Document:

EX-10.3

 Exhibit 10.3 

August 24, 2018 
 Russell S. Hagen 

220 Occidental Ave. S. 
 Seattle, Washington 98104 

Dear Russell: 
 As you know, the Weyerhaeuser Company
(“Weyerhaeuser”) Board of Directors has approved changes to the senior leadership of Weyerhaeuser in connection with the impending retirement of Doyle Simons from the offices of President and Chief Executive Officer. Because you
are, and will continue to be, a critical resource to Weyerhaeuser during and after the leadership transition, we are pleased to offer you this retention agreement (this “Agreement”). 

1. Retention Payment. Subject to all of the terms and conditions of this Agreement, including without limitation satisfaction of the terms and
conditions set forth in Section 2 below, Weyerhaeuser (or a subsidiary or affiliate thereof) will pay you a one-time cash Retention Payment in the amount of $1,000,000.00 in the form of a single lump sum
(the “Retention Payment”) within 30 calendar days following March 1, 2020 (“Retention Payment Vesting Date”). 
 2.
Terms and Conditions. Subject to Section 3, to be eligible to receive the Retention Payment: 
 (a) Support of Leadership
Transition Process. You must assist, support and fully cooperate with Weyerhaeuser and the other members of the senior leadership team in all matters relating to the leadership transition. You must perform all tasks requested of you by your
manager or such other officers as they may request to effect an orderly transition of leadership at Weyerhaeuser. 
 (b) No Violation of
Agreement. You must have complied with all of the provisions of this Agreement through the Retention Payment Vesting Date. 
 3. Employment. 

(a) Employment at Will. Your employment with Weyerhaeuser will continue to be “at will.” This means that your employment may
be terminated at any time by you or by Weyerhaeuser. This Agreement does not alter the “at will” basis of your employment and neither binds you to continued employment nor confers any rights to you with respect to continuation of your
employment. 
 (b) Effect of Termination of Employment before the Retention Payment Vesting Date. 

(1) Termination Due to Job Elimination; Other Termination. If your employment is involuntarily terminated before the Retention Payment
Vesting Date due to (i) the elimination of 

  
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your position with Weyerhaeuser or (ii) circumstances not otherwise contemplated or covered by subsections (3), (4) or (5) of this Section 3(b), the Retention Payment will be
deemed earned as of such date of involuntary termination and will be paid to you in cash in a single lump sum within 30 days thereafter. 

(2) Voluntary Termination of Employment. If you voluntarily terminate your employment before the Retention Payment Vesting Date for any
reason, including without limitation by reason of early retirement, you will not be eligible to receive the Retention Payment, or any portion thereof. 

(3) Termination for Cause. If Weyerhaeuser terminates your employment for Cause before the Retention Payment Vesting Date, you will not
be eligible to receive the Retention Payment, or any portion thereof. In addition, if your employment is suspended pending an investigation of whether you will be terminated for Cause, payment of the Retention Payment may be suspended during such
period of investigation, provided that payment shall not be made later than the deadline for short-term deferral under Section 409A of the U.S. Internal Revenue Code of 1986, as amended (“Section 409A”). If,
at the conclusion of such investigation, your employment is terminated for Cause, you will not be eligible to receive the Retention Payment, or any portion thereof. 

“Cause” means: (A) willful and continued failure to perform substantially your duties with Weyerhaeuser after Weyerhaeuser delivers to you
written demand for substantial performance specifically identifying the manner in which you have not substantially performed your duties; (B) conviction of a felony; (C) willfully engaging in illegal conduct or gross misconduct; or
(D) a material breach or violation of Weyerhaeuser policy. 
 (4) Death or Disability. In the event of your death or Disability
while actively employed with Weyerhaeuser and before the Retention Payment Vesting Date, the Retention Payment will be deemed earned as of the date of your death or Disability (as applicable) and will be paid to you or to your estate, as the case
may be, in cash in a single lump sum within 30 days thereafter. “Disability” means a “disability” as defined in Treas. Reg. § 1.409A-3(i)(4) (or successor provisions). 

(5) Change in Control. If a Change in Control (defined below) occurs before the Retention Payment Vesting Date and while you are
actively employed, the following provisions shall apply: 
 (i) If this Agreement is not assumed or replaced by the successor entity to
Weyerhaeuser following a Change in Control, the Retention Payment will immediately vest in full as of the effective date of the Change in Control and shall be paid within 30 calendar days thereafter. The Retention Payment shall be accumulated with
interest compounded annually from the date of the Change in Control until the payment is made at a rate of 120 percent of the Federal mid-term rate (as in effect under section 1274 of the Code for the
month in which the Change in Control occurs). 
 (ii) If this Agreement is assumed or replaced by the successor entity to Weyerhaeuser
following a Change in Control, and prior to the Vesting Date your employment is either (A) involuntarily terminated other than for Cause or (B) voluntarily terminated by you for Good 

  
 2 

 
Reason, then in each case the Retention Payment will immediately vest in full as of the termination date and shall be paid within 30 calendar days thereafter. The Retention Payment shall be
accumulated with interest compounded annually from the date of the termination until the payment is made at a rate of 120 percent of the Federal mid-term rate (as in effect under section 1274 of the Code
for the month in which the Change in Control occurs). 
 For purposes of this Section 3(b)(5): 

“Change in Control” shall have the meaning ascribed to such term in the Weyerhaeuser Company 2013 Long-Term Incentive Plan. 

“Good Reason” means, without your express written consent, the occurrence of any one or more of the following events: 

i. a material reduction in your authority, duties, or responsibilities existing immediately prior to the Change in Control; 

ii. at any time following a Change in Control, the acquiring company requiring you to be based at a location that is at least 50 miles
farther from your primary residence immediately prior to a Change in Control than is such residence from the Weyerhaeuser’s headquarters immediately prior to a Change in Control, except for required travel on the successor entity’s
business to an extent substantially consistent with your business obligations existing immediately prior to the Change in Control; 

iii. a material reduction by the acquiring company of your base salary as in effect immediately prior to the Change in Control; 

iv. a material reduction in the benefits coverage in the aggregate provided to you immediately prior to the Change in Control; provided,
however, that reductions in the level of benefits coverage will not be deemed to be “Good Reason” if your overall benefits coverage is substantially consistent with the average level of benefits coverage of other executives who have
positions commensurate with your position at the acquiring company; or 
 v. a material reduction in your level of participation,
including your target-level opportunities, in short- and/or long-term incentive compensation plans in which you participate as of the date of this Agreement (for this purpose a material reduction shall be deemed to have occurred if the aggregate
“incentive opportunities” are reduced by 10% or more), or a material increase in the relative difficulty of the measures used to determine the payouts under such plans; provided, however, that reductions in the levels of participation or
increase in relative difficulty of payout measures will not be deemed to be “Good Reason” if your reduced level of participation or difficulty of measures in each such program remains substantially consistent with the level of
participation or difficulty of the measures of some or all other executives who have positions commensurate with your position at the acquiring company. 

In no event will your resignation be for Good Reason unless: (A) an event set forth above has occurred and you provide the acquiring company with written
notice thereof within 30 days after you have knowledge of the occurrence or existence of such event, which notice specifically 

  
 3 

 
identifies the event that you believe constitutes Good Reason; (B) the acquiring company fails to correct the event so identified in all material respects within 30 days after receipt of
such notice; and (C) you resign within two years after the occurrence of such event. 
 4. Taxes and Withholding. Weyerhaeuser, or a subsidiary
or affiliate of Weyerhaeuser, may withhold from the Retention Payment such federal, state or local taxes, and any other statutory or company deduction, as may be required to be withheld pursuant to any applicable law or regulation. 

5. Compliance with Section 409A. This Section 5 will apply notwithstanding any other provision of this Agreement. This
Agreement and payments hereunder are intended to be exempt from Section 409A. However, neither Weyerhaeuser nor any subsidiary or affiliate of Weyerhaeuser will have any obligation to indemnify or otherwise hold you harmless from any additional
taxes or penalties under Section 409A. To the extent that rights or payments under this Agreement are determined to be subject to Section 409A, this Agreement will be construed and administered in compliance with the conditions of
Section 409A and regulations and other guidance issued pursuant to Section 409A. To the extent necessary to avoid any additional taxes or penalties under Section 409A, the timing of any payments to you under this Agreement shall be
postponed for six months from the date of your termination of employment. Weyerhaeuser and you agree to make any amendments to this Agreement that may be required to comply with Section 409A. Furthermore, Weyerhaeuser may make necessary
amendments to this Agreement without your consent for the limited purpose of avoiding, and solely to the extent necessary to avoid, imposition of additional taxes or penalties on you under Section 409A. 

6. Governing Law and Venue. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Washington
applicable to contracts made and to be performed within such state without regard to its conflict of law rules. Each party to this Agreement submits to the exclusive jurisdiction of any state or federal court sitting in King County, Washington or
the Western District of Washington, respectively, in any action or dispute arising out of or relating to this Agreement and agrees that all claims in respect of such action or dispute shall be heard and determined in any such court. Each party also
agrees not to bring any action or proceeding arising out of or relating to this agreement in any other court and waives any defense or objection to the jurisdiction of any such court, including that of inconvenient forum. 

7. Other Provisions. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall
not affect the remaining parts of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. Satisfaction of the terms and conditions in Section 2 will be determined by
Weyerhaeuser. No provision of this Agreement may be modified, waived, or discharged unless such modification, waiver, or discharge is agreed to in writing and signed by you and by a duly authorized officer of Weyerhaeuser (or its subsidiary), or by
the respective parties’ legal representatives and successors. 
 If the terms of this Agreement are agreeable to you, please sign in the space
indicated below and return your signed original to me. 

  
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 I want to thank you for your support and continued service to Weyerhaeuser. 

Sincerely, 
 /s/ Denis M. Merle 

Denise M. Merle 
 Senior Vice President, Chief Administration
Officer 
 I, Russell S. Hagen, have read, understand and agree to the terms and conditions of this Agreement. 

/s/ Russell S. Hagen 
 Date: August 24, 2018 

Russell S. Hagen 

  
 5Exhibit

Exhibit 10.1
August 23, 2018
Carter/Validus Operating Partnership, LP
4890 West Kennedy Blvd.
Suite 650
Tampa, Florida  33609
Attention:  Todd Sakow, Chief Financial Officer
		
	Re:
	Third Amended and Restated Credit Agreement dated February 1, 2018 by and among Carter/Validus Operating Partnership, LP (“Borrower”), KeyBank National Association, as Agent (“Agent”), and the lenders from time to time a party thereto, as amended by that certain First Amendment to Third Amended and Restated Credit Agreement dated as of August 13, 2018 (the “Credit Agreement”)

Ladies and Gentlemen:
Terms used herein but not otherwise defined herein shall have the meanings set forth in the Credit Agreement.  The Borrower desires to add those certain properties listed on Schedule 1 attached hereto and made a part hereof (“Additional Properties”) as Unencumbered Pool Properties (the “Addition”).  In connection with the Addition, the Borrower and Guarantors have requested that (a) the Agent, Capital One, and the Majority Lenders consent to the inclusion of the Additional Properties even though (i) the appraisals relating to the Additional Properties do not satisfy the requirements contained in subpart (j) of the definition of Eligible Real Estate and subpart (f) of the definition of Eligible Real Estate Qualification Documents since the appraisals are dated more than ninety (90) days prior to the inclusion in the Unencumbered Pool, and (ii) the improvements related to the development of the HQ Buildings (as defined on Schedule 1 attached hereto) do not satisfy the requirements contained in subpart (c) of the definition of Eligible Real Estate since they are not income-producing Data Center Assets or Medical Assets (collectively, the “Eligibility Request”), and (b) the Agent, Capital One, and the Majority Lenders agree to value each of the Additional Properties at their respective Appraised Values for purposes of determining the Unencumbered Pool Value and the Gross Asset Value under the Credit Agreement, regardless of whether the sum of the Property Costs and Acquisition Closing Costs of such Additional Properties is less than such Additional Properties’ Appraised Value (the “Value Request”).
Subject to (a) execution and delivery of this letter by Borrower, Guarantors and Agent, and (b) before and after giving effect to this letter agreement and limited consent, no Event of Default and no Default shall have occurred and be continuing, Agent advises you that the Agent, Capital One, and the Majority Lenders consent to the Eligibility Request and the Value Request.
Borrower and Guarantors acknowledge, represent and agree that as of the date hereof none of such Persons has any defenses, setoffs, claims, counterclaims or causes of action of any kind or nature whatsoever with respect to the Loan Documents, the administration or funding of the Loans or with respect to any acts or omissions of Agent or any Lender, or any past or present officers, agents or employees of Agent or any Lender, and each of such Persons does hereby expressly waive, 

release and relinquish any and all such defenses, setoffs, claims, counterclaims and causes of action, if any.
Except as hereinabove set forth, all terms, covenants and provisions of the Credit Agreement and the other Loan Documents remain unaltered and in full force and effect and the parties hereto do hereby expressly ratify and confirm the Credit Agreement and the other Loan Documents.  Nothing in this letter shall be deemed or construed to constitute, and there has not otherwise occurred, a novation, cancellation, satisfaction, release, extinguishment, or substitution of indebtedness evidenced by the Notes or the other obligations of Borrower and Guarantors under the Loan Documents.  By execution hereof, Borrower and Guarantors acknowledge that the Agent and the Lenders have made no agreement, and are in no way obligated, to grant any future extension, waiver, indulgence or consent.  This letter may be executed in any number of counterparts which shall together constitute but one and the same agreement.
[SIGNATURES ON NEXT PAGE]

2

	
		
	 
	AGENT:
KEYBANK NATIONAL ASSOCIATION, as Agent
By: /s/ Kristin Centracchio
Name: Kristin Centracchio
Title:   Vice President 

	 
	 

	[SIGNATURES CONTINUED ON NEXT PAGE]

Signature Page to Consent Letter (RTS and San Antonio)

BORROWER:
CARTER/VALIDUS OPERATING PARTNERSHIP, LP, a Delaware limited partnership
By:        Carter Validus Mission Critical REIT, Inc., a Maryland 
        corporation, its general partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent

REIT:
CARTER VALIDUS MISSION CRITICAL REIT, INC., a Maryland corporation
By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent

(SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

Signature Page to Consent Letter (RTS and San Antonio)

SUBSIDIARY GUARANTORS:
HC-2501 W WILLIAM CANNON DR, LLC 
HC-8451 PEARL STREET, LLC 
HC-3873 N. PARKVIEW DRIVE, LLC 
HC-2257 KARISA DRIVE, LLC 
HC-239 S. MOUNTAIN BOULEVARD MANAGEMENT, LLC 
HC-1940 TOWN PARK BOULEVARD, LLC 
HC-1946 TOWN PARK BOULEVARD, LLC 
HC-17322 RED OAK DRIVE, LLC 
HC-10323 STATE HIGHWAY 151, LLC
HC-7502 GREENVILLE AVENUE, LLC
HC-5330L N. LOOP 1604 WEST, LLC
HC-760 OFFICE PARKWAY, LLC
HC-4499 ACUSHNET AVENUE, LLC
HC-14024 QUAIL POINTE DRIVE, LLC
HC-5101 MEDICAL DRIVE, LLC 
HC-5330 N. LOOP 1604 WEST, LLC 
HC-3436 MASONIC DRIVE, LLC 
HC-42570 SOUTH AIRPORT ROAD, LLC 
HCP-SELECT MEDICAL, LLC 
HC-1101 KALISTE SALOOM ROAD, LLC, and
HC-4201 WILLIAM D. TATE AVENUE, LLC,
each a Delaware limited liability company

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, their sole member 

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent

(CORPORATE SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

Signature Page to Consent Letter (RTS and San Antonio)

HC-116 EDDIE DOWLING HIGHWAY, LLC 
HCP-DERMATOLOGY ASSOCIATES, LLC 
HC-800 EAST 68TH STREET, LLC 
HCP-RTS, LLC, 
HCP-PAM WARM SPRINGS, LLC, 
each a Delaware limited liability company 

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, their sole member 

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent

(CORPORATE SEAL)

HC-239 S. MOUNTAIN BOULEVARD, LP, a Delaware limited partnership

		
	By:
	HC-239 S. Mountain Boulevard Management, LLC, a Delaware limited liability company, its sole general partner

		
	By:
	Carter/Validus Operating Partnership, LP,  
a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT,  
Inc., a Maryland corporation, its General Partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent

 (CORPORATE SEAL)
[SIGNATURES CONTINUED ON NEXT PAGE]

Signature Page to Consent Letter (RTS and San Antonio)

GREEN MEDICAL INVESTORS, LLLP, a Florida limited liability limited partnership
		
	By:
	HC-1946 Town Park Boulevard, LLC, a Delaware limited liability company, its general partner

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent

(CORPORATE SEAL)

GREEN WELLNESS INVESTORS, LLLP, a Florida limited liability limited partnership
		
	By:
	HC-1940 Town Park Boulevard, LLC, a Delaware limited liability company, its general partner

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent
 
(CORPORATE SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

Signature Page to Consent Letter (RTS and San Antonio)

HC-77-840 FLORA ROAD, LLC 
HC-40055 BOB HOPE DRIVE, LLC 
HC-5829 29 PALMS HIGHWAY, LLC 
HC-8991 BRIGHTON LANE, LLC 
HC-6555 CORTEZ, LLC 
HC-601 REDSTONE AVENUE WEST, LLC 
HC-2270 COLONIAL BLVD, LLC 
HC-2234 COLONIAL BLVD, LLC 
HC-1026 MAR WALT DRIVE, NW, LLC 
HC-7751 BAYMEADOWS RD. E., LLC 
HC-1120 LEE BOULEVARD, LLC 
HC-8625 COLLIER BLVD., LLC 
HC-6879 US HIGHWAY 98 WEST, LLC 
HC-7850 N. UNIVERSITY DRIVE, LLC 
HC-#2 PHYSICIANS PARK DR., LLC 
HC-52 NORTH PECOS ROAD, LLC 
HC-6160 S. FORT APACHE ROAD, LLC 
HC-187 SKYLAR DRIVE, LLC 
HC-860 PARKVIEW DRIVE NORTH, UNITS A&B, LLC 
HC-6310 HEALTH PKWY., UNITS 100 & 200, LLC, 
each a Delaware limited liability company
		
	By:
	HCP-RTS, LLC, a Delaware limited liability company, their sole 
member

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent
 (CORPORATE SEAL)

[SIGNATURES CONTINUED ON NEXT PAGE]

Signature Page to Consent Letter (RTS and San Antonio)

HC-20050 CRESTWOOD BLVD., LLC 
HC-42074 VETERANS AVENUE, LLC 
HC-101 JAMES COLEMAN DRIVE, LLC 
HC-102 MEDICAL DRIVE, LLC, and 
HC-1445 HANZ DRIVE, LLC, 
each a Delaware limited liability company
		
	By:
	HCP-PAM WARM SPRINGS, LLC, a Delaware limited liability company, their sole member

		
	By:
	Carter/Validus Operating Partnership, LP, a Delaware limited partnership, its sole member

		
	By:
	Carter Validus Mission Critical REIT, Inc., a Maryland corporation, its general partner

By: /s/ Lisa Collado 
Name: Lisa Collado
Title:   Authorized Agent
 (CORPORATE SEAL)

Signature Page to Consent Letter (RTS and San Antonio)

Schedule 1
Additional Properties

		
	1.
	7751 Baymeadows Road East, Jacksonville, Florida

		
	2.
	2 Physicians Park Drive, Frankfort, Kentucky

		
	3.
	187 Skylar Drive, Fairlea, West Virginia

		
	4.
	6160 South Fort Apache Road, Las Vegas, Nevada

		
	5.
	52 North Pecos Road, Henderson, Nevada

		
	6.
	58295 29 Palms Highway, Yucca Valley, California

		
	7.
	77-840 Flora Road, Palm Desert, California

		
	8.
	860 Parkview Drive North, El Segundo, California

		
	9.
	40055 Bob Hope Drive, Rancho Mirage, California

		
	10.
	1026 Mar Walt Drive, Fort Walton Beach, Florida

		
	11.
	601 Redstone Avenue West, Crestview, Florida

		
	12.
	2234 Colonial Boulevard, Fort Myers, Florida (“HQ Building 1”)

		
	13.
	1120 Lee Boulevard, Lehigh Acres, Florida

		
	14.
	6879 US Highway 98 West, Santa Rosa Beach, Florida

		
	15.
	6310 Health Parkway, Lakewood Ranch, Florida

		
	16.
	2270 Colonial Boulevard, Fort Myers, Florida (“HQ Building 2”; together with HQ Building 1 are collectively referred to as “HQ Buildings”)

		
	17.
	8991 Brighton Lane, Bonita Springs, Florida

		
	18.
	5418 North Loop 1604 W, San Antonio, Texas

Signature Page to Consent Letter (RTS and San Antonio)

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