  	 Commitment Assigned
	  	 Aggregate
 Amount of
 Commitment/Loans
 for all Lenders1
	  	 Amount of
 Commitment/Loans
 Assigned
	  	 Percentage
 Assigned of
 Commitment/
 Loans2
	  	CUSIP
Number
		  		  	Non-Extended Revolving Commitment	  	(a)	  	(c)	  		  	
		  		  	Extended Revolving Commitment	  	(b)	  	(d)	  		  	
		  		  		  	 Box 1
  
  
                 
    
 (a) + (b)
	  	 Box 2
  
  
                 
    
 (c) + (d)
	  	  
  
              
         
    
 Box 2 divided by Box 1 times 100
	  	

  

	[7.	Trade Date:                     ]3 

 Effective Date:             , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

	1	Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date
and the Effective Date. 

	2	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	3	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	

  

			
	[Consented to and]4 Accepted:
	
	 BANK OF AMERICA, N.A., as Administrative Agent

		
	By:	 	  

	Title:	 	
	
	[Consented to:]5
	
	 [VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership

		
	By:	 	VENTAS, INC., a Delaware corporation, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 BANK OF AMERICA, N.A., as Issuing Bank and Swingline Lender

		
	By:	 	  

	Name:	 	
	Title:]6

  

	4	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

	5	To be added only if the consent of the Borrower and/or other parties (e.g. Swingline Lender, Issuing Bank) is required by the terms of the Credit Agreement.

	6	To be added only if the consent of other parties (i.e., the Borrower, the Issuing Bank and/or the Swingline Lender) is required by the terms of the Credit Agreement.

 Annex 1 
 to Assignment and Assumption 
 STANDARD TERMS AND CONDITIONS 
 1. Representations and Warranties. 
 1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse
claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with
respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Fundamental Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of
the Fundamental Documents or any collateral thereunder, (iii) the financial condition of the Borrower, the Guarantors, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Fundamental Document or (iv) the
performance or observance by the Borrower or the Guarantors, any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Fundamental Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned
Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable,
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and
decision independently and without reliance on the Administrative Agent or any other Lender, (v) if it is a Foreign Lender, it has delivered (or will promptly deliver) to the Administrative Agent and the Borrower any documentation required to
be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Fundamental Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Fundamental Documents are required to be performed by it as a Lender. 
 2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts that have
accrued to but excluding the Effective Date and to the Assignee for amounts that accrue from and after the Effective Date. 
 3. General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. THIS
ASSIGNMENT AND ASSUMPTION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.Employment, Separation & Release Agreement - William J. Weyand

 Exhibit 10.1 
 EMPLOYMENT SEPARATION AND GENERAL RELEASE AGREEMENT 
 This
Employment Separation and General Release Agreement (this “Separation Agreement”), is entered into this 31st day of March,
2009 by and between William J. Weyand, an individual (“Weyand”), and MSC.Software Corporation, a Delaware corporation (“MSC”). 
 WHEREAS, Weyand has been employed as the Chief Executive Officer and/or Chairman of MSC since February 9, 2005, pursuant to an employment agreement most recently amended and restated as of
December 23, 2008 (the “Employment Agreement”); and 
 WHEREAS, Weyand and MSC have mutually agreed to terminate
Weyand’s employment relationship with MSC upon the terms set forth herein. 
 NOW, THEREFORE, in consideration of the covenants undertaken and
the releases contained in this Separation Agreement, Weyand and MSC agree as follows: 
 I. Termination; 2008 Bonus. Weyand’s
position as an officer, director, employee, member, manager and in any other capacity with MSC and each of its affiliates (other than as a member of the Board of Directors of MSC) terminated effective March 11, 2009 (“Separation
Date”), and all benefits and perquisites of employment ceased as of the Separation Date. Weyand resigned as a member of the Board of Directors of MSC effective March 20, 2009. The Employment Agreement is hereby terminated as
of the Separation Date, provided, however, that notwithstanding anything to the contrary in this Separation Agreement, Sections 3.4 and 7 through 29 of the Employment Agreement shall continue to apply in accordance with their terms. All
payments due to Weyand from MSC shall be determined under this Separation Agreement. Except for the payments referred to in the next sentence, Weyand acknowledges and agrees that he has received all amounts owed for his regular and usual salary
(including, but not limited to, any severance, overtime, bonus, commissions, or other wages), usual benefits and accrued but unused vacation through the Separation Date and that all payments due to Weyand from MSC after the Separation Date shall be
determined under this Separation Agreement. On or before April 15, 2009, MSC will pay Weyand (1) Three Hundred Ninety Two Thousand Seven Hundred Eighty Three Dollars ($392,783), less standard withholding and authorized deductions, as a
bonus for 2008, and (2) Five Hundred Dollars ($500), less standard withholding and authorized deductions, for a television and couch left by Weyand at a residential property in Newport Beach, California provided to him by MSC (the
“Newport Beach Residence”). Weyand will not be entitled to any bonus with respect to 2009. In addition, MSC will reimburse Weyand for his reasonable expenses incurred in packing and shipping his household goods and vehicles
from the Newport Beach Residence; provided, however, that in no event shall the maximum aggregate amount of such reimbursement exceed Five Thousand Dollars ($5,000) and provided, further, that any such reimbursement shall be contingent upon
Weyand’s submitting to MSC a valid receipt documenting the related expense not more than thirty (30) days after such expense was incurred. 
 II. Severance Benefit. MSC shall pay as severance pay to Weyand the amount of Five Hundred Ninety Five Thousand One Hundred Twenty Five Dollars ($595,125), less standard withholding and authorized deductions (the
“Severance Amount”). Such Severance Amount shall be treated as deferred compensation within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Fifty
percent (50%) of the Severance Amount shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after the Separation Date (or, if earlier, as soon as
practicable, and in all events within thirty (30) days, after the date of Weyand’s death). The remaining fifty percent (50%) of the Severance Amount shall be paid in six (6) substantially equal monthly installments over the
six-month period thereafter. In addition, during the twelve-month period following the Separation Date, MSC shall either pay or reimburse Weyand for one 

  

 1 

 
hundred percent (100%) of Weyand’s premiums to continue for such period under the Consolidated Omnibus Budget Reconciliation Act
(“COBRA”) the same or reasonably equivalent medical coverage for Weyand (and, if applicable, Weyand’s eligible dependents) as in effect immediately prior to the Separation Date. For each such month, Weyand shall also be
entitled to continued supplemental medical benefit coverage under MSC’s executive medical benefit program as in effect immediately prior to the Separation Date. (The Severance Amount and the health benefits provided under the preceding two
sentences are collectively referred to as the “Severance Benefit.”) A listing of all of Weyand’s equity awards vested as of the Separation Date is listed on Exhibit A attached hereto (to the extent so vested, the
“Vested Equity Awards”). Weyand has no rights with respect to any other equity awards granted by MSC. Schedule A also sets forth the aggregate balance of Weyand’s nonqualified deferred compensation account as of
December 31, 2008, which account (as adjusted through the date of final distribution) shall be paid out in accordance with the terms of MSC’s nonqualified deferred compensation plan (the “Deferred Compensation
Benefit”). Weyand specifically acknowledges and agrees that he is entitled to receive no severance pay or other benefits pursuant to any severance plan or policy of MSC or any of its affiliates. 
 III. Release. Weyand on behalf of himself, his descendants, dependents, heirs, executors, administrators, assigns, and successors, and
each of them, hereby covenants not to sue and fully releases and discharges MSC and each of its parents, subsidiaries and affiliates, past and present (together, the “Company Group”), as well as its and their trustees,
directors, officers, members, managers, partners, agents, attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them, hereinafter together and collectively referred to as the
“Releasees,” with respect to and from any and all claims, wages, demands, rights, liens, agreements, contracts, covenants, actions, suits, causes of action, obligations, debts, costs, expenses, attorneys’ fees, damages,
judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden, which he now owns or holds or he has at any time heretofore
owned or held or may in the future hold as against any of said Releasees, arising out of or in any way related to his service as an officer, director, employee, member or manager of any member of the Company Group, his separation from his position
as an officer, director, employee, manager and/or member, as applicable, of any member of the Company Group, or any other transactions, occurrences, acts or omissions or any loss, damage or injury whatever, known or unknown, suspected or
unsuspected, resulting from any act or omission by or on the part of said Releasees, or any of them, committed or omitted prior to the date of this Separation Agreement related to Weyand’s employment or service with any member of the Company
Group, including, without limiting the generality of the foregoing, any claim under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act, the Family and Medical Leave Act of 1993,
the California Fair Employment and Housing Act, the California Family Rights Act, or any claim for severance pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe benefit, workers’
compensation or disability; provided that such release shall not apply to (1) any obligation created by or arising out of this Separation Agreement for which receipt or satisfaction has not been acknowledged, (2) any right to
indemnification that Weyand may have pursuant to MSC’s Bylaws, its certificate of incorporation or under the Employment Agreement with respect to any loss, damages or expenses (including but not limited to attorneys’ fees) that Weyand may
in the future incur with respect to his service as an employee, officer or director of MSC or any of its subsidiaries or affiliates, (3) with respect to any rights that Weyand may have to insurance coverage for such losses, damages or expenses
under any MSC directors and officers liability insurance policy, (4) any right with respect to the Vested Equity Awards pursuant to the written equity-based award agreements entered into by and between MSC and Weyand before the Separation Date
to the extent that such right continues after the Separation Date in accordance with the terms of the award, (5) the right of Weyand to obtain contribution as permitted by law in the event of an entry of judgment against Weyand as a result of
any act or failure to act for which Weyand and MSC are jointly liable, (6) any rights to continued medical 

  

 2 

 
coverage that Weyand may have under COBRA, (7) any rights to payment of benefits that Weyand may have under a retirement plan sponsored or maintained by
MSC that is intended to qualify under Section 401(a) of the Code, and (8) Weyand’s right to receive payment of the Deferred Compensation Benefit. 
 IV. 1542 Waiver. It is the intention of Weyand in executing this instrument that the same shall be effective as a bar to each and every claim, demand and cause of action hereinabove specified. In
furtherance of this intention, Weyand hereby expressly waives any and all rights and benefits conferred upon him by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE and expressly consents that this Separation Agreement shall be given
full force and effect according to each and all of its express terms and provisions, including those related to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands and causes
of action hereinabove specified. SECTION 1542 provides: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
 Weyand acknowledges that he may hereafter discover claims or facts in addition to or different from those which Weyand now knows or believes to exist with respect to the subject matter of this Separation Agreement and which, if known or
suspected at the time of executing this Separation Agreement, may have materially affected this settlement. Nevertheless, Weyand hereby waives any right, claim or cause of action that might arise as a result of such different or additional
claims or facts. Weyand acknowledges that he understands the significance and consequences of such release and such specific waiver of SECTION 1542. 
 V. ADEA Waiver. Weyand expressly acknowledges and agrees that by entering into this Agreement, he is waiving any and all rights or claims that he may have arising under the Age Discrimination in Employment Act of 1967, as
amended, which have arisen on or before the date of execution of this Separation Agreement. Weyand further expressly acknowledges and agrees that: 
 A. In return for this Separation Agreement, he will receive consideration beyond that which he was already entitled to receive before entering into this Separation Agreement; 
 B. He is hereby advised in writing by this Separation Agreement to consult with an attorney before signing this Separation Agreement; 
 C. He was given a copy of this Separation Agreement on March 27, 2009 and informed that he had twenty-one (21) days within which to
consider this Separation Agreement and that if he wished to execute this Separation Agreement prior to expiration of such 21-day period, he should execute the Acknowledgement and Waiver attached hereto as Exhibit B; and 
 D. He was informed that he had seven (7) days following the date of execution of this Separation Agreement in which to revoke this Separation
Agreement. 
 VI. No Transferred Claims. Weyand warrants and represents that he has not heretofore assigned or transferred to any person
not a party to this Separation Agreement any released matter or any part or portion thereof and he shall defend, indemnify and hold MSC and each of its affiliates harmless from and against any claim (including the payment of attorneys’ fees and
costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made, purported or claimed. 
  

 3 

 VII. Removal of Certain Property; Return of Property. Weyand acknowledges that certain automobiles and a
boat (together, the “vehicles”) belonging to him are currently located (if not heretofore removed by Weyand) at the Newport Beach Residence. Weyand agrees to remove such vehicles from the property (if not already so removed) within thirty
(30) days following the date hereof. If such vehicles have not been removed from the property within such 30-day period, MSC will arrange to have such vehicles removed and placed in storage at Weyand’s expense. In no event will MSC have
any liability (for expenses, damage or otherwise) with respect to such vehicles (while they are located at the Newport Beach Residence, being transported, in storage or otherwise). Weyand represents and warrants that he has returned to MSC all keys
to the Newport Beach Residence that were ever in his possession, that he has not permitted any other person to retain or duplicate any such key, and that to his knowledge no person (other than a person continuing in the employ of MSC after the date
hereof) is currently in possession of such a key. Weyand represents and warrants that he has not removed from the Newport Beach Residence any furnishings or other property other than his own personal possessions. Weyand represents and warrants that
he has not taken, or otherwise caused or permitted there to be taken, and to his knowledge there has not been taken, from the Newport Beach Residence any furnishings or other property paid for by MSC (including any such property which Weyand or
another individual may have initially purchased but for which such individual received reimbursement from MSC). Weyand represents and warrants that he has truthfully and faithfully accounted for and delivered to MSC all property belonging to MSC or
any of its subsidiaries or other affiliates. If property belonging to MSC or any of its subsidiaries or other affiliates is determined to be in Weyand’s possession or has been transferred by Weyand to any other person without MSC’s
consent, Weyand shall immediately deliver or cause there to be delivered to MSC all such property and, if not so returned, MSC shall (without limiting any of MSC’s other rights or remedies in the circumstances) be entitled to offset any
payments remaining due to Weyand under Section II of this Separation Agreement by MSC’s cost to replace such property. Weyand is, however, permitted to retain his personal home computer and papers and other materials of a personal nature,
including personal diaries, calendars and personal rolodexes, personal information relating to his compensation or relating to the reimbursement of expenses, personal information that he reasonably believes are needed for tax purposes and copies of
MSC’s compensatory plans, programs and agreements relating to his compensation as an employee. 
 VIII. Non-Competition. Weyand
acknowledges and recognizes the highly competitive nature of MSC’s businesses, the amount of sensitive and confidential information involved in the discharge of Weyand’s position with MSC, and the harm to MSC that would result if such
knowledge or expertise was disclosed or made available to a competitor. Based on that understanding, Weyand hereby expressly agrees as follows: 
  

	 	a.	 As a result of the particular nature of Weyand’s relationship with MSC, in the capacities identified earlier in this Separation Agreement, for the longer of
(a) 12 months following the Separation Date or (b) any period that Weyand is receiving payments pursuant to Section II, Weyand hereby agrees that he will not, directly or indirectly, (i) engage in any business for Weyand’s own
account or derive any material economic benefit from any business that competes with the business of MSC or any of its affiliates (MSC and its affiliates are referred to, collectively, as the “Company Group”), (ii) enter
the employ of, or render any services to, any person engaged in any business that competes with the business of any entity within the Company Group, (iii) acquire a financial interest in any person engaged in any business that competes with the
business of any entity within the Company Group, directly or indirectly, as an individual, partner, member, shareholder, officer, director, principal, agent, trustee or consultant, or (iv) other than in the 

  

 4 

 
performance of his duties hereunder, interfere with business relationships (whether formed before or after the Separation Date) between MSC, any of its
respective affiliates or subsidiaries, and any customers, suppliers, officers, employees, partners, members or investors of any entity within the Company Group for the purpose of competing, or allowing a third party to compete, with the business of
any entity of the Company Group. For purposes of this Separation Agreement, businesses in competition with the Company Group shall include, without limitation, each of the following: (i) businesses in which any entity within the Company
Group actively participates; (ii) businesses in which any entity within the Company Group has identified (and which is known to Weyand or Glenn R. Wienkoop or reasonably should be known by one or both of them) as being a potential target for a
strategic transaction (such as an acquisition of all or a portion of such business, a merger or purchase of stock or other equity interests in such business, a joint venture, or a technology or other asset purchase); (iii) any person or
business negotiating (either now or at the time Weyand proposes to commence any such relationship) a transaction with MSC that reasonably could (if consummated) result in Change in Control Event (as such term is defined in MSC’s 2006
Performance Incentive Plan); and (iv) any businesses which any entity within the Company Group has specific plans to actively participate in the future if Weyand is aware of such plans, whether or not such entity has commenced such operations.

  

	 	b.	Notwithstanding anything to the contrary in this Separation Agreement, Weyand may, directly or indirectly, own, solely as an investment, (x) securities of any person which are
publicly traded on a national or regional stock exchange or on an over-the-counter market if Weyand (i) is not a controlling person of, or a member of a group which controls, such person, and (ii) does not, directly or indirectly,
beneficially own two percent (2%) or more of any class of securities of such person or (y) which is a mutual fund or similar investment vehicle. 

 IX. Confidentiality. As a material part of the consideration for MSC’s commitment to the terms of this Separation Agreement, Weyand hereby agrees that Weyand will not at any time knowingly disclose,
disclose in a fashion that Weyand reasonably should know the consequences of such disclosure, or use for Weyand’s own benefit or purposes or the benefit or purposes of any other person, firm, partnership, joint venture, association, corporation
or other business organization, entity or enterprise, any trade secrets, or other confidential data or information relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial
data, financing methods, or plans of any entity within the Company Group; provided, however, that the foregoing shall not apply to information which is generally known to the industry or the public, other than as a result of Weyand’s
breach of this covenant. Weyand further agrees that Weyand will not retain or use for his account, at any time, any trade names, trademark or other proprietary business designation used or owned in connection with the business of any entity
within the Company Group. Notwithstanding the foregoing, the provisions of this Section IX shall not apply when (i) disclosure is required by law or by any court, arbitrator, mediator or administrative or legislative body (including
any committee thereof) with apparent jurisdiction to order Weyand to disclose or make available such information, provided, however that Weyand shall promptly notify MSC in writing upon receiving a request for such information, or
(ii) with respect to any other litigation, arbitration or mediation involving this Separation Agreement, including but not limited to enforcement of this Separation Agreement. 
 X. Anti-solicitation. Weyand promises and agrees that for a period of one (1) year from the Separation Date, Weyand will not, directly or indirectly, individually or as a consultant to, or as an
employee, officer, stockholder, director or other owner or participant in any business, influence or attempt to influence customers, vendors, suppliers, joint venturers, associates, consultants, agents, or partners of any entity within the Company
Group, either directly or indirectly, to divert their business away from the 

  

 5 

 
Company Group, to any individual, partnership, firm, corporation or other entity then in competition with the business of any entity within the Company
Group, and he will not otherwise materially interfere with any business relationship of any entity within the Company Group; provided, however, that following the Term, the participation in, or ownership of, a competitive business shall not, in and
of itself, be deemed to be material interference under this Section X. 
 XI. Soliciting Employees. Weyand promises and agrees that for a
period of one (1) year from the Separation Date, Weyand will not, directly or indirectly, individually or as a consultant to, or as an employee, officer, stockholder, director or other owner of or participant in any business, solicit (or assist
in soliciting) any person who is then, or at any time within six (6) months prior thereto was, an employee of an entity within the Company Group who earned annually $25,000 or more as an employee of such entity during the last six
(6) months of his or her own employment to work for (as an employee, consultant or otherwise) any business, individual, partnership, firm, corporation, or other entity whether or not engaged in competitive business with any entity in the
Company Group. 
 XII. Non-Disparagement. Weyand agrees that he will not (1) directly or indirectly, make or ratify any statement, public
or private, oral or written, to any person that disparages, either professionally or personally, MSC or any of its affiliates, past and present, and each of them, as well as its and their trustees, directors, officers, members, managers, partners,
agents, attorneys, insurers, employees, stockholders, representatives, assigns, and successors, past and present, and each of them, or (2) make any statement or engage in any conduct that has the purpose or effect of disrupting the business of
MSC or any of its affiliates. Nothing in this Section XII shall in any way prohibit Weyand from disclosing such information as may be required by law, or by judicial or administrative process or order or the rules of any applicable securities
exchange or similar self-regulatory organization. 
 XIII. Miscellaneous 
 A. Successors. This Separation Agreement is personal to Weyand and shall not, without the prior written consent of MSC, be assignable by
Weyand. This Separation Agreement shall inure to the benefit of and be binding upon MSC and its respective successors and assigns and any such successor or assignee shall be deemed substituted for MSC under the terms of this Separation Agreement for
all purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires the
ownership of MSC or to which MSC assigns this Separation Agreement by operation of law or otherwise. 
 B. Waiver. No
waiver of any breach of any term or provision of this Separation Agreement shall be construed to be, nor shall be, a waiver of any other breach of this Separation Agreement. No waiver shall be binding unless in writing and signed by the party
waiving the breach. 
 C. Modification. This Separation Agreement may not be amended or modified other than by a written
agreement executed by Weyand and the Chief Executive Officer of MSC or his designee, or if Weyand is then Chief Executive Officer, an officer authorized by the Board of Directors of MSC. 
 D. Complete Agreement. This Separation Agreement constitutes and contains the entire agreement and final understanding concerning
Weyand’s relationship with MSC and its affiliates and the other subject matters addressed herein between the parties, and supersedes and replaces all prior negotiations and all agreements proposed or otherwise, whether written or oral,
concerning the subject matters. Any representation, promise or agreement not specifically included in this Separation Agreement or the Confidentiality Agreement shall not be binding upon or enforceable against either party. This Separation
Agreement constitutes an integrated agreement. Notwithstanding the preceding 

  

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provisions of this Section XIII.D, MSC’s rights under the Employment Agreement (including, without limitation, the confidentiality and no
solicitation provisions thereof), the Inventions Agreement by and between Weyand and MSC and entered into on or about February 10, 2005 (the “Inventions Agreement”), and any written equity-based award agreement entered
into by and between MSC and Weyand before the Separation Date pursuant to which Weyand has rights that continue after the Separation Date in accordance with the terms of the award are each outside of the scope of the foregoing provisions of this
Section XIII.D and shall continue in effect in accordance with their terms. 
 E. Severability. If any provision of
this Separation Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the Separation Agreement which can be given effect without the invalid provisions or applications and to this
end the provisions of this Separation Agreement are declared to be severable. 
 F. Choice of Law. This Separation
Agreement shall be deemed to have been executed and delivered within the State of Ohio, and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the State of Ohio
without regard to principles of conflict of laws. 
 G. Cooperation in Drafting. Each party has cooperated in the drafting
and preparation of this Separation Agreement. Hence, in any construction to be made of this Separation Agreement, the same shall not be construed against any party on the basis that the party was the drafter. 
 H. Counterparts. This Separation Agreement may be executed in counterparts, and each counterpart, when executed, shall have the
efficacy of a signed original. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 
 I. Arbitration. Any controversy arising out of or relating to this Separation Agreement, the enforcement or interpretation of this Separation Agreement, or because of an alleged breach, default, or misrepresentation in
connection with any of the provisions of this Separation Agreement, including (without limitation) any state or federal statutory claims, shall be submitted to final and binding arbitration, to be held in Orange County, California before a sole
neutral arbitrator; provided, however, that provisional injunctive relief may, but need not, be sought in a court of law while arbitration proceedings are pending, and any provisional injunctive relief granted by such court shall remain effective
until the matter is finally determined by the arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Judgment on the award may be entered in any court having jurisdiction.

 The parties acknowledge and agree that they are hereby waiving any rights to trial by jury in any action, proceeding or counterclaim
brought by either of the parties against the other in connection with any matter whatsoever arising out of or in any way connected with any of the matters referenced in the first sentence of the first paragraph of this Section XIII.I. The
parties agree that MSC shall be responsible for payment of the forum costs of any arbitration hereunder, including the Arbitrator’s fee. The parties further agree that in any proceeding with respect to such matters, each party will bear
its own attorney’s fees and costs (other than forum costs associated with the arbitration which in any event shall be paid by MSC). 
 Without limiting the remedies available to the parties and notwithstanding the foregoing provisions of this Section XIII.I, Weyand and MSC acknowledge that any breach of any of the covenants or provisions contained in this Separation
Agreement could result in irreparable injury to either of the parties hereto for which there might be no adequate remedy at law, and that, in the event of such a breach or threat thereof, the non-breaching party shall be entitled to obtain a
temporary restraining order and/or a 

  

 7 

 
preliminary injunction and a permanent injunction restraining the other party hereto from engaging in any activities prohibited by any covenant or provision
in this Separation Agreement or such other equitable relief as may be required to enforce specifically any of the covenants or provisions of this Separation Agreement. 
 J. Advice of Counsel. In entering this Separation Agreement, the parties represent that they have relied upon the advice of their attorneys, who are attorneys of their own choice, and that the terms
of this Separation Agreement have been completely read and explained to them by their attorneys, and that those terms are fully understood and voluntarily accepted by them. 
 K. Supplementary Documents. All parties agree to cooperate fully and to execute any and all supplementary documents and to take all
additional actions that may be necessary or appropriate to give full force to the basic terms and intent of this Separation Agreement and which are not inconsistent with its terms. 
 L. Headings. The section headings contained in this Separation Agreement are inserted for convenience only and shall not affect
in any way the meaning or interpretation of this Separation Agreement. 
 M. Taxes. Other than MSC’s obligation to
withhold taxes as required by law or regulation, Weyand shall be solely responsible for any taxes due as a result of the payment of the Severance Benefit and other benefits to be provided to Weyand pursuant to Section II. Weyand will
defend and indemnify MSC and each of its affiliates from and against any tax liability that any of them may have with respect to any such payment and against any and all losses or liabilities, including defense costs, arising out of Weyand’s
failure to pay any taxes due with respect to any such payment. Notwithstanding the foregoing, in the event that Weyand is liable for excise tax under Section 4999 of the Code, MSC shall pay him the amounts required under Section 3.4
of the Employment Agreement. 
 I have read the foregoing Separation Agreement and I accept and agree to the provisions it contains and hereby execute it
voluntarily with full understanding of its consequences. 
 EXECUTED this 31st day of March 2009. 
  

							
		 		  	“Weyand”
			
		 		  	 /s/ William J. Weyand

		 		  	William J. Weyand
				
	EXECUTED this 31st day of March 2009.	 		  		  	
			
		 		  	“MSC”
		 		  	MSC.Software Corporation,
		 		  	a Delaware corporation
				
		 		  		  	
		 		  	By:	  	 /s/ John A. Mongelluzzo

		 		  	Its:	  	 Executive Vice President

  

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 SCHEDULE A 
 WILLIAM J. WEYAND 
 EQUITY AND 
 NON-QUALIFIED DEFERRED COMPENSATION BALANCES 
 Non-qualified Vested Stock Options 
  

								
	 Number of
 Options
	  	  	  	Option
Exercise Price($)	  	Grant
Date
	450,000	  		  	 	9.89	  	02/10/05
	5,000	  		  	 	10.27	  	01/03/05
	10,000	  		  	 	9.68	  	12/03/04
	 	  		  			  	
	465,000	  		  			  	
			
	Deferred Compensation Account	  			  	
	Balance as of 12/31/08:	  	$	156,346.00	  	
			
	2008 Contribution made in 2009:	  	 	47,890.00	  	
		  		  	 	 	  	
		  		  	$	204,236.00	  	

  

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 EXHIBIT B 
 ACKNOWLEDGMENT AND WAIVER 
 I, William J. Weyand, hereby acknowledge that I was given 21 days to
consider the foregoing Employment Separation and General Agreement and voluntarily chose to sign the Employment Separation and General Release Agreement prior to the expiration of the 21-day period. 
 I declare under penalty of perjury under the laws of the State of Ohio that the foregoing is true and correct. 
 EXECUTED this 31st day of March 2009, at Orange County, California. 
  

	
	/s/ William J. Weyand
	William J. Weyand

  

 10

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