Document:

Exhibit

Exhibit 10.1

Information identified by "[***]" has been excluded from this exhibit pursuant to Item 601(b)(10) of Regulation S-K because it is both not material would likely cause competitive harm to the registrant if publicly disclosed. 

AMENDMENT NO. 2 TO MASTER LEASE AND SECURITY AGREEMENT
(2019/2020 Capital Expenditure Projects)

THIS AMENDMENT NO. 2 TO MASTER LEASE AND SECURITY AGREEMENT (hereinafter, this “Amendment”) is to be effective as of April 22, 2019 (the “Amendment Date”), by and between each of the signatories hereto identified as Landlord (individually and collectively, “Landlord”), and each of the signatories hereto identified as Tenant (individually and collectively, “Tenant”).
RECITALS
A.Landlord and Tenant are parties to that certain Master Lease and Security Agreement dated as of April 26, 2018, as amended by that certain Amendment No. 1 to Master Lease and Security Agreement effective as of September 1, 2018 (as the same has been amended and as it may be hereafter amended, amended and restated, supplemented, replaced or extended from time to time, the “Master Lease”); and
B.Tenant has requested that Landlord provide up to an aggregate maximum of $36,100,000 of Landlord UE Funds pursuant to the provisions of Section 6.3.5 of the Master Lease (the “Requested Landlord UE Funds”) for those certain Upgrade Expenditures described on Exhibit A attached hereto (the “Subject Projects”); and
C.Landlord is willing to provide the Requested Landlord UE Funds pursuant to the terms of this Amendment; and
D.Landlord and Tenant wish to amend the Master Lease as set forth herein.  
      NOW, THEREFORE, in consideration of the foregoing Recitals, which by this reference are incorporated herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree as follows:
1.Capitalized Terms.  All capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Master Lease. 
2.    Amendments to Lease.  
2.1.    Requests for Disbursement.  Tenant shall submit each request for disbursement of the Requested Landlord UE Funds by delivery to Landlord of written notice of 

such request on the form attached hereto as Exhibit B (the “Request Form”).  Tenant may request disbursement of Requested Landlord UE Funds no more than one time per calendar month and in amounts of not less than $50,000.  Tenant may not request disbursement of the Requested Landlord UE Funds later than December 14, 2019; provided, however, that (i) up to $5,000,000 of the Requested Landlord UE Funds may be requested after December 14, 2019 but no later than March 14, 2020, and (ii) up to $7,400,000 of the Requested Landlord UE Funds may be requested after December 14, 2019, but no later than June 14, 2020.  Tenant shall notify Landlord as soon as reasonably practicable of the amount (if any) of Requested Landlord UE Funds that Tenant expects to request after December 14, 2019 and the Subject Projects to which such Requested Landlord UE Funds relate.
2.2.    Additional Information and Requirements.  Notwithstanding anything to the contrary contained in the Master Lease, Landlord shall promptly fund to Tenant the amounts indicated in the Request Form, provided that (i) at the time of delivery of the Request Form, no Master Lease Event of Default or Facility Default relating to the Facility that is the subject of the request has occurred and is continuing and (ii) Tenant delivers to Landlord the invoices, proof of payment, and, for any work in excess of $10,000, lien waivers, in each case relating to the applicable Upgrade Expenditures described on Exhibit A. Tenant shall promptly provide such additional information as Landlord may reasonably request in connection with any such request for disbursement, but provision of such information shall not be a condition to disbursement. 
2.3.    Changes to Proposed Projects.  This Section 2.3 shall apply solely for the purposes of determining whether Landlord will make Requested Landlord UE Funds available for the Subject Projects and shall not give rise to, or result in, any default, Master Lease Event of Default, or Facility Default.  Tenant shall promptly notify Landlord of any proposed change in the scope or nature of any Subject Project from the description of such Subject Project set forth on Exhibit A, as applicable, and Tenant acknowledges and agrees that no Material Change shall be permitted without Landlord’s consent (regardless of whether Tenant is required to obtain Landlord’s consent to such change pursuant to the terms of the Master Lease), and Material Changes will only be considered by Landlord if Tenant has demonstrated to Landlord’s reasonable satisfaction actual Cost Savings with respect to other Subject Projects that, in the aggregate, would offset any increased cost associated with such Material Change.  Any right of Landlord to withhold consent to a Material Change pursuant to the terms of the Master Lease for reasons other than an increase in the cost of the Subject Project shall not be deemed to have been modified by the terms of this Section 3.  “Material Change” shall mean a change in the scope or nature of a proposed project that is expected to result in (i) cost increases that exceed the amount shown on Exhibit A, as applicable, for a Subject Project by $250,000 or more or (ii) any change in the nature of the Subject Project such that the description of the Subject Project materially deviates from the description provided in Exhibit A. “Cost Savings” shall mean a reduction in the actual cost of a Subject Project below the amount shown on Exhibit A, for such Subject Project by way of efficiencies or reductions in scope of such Subject Project. 

3.    Failure to Spend the Landlord Threshold. If, for calendar year 2019 or 2020, the total Facility Actual Upgrade Expenditures Amount for all Facilities, in the aggregate, booked for such calendar year is less than the aggregate Landlord Funding Threshold for all Facilities for such calendar year, each as equitably adjusted pro rata to account for any change in the number of Facilities and/or Units during such calendar year (the positive value of any such difference, the “Landlord Funding Threshold Shortfall”), then:
3.1.    Within 10 business days following Landlord’s written demand therefor, Tenant shall pay to Landlord an amount equal to the lesser of (i) the Landlord Funding Threshold Shortfall and (ii) the total amount of Requested Landlord UE Funds booked for such calendar year and funded by Landlord (such lesser amount, the “Landlord UE Funds Refund Amount”); and
3.2.    Upon receipt by Landlord of the Landlord UE Funds Refund Amount pursuant to Section 3.1, and without further action of the parties:
3.2.1.    Annual Minimum Rent shall decrease by an amount equal to the Landlord Funds Rent Increase attributable to such Landlord UE Funds Refund Amount, as such Landlord Funds Rent Increase may have increased pursuant to Section 6.5.8.3 of the Master Lease (the “Landlord UE Funds Refund Rent Decrease”); 
3.2.2.    Schedule 1 to the Master Lease shall be deemed revised as follows:  (a) the amount of the Landlord UE Funds Refund Rent Decrease shall be allocated to each of the Facilities with respect to which Landlord funded Requested Landlord UE Funds during the applicable calendar year in proportion to the amount funded and (b) following that allocation, the Proportionate Share percentage for each Facility shall be revised to equal the percentage obtained by dividing the annual Minimum Rent allocated to that Facility (as adjusted under this Section 3.2.2, if applicable) by the aggregate annual Minimum Rent for the Premises (as adjusted under this Section 3.2.2).
3.2.3.    For purposes of determining the total Facility Actual Upgrade Expenditures Amount pursuant to Section 3 only, references to “Upgrade Expenditures Test Period” in the definition of “Facility Actual Upgrade Expenditures Amount” shall be deemed to refer to the applicable calendar year. 
3.3.    Status Reports Regarding Subject Projects and Landlord Funding Threshold.  Included with each draw request and in any event no later than 30 days after the end of each calendar quarter of 2019, Tenant shall deliver, on a quarterly and year-to-date basis, the following:
3.3.1.    A report of the Subject Projects detailing actual amounts invoiced and paid versus the budgeted amounts on Exhibit A and the quarterly expectations for future amounts to be incurred and the current status of the Subject Projects. Such reporting shall include a total of estimated Cost Savings for each Subject Project (if any), and the total and estimated amount of Requested Landlord UE Funds expended to date and through completion of such Subject Project.

3.3.2.    A Facility-by-Facility and project-by-project report of actual amounts invoiced and paid for Upgrade Expenditures that are not related to Subject Projects.
4.    Miscellaneous.
4.1.    Consistency.  For the avoidance of doubt, the terms of this Amendment relate only to the Subject Projects and calendar year 2019 (subject to the right of Tenant to request a limited amount of the Requested Landlord UE Funds in 2020 pursuant to the terms of this Amendment) and shall not serve to establish a course of dealing or amend or modify the terms and conditions of the Master Lease for future periods.  
4.2.    Integrated Agreement; Modifications; Waivers.  This Amendment, and the Master Lease as amended hereby, constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior representations, understandings and agreements, whether written or oral, with respect to such subject matter.  Each of the parties hereto acknowledges that it has not relied upon, in entering into this Amendment, any representation, warranty, promise or condition not specifically set forth in this Amendment.  
4.3.    Sealed Writing.  The parties acknowledge and agree that the Master Lease, as amended by this Amendment, is intended to be a sealed instrument and to comply with Virginia Code Sections 55-2 and 11-3, and shall be interpreted as if the words “this deed of Lease” were included in the body of the Master Lease.
4.4.    Effect of Amendment.  Except as expressly modified in this Amendment, the Master Lease shall remain in full force and effect and is expressly ratified and confirmed by the parties hereto, and Tenant shall lease the Facilities (as modified by this Amendment) from Landlord on the terms set forth in the Master Lease (as modified by this Amendment).  In the event of any inconsistencies between the terms of this Amendment and any terms of the Master Lease with respect to the subject matter hereof, the terms of this Amendment shall control.
4.5.    Counterparts.  This Amendment may be executed and delivered (including by facsimile or Portable Document Format (pdf) transmission) in counterparts, all of which executed counterparts shall together constitute a single document. Signature pages may be detached from the counterparts and attached to a single copy of this document to physically form one document. Any such facsimile documents and signatures shall have the same force and effect as manually-signed originals and shall be binding on the parties hereto.
IN WITNESS WHEREOF, this Amendment has been executed by Landlord and Tenant as of the date first written above.

	
	
	TENANT:

	
	
	BLC-THE HALLMARK, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-KENWOOD OF LAKE VIEW, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BROOKDALE SENIOR LIVING COMMUNITIES, INC. a Delaware corporation (f/k/a Alterra Healthcare Corporation and Alternative Living Services, Inc.)

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

ACKNOWLEDGEMENT

STATE OF Tennessee            )
)  :ss.:
COUNTY OF     Williamson        )

Before me, the undersigned, a Notary Public in and for said County and State, personally appeared Brookdale Senior Living Communities, Inc., a Delaware corporation (“Company”), by Todd H. Kaestner, its EVP, which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Brentwood, Tennessee, this 18 day of April, 2019. 

(SEAL)                    /s/ Carla Lockridge                
Notary Public

Print Name: Carla Lockridge
My commission expires: 19 April 2020
Acting in the County of:Williamson

	
	
	BLC-GABLES AT FARMINGTON, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-DEVONSHIRE OF HOFFMAN ESTATES, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-THE BERKSHIRE OF CASTLETON, L.P., a Delaware limited partnership

By:   BLC-The Berkshire of Castleton, LLC, a Delaware limited liability company, its General Partner

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-SPRINGS AT EAST MESA, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	
	
	

BLC-RIVER BAY CLUB, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-WOODSIDE TERRACE, L.P., a Delaware limited partnership

By:    BLC-Woodside Terrace, LLC, a Delaware limited liability company, its general partner

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

BLC-ATRIUM AT SAN JOSE, L.P., a Delaware limited partnership

By:   BLC-Atrium at San Jose, LLC, a Delaware limited liability company, its general partner

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	
	
	BLC-BROOKDALE PLACE OF SAN MARCOS, L.P., a Delaware limited partnership

By:   BLC-Brookdale Place of San Marcos, LLC, a Delaware limited liability company, its general partner

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-PONCE DE LEON, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-PARK PLACE, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-HAWTHORNE LAKES, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-THE WILLOWS, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	
	
	BLC-BRENDENWOOD, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BLC-CHATFIELD, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BROOKDALE LIVING COMMUNITIES OF FLORIDA, INC. a Delaware corporation 

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-DNC, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-GV, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	SW ASSISTED LIVING, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	
	
	SUMMERVILLE AT FAIRWOOD MANOR, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	SUMMERVILLE AT HERITAGE PLACE, LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	SUMMERVILLE 5 LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	SUMMERVILLE 4 LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	
	
	SUMMERVILLE 14 LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

SUMMERVILLE 15 LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

SUMMERVILLE 16 LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

SUMMERVILLE 17 LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	
	
	SUMMERVILLE AT RIDGEWOOD GARDENS LLC, a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	ALS PROPERTIES TENANT I, LLC, 
a Delaware limited liability company

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

ACKNOWLEDGEMENT

STATE OF Tennessee            )
)  :ss.:
COUNTY OF     Williamson        )

Before me, the undersigned, a Notary Public in and for said County and State, personally appeared ALS Properties Tenant I, LLC, a Delaware limited liability company (“Company”), by H. Todd Kaestner, its EVP, which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Brentwood, Tennessee, this 18 day of April, 2018. 

(SEAL)                    /s/ Carla Lockridge                
Notary Public

Print Name: Carla Lockridge        
My commission expires: 19 April 2020
Acting in the County of: Williamson

	
	
	ALS PROPERTIES TENANT II, LLC, a Delaware limited liability company
By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	ALS LEASING, INC., a Delaware corporation 

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

ACKNOWLEDGEMENT

STATE OF Tennessee            )
)  :ss.:
COUNTY OF Williamson        )

Before me, the undersigned, a Notary Public in and for said County and State, personally appeared ALS Leasing, Inc., a Delaware corporation (“Company”), by H. Todd Kaestner, its EVP, which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Brentwood, Tennessee, this 18th day of April, 2018. 

(SEAL)                    /s/ Carla Lockridge                
Notary Public

Print Name: Carla Lockridge            
My commission expires: 19 April 2020    
Acting in the County of: Williamson        

	
	
	

ASSISTED LIVING PROPERTIES, INC., a Kansas corporation 

By: /s/ H. Todd Kaestner      
Name:  H. Todd Kaestner      
Title: EVP            

	
	
	LANDLORD:

	VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership
By: Ventas, Inc., a Delaware corporation, its general partner

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Sr. Vice President & Chief Tax Officer

	
	
	PSLT-ALS PROPERTIES I, LLC, a Delaware limited liability company 
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

ACKNOWLEDGEMENT

STATE OF Kentucky            )
)  :ss.:
COUNTY OF     Jefferson        )

Before me, the undersigned, a Notary Public in and for said County and State, personally appeared Ventas Provident, LLC, a Delaware limited liability company (“Company”), the sole 

member of PSLT GP, LLC, the general partner of PSLT OP, L.P., the sole member of PSLT-ALS Properties Holdings, LLC, the sole member of PSLT-ALS Properties I, LLC, by Brian K. Wood, its Vice President & Treasurer, which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Louisville, Kentucky, this 19 day of April, 2019. 

(SEAL)                    /s/ Adrienne Riley                
Notary Public

Print Name: Adrienne Riley            
My commission expires:01-17-2021        
Acting in the County of: Jefferson        

	
			
	 
	PSLT-ALS PROPERTIES II, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer
	 

	
			
	 
	

PSLT-ALS PROPERTIES IV, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer
	 

	 
	PSLT-ALS PROPERTIES III, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer
	 

	
			
	ACKNOWLEDGEMENT

STATE OF Kentucky         )
               )  :ss.:
COUNTY OF    Jefferson      )

   Before me, the undersigned, a Notary Public in and for said County and State, personally appeared PSLT-ALS PROPERTIES III, LLC, a Delaware limited liability company (“Company”), which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

   IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Louisville, Kentucky, this 19 day of April, 2019. 

(SEAL)               /s/ Adrienne Riley            
                  Notary Public

                  Print Name: Adrienne Riley         
                  My commission expires:01-17-2021      
                  Acting in the County of: Jefferson      

	
	
	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-2960, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-HV, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	RIVER OAKS PARTNERS, an Illinois general partnership
By: Brookdale Holdings, LLC, its managing 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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	BROOKDALE LIVING COMMUNITIES OF MINNESOTA, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	BROOKDALE LIVING COMMUNITIES OF CONNECTICUT, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	PSLT-BLC PROPERTIES HOLDINGS, LLC, a Delaware limited liability company
By: PSLT OP, L.P., its sole member 
By: PSLT GP, LLC, its general partner
By: Ventas Provident, LLC, its sole member

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	THE PONDS OF PEMBROKE LIMITED PARTNERSHIP, an Illinois general partnership
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	BROOKDALE LIVING COMMUNITIES OF ARIZONA-EM, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	BROOKDALE LIVING COMMUNITIES OF MASSACHUSETTS-RB, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-RC, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	BLC OF CALIFORNIA-SAN MARCOS, L.P., a Delaware limited partnership
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	BROOKDALE LIVING COMMUNITIES OF WASHINGTON-PP, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-II, LLC, a Delaware limited liability company
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/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	BROOKDALE LIVING COMMUNITIES OF NEW JERSEY, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
Ventas Provident, LLC, its sole member

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	BROOKDALE LIVING COMMUNITIES OF FLORIDA-CL, LLC, a Delaware limited liability company
By: PSLT-BLC Properties Holdings, LLC, its sole member
By: PSLT OP, L.P., its sole member
By: PSLT GP, LLC, its general partner
Ventas Provident, LLC, its sole member

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	NATIONWIDE HEALTH PROPERTIES, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

ACKNOWLEDGEMENT

STATE OF Kentucky            )
)  :ss.:
COUNTY OF     Jefferson        )

Before me, the undersigned, a Notary Public in and for said County and State, personally appeared Nationwide Health Properties, LLC, a Delaware limited liability company corporation (“Company”), by Brian K. Wood, its Vice President & Treasurer, which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Louisville, Kentucky, this 19 day of April, 2019. 

(SEAL)                    /s/ Adrienne Riley                
Notary Public

Print Name: Adrienne Riley            
My commission expires:01-17-2021        
Acting in the County of: Jefferson        

	
	
	2010 UNION LIMITED PARTNERSHIP, a Washington limited partnership
By: Nationwide Health Properties, LLC, its general partner

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	NH TEXAS PROPERTIES LIMITED PARTNERSHIP, a Texas limited partnership
By: MLD Texas Corporation, its general partner

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	MLD PROPERTIES, INC., a Delaware corporation

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	JER/NHP SENIOR LIVING ACQUISITION, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

ACKNOWLEDGEMENT

STATE OF Kentucky            )
)  :ss.:
COUNTY OF     Jefferson        )

Before me, the undersigned, a Notary Public in and for said County and State, personally appeared JER/NHP Senior Living Acquisition, LLC, a Delaware limited liability company (“Company”), by Brian K. Wood, its Vice President & Treasurer, which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Louisville, Kentucky, this 19 day of April, 2019. 

(SEAL)                    /s/ Adrienne Riley                
Notary Public

Print Name: Adrienne Riley            
My commission expires:01-17-2021        
Acting in the County of: Jefferson        

	
			
	 
	JER/NHP SENIOR LIVING KANSAS, INC., a Kansas corporation

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	 

	 
	JER/NHP SENIOR LIVING TEXAS, L.P., a Texas limited partnership
By: JER/NHP Management Texas, LLC, its general partner

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	 

	 
	MLD PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership
By: MLD Properties II, Inc., its general partner

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	 

	
			
	 
	NHP MCCLAIN, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	 

	ACKNOWLEDGEMENT

STATE OF Kentucky         )
)  :ss.:
COUNTY OF    Jefferson      )

   Before me, the undersigned, a Notary Public in and for said County and State, personally appeared NHP MCCLAIN, LLC, a Delaware limited liability company (“Company”), by Brian K. Wood, its Vice President & Treasurer, which Company executed the foregoing instrument, who acknowledged that she/he did sign the foregoing instrument for and on behalf of the Company, being thereunto duly authorized and that the same is her/his free act and deed individually and in said capacity and the free and deed of the Company.

   IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal at Louisville, Kentucky, this 19 day of April, 2019. 

(SEAL)               /s/ Adrienne Riley            
                  Notary Public

                  Print Name: Adrienne Riley         
                  My commission expires:01-17-2021      
                  Acting in the County of: Jefferson      

	 

	
	
	 

	VENTAS FAIRWOOD, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	VENTAS FRAMINGHAM, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	VENTAS WHITEHALL ESTATES, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	
	
	VTR-EMRTS HOLDINGS, LLC, a Delaware limited liability company

By: /s/ Brian K. Wood      
Name: Brian K. Wood      
Title: Vice President & Treasurer

	 

CONSENT AND REAFFIRMATION OF GUARANTOR 

THIS CONSENT AND REAFFIRMATION OF GUARANTOR (this “Reaffirmation”) is entered into concurrently with and is attached to and hereby made a part of Amendment No. 2 to Lease dated as of April 22, 2019 (the “Lease Amendment”) between Landlord and Tenant (both, as defined therein).
BROOKDALE SENIOR LIVING INC., a Delaware corporation (“Guarantor”) executed and delivered that certain Guaranty dated as of April 26, 2018 (the “Guaranty”), pursuant to which Guarantor guarantied for the benefit of Landlord, the obligations of Tenant under the Lease.
FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged, Guarantor hereby acknowledges, reaffirms and agrees:
1.Capitalized terms used but not defined in this Reaffirmation shall have the same meanings for purposes of this Reaffirmation as provided in or for purposes of the Lease Amendment.
2.Guarantor hereby (i) acknowledges and consents to the Lease Amendment, (ii) reaffirms its obligations under the Guaranty with respect to the Lease as amended by the Lease Amendment, and (iii) confirms that the Guaranty remains in full force and effect. 
3.Although Guarantor has been informed of the terms of the Lease Amendment, Guarantor understands and agrees that Landlord has no duty to so notify it or to seek this or any future acknowledgment, consent or reaffirmation, and nothing contained herein shall create or imply any such duty as to any transactions, past or future.
Guarantor has executed this Consent and Reaffirmation of Guarantor effective as of the Amendment Date.
GUARANTOR:
BROOKDALE SENIOR LIVING INC., 
a Delaware corporation

By:    /s/ H. Todd Kaestner        
Name:    H. Todd Kaestner    
Title:    EVP            

Exhibit A
Requested Landlord Funded Upgrade Expenditures (Subject Properties)

[***]

EXHIBIT B
Request Form
Form of Request for Disbursement of Landlord UE Funds

c/o Ventas, Inc.
353 N. Clark Street, Suite 3300
Chicago, IL 60654
Attn: Asset Management

c/o Ventas, Inc.
353 N. Clark Street, Suite 3300
Chicago, IL 60654
Attn: Legal Department
[DATE]
Re:  2019 and 2020 Landlord UE Funds Disbursement Request #__
To Whom It May Concern:
Certain affiliates of Brookdale Senior Living, Inc., as tenant (collectively, “Tenant”), and certain affiliates of Ventas, Inc., as landlord (collectively “Landlord”), are parties to that certain Master Lease and Security Agreement dated April 26, 2018 between Landlord and Tenant (as amended, amended and restated, replaced, extended or joined in from time to time, the “Combination Lease”).  Capitalized terms used and not otherwise defined in this letter shall have the meanings ascribed to them in the Combination Lease.
Tenant requested that Landlord provide certain Landlord UE Funds, and Landlord has agreed to provide such Landlord UE Funds, pursuant and subject to the terms of that certain Master Lease Amendment No. 2 dated as of April __, 2019.  Brookdale Senior Living, Inc. (“Brookdale”), on behalf of Tenant, hereby requests disbursement of the Landlord UE Funds identified in the attachments to this letter for the capital expenditure categorized work (the “CapEx Project(s)”) identified in the attachments to this letter pursuant to the wiring instructions identified in the attachments to this letter.  Accordingly:
		
	1.
	Approvals and Consents.  Brookdale hereby certifies that all material building permits, zoning variances and other approvals or consents of appropriate Governmental Authorities necessary to commence and complete construction of the completed portion(s) of the CapEx Projects have been received.

		
	2.
	No Master Lease Event of Default or Facility Default.  Brookdale hereby certifies that, as of the date hereof, no Master Lease Event of Default or Facility Default with respect to any Facility that is the subject of this request has occurred and is continuing.

		
	3.
	Receipts/Invoices/Lien Waivers.  The invoices and proof of payment with respect to the CapEx Projects and the requested Landlord UE Funds (and lien waivers for any such work in excess of $10,000) are attached to this letter.  

		
	4.
	No Liens.  Brookdale hereby certifies that, to Brookdale’s knowledge, no materialman’s lien or mechanic’s lien has been filed against the Facility(ies) to which the CapEx Projects relate.

		
	5.
	Effect on Authorizations.  Brookdale hereby certifies that no change, modification, or addition to the Authorizations of the affected Facilities is required on account of the CapEx Projects.

Sincerely,
Brookdale Senior Living, Inc.
By:    
Name:    
Its:Exhibit

Exhibit 10.1

EVOQUA WATER TECHNOLOGIES CORP. 
2017 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT - NOTICE OF GRANT 
[RECEIVED IN CONNECTION WITH AIP PAYMENT]

Evoqua Water Technologies Corp. (the “Company”), a Delaware corporation, hereby grants to the Grantee set forth below (the “Grantee”) Restricted Stock Units (the “Restricted Stock Units”), pursuant to the terms and conditions of this Notice of Grant (the “Notice”), the Restricted Stock Unit Award Agreement attached hereto as Exhibit A (the “Award Agreement”) and the Evoqua Water Technologies Corp. 2017 Equity Incentive Plan (the “Plan”) [and the Election (as defined below)].  Capitalized terms used but not defined herein shall have the meaning attributed to such terms in the Award Agreement or, if not defined therein, in the Plan, unless the context requires otherwise.  Each Restricted Stock Unit represents the right to receive one (1) Share at the time and in the manner set forth in Section 4 of the Award Agreement. These Restricted Stock Units are hereby granted to the Grantee in lieu of a cash payment under the Company’s Annual Incentive Plan (the “AIP”) in respect of the performance period beginning on October 1, [•] and ending on September 30, [•] (the “AIP Performance Period”) [and pursuant to the election previously submitted by the Grantee to the Company and retained in the Company’s records (the “Election”)].

Date of Grant:    [●]

Name of Grantee:    [●]

Number of  
Restricted Stock Units:    [●] Shares

		
	Vesting:
	The Restricted Stock Units shall vest pursuant to the terms and conditions set forth in Section 3 and Section 5 of the Award Agreement.

		
	Vesting Date:
	[●] (the “Vesting Date”)

The Restricted Stock Units shall be subject to the execution and return of this Notice by the Grantee to the Company within 60 days of the date hereof (including by utilizing an electronic signature and/or web-based approval and notice process or any other process as may be authorized by the Company). By executing this Notice, the Grantee acknowledges that his or her agreement to the covenants set forth in Section 6 of the Award Agreement is a material inducement to the Company in granting this Award to the Grantee. 

This Notice may be executed by facsimile or electronic means (including, without limitation, PDF) and in one or more counterparts, each of which shall be considered an original instrument, but all of which together shall constitute one and the same agreement, and shall become binding when one or more counterparts have been signed by each of the parties hereto and delivered to the other party hereto.
1 NTD: Applicable to non-NEOs. 

18639218.4

Exhibit 10.1

[Signature Page Follows]

2

Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have executed this Notice of Grant as of the Date of Grant set forth above. 

EVOQUA WATER TECHNOLOGIES CORP. 

By:______________________________
Name:  
Title:  

GRANTEE

By:______________________________
Name: [●]

[SIGNATURE PAGE TO NOTICE OF RESTRICTED STOCK UNIT GRANT (AIP) FOR THE EVOQUA WATER TECHNOLOGIES CORP. 2017 EQUITY INCENTIVE PLAN]

Exhibit 10.1

Exhibit A

EVOQUA WATER TECHNOLOGIES CORP. 
2017 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT
AWARD AGREEMENT

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the “Award Agreement”) is entered into by and among Evoqua Water Technologies Corp. (the “Company”) and the individual set forth on the signature page to that certain Notice of Grant (the “Notice”) to which this Award Agreement is attached.  The terms and conditions of the Restricted Stock Units granted hereby, to the extent not controlled by the terms and conditions contained in the Plan, shall be as set forth in the Notice and this Award Agreement.  Capitalized terms used but not defined herein shall have the meaning attributed to such terms in the Notice or, if not defined therein, in the Plan, unless the context requires otherwise.

		
	1.
	No Right to Continued Employee Status or Consultant Service 

Nothing contained in this Award Agreement shall confer upon the Grantee the right to the continuation of his or her Employee status, or, in the case of a Consultant or Director, to the continuation of his or her service arrangement, or in either case to interfere with the right of the Company or any of its Subsidiaries or other affiliates to Terminate the Grantee.

		
	2.
	Term of Restricted Stock Units 

This Award Agreement shall remain in effect until the Restricted Stock Units have fully vested and been settled or been forfeited by the Grantee as provided in this Award Agreement. 

		
	3.
	Vesting of Restricted Stock Units.  

(a)    Vesting Schedule. Subject to the remainder of this Section 3 and Section 5 hereof, the Restricted Stock Units shall become fully (100%) vested upon the Vesting Date, subject to the Grantee not having Terminated prior to the Vesting Date.

 Except as otherwise provided in Sections 3(b) and Section 5, if the Grantee Terminates for any reason, the Restricted Stock Units that have not vested as of the date of Termination shall terminate upon such Termination and be deemed to have been forfeited by the Grantee without consideration. 

(b)    Change in Control. Notwithstanding the foregoing, if the Grantee is Terminated by the Company (or its successor) without Cause within the 12-month period following a Change in Control, the Restricted Stock Units that have not vested as of the date of such Termination shall become fully vested as of the date of such Termination.

Exhibit 10.1

		
	4.
	Settlement

Within thirty (30) days following the date on which the Restricted Stock Units vest pursuant to Section 3 or Section 5 of this Award Agreement, the Company shall deliver to the Grantee one (1) Share in settlement of each Restricted Stock Unit that becomes vested on such date (such date, the “Original Distribution Date”).

Notwithstanding the foregoing, in the event that (i) the Grantee is subject to the Company’s insider trading policy, including any policy permitting officers and directors to sell Shares only during certain “window” periods, in effect from time to time (collectively, the “Policy”), the Grantee is subject to a lock-up agreement (a “Lock-Up Agreement”) with one or more underwriters or placement agents in connection with an offering or other placement of securities by the Company, or the Grantee is otherwise prohibited from selling Shares in the public market and any Shares underlying the Grantee’s Restricted Stock Units are scheduled to be delivered on the Original Distribution Date that (A) does not occur during an open “window period” applicable to the Grantee or on a day on which the Grantee is permitted to sell Shares underlying any of the Restricted Stock Units that have vested pursuant to a written plan that meets the requirements of Rule 10b5-1 under the Exchange Act, as determined by the Company in accordance with the Policy, as applicable, (B) occurs within a period during which transactions in Company securities by the Grantee are prohibited under the terms of a Lock-Up Agreement (a “Lock-Up Period”) or (C) does not occur on a date when the Grantee is otherwise permitted to sell Shares on the open market, and (ii) the Company elects not to satisfy the Grantee’s tax withholding obligations by withholding Shares from the Grantee’s distribution, then such Shares shall not be delivered on the Original Distribution Date and shall instead be delivered, as applicable, on (X) the first business day of the next occurring open “window period” applicable to the Grantee pursuant to the Policy, (Y) the first business day immediately following the end of the Lock-Up Period, or (Z) the next business day on which the Grantee is not otherwise prohibited from selling Shares in the open market, but in no event later than December 31st of the calendar year in which the Original Distribution Date occurs.
 
		
	5.
	Termination of Service

(a)    Except as set forth in the remainder of this Section 5, if the Grantee incurs a Termination for any reason, whether voluntarily or involuntarily, then the Restricted Stock Units that have not previously vested shall terminate as of the date of the Grantee’s Termination. If the Grantee incurs a Termination for Cause, then the Restricted Stock Units (including, for the avoidance of doubt, Restricted Stock Units that are unvested and vested but not yet settled) shall be forfeited and terminate immediately without consideration upon the effective date of such Termination for Cause. 

(b)    Subject to the remainder of this Section 5, if the Grantee has (x) (i) attained the age of 65 or (ii) attained the age of 55 and completed at least ten (10) consecutive years of service with the Company and (y) delivered written notice to the Company on or after  meeting the requirements set forth in clause (x) of his or her intent to retire from the Company (such notice, a “Retirement Notice”)  at least six months prior to the effective date of his or her retirement ((x) and (y), together, referred to as becoming “Retirement Eligible”), the Grantee’s Restricted Stock Units 

Exhibit 10.1

shall, notwithstanding his or her Termination for any reason other than Cause prior to the Vesting Date, become fully vested on the Vesting Date in accordance with Section 3; provided, however, that if the Company becomes aware of circumstances that would have given rise to the Grantee’s Termination for Cause, any Restricted Stock Units that remain unvested as of the date of the Company’s becoming aware of such circumstances shall be forfeited for no consideration. In addition, the Grantee’s portion of applicable payroll (FICA) taxes shall be withheld from the Grantee’s first paycheck to be disbursed immediately following the Grantee’s becoming Retirement Eligible, or such earlier date as may be required by applicable law, as determined by the Company in its sole discretion. For this purpose, the amount of payroll taxes due shall be based on the Fair Market Value of the Shares underlying the Restricted Stock Units that remained unvested as of immediately prior to the date on which the tax is assessed in accordance with the preceding sentence.

(c)    Subject to the remainder of this Section 5, if the Grantee incurs a Termination due to death or Disability, the portion of the Grantee’s Restricted Stock Units that have not previously vested shall become vested in full as of the date of the Grantee’s death or Termination due to Disability.  

(d)    Subject to this Section 5, if the Grantee incurs a Termination other than for Cause and is entitled to receive severance pursuant to the Company’s severance policy, the Grantee’s Restricted Stock Units shall become vested in full on the Vesting Date in accordance with Section 3. In addition, if required, the Grantee’s portion of applicable payroll (FICA) taxes shall be withheld from the Grantee’s last paycheck, or such earlier date as may be required by applicable law, as determined by the Company in its sole discretion. For this purpose, the amount of payroll taxes due shall be based on the Fair Market Value of the Shares underlying the Restricted Stock Units that remained unvested as of immediately prior to the date on which the tax is assessed in accordance with the preceding sentence. 

		
	6.
	Prohibited Activities 

(a)    No Sale or Transfer. Unless otherwise required by law, the Restricted Stock Units shall not be (i) sold, transferred or otherwise disposed of, (ii) pledged or otherwise hypothecated or (iii) subject to attachment, execution or levy of any kind, other than by will or by the laws of descent or distribution; provided, however, that any transferred Restricted Stock Units will be subject to all of the same terms and conditions as provided in the Plan and this Award Agreement and the Grantee’s estate or beneficiary appointed in accordance with the Plan will remain liable for any withholding tax that may be imposed by any federal, state or local tax authority.

(b)    Right to Terminate Restricted Stock Units and Recovery. The Grantee understands and agrees that the Company has granted the Restricted Stock Units to the Grantee to reward the Grantee for the Grantee’s future efforts and loyalty to the Company and its affiliates by giving the Grantee the opportunity to participate in the potential future appreciation of the Company.  Accordingly, if (a) the Grantee materially violates the Grantee’s obligations relating to the non-disclosure or non-use of confidential or proprietary information under any Restrictive Agreement to which the Grantee is a party, or (b) the Grantee materially breaches or violates the Grantee’s obligations relating to non-disparagement under any Restrictive Agreement to which the Grantee 

Exhibit 10.1

is a party, or (c) the Grantee engages in any activity prohibited by this Section 6 of this Award Agreement, or (d) the Grantee materially breaches or violates any non-solicitation obligations under any Restrictive Agreement to which the Grantee is a party, or  e) the Grantee is convicted of a felony against the Company or any of its affiliates or (f) the Grantee breaches or violates any non-competition obligations under any Restrictive Agreement to which the Grantee is a party (as applicable), then, in addition to any other rights and remedies available to the Company, the Company shall be entitled, at its option, exercisable by written notice, to terminate the Restricted Stock Units (including the vested portion of the Restricted Stock Units) without consideration, which shall be of no further force and effect.  “Restrictive Agreement” shall mean (i) for any Grantee who is not a resident of the State of California, any agreement between the Company or any Subsidiary and the Grantee that contains non-competition, non-solicitation, non-hire, non-disparagement, or confidentiality restrictions applicable to the Grantee and (ii) for any Grantee who is a resident of the State of California, any agreement between the Company or any Subsidiary and the Grantee that contains non-solicitation, non-hire, non-disparagement, or confidentiality restrictions applicable to the Grantee.

(c)    Other Remedies. The Grantee specifically acknowledges and agrees that its remedies under this Section 6 shall not prevent the Company or any Subsidiary from seeking injunctive or other equitable relief in connection with the Grantee’s breach of any Restrictive Agreement.  In the event that the provisions of this Section 6 should ever be deemed to exceed the limitation provided by applicable law, then the Grantee and the Company agree that such provisions shall be reformed to set forth the maximum limitations permitted. 

		
	7.
	No Rights as Stockholder 

The Grantee shall have no rights as a stockholder with respect to the Shares covered by the Restricted Stock Units until the effective date of issuance of the Shares and the entry of the Grantee’s name as a shareholder of record on the books of the Company following delivery of the Shares in settlement of the Restricted Stock Units. Additionally, as a condition to the issuance of any Shares covered by the Restricted Stock Units, the Company reserves the right to require the Grantee to become a party to the Company’s Second Amended and Restated Stockholders’ Agreement dated as of December 11, 2014 and the Company’s Second Amended and Restated Registration Rights Agreement dated as of October 16, 2017, in each case, as may be amended from time to time.
 
		
	8.
	Taxation Upon Settlement of the Restricted Stock Units; Tax Withholding; Parachute Tax Provisions

The Grantee understands that the Grantee will recognize income, for Federal, state and local income tax purposes, as applicable, in respect of the vesting and/or settlement of the Restricted Stock Units. The acceptance of the Shares by the Grantee shall constitute an agreement by the Grantee to report such income in accordance with then applicable law and to cooperate with Company and its subsidiaries in establishing the amount of such income and corresponding deduction to the Company and/or its subsidiaries for its income tax purposes. 

Exhibit 10.1

The Grantee is responsible for all tax obligations that arise as a result of the vesting and settlement of the Restricted Stock Units. The Company may withhold from any amount payable to the Grantee an amount sufficient to cover any Federal, state or local withholding taxes which may become required with respect to such vesting and settlement or take any other action it deems necessary to satisfy any income or other tax withholding requirements as a result of the vesting and settlement of the Restricted Stock Units. The Company shall have the right to require the payment of any such taxes and require that the Grantee, or the Grantee’s beneficiary, to furnish information deemed necessary by the Company to meet any tax reporting obligation as a condition to delivery of any Shares pursuant to settlement of the Restricted Stock Units. The Grantee may pay his or her withholding tax obligation in connection with the vesting and settlement of the Restricted Stock Units, by making a cash payment to the Company.  In addition, the Committee, in its sole discretion, may allow the Grantee, to pay his or her withholding tax obligation in connection with the vesting and settlement of the Restricted Stock Units, by (x) having withheld a portion of the Shares then issuable to him or her upon settlement of the Restricted Stock Units or (z) surrendering Shares that have been held by the Grantee for at least six (6) months (or such lesser period as may be permitted by the Committee) prior to the settlement of the Restricted Stock Units, in each case having an aggregate Fair Market Value equal to the withholding taxes.    

In connection with the grant of the Restricted Stock Units, the parties wish to memorialize their agreement regarding the treatment of any potential golden parachute payments as set forth in Exhibit 1 attached hereto.

		
	9.
	Securities Laws 

Upon the acquisition of any Shares pursuant to the settlement of the Restricted Stock Units, the Grantee will make such written representations, warranties, and agreements as the Committee may reasonably request in order to comply with securities laws or with this Award Agreement. Grantee hereby agrees not to offer, sell or otherwise attempt to dispose of any Shares issued to the Grantee upon settlement of the Restricted Stock Units in any way which would: (x) require the Company to file any registration statement with the Securities and Exchange Commission (or any similar filing under state law or the laws of any other county) or to amend or supplement any such filing or (y) violate or cause the Company to violate the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, or any other Federal, state or local law, or the laws of any other country. The Company reserves the right to place restrictions on any Shares the Grantee may receive as a result of the settlement of the Restricted Stock Units. 

		
	10.
	Modification, Amendment, and Termination of Restricted Stock Units 

Except as set forth in Section 12(b) hereof, this Award Agreement may not be modified, amended, terminated and no provision hereof may be waived in whole or in part except by a written agreement signed by the Company and the Grantee and no modification shall, without the consent of the Grantee, alter to the Grantee’s material detriment or materially impair any rights of the Grantee under this Award Agreement except to the extent permitted under the Plan. 

Exhibit 10.1

		
	11.
	Notices 

Unless otherwise provided herein, any notices or other communication given or made pursuant to the Notice, this Award Agreement or the Plan shall be in writing and shall be deemed to have been duly given (i) as of the date delivered, if personally delivered (including receipted courier service) or overnight delivery service, with confirmation of receipt; (ii) on the date the delivering party receives confirmation, if delivered by facsimile to the number indicated or by email to the address indicated or through an electronic administrative system designated by the Company; (iii) one (1) business day after being sent by reputable commercial overnight delivery service courier, with confirmation of receipt; or (iv) three (3) business days after being mailed by registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below: 
 
(a)    If to the Company at the address below: 

Evoqua Water Technologies Corp. 
210 Sixth Avenue
Pittsburgh, Pennsylvania 
Phone:  (724) 772-0044
Attention:  General Counsel
 
(b)    If to the Grantee, at the most recent address, facsimile number or email contained in the Company’s records. 

		
	12.
	Award Agreement Subject to Plan and Applicable Law 

(a)    This Award Agreement is made pursuant to the Plan and shall be interpreted to comply therewith. A copy of the Plan is attached hereto. Any provision of this Award Agreement inconsistent with the Plan shall be considered void and replaced with the applicable provision of the Plan. The Plan shall control in the event there shall be any conflict between the Plan, the Notice, and this Award Agreement, and it shall control as to any matters not contained in this Award Agreement. The Committee shall have authority to make constructions of this Award Agreement, and to correct any defect or supply any omission or reconcile any inconsistency in this Award Agreement, and to prescribe rules and regulations relating to the administration of this Award and other Awards granted under the Plan.

(b)    For the avoidance of doubt, with respect to any Grantee outside of the U.S., if the application of the vesting provision as set forth in Section 5(b) hereof is invalid or impracticable under applicable local law, the terms of Section 5(b) hereof shall either be amended or be deemed not to apply to such Grantee, as determined in the sole discretion of the Committee. All determinations made and actions taken with respect to this Section 12(b) shall be made in the sole discretion of the Committee. 

(c)    This Award Agreement shall be governed by the laws of the State of Delaware, without regard to the conflicts of law principles thereof, and subject to the exclusive jurisdiction of 

Exhibit 10.1

the courts therein. The Grantee hereby consents to personal jurisdiction in any action brought in any court, federal or state, within the State of Delaware having subject matter jurisdiction in the matter. 

		
	13.
	Section 409A

The Restricted Stock Units are intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, accordingly, to the maximum extent permitted, this Award Agreement shall be interpreted to be exempt from Section 409A of the Code or, if not exempt, in compliance therewith.  Nothing contained herein shall constitute any representation or warranty by the Company regarding compliance with Section 409A of the Code.  The Company shall have no obligation to take any action to prevent the assessment of any additional income tax, interest or penalties under Section 409A of the Code on any Person and the Company, its Subsidiaries and affiliates, and each of their respective employees and representatives, shall have no liability to the Grantee with respect thereto.
 
		
	14.
	Headings and Capitalized Terms 

Unless otherwise provided herein, capitalized terms used herein that are defined in the Plan and not defined herein shall have the meanings set forth in the Plan. Headings are for convenience only and are not deemed to be part of this Award Agreement. Unless otherwise indicated, any reference to a Section herein is a reference to a Section of this Award Agreement.
 
		
	15.
	Severability and Reformation 

If any provision of this Award Agreement shall be determined by a court of law of competent jurisdiction to be unenforceable for any reason, such unenforceability shall not affect the enforceability of any of the remaining provisions hereof; and this Award Agreement, to the fullest extent lawful, shall be reformed and construed as if such unenforceable provision, or part thereof, had never been contained herein, and such provision or part thereof shall be reformed or construed so that it would be enforceable to the maximum extent legally possible. 

		
	16.
	Binding Effect 

This Award Agreement shall be binding upon the parties hereto, together with their personal executors, administrator, successors, personal representatives, heirs and permitted assigns. 

		
	17.
	Entire Agreement 

This Award Agreement, together with the Plan, supersedes all prior written and oral agreements and understandings among the parties as to its subject matter and constitutes the entire agreement of the parties with respect to the subject matter hereof.  If there is any conflict between the Notice, this Award Agreement and the Plan, then the applicable terms of the Plan shall govern. 
 

Exhibit 10.1

		
	18.
	Waiver 

Waiver by any party of any breach of this Award Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right whether or not of the same or a similar nature. The failure of any party to take action by reason of such breach or to exercise any such right shall not deprive the party of the right to take action at any time while or after such breach or condition giving rise to such rights continues. 

		
	19.
	Waiver of  Cash Payment under the AIP

The Grantee understands and agrees that the Restricted Stock Units granted pursuant to this Award Agreement have been granted in lieu of a cash payment in respect of the AIP Performance Period [consistent with the Election] and have a value on the Date of Grant that is equal to approximately 120% of the cash payment that would have otherwise been paid to the Grantee under the terms of the AIP in respect of the AIP Performance Period.

Exhibit 10.1

Exhibit 1

PARACHUTE TAX PROVISIONS

This Exhibit 1 sets forth the terms and provisions applicable to the Grantee pursuant to the provisions of Section 8 of the Award Agreement.  This Exhibit 1 shall be subject in all respects to the terms and conditions of the Award Agreement.  

(a)    To the extent that the Grantee, would otherwise be eligible to receive a payment or benefit pursuant to the terms of this Award Agreement, any employment or other agreement with the Company or any Subsidiary or otherwise in connection with, or arising out of, the Grantee’s employment with the Company or a change in ownership or effective control of the Company or of a substantial portion of its assets (any such payment or benefit, a “Parachute Payment”), that a nationally recognized United States public accounting firm selected by the Company (the “Accountants”) determines, but for this sentence would be subject to excise tax imposed by Section 4999 of the Code (the “Excise Tax”), subject to clause (c) below, then the Company shall pay to the Grantee whichever of the following two alternative forms of payment would result in the Grantee’s receipt, on an after-tax basis, of the greater amount of the Parachute Payment notwithstanding that all or some portion of the Parachute Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Parachute Payment (a “Full Payment”), or (2) payment of only a part of the Parachute Payment so that the Grantee receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”).

(b)    If a reduction in the Parachute Payment is necessary pursuant to clause (a), then the reduction shall occur in the following order: (1) cancellation of acceleration of vesting on any equity awards for which the exercise price exceeds the then fair market value of the underlying equity; (2) reduction of cash payments (with such reduction being applied to the payments in the reverse order in which they would otherwise be made, that is, later payments shall be reduced before earlier payments); and (3) cancellation of acceleration of vesting of equity awards not covered under (1) above; provided, however, that in the event that acceleration of vesting of equity awards is to be cancelled, acceleration of vesting of full value awards shall be cancelled before acceleration of options and stock appreciation rights and within each class such acceleration of vesting shall be cancelled in the reverse order of the date of grant of such equity awards, that is, later equity awards shall be canceled before earlier equity awards; and provided, further, that to the extent permitted by Code Section 409A and Sections 280G and 4999 of the Code, if a different reduction procedure would be permitted without violating Code Section 409A or losing the benefit of the reduction under Sections 280G and 4999 of the Code, the Grantee may designate a different order of reduction.

(c)    For purposes of determining whether any of the Parachute Payments (collectively the “Total Payments”) will be subject to the Excise Tax and the amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “parachute payments” in excess of the “base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent that, in the opinion of the Accountants, such Total Payments (in whole or in part):  (1) do not constitute “parachute payments,” including giving effect to the recalculation of stock options 

Exhibit 10.1

in accordance with Treasury Regulation Section 1.280G-1, Q&A 33, (2) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the “base amount” or (3) are otherwise not subject to the Excise Tax, and (ii) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code.

(d)    All determinations hereunder shall be made by the Accountants, which determinations shall be final and binding upon the Company and the Grantee.

(e)    The federal tax returns filed by the Grantee (and any filing made by a consolidated tax group which includes the Company) shall be prepared and filed on a basis consistent with the determination of the Accountants with respect to the Excise Tax payable by the Grantee.  The Grantee shall make proper payment of the amount of any Excise Tax, and at the request of the Company, provide to the Company true and correct copies (with any amendments) of his or her federal income tax return as filed with the Internal Revenue Service, and such other documents reasonably requested by the Company, evidencing such payment (provided that the Grantee may delete information unrelated to the Parachute Payment or Excise Tax and provided, further that the Company at all times shall treat such returns as confidential and use such return only for purpose contemplated by this paragraph).  

(f)    In the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, the Grantee shall permit the Company to control issues related to the Excise Tax (at its expense), provided that such issues do not potentially materially adversely affect the Grantee but the Grantee shall control any other issues.  In the event that the issues are interrelated, the Grantee and the Company shall in good faith cooperate so as not to jeopardize resolution of either issue.  In the event of any conference with any taxing authority as to the Excise Tax or associated income taxes, the Grantee shall permit the representative of the Company to accompany the Grantee, and the Grantee and his representative shall cooperate with the Company and its representative.

(g)    The Company shall be responsible for all charges of the Accountants.

(h)    The Company and the Grantee shall promptly deliver to each other copies of any written communications, and summaries of any verbal communications, with any taxing authority regarding the Excise Tax covered by this Exhibit 1.

(i)    Nothing in this Exhibit 1 is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment obligation hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to the Grantee and the repayment obligation null and void.

(j)    Notwithstanding the foregoing, any payment or reimbursement made pursuant to this Exhibit 1 shall be paid to the Grantee promptly and in no event later than the end of the calendar year next following the calendar year in which the related tax is paid by the Grantee or where no taxes are required to be remitted, the end of the Grantee’s calendar year following the Grantee’s 

Exhibit 10.1

calendar year in which the audit is completed or there is a final and nonappealable settlement or other resolution of the litigation.

(k)    The provisions of this Exhibit 1 shall survive the termination of the Grantee’s employment with the Company for any reason and the termination of the Award Agreement.

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