Document:

QuickLinks
 -- Click here to rapidly navigate through this document
 

 

 
 

Exhibit 10.19    
    

[FIVE YEAR INSTALLMENT VESTING]

 
 

HEALTH CARE PROPERTY INVESTORS, INC.
  2006 PERFORMANCE INCENTIVE PLAN
  PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT    
    

[                                    ], Grantee: 

        As
of the [                        ] day of  [                        
                        ] (the "Grant
Date"), HCP, Inc. (formerly
Health Care Property Investors, Inc.), a Maryland corporation (the "Company"), pursuant to the Health Care Property Investors, Inc. 2006
Performance Incentive Plan, as amended and/or restated from time to time (the "Plan"), has granted to you, the Grantee named above,  [                        ] performance restricted stock
units (the "Units") with respect to  [                        ] shares of Common Stock on the
terms and conditions set forth in this Performance Restricted Stock Unit Agreement (this "Agreement") and the Plan. The Units are subject to adjustment
as provided in Section 7.1 of the Plan. Capitalized terms not defined herein shall have the meanings assigned to such terms in the Plan. The Compensation Committee (the
"Committee") of the Board of Directors of the Company (the "Board") is the administrator of the Plan for
purposes of your Units. 

        I.    Forfeiture of Units.    

        (a)    Forfeiture Based Upon Company Performance.    Your Units will be paid only to the extent your Units are not
forfeited pursuant to this Section I and only to the extent such non-forfeited Units vest pursuant to this Section I or
Section II below. Your Units are subject to forfeiture if the Company's Funds From Operations Per Share for the 2007 calendar year (the "Performance
Period") is less than [$            ]. If the Company's Funds From
Operations Per Share for the Performance Period is less than [$            ], the aggregate
percentage of Units that you will forfeit will be determined in accordance with Exhibit A hereto. For purposes of this Agreement,
"Funds From Operations Per Share" means the Company's funds from operations per share during the Performance Period, as prescribed by the National
Association of Real Estate Investment Trusts ("NAREIT") as in effect on the first day of the Performance Period, and shall be calculated on a fully diluted basis using the weighted average of diluted
shares of Common Stock outstanding during the Performance Period. Funds From Operations Per Share shall be calculated before taking into account any non-recurring charges incurred by the
Company with respect to the Performance Period for (i) material strategic or financing transactions approved by the Board of Directors and (ii) impairments. The determination as to
whether the Company has attained the performance goals with respect to the Performance Period shall be made by the Committee acting in good faith. The Committee's determination regarding whether the
Company has attained the performance goals (the "Committee Determination") shall be made no later than the March 15 following the end of the
Performance Period. Your Units shall not be deemed vested pursuant to any other provision of this Agreement earlier than the date that the Committee makes such determination, as required by
Section 162(m) of the Code and the regulations promulgated thereunder. Any Units forfeited pursuant to this Section I(a) shall be deemed to have been forfeited as of the last day of the
Performance Period. 

        (b)    Termination due to Retirement during the Performance Period.    Your Units will remain outstanding during the
remainder of the Performance Period and will be subject to forfeiture in the manner set forth in subsection (a) upon completion of the Performance Period if, prior to the completion of the
Performance Period, your employment with the Company is terminated as a result of your Retirement. In the event of any such termination during the Performance Period, any Units not forfeited pursuant
to subsection (a) shall fully vest as of the date of the Committee Determination. For purposes of this Agreement, the term "Retirement" means
that you shall have attained (i) age 65 and completed at least five full years of service as an employee of the Company and its subsidiaries and/or 

1

 

as
a member of the Board, or (ii) age 60 and completed at least fifteen full years of service as an employee of the Company and its subsidiaries and/or as a member of the Board. 

        (c)    Change in Control Event during the Performance Period.    

          (i)  Your
Units will remain outstanding during the remainder of the Performance Period and will be subject to forfeiture in the manner set forth in subsection (a) in
the event of a Change in Control Event occurring during the Performance Period. In such event, any Units not forfeited pursuant to subsection (a) shall fully vest as of the date of the
Committee Determination; provided, however, that except as otherwise provided in any change in control or other agreement with the Company, your Units shall not be so vested if and to the extent the
Units are, in connection with the Change in
Control Event, either to be assumed by the successor or survivor corporation (or parent thereof) or to be replaced with a comparable right with respect to shares of the capital stock of the successor
or survivor corporation (or parent thereof), in each case appropriately adjusted. The determination of comparability of rights shall be made by the Committee in good faith. The Committee may adopt
provisions to ensure that any such acceleration shall be conditioned upon the consummation of the contemplated Change in Control Event. 

         (ii)  Notwithstanding
the foregoing, the Committee may, in its sole and absolute discretion, take action to fully vest your Units immediately prior to, and subject to the
consummation of, a Change in Control Event occurring during the Performance Period. Any Units that become vested in accordance with this subsection (c)(ii) shall not be subject to forfeiture in
the manner set forth in subsection (a). 

        (d)    Forfeiture of Units Upon Certain Terminations of Employment.    If at any time during the Performance Period,
your employment with the Company is terminated (i) by the Company, or (ii) by you, excluding any termination by reason of your Retirement, death or Disability, all of your Units shall be
automatically forfeited and cancelled in full effective as of such termination of employment and this Agreement shall be null and void and of no further force and effect. 

        II.    Vesting.    

        (a)    Vesting of Non-Forfeited Units.    You will have no further rights with respect to any Units that
are forfeited in accordance with Section I. Subject to the terms and conditions of this Agreement, your Units that (i) are not forfeited in accordance with Section I and
(ii) do not otherwise vest in accordance with Section I, if any, shall vest in accordance with the following schedule, subject to your continuous service to the Company until the
applicable vesting date. (Vesting amounts pursuant to the following schedule are cumulative.) 

	Tranche
 
	 	Percentage of Non Forfeited

Units that Vest
	 	Vesting Date

	1	 	20%	 	1st Anniversary of Grant Date
	2	 	20%	 	2nd Anniversary of Grant Date
	3	 	20%	 	3rd Anniversary of Grant Date
	4	 	20%	 	4th Anniversary of Grant Date
	5	 	20%	 	5th Anniversary of Grant Date

        The
vesting schedule requires continued employment through each applicable Vesting Date as a condition to vesting of the applicable Tranche and the corresponding rights and benefits
under this Agreement. Unless otherwise expressly provided herein with respect to accelerated vesting of the Units under certain circumstances, employment for only a portion of a vesting period, even
if a substantial portion, will not entitle you to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment as provided in this
Agreement. 

2

 

        (b)    Termination for Death or Disability.    If at any time during the Performance Period or following the
completion of the Performance Period, your employment with the Company is terminated as a result of your death or Disability, your Units (to the extent not previously forfeited and otherwise unvested)
shall fully vest immediately upon such termination of employment. For the avoidance of doubt, any Units that become vested in accordance with this subsection (b) during the Performance Period
shall not be subject to the forfeiture provisions of Section I(a). 

        (c)    Termination by Reason of Retirement Following the Performance Period.    If at any time following the
completion of the Performance Period, your employment with the Company is terminated as a result of your Retirement, your Units (to the extent not previously forfeited and otherwise unvested) shall
fully vest immediately upon such termination of employment. 

        (d)    No Acceleration or Vesting Upon Other Terminations.    If at any time following the completion of the
Performance Period, your employment with the Company is terminated (i) by the Company, or (ii) by you, excluding any termination by reason of your Retirement, death or Disability, any of
your Units that remain outstanding and otherwise unvested at the time of such termination of employment shall be automatically forfeited and cancelled in full effective as of such termination of
employment. 

        III.    Change in Control Event Following the Performance Period.    

        (a)   In
the event of a Change in Control Event at any time following the completion of the Performance Period, your Units (to the extent not previously forfeited and
otherwise unvested) shall vest immediately prior to the effective date of the Change in Control Event; provided, however, that except as otherwise provided in any change in control or other agreement
with the Company, your Units shall not be so vested if and to the extent the Units are, in connection with the Change in Control Event, either to be assumed by the successor or survivor corporation
(or parent thereof) or to be replaced with a comparable right with respect to shares of the capital stock of the successor or survivor corporation (or parent thereof), in each case appropriately
adjusted. The determination of comparability of rights shall be made by the Committee in good faith. The Committee may adopt provisions to ensure that any such acceleration shall be conditioned upon
the consummation of the contemplated Change in Control Event. 

        (b)   Notwithstanding
the foregoing, in the event of a pending or threatened takeover bid or tender offer at any time following the completion of the Performance Period and
pursuant to which 10% or more of the outstanding securities of the Company is acquired, whether or not deemed a tender offer under applicable state or Federal laws, or in the event that any person
makes any filing under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934 with respect to the Company, the Committee may in its sole discretion: 

          (i)  Make
the Units fully vested; or 

         (ii)  Make
any other reasonable adjustments or amendments to the Units or substitute new units on substantially similar terms. 

        IV.    Timing and Form of Payment.    

        (a)    Distribution Date.    Unless you elect otherwise on or before the Grant Date and in all cases at a time that
complies with the initial deferral election requirements of Section 409A of the Code, the distribution date (the "Distribution Date") for your
Units that become vested pursuant to this Agreement will be the date that such Units vest; provided that in no event shall the Distribution Date occur earlier than the date of the Committee
Determination. Distribution of your vested Units will be made by the Company in shares of Common Stock (on a one-to-one basis) on or as soon as practicable after the
Distribution Date with respect to such vested Units, but in no event later than two and one-half (21/2) months after the year in which such Units became vested. You will
only receive distributions in respect of your vested Units and will have no right to distribution of your unvested 

3

 

Units
unless and until such Units vest (and are not otherwise forfeited pursuant to Section I(a)). Once a vested Unit has been paid pursuant to this Agreement, you will have no further rights
with respect to that Unit. You may, however, elect (a "Distribution Election") to (A) defer your Distribution Date with respect to some or all of
your vested Units and/or (B) have your vested Units distributed to you in annual installments as provided in Section IV(b), provided that such election complies with this
Section IV. You may change your Distribution Election with respect to each Tranche (set forth in Section II(a) above) up to three times without the approval of the Committee, provided
such Distribution Election is made in a timely manner. Any Distribution Elections with respect to a Tranche in addition to the three provided in the preceding sentence may only be made with the
approval of the Committee, in its sole discretion. In order for a Distribution Election to be valid, it must be made at least one year prior to the then-existing Distribution Date with
respect to the Units subject to such Distribution Election, the new Distribution Date must be at least five years after the then-existing Distribution Date with respect to such Units, and
the election must otherwise be consistent with the "subsequent election" rules of Section 409A(a)(4)(C) of the Code so as to prevent application of the penalty and interest provisions of
Section 409A(a)(1)(B) of the Code. Your Distribution Date with respect to any portion of your Units may not be prior to the earlier of the Vesting Date for such vested Units or the date of the
Committee Determination. Distribution Elections may only be made by delivering a written election to the Company care of its General Counsel in the form attached as  Exhibit B hereto. 

        (b)    Form of Distribution.    Unless you elect otherwise on or before the Grant Date, distribution of your vested
Units with respect to any Tranche will be made in a lump sum on or as soon as administratively practicable after your Distribution Date, but in no event later than two and one-half
(21/2) months after the year in which such Units became vested. You may, however, elect to have vested Units with respect to any Tranche distributed in the form of two or more annual
installments over a fixed number of years, provided that each installment payment must be for a minimum of 1,000 shares of Common Stock. If you elect to have some or all of your vested Units
underlying a Tranche distributed in annual installments commencing upon your "separation from service" (within the meaning of Section 409A) or death, the first installment will be paid on or
within 90 days after the Distribution Date with respect to such Tranche and subsequent installments will be paid on or within 90 days after each of the anniversaries of the Distribution
Date with respect to such Tranche during your elected installment period with each payment date during such time period within the Company's sole discretion. If you elect to have some or all of your
vested Units underlying a Tranche distributed in annual installments commencing upon a selected date, the first installment will be paid on or as soon as practicable after, but in all events within
the same calendar year as, the Distribution Date with respect to such Tranche and subsequent installments will be paid on or as soon as practicable after, but in all events within the same calendar
year as, each of the anniversaries of the Distribution Date with respect to such Tranche during your elected installment period with each payment date during such
time period within the Company's sole discretion. You may change an election you make pursuant to this Section IV(b) (or you may make an initial election in the event that you did not elect a
form of payment at the time of your award and, accordingly, your Units were subject to the lump sum default payment rule) by filing a new written election with the Committee; provided that you must
also elect a later Distribution Date pursuant to Section IV(a) as to any Units that are subject to such election and in no event may such an election result in an acceleration of distributions
within the meaning of Section 409A of the Code so as to prevent application of the penalty and interest provisions of Section 409A(a)(1)(B) of the Code. Distribution Elections may only
be made by delivering a written election to the Company care of its General Counsel in the form attached as Exhibit B hereto. 

        (c)    Hardship Distribution.    If you experience an Unforeseeable Emergency (as defined below) you may elect to
receive immediate distribution of some or all or your vested Units upon such Unforeseeable Emergency. Distribution upon an Unforeseeable Emergency shall be made no later than thirty (30) days
following written notice to the Company care of its General Counsel of the 

4

 

Unforeseeable
Emergency. For purposes of this Agreement, an "Unforeseeable Emergency" shall mean a severe financial hardship resulting from (i) an illness or accident of you, your spouse, or
your dependent (as defined in Section 152(a) of the Code without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)), (ii) loss of your property due to casualty, or
(iii) any other similar extraordinary and unforeseeable circumstances arising as a result of events beyond your control, all as reasonably determined by the Committee in good faith. No
distribution shall be made in respect of an Unforeseeable Emergency unless such Unforeseeable Emergency is not otherwise relievable by liquidation of your assets (to the extent such liquidation would
not itself cause a severe financial hardship) or through reimbursement or compensation by insurance or otherwise. Any distribution of your vested Units as a result of an Unforeseeable Emergency shall
be limited to the amount reasonably necessary to relieve the Unforeseeable Emergency (which may include amounts necessary to pay any federal, state or local income taxes or penalties reasonably
anticipated to result from the distribution). 

        V.    Dividend Equivalent Rights.    During such time as each Unit remains outstanding and prior to the distribution
of such Unit in accordance with Section IV, you will have the right to receive, in cash, with respect to such Unit, the amount of any cash dividend paid on a share of Common Stock (a
"Dividend Equivalent Right"). You will have a Dividend Equivalent Right with respect to each Unit that is outstanding on the record date of such
dividend. Dividend Equivalent Rights will be paid to you at the same time or within 30 days after dividends are paid to stockholders of the Company. Dividend Equivalent Rights will not be paid
to you with respect to any Units that are forfeited pursuant to Sections I and II, effective as of the date such Units are forfeited. You will have no Dividend Equivalent Rights as of the
record date of any such cash dividend in respect of any Units that have been paid in Common Stock; provided that you are the record holder of such Common Stock on or before such record date. 

        VI.    Transferability.    No benefit payable under, or interest in, the Units or this Agreement shall be subject in
any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge and any such attempted action shall be void and no such benefit or interest shall be, in any manner,
liable for, or subject to, your or your beneficiary's debts, contracts, liabilities or torts; provided, however, nothing in this Section VI shall
prevent transfers of your Units to the Company or by will or by
applicable laws of descent and distribution. You may designate a beneficiary to receive distribution of your vested Units upon your death by submitting a written beneficiary designation to the
Committee in the form attached hereto as Exhibit B. You may revoke a beneficiary designation by submitting a new beneficiary designation. 

        VII.    Withholding.    Subject to Section 8.1 of the Plan and such rules and procedures as the Committee may
impose, upon any distribution of shares of Common Stock in respect of your Units, the Company shall automatically reduce the number of shares to be delivered by (or otherwise reacquire) the
appropriate number of whole shares, valued at their then fair market value (with the "fair market value" of such shares determined in accordance with the applicable provisions of the Plan), to satisfy
any withholding obligations of the Company or its Subsidiaries with respect to such distribution of shares at the minimum applicable withholding rates; provided, however, that the foregoing provision
shall not apply in the event that you have made other provision in advance of the date of such distribution for the satisfaction of such withholding obligations. In the event that the Company cannot
legally satisfy such withholding obligations by such reduction of shares, or in the event of a cash payment or any other withholding event in respect of your Units, the Company (or a Subsidiary) shall
be entitled to require a cash payment by you or on your behalf and/or to deduct from other compensation payable to you any sums required by federal, state or local tax law to be withheld with respect
to such distribution or payment. 

        VIII.    No Contract for Employment.    This Agreement is not an employment or service contract and nothing in this
Agreement shall be deemed to create in any way whatsoever any obligation on your 

5

 

part
to continue in the employ or service of the Company, or of the Company to continue your employment or service with the Company. 

        IX.    Notices.    Any notices provided for in this Agreement or the Plan, including a Distribution Election, shall be
given in writing and shall be deemed effectively given upon receipt if delivered by hand or, in the case of notices delivered by United States mail, five (5) days after deposit in the United
States mail, postage prepaid, addressed, as applicable, to the Company or if to you, at such address as is currently maintained in the Company's records or at such other address as you hereafter
designate by written notice to the Company. 

        X.    Plan.    This Agreement is subject to all the provisions of the Plan and their provisions are hereby made a part
of this Agreement. In the event of any conflict between the provisions of this Agreement and those of the Plan, the provisions of the Plan shall control. 

        XI.    Entire Agreement.    This Agreement contains the entire understanding of the parties in respect of the Units
and supersedes upon its effectiveness all other prior agreements and understandings between the parties with respect to the Units. 

        XII.    Amendment.    This Agreement may be amended by the Committee; provided, however that no such amendment shall,
without your consent, alter, terminate, impair or adversely affect your rights under this Agreement. 

        XIII.    Governing Law.    This Agreement shall be construed and interpreted, and the rights of the parties shall be
determined, in accordance with the laws of the State of Maryland, without regard to conflicts of law provisions thereof. 

        XIV.    Tax Consequences.    You may be subject to adverse tax consequences as a result of the issuance, vesting
and/or distribution of your Units. YOU ARE ENCOURAGED TO CONSULT A TAX ADVISOR AS TO THE TAX CONSEQUENCES OF YOUR UNITS AND SUBSEQUENT DISTRIBUTION OF COMMON STOCK. 

        XV.    Construction.    This Agreement shall be construed and interpreted to comply with Section 409A of the
Code. The Company reserves the right to amend this Agreement to the extent it reasonably determines is necessary in order to preserve the intended tax consequences of the Units in light of
Section 409A of the Code and any regulations or other guidance promulgated thereunder. Notwithstanding anything to the contrary contained in this Agreement or the Plan, in the event that you
are to receive a payment hereunder in connection with your termination of employment (other than due to your death) which constitutes a "deferral of compensation" pursuant to Section 409A of
the Code at a time when you are a "specified employee" (within the meaning of Section 409A of the Code), the Company may delay the making of such payment to a date that is not earlier than the
first to occur of six months and one day after your "separation from service" (within the meaning of Section 409A of the Code) or the date of your death. 

[Remainder of page intentionally left blank]

6

 

	Very truly yours,	 	 	 	 
	

 	
 	

HCP, INC.
	

 	
 	

By:	
 	

    

	 	 	Name:
	 	 	Title:

	

 

	

Accepted and Agreed,

effective as of the date first written above.
	

By:	

                                	
 	

 
	Name:	[                                ]	 	 	 

7

 

 

 
 

[FIVE YEAR INSTALLMENT VESTING]    
    

 
  EXHIBIT A    
    

 
  PERFORMANCE GOALS    
    

	Funds From Operations Per Share
 
	 	Aggregate Percentage Forfeited
	 
	[$            ] or greater	 	0	%
	Equal to or greater than [$            ] but less than
[$            ]	 	2	%
	Equal to or greater than [$            ] but less than
[$            ]	 	4	%
	Equal to or greater than [$            ] but less than
[$            ]	 	6	%
	Equal to or greater than [$            ] but less than
[$            ]	 	8	%
	Equal to or greater than [$            ] but less than
[$            ]	 	10	%
	Equal to or greater than [$            ] but less than
[$            ]	 	12	%
	Equal to or greater than [$            ] but less than
[$            ]	 	14	%
	Equal to or greater than [$            ] but less than
[$            ]	 	16	%
	Equal to or greater than [$            ] but less than
[$            ]	 	18	%
	Equal to or greater than [$            ] but less than
[$            ]	 	20	%
	Equal to or greater than [$            ] but less than
[$            ]	 	22	%
	Equal to or greater than [$            ] but less than
[$            ]	 	24	%
	Equal to or greater than [$            ] but less than
[$            ]	 	26	%
	Equal to or greater than [$            ] but less than
[$            ]	 	28	%
	Equal to or greater than [$            ] but less than
[$            ]	 	30	%
	Equal to or greater than [$            ] but less than
[$            ]	 	32	%
	Equal to or greater than [$            ] but less than
[$            ]	 	34	%
	Equal to or greater than [$            ] but less than
[$            ]	 	36	%
	Equal to or greater than [$            ] but less than
[$            ]	 	38	%
	Equal to or greater than [$            ] but less than
[$            ]	 	40	%
	Equal to or greater than [$            ] but less than
[$            ]	 	50	%
	Equal to or greater than [$            ] but less than
[$            ]	 	60	%
	Equal to or greater than [$            ] but less than
[$            ]	 	70	%
	Equal to or greater than [$            ] but less than
[$            ]	 	80	%
	Equal to or greater than [$            ] but less than
[$            ]	 	90	%
	Equal to or greater than [$            ] but less than
[$            ]	 	100	%

A-1

 

 

 
 

[FIVE YEAR INSTALLMENT VESTING]    
    

 
  EXHIBIT B    
    

 
  HEALTH CARE PROPERTY INVESTORS, INC.
  2006 PERFORMANCE INCENTIVE PLAN    
    

 
  RESTRICTED STOCK UNITS
  DISTRIBUTION ELECTION AND BENEFICIARY DESIGNATION FORM    
    

	Name: [                        ]	 	Social Security No.:
                                         
       

        In
connection with your award of Performance Restricted Stock Units on [                        ,
2007] under the Health Care Property Investors, Inc. 2006 Performance Incentive Plan, as amended and/or restated from time to time
(the "Plan"), you have the option of selecting the timing and form of payment of the shares of Common Stock underlying your vested Units. 

        Please complete this election form and return it to Edward J. Henning, the Company's General Counsel and Corporate Secretary.

Deferral of Distribution Date  

        Unless you elect otherwise, the Distribution Date for your Units that vest will be the vesting date of such Units; provided that in no event shall the
Distribution Date occur earlier than the date of the Committee Determination with respect to such Units. You may elect a new Distribution Date with respect to some or all of the Tranches by completing
the deferral election grid below. Please note that, subject to the restrictions set forth below and in the Agreement, your new Distribution Date with respect to a Tranche can
take any of the following forms:

	•
	You
may elect a date certain for your Distribution Date (e.g., January 1, 2011),

	•
	You
may elect that your Distribution Date will be the date of your death or termination of employment (that is a "separation from service" within the meaning of
Section 409A of the Code), or

	•
	You
may elect a Distribution Date that is the earlier of two dates/events (e.g., the earlier of January 1, 2011, or termination of your employment (that is a
"separation from service" within the meaning of Section 409A of the Code)). 

        If you do not elect a Distribution Date on or before the Grant Date and in all cases at a time that complies with the initial deferral election requirements of
Section 409A of the Code, you will be deemed to have elected distribution of your vested Units on or as soon as administratively practical after the applicable vesting date of your Units, but
in no event later than two and one-half (21/2)
months after the year in which such Units became vested. If, after the Grant Date, you want to change the Distribution Date with respect to any of your vested Units, your new election will not be
effective until at least one year after the date on which it is made, your new election must be made at least one year prior to the then-existing Distribution Date, the new Distribution
Date you elect must be at least five years after the then-existing Distribution Date, and the change must otherwise satisfy the "subsequent
election" rules of Section 409A(a)(4)(C) of the Code. If your election to defer your Distribution Date is not timely, it will not be valid.

B-1

 

        You acknowledge and understand that by electing a new Distribution Date with respect to one or more of the Tranches, you are hereby revoking the
then-existing Distribution Date with respect to such Tranche(s). You further acknowledge and agree that the distribution of the shares of Common Stock underlying your Units may coincide
with a period during which you are prohibited from selling, disposing or otherwise transferring such shares pursuant to the Company's Insider Trading Policy, or by law, and therefore, you may not be
able to sell, dispose or otherwise transfer such shares to pay any sums required by federal, state or local tax law to be withheld with respect to the issuance of such shares.

	Tranche
 
	 	Vesting Date
	 	Distribution Date*

	1	 	1st Anniversary of Grant Date	 	 
	2	 	2nd Anniversary of Grant Date	 	 
	3	 	3rd Anniversary of Grant Date	 	 
	4	 	4th Anniversary of Grant Date	 	 
	5	 	5th Anniversary of Grant Date	 	 

	*
	Specify "Vesting Date" if you desire payment of the vested Units on or as soon as administratively practical after the vesting date of the Units. Otherwise,
indicate the Distribution Date you elect. In all events your election is subject to the rules stated above (including, without limitation, the 5-year deferral requirement set forth above
if you are electing a change after the Grant Date).

Form of Payment  

        Distribution of all of your vested Units underlying a Tranche will be made in shares of Common Stock in a lump sum on or as soon as practicable after the
Distribution Date with respect to such Units, but in no event later than two and one-half (21/2) months after the year in which such Units became vested. For example, all of
your vested Units under Tranche 1 will be distributed to you on or as soon as practicable after the Vesting Date with respect to Tranche 1 (unless you elect a later Distribution Date as
provided above). You may, however, elect at the time of your award to have vested Units with respect to any Tranche distributed in the form of two or more annual installments over a fixed number of
years. For example, if you elect to have your vested Units underlying Tranche 1 distributed in five installments, your vested Units will be distributed to you in five equal payments on or as
soon as practicable after the Distribution Date with respect to Tranche 1 and each of the first four anniversaries of the Distribution Date for Tranche 1. 

B-2

 

        If you elect to have any or all of your vested Units underlying a Tranche distributed in installments, you must elect a number of equal annual installments which
will result in a distribution of at least 1,000 shares of Common Stock per installment with respect to such Tranche (otherwise, the number of installments you elected will be reduced by the Company to
produce a distribution of at least 1,000 shares of Common Stock per installment). If you would like to change a form of distribution election you have made (or if you would like to make an initial
form of distribution election in the event that you did not make such an election at the time of the award), your election will not be effective until at least one year after the date on which it is
made, your election must be made at least one year prior to the then-existing Distribution Date, and you must elect a new Distribution Date that is at least  five years after the
then-existing Distribution Date. If your election to defer your Distribution Date is not timely, it will not be valid.
Furthermore, if you are changing an existing form of distribution election, your election change cannot result in an acceleration (within the meaning of
Section 409A of the Code) of payments, and the change must otherwise satisfy the "subsequent election" rules of Section 409A(a)(4)(C) of the Code.

	Tranche
 
	 	Vesting Date
	 	Number of Installments

(Shares of Common Stock per

Installment)

	1	 	1st Anniversary of Grant Date	 	                        
(            )
	2	 	2nd Anniversary of Grant Date	 	                        
(            )
	3	 	3rd Anniversary of Grant Date	 	                        
(            )
	4	 	4th Anniversary of Grant Date	 	                        
(            )
	5	 	5th Anniversary of Grant Date	 	                        
(            )

Beneficiary Designation  

        I hereby designate the following individual as beneficiary to receive distribution of my vested Units, if any, in the event of my death. Distribution of such
vested Units will be in the form, and on the Distribution Date(s), in effect with respect to such vested Units as of the date of my death. 

Beneficiary Information  

	Name:	 
	 	

	(Please print)	Last	First	Middle Initial

	Sex:	 	 	Relationship to Participant:	 
	 	
	 	 	

	Social Security No.:	 	 	Date of Birth:	 
	 	
	 	 	

	Address:	 
	 	

	City:	 	 	State:	 	 	Zip Code:	 
	 	
	 	 	
	 	 	

B-3

 

Please
retain a copy of this Distribution Election Form for your records. 

	
	 	

	Signature: [                        ]	 	Date Signed

B-4

QuickLinks

Exhibit 10.19

HEALTH CARE PROPERTY INVESTORS, INC. 2006 PERFORMANCE INCENTIVE PLAN PERFORMANCE RESTRICTED STOCK UNIT AGREEMENT

[FIVE YEAR INSTALLMENT VESTING]

EXHIBIT A

PERFORMANCE GOALS

[FIVE YEAR INSTALLMENT VESTING]

EXHIBIT B

HEALTH CARE PROPERTY INVESTORS, INC. 2006 PERFORMANCE INCENTIVE PLAN

RESTRICTED STOCK UNITS DISTRIBUTION ELECTION AND BENEFICIARY DESIGNATION FORMQuickLinks
 -- Click here to rapidly navigate through this document
 

 

 
 

Exhibit 10.21    
    

INDEMNIFICATION AGREEMENT  

        This
INDEMNIFICATION AGREEMENT is made this                        day
of                        , ("Agreement"), by and between HCP, Inc., a Maryland corporation (the "Company"), and
                                    ("Indemnitee"). 

RECITALS

        WHEREAS,
at the request of the Company, the Indemnitee currently serves as a [director/officer] of the Company and renders valuable services to the Company; and 

        WHEREAS,
the Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve as directors and officers of the Company and its related
entities; and 

        WHEREAS,
both the Company and the Indemnitee recognize the increased legal risks and potential liabilities to which directors and officers of corporations are subject in connection with
their positions and that liability insurance for directors and officers and statutory indemnification provisions may be inadequate to provide proper protection to individuals requested to serve as
directors and officers of the Company; and 

        WHEREAS,
in order to induce Indemnitee to continue to provide services to the Company as an officer and/or director, the Company desires to provide for the indemnification of, and the
advancement of expenses to, Indemnitee as set forth in this Agreement. 

        NOW
THEREFORE, in consideration of the foregoing premises, the covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and the Indemnitee do hereby agree as follows: 

        1.    Certain Definitions.    For purposes of this Agreement the following terms should have the following meanings: 

	(a)
	"Board
of Directors" means the Board of Directors of the Company.

	(b)
	"Bylaws"
mean the bylaws of the Company, as the same may be amended from time to time.

	(c)
	"Change
in Control" shall be deemed to have occurred if (i) any "person" (as that term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the
stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the "beneficial owner" (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the total voting power represented by the Company's then outstanding voting
securities, or (ii) during any period of two consecutive years, individuals who at the beginning of the two year period constitute the Board of Directors of the Company and any new director
whose election by the Board of Directors or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then
still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority of the
Board of Directors, or (iii) there occurs a proxy contest, or the Company is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at
least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or
event constitute less than a majority of the Board of Directors thereafter. 

1

 

	(d)
	"Charter"
means the corporate charter of the Corporation, as the same may be amended from time to time.

	(e)
	"Disinterested
Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification or advance of Expenses is sought by
Indemnitee.

	(f)
	"Expenses"
shall mean any and all expenses, including, without limitation, reasonable attorneys fees, disbursements and retainers, accounting and witness fees, travel and deposition
costs, transcript costs, fees of experts, expenses of investigations and court costs, customarily incurred in connection with investigating, prosecuting, defending, being a witness in or participating
in (including on appeal), or preparing to prosecute or defend, to be a witness or other participant, in a Proceeding.

	(g)
	"Indemnifiable
Event" shall mean any actual or asserted event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the
Company, or is or was serving at the request of the Company as a director, officer, partner, employee, trustee, manager, member, agent or fiduciary of another corporation, partnership, limited
liability company, association, joint venture, trust, employee benefit plan or other entity or enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such
capacity.

	(h)
	"Independent
Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been,
retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be
selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by
Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld, and by such approval, the Board of Directors shall be deemed to have joined in such
selection.

	(i)
	"Proceeding"
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding (including any appeals in any of the foregoing), whether civil, criminal, administrative or investigative, except one initiated by an Indemnitee pursuant to Section 6 of this
Agreement to enforce Indemnitee's rights under this Agreement. 

        2.    Indemnification.    

        2.1    Indemnification with Respect to Proceedings Other Than Proceedings by or in the Right of the Company.    In
the event that Indemnitee was, is or becomes a party to or witness or other participant in, or is threatened to be made a party to, or witness or other participant in, any Proceeding (other than a
Proceeding by or in the right of the Company) by reason of (or arising in whole or in part from) an Indemnifiable Event, the Company shall indemnify the Indemnitee, to the fullest extent permitted by
applicable law, from and against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on behalf of Indemnitee, in connection with
such Proceeding, provided that, in the case of amounts paid in settlement, any settlement of such Proceeding is approved in advance by the Company in writing, which approval shall not be unreasonably
withheld, delayed or applied in an inconsistent manner. 

2

 

        2.2    Indemnification with Respect to Proceedings by or in the Right of the Company.    In the event that Indemnitee
was, is or becomes a party to, or witness or other participant in, any Proceeding brought by or in the right of the Company to procure a judgment in favor of the Company by reason of (or arising in
whole or in part from) an Indemnifiable Event, the Company shall indemnify Indemnitee, to the fullest extent permitted by applicable law, from and against all Expenses and amounts paid in settlement
actually and reasonably incurred by Indemnitee, or on behalf of Indemnitee, in connection with such Proceeding. 

        2.3    Partial Indemnification.    If Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some portion of the Expenses, judgments, penalties, fines and amounts paid in settlement of a Proceeding which Indemnitee was, is or becomes a party to, or witness or other
participant in, or is threatened to be made a party to, or witness or other participant in, by reason of an Indemnifiable Event, but not, however, for all of the total amount of such Expenses,
judgments, fines, penalties and amounts paid in settlement, the Company will nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

        2.4    Indemnification for Expenses of a Party Who is Wholly or Partly Successful.    Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is, by reason of an Indemnifiable Event,
made a party to and is successful, on the merits or otherwise, in the defense of, any Proceeding, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee,
or on behalf of Indemnitee, in connection therewith. Without limiting any other rights of Indemnitee in this Agreement, if Indemnitee is not wholly successful in such Proceeding but is successful, on
the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred
by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such
a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

        3.    Advance of Expenses.    The Company shall advance all Expenses reasonably incurred by or on behalf of Indemnitee
in connection with any Proceeding to which Indemnitee is, or is threatened to be made, a party or with respect to which Indemnitee is, or is threatened to be made, a witness or other participant, by
reason of (or arising in whole or in part from) an Indemnifiable Event, prior to final disposition of such Proceeding, to the fullest extent permitted by applicable law and without requiring a
preliminary determination as to Indemnitee's ultimate entitlement to indemnification, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such
advance or advances from time to time. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and, if required by applicable law, shall include or be preceded or
accompanied by (a) a written affirmation by the Indemnitee of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law
and by this Agreement has been met and (b) a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that such standard of conduct
has not been met. Any advances to, and undertakings to repay by, Indemnitee pursuant to this Section 3 shall be unsecured and shall not bear interest. 

        4.    Procedure for Determination of Entitlement to Indemnification.    

        4.1    Request for Indemnification.    To obtain indemnification under this Agreement, Indemnitee shall submit to the
Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification. Promptly upon receipt of such a request for indemnification, the Company shall cause its Board of Directors to be so advised in writing that
Indemnitee has requested indemnification. 

3

 

        4.2    Determination of Right to Indemnification.    Upon written request by Indemnitee for indemnification pursuant
to the first sentence of Section 4.1 hereof, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall promptly be made in the specific case:
(i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors,
a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of
Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so
directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board
of Directors, by the stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination.
Indemnitee shall cooperate with the person making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or
expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person making such determination, in response to a request by such person, shall be
borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification). 

        5.    Presumptions and Effect of Certain Proceedings.    

        (a)   In
making a determination with respect to entitlement to indemnification hereunder, (i) the person making such determination shall presume that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 4.1 of this Agreement, and (ii) the Company shall
have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 

        (b)   The
termination of any proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to
judgment, does not create a presumption that the Indemnitee did not meet the requisite standard of conduct required under applicable law for indemnification. 

        6.    Remedies of Indemnitee.    

        (a)   In
the event that (i) a determination is made pursuant to Section 4.2 that Indemnitee is not entitled to indemnification under this Agreement,
(ii) advancement of Expenses is not timely made pursuant to Section 3, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 4.2
within sixty days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 2.4 within ten days after receipt by
the Company of a written request therefor, or (v) payment of indemnification is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification,
Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his entitlement to such indemnification or
advancement of Expenses. Neither the failure of the Board of Directors or a committee thereof, or the stockholders of the Company, or Independent Counsel to have made a determination pursuant to
Section 4.2 that Indemnitee is entitled to indemnification, nor an actual determination by the Board of Directors or a committee thereof, or the stockholders, of the Company, or Independent
Counsel, that Indemnitee is not entitled to indemnification shall be a defense to any judicial adjudication sought by Indemnitee or create a presumption that the Indemnitee is not entitled to
indemnification or advancement of Expenses. 

4

 

        (b)   In
any judicial proceeding commenced pursuant to this Section 6, the Company shall have the burden of proving that Indemnitee is not entitled to indemnification
or advancement of Expenses, as the case may be. 

        (c)   If
a determination shall have been made pursuant to Section 4.2 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by
such determination in any judicial proceeding commenced pursuant to this Section 6, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

        (d)   In
the event that Indemnitee, pursuant to this Section 6, seeks a judicial adjudication to establish or enforce Indemnitee's rights under, or to recover damages
for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the types described in the definition
of Expenses in Section 1) actually and reasonably incurred by Indemnitee in connection with such judicial adjudication, regardless of the outcome of such judicial adjudication unless the court
in such judicial adjudication determines that the material assertions made by Indemnitee in such judicial adjudication were not made in good faith or were frivolous. 

        7.    Indemnification Hereunder Not Exclusive.    The indemnification provided by this Agreement shall not be deemed
exclusive of, and shall be in addition to, any indemnification or other rights to which the Indemnitee may be entitled under the Charter, the Bylaws, any vote of stockholders or Disinterested
Directors, applicable law, or otherwise, both as to action in his official capacity and as to action in another capacity on behalf of the Company while holding office; provided, however, that to the
extent that the Indemnitee otherwise would have any greater right to indemnification under any provision of the Charter or Bylaws as in effect on the date hereof, the Indemnitee shall be deemed to
have such greater right hereunder; and provided, further, that to the extent that any change is made to the Charter and/or Bylaws which permits any greater right to indemnification than that provided
under this Agreement, the Indemnitee shall be entitled to have such greater right. No modification or amendment of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any Indemnifiable Event prior to such modification or amendment. 

        8.    Liability Insurance.    To the extent that the Company maintains liability insurance for directors, officers,
employees, or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company,
Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under
such policy or policies. 

        9.    Subrogation.    In the event of any payment under this Agreement, the Company shall be subrogated to the extent
of such payment to all of the related rights of recovery of Indemnitee against other person or entities, and Indemnitee shall execute all papers required and take all action necessary to secure such
rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

        10.    No Duplication of Payment.    The Company shall not be liable under this Agreement to make any payment of
amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received payment of such amount under any insurance policy, contract, agreement, any provision of
the Charter or Bylaws, or otherwise. 

        11.    Exclusions.    Notwithstanding any other provision of this Agreement to the contrary, the Company shall not be
liable for, and the Indemnitee shall not be entitled to, indemnification or advance of Expenses under this Agreement with respect to: (i) any settlement or judgment for insider 

5

 

trading
or for disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934; or (ii) any Proceeding initiated or brought by Indemnitee, and not by way of
defense (other than an action or proceeding under Section 6 of this Agreement), unless the bringing of such Proceeding has been approved by the Board of Directors. 

        12.    Duration of Agreement.    This Agreement shall continue until and terminate ten years after the date that
Indemnitee shall have ceased to serve as a director, officer, employee, or agent of the Company or of any other corporation, partnership, limited liability company, association, joint venture, trust,
employee benefit plan or other enterprise which Indemnitee served at the request of the Company;
provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or
advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 6 relating thereto. 

        13.    Section 409A.    If the Indemnitee's right to payment of indemnification pursuant to Section 2 or
right to the advancement of Expenses under Section 3 would not be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") pursuant to Final Treasury
Regulation 1.0409A-1(b)(10), then (i) the payment of indemnification and Expenses provided or advanced to or for Indemnitee pursuant to this Agreement in one taxable year
shall not affect the amount of indemnification and Expenses provided or advanced to or for Indemnitee in any other taxable year, (ii) any reimbursement to Indemnitee of Expenses under this
Agreement shall be paid to Indemnitee on or before the last day of Indemnitee's taxable year following the taxable year in which the Expense was incurred and (iii) the right to advancement,
reimbursement or payment of indemnification and Expenses under this Agreement may not be liquidated or exchanged for any other benefit. In addition, to the extent that this Agreement is subject to
Section 409A of the Code, the parties agree to cooperate and work together in good faith to timely amend this Agreement to comply with Section 409A of the Code. 

        14.    Successors and Assigns.    This Agreement shall be binding upon the Company and its successors and assigns and
shall inure to the benefit of Indemnitee and his heirs, executors and administrators. 

        15.    Severability.    If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby;
and (ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 

        16.    Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to
be produced to evidence the existence of this Agreement. 

        17.    Headings.    The headings of the paragraphs of this Agreement are inserted for convenience only and shall not
be deemed to constitute part of this Agreement or to affect the construction thereof. 

        18.    Modification and Waiver.    No supplement, modification or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

6

 

        19.    Notice by Indemnitee; Company Participation.    

        (a)   Indemnitee
shall promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document
relating to any Proceeding or matter which may be subject to indemnification or advance of Expenses covered hereunder. 

        (b)   With
respect to any Proceeding which may be subject to indemnification or advance of Expenses under this Agreement, unless Indemnitee waives its indemnification rights
under this Agreement with respect to such Proceeding, the Company will be entitled to participate in the Proceeding at its own expense and, except as otherwise provided below, if it so elects, the
Company may assume the defense of the Proceeding, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding,
during the Company's good faith active defense, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in connection with the
defense of the Proceeding, other than reasonable costs of investigation or as otherwise provided below. The Company shall not settle any such Proceeding in any manner which would impose any penalty or
limitation on the Indemnitee without the Indemnitee's written consent. The Indemnitee shall have the right to employ separate counsel in any such Proceeding, but the fees the expenses of such counsel
incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless (i) the employment of counsel by Indemnitee has been
authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be conflict of interest between the Company and the Indemnitee in the conduct of the defense of the
Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a Proceeding, in each of which cases the fees and expenses of Indemnitee's counsel shall be
Expenses for which Indemnitee may receive indemnification or advances under this Agreement. The Company shall not be entitled to assume the defense of any Proceeding bought by or on behalf of the
Company or as to which the Indemnitee has reasonably concluded there may be a conflict of interest between the Company and the Indemnitee. 

        20.    Notices.    All notices, requests, demands and other communications hereunder shall be in writing and shall be
deemed to have been duly given when hand-delivered or dispatched by electronic facsimile transmission (with receipt thereof orally confirmed) or three calendar days after having been
mailed by United States registered or certified mail, return receipt requested, postage prepaid or one business day after having been sent for next day delivery by a nationally recognized courier
service, addressed as follows: 

        (a)   If
to Indemnitee, to: 

        (b)   If
to the Company to: 

HCP, Inc.

3760 Kilroy Airport Way

Suite 300

Long Beach, California 90806

Attn: Legal Department 

or
to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

        21.    Governing Law.    This Agreement shall be governed by, and construed and enforced in accordance with, the laws
of the State of Maryland. 

        22.    Entire Agreement.    This Agreement constitutes the entire understanding and agreement of the parties with
respect to the subject matter hereof and supersedes all prior written or oral negotiations, understandings or agreements between the parties with respect to the subject matter hereof; provided however
that this Agreement is not intended to, and does not, supersede any indemnification or other rights to which the Indemnitee may be entitled under the Charter, the Bylaws or applicable law, or pursuant
to any employment agreement between Indemnitee and the Company. 

7

 

        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written. HCP, Inc. 

	 
	 	 

	
 By:

Name:

Title:	 	 
	

INDEMNITEE:	
 	

 
	
 Name:	 	 

8

QuickLinks

Exhibit 10.21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]