Document:

Guaranty dated as of February 11, 2009

 Exhibit 10.2.9 
 GUARANTY 
 (Parent Guaranty) 

This Guaranty (this “Guaranty”), dated as of February 11th, 2009, is made by Brookdale Senior Living Inc., a
Delaware corporation (together with any entity succeeding thereto by consolidation, merger or acquisition of its assets substantially as an entirety, “Guarantor”) for the benefit of the parties identified as “Landlord” on
Exhibit A, attached hereto and made a part hereof, or, with respect to the Agreements Regarding Leases identified on Exhibit A, PSLT-ALS Properties Holdings, LLC and PSLT-BLC Properties Holdings, LLC, (each such party, herein together
with its respective successors and assigns, “Landlord” and, herein together with their respective successors and assigns as owners of the properties hereinafter collectively described, “Landlords”). 
 Landlords have previously acquired a fee simple or ground leased interest in the parcels of land described in the “Lease
Agreements” identified on Exhibit A (as the same may be amended, restated, replaced, divided, or otherwise altered, the “Leases”) and the improvements located on said land (each a “Property” and,
collectively, the “Properties”). Landlords lease the Properties to the entities identified as “Tenant” on Exhibit A, attached hereto and made a part hereof (each a “Tenant” and, collectively, the
“Tenants”). Landlord may unilaterally update Exhibit A from time to time to reflect any lease and property that is or becomes the subject of a lease between a direct or indirect subsidiary of Guarantor and a direct or
indirect subsidiary of Ventas, Inc. Each of the Leases, “Agreements Regarding Leases” identified on Exhibit A and documents relating thereto to which any Affiliate of Landlord and any Affiliate of any Tenant is a party
(including the Second Tier Guaranties and any other guaranties of the Leases), is referred to herein as a “Lease Document” and collectively such documents are referred to herein, as amended from time to time, as the “Lease
Documents.” The term “Lease Documents” as used herein shall include any and all amendments, restatements, replacements, or substitutions of any such documents from time to time as well as any document(s) executed under or in
accordance with the provisions of Section 29 hereof, including any and all “New Leases” as defined therein. In conjunction with the Leases, Alterra Healthcare Corporation, a Delaware corporation delivered that certain Guaranty
of Agreement Regarding Leases, dated as of October 20, 2004, in favor of PSLT-ALS Properties Holdings, LLC, a Delaware limited liability company, and Brookdale Living Communities, Inc., a Delaware corporation, and a successor by merger to BLC
Senior Holdings Inc., a Delaware corporation has delivered that certain Guaranty of Agreement Regarding Leases, dated as of October 19, 2004, in favor of PSLT-BLC Properties Holdings, LLC, a Delaware limited liability company and that certain
Guaranty of Lease, dated as of January 28, 2004, as amended by that certain First Amendment to Guaranty, dated as of February 20, 2004, that certain Second Amendment to Guaranty, dated as of February 26, 2004, that certain Third
Amendment to Guaranty, dated as of March 10, 2004, that certain Fourth Amendment to Guaranty, dated as of March 30, 2004, that certain Fifth Amendment to Guaranty, dated as of May 13, 2004, that certain Sixth Amendment to Guaranty of
Lease, dated as of June 18, 2004, and that certain Seventh Amendment to Guaranty, dated as of April 30, 2005 (all of the guarantors listed therein collectively referred to herein as the “Second Tier Guarantors” and all of
the guaranties, as the same have been and may be amended, collectively referred to as the “Second Tier Guaranties”). Initially capitalized terms used but not defined herein shall have the meaning ascribed to such term in the Lease
for the 13 Grand Court properties identified on Exhibit A (the “Grand Court Master Lease”). 

 Guarantor directly or indirectly owns all the stock, partnership interests or membership
interests, as the case may be, of each Tenant. In conjunction with the execution and delivery of this Guaranty, the Landlords have agreed to (i) amend the Grand Court Master Lease in certain respects pursuant to the Seventh Amendment to Master
Lease (the “Lease Amendment”), dated as of the date of this Guaranty, (ii) amend the Grand Court Guaranty in certain respects pursuant to the Eighth Amendment to Guaranty, dated as of the date of this Guaranty (the
“Guaranty Amendment”), (iii) enter into that certain Waiver Agreement, dated as of the date of this Guaranty (the “Waiver Agreement”), (iv) enter into that certain Second Amendment to Agreement Regarding
Leases (Brookdale), dated as of the date of this Guaranty, (v) enter into that certain First Amendment to Agreement Regarding Leases (Alterra), dated as of the date of this Guaranty, (vi) enter into that certain First Amendment to Guaranty
of Agreement Regarding Leases (Brookdale), dated as of the date of this Guaranty and (vii) enter into that certain First Amendment to Guaranty of Agreement Regarding Leases (Alterra), dated as of the date of this Guaranty. Landlords are
unwilling to enter into the Waiver Agreement unless Guarantor enters into this Guaranty. Such Waiver Agreement, and the ownership by Landlord of the Properties and the lease of the Properties to Tenants are of direct benefit to Guarantor among other
reasons because they substantially reduce the cost of reporting requirements and make it easier for Tenants to comply with certain financial covenants that put Tenant at an increased risk of default under the Lease Documents. Therefore, this
Guaranty will benefit, directly or indirectly, Guarantor. 
 NOW, THEREFORE, in consideration of $10 and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor, intending to be legally bound, covenants and agrees with Landlords as follows: 
 1. Guaranty. Guarantor unconditionally and irrevocably guarantees to Landlords that (a) all Rent and all
other sums due under the Lease Documents, whether due by acceleration or otherwise, including costs and expenses of collection (collectively, the “Monetary Obligations”) will be promptly and indefeasibly paid in full when due, in
accordance with the provisions of the Lease Documents and (b) without limiting the foregoing, each of the Tenants, the Second Tier Guarantors (each, an “Obligor”) will perform and observe each and every covenant, agreement,
term and condition of such parties in the applicable Lease Documents (the “Performance Obligations” and together with the Monetary Obligations, the “Guaranteed Obligations”). If, for any reason, any of the Monetary
Obligations shall not be paid promptly when due after receipt of required notice to the applicable Tenant under the applicable Lease Document, if any, and after the expiration of any applicable grace period therefor, if any, Guarantor shall,
immediately upon demand, pay the same to the applicable Landlord with interest and penalty due thereon, if any, as stated in the applicable Lease Document. In addition to the foregoing, Guarantor hereby becomes surety to Landlord for the due and
punctual payment and performance of the Guaranteed Obligations, and, to the extent permitted by law, Guarantor hereby waives all defenses that may be available to Guarantor as a surety and guarantor other than the defenses of payment of the Monetary
Obligations and performance of the Performance Obligations. 
  

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 2. Nature of Guaranty. Landlords may each enforce this
Guaranty without first having recourse against any Obligor or exhausting its rights or remedies under any Lease Document; provided, however, that nothing herein shall prohibit Landlord from exercising its rights against any or all Obligors
simultaneously. This Guaranty and the obligations of Guarantor hereunder are present, primary, direct, continuing, unconditional, irrevocable and absolute. This Guaranty is a guaranty of payment and performance and not of collection. 
 3. Representations and Warranties. Guarantor represents, warrants and covenants to Landlords that (a) all
reports, statements (financial or otherwise), certificates and other data furnished by or on behalf of Guarantor to any Landlord in connection with this Guaranty (except for the environmental reports, the property condition reports and the
appraisals), are true and correct in all material respects, do not omit to state any material fact or circumstance necessary to make the statement contained therein not misleading and fairly represent the financial condition of Guarantor as of the
respective date thereof, and no material adverse change has occurred in the financial condition of Guarantor since the date of the most recent of such financial statements; (b) Guarantor has derived or expects to derive financial and other
advantages and benefits, directly or indirectly, from the making of this Guaranty and the Guaranteed Obligations, including as set forth in the introductory paragraphs to this Guaranty; (c) no representations or agreements of any kind have been
made to Guarantor that would limit or qualify in any way the terms of this Guaranty; (d) no Landlord has made any representation to Guarantor as to the creditworthiness of any Obligor; (e) Guarantor has established adequate means of
obtaining from each Obligor, on a continuing basis, information regarding such Obligor’s financial condition (but Guarantor’s failure to do so will not affect its obligations hereunder); (f) Guarantor will keep adequately informed of
any facts, events or circumstances that might in any way affect Guarantor’s risks under this Guaranty (but Guarantor’s failure to do so will not affect its obligations hereunder); (g) Landlord shall have no obligation to disclose to
Guarantor any information or documents (financial or otherwise) heretofore or hereafter acquired by Landlord in the course of its relationship with any Obligor; (h) there shall be no conveyance, sale, assignment, transfer, pledge,
hypothecation, encumbrance or other disposition (collectively, a “Disposition”) of the direct or indirect interests in Guarantor on or subsequent to the date of this Guaranty such that after such Disposition any Person, together
with its Affiliates, owns or controls, directly or indirectly, in the aggregate more than fifty percent (50%) of the beneficial ownership interests of Guarantor or possesses, directly or indirectly, the power to direct or cause the direction of
the management or policies of Guarantor, whether through the ability to exercise voting power, by contract or otherwise (a “Change of Control”), unless (1) Guarantor, immediately following such Change of Control, has a Net
Worth (as defined below) equal to or greater than $275,000,000 pursuant to Section 16; (2) there is no then existing monetary “Event of Default” under, and as defined in, any of the Lease Documents; and (3) such
Change of Control would not otherwise result in a default or “Event of Default” under, and as defined in, any of the Lease Documents, this Guaranty or the Property Management Contract; (i) Guarantor shall not merge or consolidate with
any other Person or sell all or substantially all of its assets to any other Person on or subsequent to the date of this Guaranty, unless (1) Guarantor, immediately following such merger, consolidation or sale, maintains a Net Worth equal to or
greater than $275,000,000 pursuant to Section 16 (but Guarantor’s failure to do so will not affect its obligations hereunder); (2) there is no then existing monetary “Event of Default” under, and as defined in, any of
the Lease Documents; and (3) such merger, consolidation or sale would not otherwise result in a default or “Event of Default” under, and as defined in, any of the Lease Documents, this Guaranty, or the Property Management Contract;
(j) Guarantor is a corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware; (k) Guarantor has the power and authority to execute, deliver and perform this Guaranty and to incur the
obligations herein provided for; (l) Guarantor has taken all requisite actions necessary to authorize the execution, delivery and performance of this Guaranty; (m) this Guaranty constitutes a legal, valid and binding obligation of
Guarantor enforceable in accordance with its terms, subject to (1) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’ rights generally and (2) general principles of
equity; (n) the execution, delivery and performance of this Guaranty will not require any consent, approval, authorization, order or declaration of or filing or registration with any court, any Governmental Authority or any other Person;
(o) the execution, delivery and performance of this Guaranty do not and will not conflict with, and do not and will not result in a breach of, any organizational document of Guarantor or any order, writ, injunction, decree, statute, rule or
regulation applicable to Guarantor; (p) Guarantor is an Affiliate of each Obligor; and (q) there is no litigation pending or, to the knowledge of Guarantor, threatened against Guarantor that has not been disclosed in writing to Landlord
and which, if adversely determined, could reasonably be expected to have a material adverse effect on the ability of Guarantor to perform its obligations under this Guaranty. 
  

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 4. Guaranty Not Affected by Other Matters. The obligations,
covenants, agreements and duties of Guarantor under this Guaranty shall in no way be discharged, affected or impaired by any of the following and any Landlord may at any time and from time to time, with or without consideration, without prejudice to
any claim against Guarantor hereunder, without in any way changing, releasing or discharging Guarantor from its liabilities and obligations hereunder and without notice to or the consent of Guarantor, waive, release or consent to any of the
following: 
 4.1. the waiver of the performance or observance by any Obligor to any of the agreements,
covenants, terms or conditions contained in any Lease Document; 
 4.2. the extension, in whole or in
part, of the time for payment by any Obligor of any sums owing or payable under any Lease Document, or of any other sums or obligations under or arising out of or on account of any Lease Document, or the renewal or extension of any Lease Document;

 4.3. any sublease of any or all of any Property by the applicable Tenant to any other person;

 4.4. any assumption by any person of any or all of any Obligor’s obligations under, or any
Obligor’s assignment of any or all of its interest in, the applicable Lease Documents; 
 4.5. the
waiver or release or modification or amendment (whether material or otherwise) of any provision of any Lease Document; 
  

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 4.6. any failure, omission or delay on the part of Landlords to
enforce, assert or exercise any right, power or remedy conferred on or available to Landlords in or by the Lease Documents, or any action on the part of Landlord granting indulgence or extension in any form whatsoever; 
 4.7. the voluntary or involuntary liquidation, dissolution, sale of all or substantially all of the assets, marshaling
of assets and liabilities, receivership, conservatorship, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization or other similar proceeding affecting any Obligor or Guarantor or any of their assets or any impairment,
modification, release or limitation of liability of Landlord, any Obligor or Guarantor or any of their estates in bankruptcy or of any remedy for the enforcement of such liability resulting from the operation of any present or future provision of
the U.S. Bankruptcy Code or other similar statute of any other state or nation or from the decision of any court; 
 4.8. the release of any Obligor from the performance or observance of any of the agreements, covenants, terms or conditions contained in the applicable Lease Documents by operation of law; 
 4.9. the power or authority or lack thereof of any Obligor to execute, acknowledge or deliver the applicable Lease
Document; 
 4.10. the legality, validity or invalidity of any Lease Document; 
 4.11. the existence or non-existence of any Obligor as a legal entity or the existence or non-existence of any
corporate or other business relationship between any Obligor and Guarantor; 
 4.12. any sale or
assignment by a Landlord of this Guaranty and/or any Lease Document (including any assignment by Landlord to any mortgagee); 
 4.13. any default by Guarantor under this Guaranty or any right of setoff, counterclaim or defense (other than payment in full of the Monetary Obligations in accordance with the terms of any Lease
Document) that Guarantor may or might have to its undertakings, liabilities and obligations hereunder, each and every such defense being hereby waived by Guarantor; or 
 4.14. any other cause, whether similar or dissimilar to any of the foregoing, that might constitute a legal or
equitable discharge of Guarantor (whether or not Guarantor shall have knowledge or notice thereof) other than payment in full of the Monetary Obligations. 
 Without in any way limiting the generality of the foregoing, Guarantor specifically agrees that if any Obligor’s obligations under the applicable Lease Documents are modified or amended with the
express written consent of the applicable Landlord, this Guaranty shall extend to such obligations as so amended or modified. 
 5. General Waivers. Guarantor hereby waives notice of (a) Landlords’ acceptance of this Guaranty or its intention to act or its actions in reliance hereon; (b) the present
existence or future incurring of any Guaranteed Obligations or any terms or amounts thereof or any change therein; (c) any default by any Obligor or any surety or guarantor; (d) the obtaining of any guaranty or surety agreement (in
addition to this Guaranty and the Second Tier Guaranties); (e) the obtaining of any pledge, assignment or other security for any Guaranteed Obligations; (f) the release of any Obligor or any surety or guarantor; (g) the release of any
collateral; (h) any other demands or notices whatsoever with respect to the Guaranteed Obligations or this Guaranty; (i) presentment, demand, protest, nonpayment, intent to accelerate, and protest in relation to any instrument or agreement
evidencing any Guaranteed Obligations. Guarantor hereby further waives (j) promptness and diligence; (k) all other notices, demands and protests, and all other formalities of every kind, in connection with the enforcement of any Lease
Document or of the obligations of Guarantor hereunder, the omission of, or delay in, which, but for the provisions of this Section 5, might constitute grounds for relieving Guarantor of its obligations hereunder; and (l) any
requirement that Landlord protect, secure, perfect or insure any lien or security interest or other encumbrance or any property subject thereto or pursue or exhaust any right or take any action against or, with respect to, any Obligor or any other
person or entity or any collateral (including any rights relating to marshalling of assets). 
  

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 6. Waiver of Defenses. Without limiting the provisions of
Section 4, Guarantor expressly waives any and all rights to defenses arising by reason of (a) if applicable, any “one-action” or “anti-deficiency” law or any other law that may prevent any Landlord from bringing any
action, including a claim for deficiency against Guarantor, before or after such Landlord’s commencement or completion of any action against any Obligor; (b) ANY ELECTION OF REMEDIES BY ANY LANDLORD (INCLUDING WITHOUT LIMITATION ANY
TERMINATION OF ANY LEASE DOCUMENT) THAT DESTROYS OR OTHERWISE ADVERSELY AFFECTS GUARANTOR’S SUBROGATION RIGHTS OR GUARANTOR’S RIGHTS TO PROCEED AGAINST ANY OBLIGOR FOR REIMBURSEMENT; (c) any disability or other defense of any Tenant,
any Second Tier Guarantor or of any other guarantor, or by reason of the cessation of any Obligor’s liability from any cause whatsoever, other than full and final payment in legal tender of the Guaranteed Obligations; (d) any right to
claim discharge of the Guaranteed Obligations on the basis of unjustified impairment of any collateral for the Guaranteed Obligations; (e) any change in the corporate relationship between Guarantor and any Obligor or any termination of such
relationship; (f) any irregularity, defect or unauthorized action by any Landlord, any Obligor or any other guarantor or surety or any of their respective officers, directors or other agents in executing and delivering any instrument or
agreements relating to the Guaranteed Obligations or in carrying out or attempting to carry out the terms of any such agreements; (g) any receivership, insolvency, bankruptcy, reorganization or similar proceeding by or against any Obligor, any
Landlord or any other surety or guarantor; (h) any setoff counterclaim, recoupment, deduction, defense or other right that Guarantor may have against Landlord, any Obligor or any other Person for any reason whatsoever whether related to the
Guaranteed Obligations or otherwise; (i) any assignment, endorsement or transfer; in whole or in part, of the Guaranteed Obligations, whether made with or without notice to or consent of Guarantor; (j) if the recovery from any Obligor or
any other guarantor becomes barred by any statute of limitations or is otherwise prevented; or (k) any neglect, delay, omission, failure or refusal of Landlord to take or prosecute any action for the collection of any of the Guaranteed
Obligations or to foreclose or take or prosecute any action in connection with any lien or right of security (including perfection thereof) existing or to exist in connection with, or as security for, any of the Guaranteed Obligations, it being the
intention hereof that Guarantor shall remain liable as a principal on the Guaranteed Obligations notwithstanding any act, omission or event that might, but for the provisions hereof, otherwise operate as a legal or equitable discharge of Guarantor.

  

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 7. Rejection of Lease Document. Guarantor agrees that, in the
event of the rejection or disaffirmance of a Lease Document by any Obligor or any Obligor’s trustee in bankruptcy pursuant to any bankruptcy law or any other law affecting creditors rights, Guarantor will, if the applicable Landlord so
requests, assume all obligations and liabilities of such Obligor under the applicable Lease Document, to the same extent as if Guarantor was a party to such document and there had been no such rejection or disaffirmance; and Guarantor will confirm
such assumption in writing at the request of such Landlord upon or after such rejection or disaffirmance and such assumption will be without limitation upon Guarantor’s obligations under this Guaranty. Guarantor, upon such assumption, shall
have all rights of the applicable Obligor under the applicable Lease Document to the fullest extent permitted by law. 
 8. Events of Default. The following events, following the expiration of the applicable cure periods, are sometimes referred to in this Guaranty as an “Event of Default”: 
 8.1. If default shall be made in the payment of any sum required to be paid by Guarantor under this Guaranty;

 8.2. If default shall be made in the observance or performance of any of the covenants in this Guaranty
which Guarantor is required to observe and perform; 
 8.3. If an “Event of Default” (as defined
therein) shall occur under any of the Lease Documents; 
 8.4. If any representation or warranty made by
Guarantor herein or in any certificate, demand or request proves to be incorrect in any material respect when made; 
 8.5. If Guarantor (i) admits in writing its inability to pay its debts generally as they become due; (ii) files a petition in bankruptcy or a petition to take advantage of any bankruptcy, reorganization or insolvency act;
(iii) makes an assignment for the benefit of its creditors; (iv) consents to the appointment of a receiver for itself or for the whole or any substantial part of its property; or (v) files a petition or answer seeking reorganization
or arrangement under the federal bankruptcy laws or any other applicable law or statute of the United States of America or any state thereof; 
 8.6. If any petition is filed by or against Guarantor under federal bankruptcy laws, or any other proceeding is instituted by or against Guarantor seeking to adjudicate it bankrupt or insolvent, or
seeking liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of
a receiver, trustee, custodian or other similar official for Guarantor and such proceeding is not dismissed within ninety (90) days after institution thereof, or Guarantor or shall take any action to authorize or effect any of the actions set
forth above in this Section 8.6; 
  

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 8.7. If a Change of Control in violation of Section 3(h)
of this Guaranty shall occur; 
 8.8. If, without Landlords’ prior written consent, Guarantor shall
fail to comply with Section 16 of this Guaranty; 
 8.9. If there is a consolidation, merger
or transfer of all or substantially all of the assets of Guarantor in violation of Section 3(i) of this Guaranty; 
 8.10. If there is a default or an event of default under any one or more Guarantor Credit Agreements, to the extent such default or event of default results in an acceleration under such Guarantor
Credit Agreements aggregating $25,000,000 or more of indebtedness; “Guarantor Credit Agreement” shall mean any credit agreement, guaranty or similar agreement to which Guarantor is a party and under which Guarantor has, at its
inception or otherwise, any recourse obligation or for which Guarantor provides credit enhancement or support; 
 8.11. If any receiver, trustee, custodian or other similar official shall be appointed for Guarantor and any such appointment is not dismissed within ninety (90) days after the date of such appointment and prior to the entry of
a final, unappealable order approving such appointment; 
 8.12. If Guarantor is liquidated or dissolved,
or shall begin proceedings toward such liquidation or dissolution; or 
 8.13. If Tenants under the Leases
set forth in Exhibit A as “Grand Court Leases” shall fail to maintain, as of the end of each fiscal quarter, a Portfolio Coverage Ratio (as defined in the Grand Court Master Lease) of not less than 1.10 to 1.00 in breach of
Section 8.2.8 of such Leases, subject to such Tenant’s rights to cure such “Event of Default” as provided in Section 8.2.8 of such Grant Court Master Lease. 
 Upon the occurrence of any such Event of Default, in addition to whatever rights at law or equity it might have to enforce this Guaranty, Landlord shall, at its sole option, have the right to declare an
Event of Default under, and as defined in, the Lease Documents, pursuant to the terms thereof. 
 9.
Subordination. Guarantor agrees that any claim or claims or liens or security interests it may now have or may in the future have against any Obligor are or shall be subordinate to such Obligor’s obligations to the applicable
Landlord under the applicable Lease Document until such Obligor’s obligations under such Lease Document have been fully and indefeasibly performed and any payments thereunder are not subject to recovery by or on behalf of a trustee in
bankruptcy. Guarantor waives all rights of subrogation against any Obligor for any amounts expended by Guarantor under this Guaranty until such Obligor’s obligations under the applicable Lease Document have been fully performed and any payments
thereunder are not subject to recovery by or on behalf of a trustee in bankruptcy. 
 10. Reimbursement of
Landlord. If any Landlord incurs any (i) expenses in the enforcement of this Guaranty or (ii) any costs payable to third parties in the administration of this Guaranty, in each case including but not limited to actual third party
administrative costs, reasonable attorneys’ fees and disbursements, whether or not legal action is instituted, Guarantor shall pay the same immediately upon demand by such Landlord, which shall be accompanied by evidence of such expenses.

  

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 11. Waiver in Writing. None of the Landlords shall, by any act
of omission or commission, be deemed to waive any of its rights or remedies hereunder unless such waiver be in writing and signed by such Landlord, and then only to the extent specifically set forth therein; a waiver of one event shall not be
construed as continuing or as a bar to or waiver of such right or remedy on a subsequent event. 
 12.
Reporting. Guarantor shall deliver to each Landlord and to any lender or purchaser designated by any Landlord the following information: 
 12.1. As soon as available, and in any event within thirty (30) days after the end of each fiscal quarter (based on the fiscal year of Guarantor): 
 12.1.1. In hard copy and electronic format, and presented on a consolidated basis, quarterly and year-to-date
unaudited financial statements prepared for such fiscal quarter with respect to Guarantor, including a balance sheet and operating statement as of the end of such fiscal quarter, together with related statements of income, members’ or
partners’ capital and cash flows for such fiscal quarter and for the portion of such fiscal year ending with such fiscal quarter. 
 12.1.2. As of such quarter-end, all loss runs and material actuarial reports, studies, reviews and analysis, if any, prepared by or on behalf of Guarantor and each of its subsidiaries or their
insurance actuaries, quarterly and otherwise, concerning Guarantor’s and each of its subsidiaries’ reserves for expenses relating to malpractice or professional liability and malpractice or professional liability insurance. 
 12.2. As soon as available, and in any event within thirty (30) days after the end of each fiscal quarter (based
on the fiscal year of Guarantor): 
 12.2.1. In hard copy and electronic format, and presented on a
consolidated basis, (i) an Officer’s Certificate certifying that the items provided to Landlord under Section 12.1.1 are true and correct and were prepared in accordance with GAAP, applied on a consistent basis, subject to changes
resulting from audit and normal year-end audit adjustments; (ii) an Officer’s Certificate certifying as of the date thereof whether, to the best of Guarantor’s knowledge, there exists an event or circumstance that constitutes an Event
of Default or that, with the giving of notice or the passage of time, or both, would constitute an Event of Default and if such Event of Default or latent Event of Default exists, the nature thereof, the period of time it has existed and the action
then being taken to remedy the same; and (iii) an Officer’s Certificate certifying as of the date thereof a clear, reasonably detailed explanation of the calculations of the Portfolio Coverage Ratio. “Portfolio Coverage
Ratio” shall mean the ratio of (A) the Cash Flow under all of the Leases identified as “Grand Court Leases” on Exhibit A, for all of the Facilities (as defined in the Grand Court Leases) for the applicable
period; to (B) Fixed Rent under all of the Grand Court Leases, and all other debt service and lease payments relating to such Facilities for the applicable period calculated on a trailing twelve (12) month basis. 
  

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 12.3. As soon as available, and in any event within ninety
(90) days after the end of each fiscal year of Guarantor, in hard copy and electronic format, and presented on a consolidated basis, financial statements prepared for such year with respect to Guarantor, including a balance sheet and operating
statement as of the end of such year, together with related statements of income and members’ or partners’ capital for such fiscal year, audited by a “Big Four” accounting firm or a nationally recognized, independent certified
public accounting firm reasonably satisfactory to Landlords, whose opinion shall be to the effect that such financial statements have been prepared in accordance with GAAP, applied on a consolidated basis, and such opinion shall be an unqualified
opinion and have no explanatory language, whether in the body of the opinion or in the footnotes, regarding the Guarantor’s ability to continue as a going concern. Together with Guarantor’s annual financial statements, Guarantor shall
furnish to Landlords an Officer’s Certificate certifying as of the date thereof whether, to the best of Guarantor’s knowledge, there exists an event or circumstance that constitutes an Event of Default or that, with the giving of notice or
the passage of time, or both, would constitute an Event of Default by Guarantor under this Guaranty, and if such Event of Default or latent Event of Default exists, the nature thereof the period of time it has existed and the action then being taken
to remedy the same. 
 12.4. Guarantor shall provide to Landlords any notices or reports Guarantor is
required to provide to either or both of the lender or the agent pursuant to the Bank of America Credit Agreement (defined below) at the same time as such reporting is required to be made pursuant to the Bank of America Credit Agreement. 

12.5. As soon as available, copies of any notices of defaults (and notices of any event or circumstance that with
the giving of notice, the passage of time, or both, would become a material default) relating to any credit agreements of Landlord and any material credit agreement or lease of Guarantor or any Obligor. 
 13. Immediate Jeopardy Reporting. Guarantor shall transmit to each Landlord, within five (5) Business Days
after receipt thereof (or immediately with respect to any correspondence related to an “immediate jeopardy” event), any material communication affecting one or more of the Properties, Obligors, Guarantor, Property Manager, any Affiliate of
any Obligor or Guarantor, this Guaranty and the Lease Documents. Guarantor shall promptly respond to inquiries with respect to such information. Guarantor shall notify Landlords in writing promptly after Guarantor obtains knowledge of any potential,
threatened or existing litigation or proceeding, which could have a material adverse effect on any Obligor, Guarantor, any Affiliate of any Tenant, Guarantor, Property Manager, or any Property, against, or investigation of, any Obligor, Guarantor,
any Affiliate of any Tenant, Guarantor, Property Manager or any Property that may affect the right to operate one or more of the Properties, or Landlords’ title to any Property. 
 14. Public Company Reporting. Guarantor shall deliver, as soon as reasonably available, to Landlord in
accordance with Section 18 copies of any Forms 10K, 10Q and 8K, and any other annual, quarterly, monthly or other reports, copies of all registration statements and any other public information that Guarantor or Affiliate of Guarantor files
with the SEC or any other Governmental Authority promptly upon the furnishing thereof to the shareholders of Guarantor or Affiliate of Guarantor, copies of all statements, reports, notices and proxy statements so furnished. 
  

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 15. Discussion of Financial Matters. On a quarterly basis,
Guarantor shall permit, and upon request by any Landlord, shall make appropriate arrangements for and cause, such Landlord and/or such Landlord’s representatives to discuss the affairs, operations, finances and accounts of each Obligor,
Guarantor and Property Manager with, and be advised as to the same by, corporate officers of Guarantor as such Landlord may reasonably request, all as such Landlord may deem appropriate for the purpose of verifying any report(s) delivered by
Guarantor to such Landlord under this Guaranty or any Lease Document or for otherwise ascertaining compliance with this Guaranty by Guarantor, or with the Lease Documents by the Obligors or the business, operational or financial condition of such
Obligors, Guarantor and/or their respective Affiliates and/or any of the Properties. Without limitation of the foregoing, from time to time promptly following receipt of written notice from any Landlord to Guarantor (and in any event within five
(5) Business Days of such receipt), Guarantor shall permit, and shall make appropriate arrangements for and cause, such Landlord and/or such Landlord’s representatives to discuss the business, operational and financial condition of
specific Property(ies) designated by such Landlord with, and be advised as to the same by, appropriate personnel of Guarantor, Obligors and Property Manager having operational and accounting responsibilities for the Property(ies) so specified by
such Landlord and to review, and make abstracts from and copies of, the books, accounts and records of Guarantor, Obligors and/or their respective Affiliates relative to any such Property(ies), and, unless an Event of Default has occurred and is
continuing, conducted at such Landlord’s sole cost and expense (but only as to cost and expense of such Landlord), in each case provided, and on the condition, that any such discussions or reviews, abstracting or copying shall not materially
interfere with Guarantor’s business operations relative to any affected Property(ies). Unless otherwise agreed in writing by any Landlord and Guarantor, all of the discussions, reviews, abstracting and copying referenced in this
Section 15 shall occur during normal business hours. 
 16. Net Worth Requirement.
Guarantor shall maintain as of the last day of each calendar quarter a Net Worth of not less than $275,000,000; provided that, the failure to maintain such Net Worth shall not constitute an Event of Default if (1) Guarantor’s Net Worth at
all times remains at least $100,000,000 and (2) Guarantor has paid to Landlord any required Net Worth Deposits in accordance with the terms hereof. All determinations of Net Worth in this Section 16 shall be made based on the Net
Worth Report (as defined below). If the Guarantor’s Net Worth is ever below $275,000,000 (as reflected on any Net Worth Report), then Guarantor shall be required to deposit (such deposit, the “Net Worth Deposit”) with Landlord,
within five (5) Business Days following the determination thereof, an amount (the “Required Net Worth Deposit Amount”) equal to (i) the product of (x) the monthly amount of Fixed Rent then due under the Grand Court
Leases, plus the monthly Base Rent (as defined in the Leases other than the Grand Court Leases) then due under the Leases other than the Grand Court Leases (collectively, the “Lease Rent”) and (y) the applicable number of
months (the “Rent Multiplier”) set forth in the chart below that corresponds to such Net Worth of Guarantor: 
  

			
	 Net Worth ($):
	  	Number of Months:
		
	 If less than 275,000,000, but equal to or greater than 250,000,000
	  	3.0
		
	 If less than 250,000,000, but equal to or greater than 200,000,000
	  	6.0
		
	 If less than 200,000,000, but equal to or greater than 150,000,000
	  	9.0
		
	 If less than 150,000,000, but equal to or greater than 100,000,000
	  	12.0

  

 11 

 Upon each January 1st and upon any increase in the Rent Multiplier, Guarantor shall
deposit with Landlord and additional portion of the Net Worth Deposit equal to the (a) the Required Net Worth Deposit Amount, minus (b) the amount of any unrefunded Net Worth Deposit deposited with Landlord by Guarantor. The
Net Worth Deposit shall be the property of Landlord and may be commingled with any other funds of Landlord. Any interest on the Net Worth Deposit shall be retained by Landlord and Guarantor shall no rights with respect to any such interest. The Net
Worth Deposit shall secure payment and performance of the Guaranteed Obligations and, upon the occurrence of any Event of Default, Landlord may apply the Net Worth Deposit to the Guaranteed Obligations in such order and manner as it may determine in
its sole discretion and any such application shall reduce the amount of the Net Worth Deposit. Notwithstanding anything to the contrary herein, it shall be an Event of Default if the Guarantor shall fail to maintain for each calendar quarter a Net
Worth of at least $100,000,000. Provided that no Event of Default or Material Adverse Change has occurred hereunder or under any of the Lease Documents, if Guarantor’s Net Worth increases such that for two consecutive quarters the Net Worth
Deposit, exclusive of interest, held by Landlord exceeds the Required Net Worth Deposit Amount (as evidenced by the Net Worth Report), then within five (5) Business Days following such determination and notice thereof from Guarantor, Landlord
shall refund such excess portion to Guarantor, such excess portion shall be equal to (x) the Net Worth Deposit held by Landlord, minus (y) (i) the Rent Multiplier applicable to the lowest Net Worth of Guarantor during
such two quarter period, multiplied by (ii) the Lease Rent on the date of such determination. No later than 93 days after the full, final and indefeasible performance and satisfaction of all of the Guaranteed Obligations, an amount equal to any
remaining Net Worth Deposit shall be refunded to Guarantor. 
 “Net Worth” shall mean, at any date, an amount
equal to, as determined in accordance with GAAP, (x) the consolidated assets of Guarantor at such date minus (y) (i) the total consolidated liabilities of Guarantor at such date, and (ii) the total consolidated
intangible assets shown at such date on the Guarantor’s GAAP balance sheet. As soon as available, and in any event within 40 days after the end of each calendar quarter (including the last quarter of the year), Guarantor shall deliver to each
Landlord, in hard copy and electronic format, an Officer’s Certificate (the “Net Worth Report”) accurately and truthfully certifying (i) the Net Worth of Guarantor; (ii) the calculations on which such determination
was made; and (iii) supporting documentation demonstrating the accuracy of the calculations on which such determination was made. If Guarantor fails to timely provide such Officer’s Certificate or if such certificate is not accurate or
truthful in any respect, the Net Worth Report shall be deemed to have been delivered reporting a Net Worth of $0. 
  

 12 

 “Material Adverse Change” shall mean any event or change in condition that
(a) has, or is reasonably expected to have, a material adverse effect on the business, assets, properties, operations or financial condition of Guarantor or any Tenant or (b) materially impairs, or is reasonably expected to impair, the
ability of Guarantor or any Tenant to perform its material obligations under any Lease Document; provided, however, that any event or change in condition will be deemed to have been a “Material Adverse Change” if such event or change in
condition when taken together with all other events and conditions occurring or in existence at such time (including all other events and conditions which, but for the fact that a representation, warranty or covenant is subject to a materiality
exception, would cause such representation or warranty contained herein to be untrue or such covenant to be breached) would result in a “Material Adverse Change”, even though, individually, such event or change in condition would not do
so. 
 For example, and not in limitation of the other provisions of this Section 16, if the Net Worth Report for
March 31, 2009 reports a Net Worth of $150,000,000, the Net Worth Report for June 30, 2009 reports a Net Worth of $200,000,000, the Net Worth Report for September 30, 2009 reports a Net Worth of $150,000,000 and the Net Worth Report
for December 31, 2009 reports a Net Worth of $200,000,000, then following the Net Worth Report for March 31, 2009, Guarantor would be required to post a Net Worth Deposit of 9.0 months of Lease Rent, which would stay in place even after
the Net Worth Report for December 31, 2009. If the March 31, 2010 Net Worth Report reports a Net Worth of $275,000,000, then assuming the other conditions for the return of the Net Worth Deposit are met, Guarantor would be entitled to a
refund of that unapplied portion of the Net Worth Deposit in excess of 6.0 months of Lease Rent held by Landlord (6.0 being the Rent Multiplier corresponding to the December 31, 2009 Net Worth Report). 
 17. Restrictive Covenants. Guarantor and its Affiliates (excluding, however, Fortress Investments Group, LLC
and Capital Z Financial Services Fund, LLC, and Affiliates of either of them (other than Guarantor and its direct or indirect subsidiaries)) shall be subject to the restrictive covenants and conditions contained in Exhibit D attached to the
Grand Court Leases, subject to the limitations contained in Exhibit D attached to the Grand Court Leases. Upon the occurrence of any Change of Control, whether or not consented to by Landlords, Guarantor shall, if reasonably required by any
Landlord, cause the person or entity, as determined by such Landlord, to execute a guaranty of all of Lease Documents for the benefit of such Landlord in the form of this Guaranty. 
  

 13 

 18. Notice. All notices, demands, requests, consents,
approvals and other communications hereunder shall be in writing and delivered by hand, in which case such notice shall be deemed received upon delivery, by reputable nationally recognized overnight courier service, in which case such notice shall
be deemed received the next Business Day, or by confirmed facsimile, in which case such notice shall be deemed received the same day, addressed to the respective parties, as follows: 
 To Guarantor: 
 Brookdale Senior Living, Inc. 
 111 Westwood Place, Suite 200 
 Brentwood, TN 37027 
 Attention: Andy Smith 
 Facsimile: (615) 564-8033 
 With a copy to: 
 Brookdale Senior Living, Inc. 
 6737 W. Washington Street, Suite 2300 
 Milwaukee, WI 53214 
 Attention: Kristin Ferge 
 Facsimile: (414) 918-5050 
 To Landlord: 
 Ventas Realty Limited Partnership 
 c/o Ventas, Inc. 
 111 South Wacker Drive 
 Suite 4800 
 Chicago, IL 60606 
 Attention: Asset Manager 
 Facsimile: (312) 596-3850 
 With a copy to: 
 Ventas, Inc. 
 10350 Ormsby Park Place 
 Suite 300 
 Louisville, KY 40223 
 Attention: General Counsel 
 Facsimile: (502) 357-9001 
 or to such other address as the parties hereto may hereunder designate
in writing. 
 19. Termination and Reinstatement. The obligations of Guarantor under this Guaranty
shall automatically terminate after each Landlord has received, and not been required to disgorge any part of, indefeasible payment of all Monetary Obligations and all other sums due and owing under this Guaranty. If payment is made by any Obligor
or Guarantor, or by any third party, on the Monetary Obligations and thereafter any Landlord is forced to remit, rescind or restore the amount of that payment under any federal or state bankruptcy law or law for the relief of debtors or for any
other reason, (a) this Guaranty shall be automatically reinstated to the extent of such amounts; (b) the amount of such payment shall be considered to have been unpaid at all times for the purposes of enforcement of this Guaranty; and
(c) the obligations of Obligor guaranteed herein shall be automatically reinstated to the extent of such payment. 
  

 14 

 20. Mortgages of Properties. If any Landlord proposes to grant
a mortgage on or refinance any mortgage of any Property, Guarantor agrees to cooperate in the process, and cause its Affiliates (including Tenant) to cooperate in such process, and shall permit such Landlord and the proposed mortgagee, at such
Landlord’s expense, to meet with officers of Guarantor at Guarantor’s offices and to discuss the Guarantor’s business and finances and to meet with, and discuss the operations at the Property(ies) with, the employees of the Guarantor
and/or its Affiliates in charge of operations. Guarantor’s and such Affiliates’ cooperation shall include agreeing to be bound by and comply with such terms as are requested by the mortgage lender or its servicer, provided that the terms
are usual and customary for the same or similar financing transactions for that or similar mortgage lenders or agencies. Guarantor agrees that, at a minimum, terms similar to those that were part of the transactions relating to that certain
Multifamily Mortgage, Assignment of Rents and Security Agreement (New Jersey), dated as of December 11, 2007, between Brookdale Living Communities of New Jersey, LLC and MMA Mortgage Investment Corporation (the “Brendenwood
Financing”) shall be deemed to be usual and customary. On request of such Landlord, Guarantor agrees to provide any such prospective mortgagee the information to which Landlord is entitled hereunder, provided that if any such information is
not publicly available, such nonpublic information shall be made available only on a confidential basis. 
 21. Governing Law. This Guaranty shall be governed by and construed in accordance with the laws of the State of Illinois, other than its doctrine regarding conflicts of laws. Guarantor irrevocably submits to the personal
jurisdiction of any federal or state court sitting in the State of Illinois with respect to any matter arising under this Guaranty. Guarantor consents to jurisdiction of the courts of the State of Illinois and of the Federal courts sitting in the
State of Illinois, and consents to venue in the State of Illinois, and Guarantor waives any right to stay, remove, or otherwise directly or indirectly interfere with such action based on such jurisdiction. 
 22. Miscellaneous. This Guaranty may not be modified or amended except by a written agreement duly executed by
Guarantor and Landlords and any Landlord’s mortgagee of any Property from time to time, if any; provided, however, that Landlords may, in their sole discretion, elect to waive any Event of Default, prospective or otherwise, by giving written
notice to Guarantor, which notice shall be revocable at any time at Landlord’s option. This Guaranty shall be binding upon Guarantor and shall inure to the benefit of each Landlord and its successors and assigns as permitted hereunder,
including, without limitation, any mortgagee of any Landlord’s interest in any Property. In the event any one or more of the provisions contained in this Guaranty shall for any reason be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Guaranty, but this Guaranty shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. As used
herein, the terms “Tenant” and “Tenants” both include any successors and assigns with respect to the Leases. As used herein, the term “Second Tier Guarantor” includes its successors and assigns with respect to the
applicable Second Tier Guaranty. 
  

 15 

 23. Landlord Transfer of Properties. To the extent any
Landlord may assign its interest in the Leases pursuant to the terms thereof, the rights of such Landlord under this Guaranty may be assigned in whole or in part by such Landlord, its successors and assigns, whether directly or by way of a grant of
a security interest herein, without the consent of Guarantor. 
 24. Certificate of Confirmation.
Within ten (10) days after request by any Landlord, Guarantor shall deliver a certificate confirming that this Guaranty is in full force and effect and unamended (or, if amended, specifying such amendment), and whether, to the actual knowledge
of Guarantor, any default exists under any Lease or under this Guaranty. 
 25. Underlying Lease
Obligations in Full Force and Effect. Guarantor represents, warrants and agrees that: (i) the Lease Documents are valid, binding and in full force and effect; (ii) Obligor has no defenses, counterclaims, liens or claim of offset or
credit under any of the Lease Documents or against rents, or any other claims against any Landlord, including with respect to the condition of any Property or the surrounding area; (iii) no Obligor is the subject of any bankruptcy, insolvency
or similar proceeding in any federal, state or other court or jurisdiction; (iv) no Obligor has subleased any material portion of the Property or assigned any of its rights under any Lease Document; and (v) each party that is a signatory
to any of the Lease Documents has performed all of its duties and obligations thereunder and under any and all instruments or agreements executed or delivered in connection therewith. 
 26. Cross Default. It shall be an Event of Default if: (i) there occurs any default,
beyond the expiration of any applicable grace or cure periods, by any obligor under the primary credit facility under which Guarantor or any subsidiaries of Guarantor have obligations (as defined in 6th Amendment to Grand Court Guaranty) which, as of the date of this Guaranty is that certain Amended and
Restated Credit Agreement (the “Bank of America Credit Agreement”), dated as of November 15, 2006, among Brookdale Senior Living Inc. and the several lenders from time to time parties thereto, amended in 2008 to name Bank of America
as the administrative agent (Guarantor warrants as of the Effective Date that, except as disclosed in Guarantor’s public filings, such primary facility will be the only material credit facility under which Guarantor and its subsidiaries have
obligations), all amendments thereto, restatements thereof, replacements thereof (partial or total), refinancings thereof (partial or total) and/or substitutions therefore; (ii) Guarantor or any Subsidiary (including the Tenants) is in default,
beyond the expiration of any applicable grace or cure periods, under or breaches (w) any Tax Matters Agreement (as defined in the Grand Court Master Lease), (x) any Stock Purchase Agreement (as defined in the Grand Court Master Lease),
(y) any Agreement Regarding Leases, (z) any Lease Document, as the foregoing (w) through (z) may be amended, extended, replaced or restated, that in the aggregate result in obligations of $2,000,000 or more becoming due and
payable; or (iii) (a) Guarantor is in default under or breaches any other any contracts or other agreements (including guarantees and indemnities) that in the aggregate result in obligations of Guarantor of $10,000,000 or more becoming due
and payable, and (b) the obligees with respect thereto have taken actions to enforce (including initiating or commencing any action to enforce any remedies or to collect any amounts owing, but provided that “actions to enforce” shall
be deemed to exclude sending a default notice or notice of acceleration without any other action being taken) such obligations of Guarantor. Guarantor shall notify the Landlords within five Business Days of any of the events described in the
preceding sentence. 
  

 16 

 27. Changes to Properties and Leases. Guarantor hereby
acknowledges and agrees that Landlord or its Affiliates may, from time to time, without consent of, or notice to, Guarantor upon executing additional documents with Affiliates of Guarantor or modifying the then-existing Lease Documents, add, remove
or amend the properties, landlords, tenants and/or the Lease Documents contained on Exhibit A attached hereto, and this Guaranty shall automatically and with no further action be amended to include the properties, landlords, tenants or the
Lease Documents as so added, removed or amended. Guarantor agrees, upon receipt of request from any Landlord, to execute such further amendments, confirmations or other documents reasonably required by such Landlord to evidence the provisions of
this Section 27. 
 28. Replacement of Guarantor Officers. Guarantor must provide
prompt written notice to each Landlord of the replacement of any of the Chairman, the Chief Executive Officer, the Co-President, the Chief Operating Officer and the Chief Financial Officer and, upon request of any Landlord, arrange a meeting with
such officers of Guarantor as such Landlord shall request. No failure of Guarantor under this Section 28 shall constitute a default or Event of Default under this Guaranty. 
 29. New Leases. The term “Lease” as used in this Section 29 shall not include
(i) the Grand Court Master Lease or derivatives thereof, with respect to which the terms of Sections 39 and 40 shall continue to govern the separation and recombination of such Grand Court Master Lease or (ii) the Leases governing those
properties known as Grand Court Kansas City and Grand Court Farmington Hills. Each Landlord shall have the right, at any time and from time to time during the effectiveness of any given Lease (such Lease, the “Original Lease”), by
written notice to Guarantor, to require the Guarantor to cause the Tenants (referred to in this Section 29 in the plural even though there may be only a single Tenant) under the Original Lease to execute an amendment to such Lease whereby one
or more Properties (individually, a “Transferred Property” or collectively, “Transferred Properties”) are separated and removed from such Lease, and simultaneously to execute a substitute lease or leases (the
“New Lease”) with respect to such Transferred Property(ies), subject to the terms and provisions of this Section 29; provided that such New Lease may not include Properties that were not governed by the Original Lease
(including successors to, and predecessors of, the Original Lease). For purposes of this Section 29, the Leases identified on Exhibit A as the “Alterra Leases” shall be treated as a single Original Lease, such that, for
example, the Transferred Properties from each Alterra Lease could be subject to a single New Lease. Guarantor shall also cause the affiliates of the Tenants of the Original Lease to execute and enter into such other agreements and instruments as are
contemplated by this Section 29. 
 29.1. New Lease. The New Lease shall be effective
as of the date specified in Section 29.5 below (the “Property Transfer Date”), and shall be in the same form and substance as the Original Lease, but with conforming changes to reflect a different set of Properties. Such
conforming changes shall include, for example, the following changes to the Original Lease: 
 29.1.1.
Fixed Rent. The initial “Fixed Rent” (including Base Rent or other comparable term) for such Transferred Property shall be an amount equal to the allocated rent for such Transferred Property in effect under the Original
Lease immediately prior to the Property Transfer Date. Any rental escalations required under the Original Lease shall be made for each Transferred Property under the New Lease on the same date and in the same manner as is required under the Original
Lease, in the full amount required as if such Transferred Property had been under the New Lease for a full year, notwithstanding that the period from the Property Transfer Date to the rent escalation date for each Transferred Property may be less
than one full year. 
  

 17 

 29.1.2. Other Value. Any terms, definitions or amounts or
provisions linked under the Original Lease to the value of the Transferred Properties, rent (“Allocated Rent”) allocable to the Transferred Properties, or that allocates rent among the Transferred Properties, shall be incorporated
into the New Lease with any necessary adjustments to reflect that the New Lease includes only the Transferred Properties. 
 29.1.3. Liabilities and Obligations. The New Lease shall provide that each Tenant under the New Lease shall be responsible for the payment, performance and satisfaction of all duties,
obligations and liabilities arising under the Original Lease, insofar as they relate to the Transferred Premises, that were not paid, performed and satisfied in full prior to the commencement date of the New Lease (and the Tenants under the Original
Lease shall also be responsible for the payment, performance and satisfaction of the aforesaid duties, obligations and liabilities not paid, performed and satisfied in full prior to the commencement date of such New Lease), and shall further provide
that the Tenants under the Original Lease shall not be responsible under the Original Lease for the payment, performance or satisfaction of any duties, obligations and liabilities of the Tenants under the New Lease arising after the Property
Transfer Date. 
 29.1.4. Modification of Certain Provisions. At the election of Landlord, any or
all provisions pertaining to the REIT status of Ventas, Inc. or other entity in Landlord’s organizational structure shall not be included in the New Lease. In addition, Landlord may delete and eliminate from such New Lease such provisions from
the Original Lease as it reasonably determines to be required, and make such other conforming changes, based on the later date of the New Lease (including changed circumstances such as a different ownership structure), provided such deletions,
eliminations and conforming changes do not materially alter the terms under which the Tenant leases the Transferred Property as set forth in the Original Lease immediately prior to the Property Transfer Date. 
 29.1.5. Security Deposit; Escrow Deposits. The New Lease shall contemplate security deposits and escrow
deposits in the same manner or fashion as contemplated by the Original Lease, and such security deposits and escrows shall continue to secure all of the obligations that security deposits and escrows secure under the Original Lease to the extent
permitted by any applicable lender. Any cash deposit requirements shall initially be funded by Landlord, on a proportional basis, from the security deposit and the escrow accounts held by Landlord under the Original Lease. Alternatively, if security
deposits under the Original Lease were in the form of letters of credit, then Tenants shall cause new letters of credit to be issued for any deposits required under the New Lease by delivering a letter of credit to Landlord and Landlord and Tenant
shall cooperate to enable Tenants to substitute new letters of credit in amounts reduced by the amount of the corresponding letters of credit under the New Lease. 
  

 18 

 29.1.6. Recombination. The New Lease will include provisions
to allow for recombination of the Original Lease with the New Lease at Landlord’s discretion provided such recombination shall (i) not involve the combination of the New Lease with leases other than the Original Lease (including its
predecessors and successors) or (ii) result in the combination of any properties other than those at any time subject to the Original Lease (including its predecessors and successors) and such recombination shall be further subject to the
following: 
 29.1.6.1. The recombination of the New Lease and the Original Lease (whether documented as
an amendment to the Original Lease or as an amended and restated lease, the “Recombined Lease”) shall (i) be in the same form and substance as the Original Lease, but with conforming changes to reflect the Properties (the
“Recombined Properties”) subject thereto, (ii) combine all of the Fixed Rents payable with respect to the Recombined Properties (with any rental escalations to occur on the same dates and in the same manner as required under the New
Lease and the Original Lease), (iii) incorporate any terms, definitions, or amounts or provisions linked to the value of the Recombined Properties or Allocated Rent or that allocates rent among the Recombined Properties and/or any other
properties, (iv) reflect revisions consistent with Section 29.1.4, (v) require the Landlord and the Tenant to allocate security deposits and obtain letters of credit (or substitutions thereof) consistent with
Section 29.1.5 and (vi) such other provisions as are consistent with Sections 39.2.5 through 39.5 of the Grand Court Lease. 
 29.1.7. Limitation on Impact. As used herein, the term “Impacted Leases” shall mean, collectively, (a) any New Lease, (b) any Original Lease or any amendment to
(or amendment or restatement of) the Original Lease, (c) any Recombined Lease, (d) any amendment or reinstatement of any leases which remain in effect with respect to other properties after the Transferred Properties or any portion thereof
become Recombined Properties and (e) any documents or instruments related to or delivered in connection with the documents referenced in (a)–(d), including without limitation any ARLs. The terms and provisions of the Impacted Leases
pursuant to this Section 29 shall not result in (i) any material adverse effect on the rights or benefits of the Tenants and Tenant affiliated parties under the Impacted Leases, (ii) any material increase in any burdens or
obligations imposed on the Tenants and the Tenant affiliated parties under the Impacted Leases, (iii) any change in any economic terms, including financial or other covenants (including their application and measurement) relating to the
performance of any of the properties subject to the Impacted Leases, taken as a whole, or (iv) any reduction or elimination of any rights granted to the Tenants and Tenant affiliated parties under the Impacted Leases, with respect to any
proposed financing, including without limitation rights to a subordination, nondisturbance and attornment agreement, if any. For avoidance of doubt, the parties specifically acknowledge and agree that in connection with any proposed New Lease or
proposed Recombined Lease, the factors set forth in the immediately preceding sentence shall be considered and applied not only to the proposed New Lease and the proposed Transferred Properties and the proposed Recombined Lease and the proposed
Recombined Properties but also the (i) Original Lease and any properties remaining subject thereto following execution of a proposed New Lease and (ii) the New Lease and any remaining properties subject thereto following execution of a
proposed Recombined Lease. 
  

 19 

 29.2. Amending Original Lease. Upon execution of such New
Lease, and effective as of the Property Transfer Date, the Original Lease shall be amended or amended and restated as follows: (i) the Transferred Property shall be excluded from the premises; (ii) Fixed Rent under the Original Lease shall
be reduced by the Allocated Rent allocable to the Transferred Property; (iii) the Allocated Rent shall be removed and such other conforming changes linked to the value of the Transferred Property shall be included; such other conforming changes
as are reasonably required by Landlord to reflect that Transferred Property is no longer being leased pursuant to the Original Lease shall be included; and (iv) to add provisions substantially similar to those set forth in Sections
29.1.6 and 29.1.7. Such amendments shall be reflected in a formal amendment to, or amendment and restatement of, the Original Lease, which shall be promptly executed by the Landlord and Tenants following or concurrent with entry into the
New Lease. 
 29.3. Guaranties. Any guarantor, including the Guarantor hereunder, of obligations of
Tenants and their affiliates’ under the Original Lease and related agreements (including agreements regarding leases) shall guaranty obligations of the Tenant and its affiliates under the New Lease and related agreements (including agreements
regarding leases) pursuant to a guaranty or guaranties in the same form and substance as the guaranties relating to the Original Lease and related agreements (or, at Landlord’s election, pursuant to ratifications or amendments to existing
guaranties), with such other conforming changes as are reasonably required by Landlord to reflect that the Transferred Property is no longer being leased pursuant to the Original Lease. 
 29.4. Agreements Regarding Leases. Any other agreements regarding leases (each an “ARL”)
relating to the Original Lease shall be amended as Landlord elects to either (i) add the New Lease and refer to the Original Lease as amended as contemplated in Section 29.2, or (ii) remove from its purview the Transferred
Property. If Landlord elects (ii), then Landlord may further elect that the provisions of the ARL shall either (a) be incorporated into the New Lease or (b) a new ARL may be entered into that has provisions substantially similar to the
ARL, but relates to a different group of properties that includes the Transferred Property. In each case the ARL amendment and new ARL shall be in form and substance substantially similar to the existing ARL, but with such conforming changes as
Landlord may reasonably require (subject to Section 29.1.7) so that the changes in structure of the agreements relating to the Lease and Original Lease, in the aggregate, produce a result as close as practicable to that which existed
under the existing ARL. Guarantor shall cause any of its affiliates that are parties to any such ARLs to execute and enter into any such amendments. 
 29.5. Effective Date: Meaning of Tenants. Any New Lease, amendment to (or amendment and restatement of) the Original Lease and any other document effectuating the transactions contemplated
by this Section 29 shall be effective on the date when fully executed and delivered by the parties thereto. Landlord shall, and Guarantor shall cause Tenants and their Affiliates to, use reasonable and diligent efforts to complete,
execute and deliver all of the foregoing documents within 14 days following the notice given pursuant to the first paragraph of this Section 29. As used in this Section 29, the “Tenants” under any Impacted
Lease shall mean and refer to (i) the Tenants as set forth on Exhibit A so long as they are tenants under Impacted Leases, together with (ii) any affiliates thereof that may from time to time be tenants under any Impacted Lease.

  

 20 

 29.6. Other Undertakings. Guarantor shall, and shall cause
Tenant and its other affiliates as necessary to, take such actions and execute and deliver such documents, including without limitation, the New Lease, amendment to (or amendment and restatement of) the Original Lease, new or amended memorandum(s)
of lease, guaranties, confirmations, ratifications and agreements regarding leases, amendments to ARLs, and any other documents and instruments as are reasonably necessary and appropriate to effectuate fully the provisions and intent of this
Section 29, and Landlord shall execute and deliver such new or amended memorandum(s) of lease, other documents and instruments as are reasonably necessary and appropriate to effectuate fully the provisions and intent of this
Section 29. 
 29.7. Costs. Landlord shall reimburse Tenants for their reasonable
out-of-pocket costs paid to comply with the review, execution and delivery of the documentation required by this Section 29 and which obligation shall be recited in all New Leases and Recombined Leases. 
 [SIGNATURE PAGE FOLLOWS] 
  

 21 

 IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed and its corporate
seals to be hereunto affixed and attested by its officers thereunto duly authorized. 
  

					
	BROOKDALE SENIOR LIVING INC.,
	a Delaware corporation
		
	By:	 	 /S/ Eric W. Hoaglund

		 	Name:	 	Eric W. Hoaglund
		 	Title:	 	Vice President and Assistant Secretary

  

 S-1 

 EXHIBIT A 
 ALTERRA LEASES: 
  

							
	 Properties
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	 1. Sterling House of Mesa, 6060 East Arbor Avenue, Mesa, AZ 85206
  
 2. Clare Bridge of Ore Valley, 10175 North Oracle Road, Ore Valley, AZ 85737

 
 3. Sterling House of Peoria, 8989 West Greenbriar Drive, Peoria, AZ 85382

 
 4. Clare Bridge of Tempe, 1610 East Guadalupe Road, Tempe, AZ 85283
  
 5. Sterling House on East Speedway, 8468 East Speedway Boulevard, Tucson, AZ
85710
  
 6. Wynwood of Colorado Springs, 2780 Vickers Drive, Colorado
Springs, CO 80918
  
 7. Wynwood of Pueblo, 4723 Surfwood Lane, Pueblo, CO
81005
  
 8. Sterling House of Pensacola, 8700 University Parkway, Pensacola,
FL 32514
  
 9. Clare Bridge of Tallahassee, 1980 Centre Pointe Boulevard,
Tallahassee, FL 32308
  
 10. Clare Bridge of West Melbourne, 7199 Greenboro
Drive, West Melbourne, FL 32904
  
 11. Sterling House of Winter Haven, 6110
Cypress Gardens Boulevard, Winter Haven, FL 33884
  
 12. Clare Bridge Cottage
of Winter Haven, 6120 Cypress Gardens Boulevard, Winter Haven, FL 33884
  
 13. Wynwood at Twin Falls, 1367 Locust Street North, Twin Falls, ID 83301
  
 14. Sterling House of Evansville, 6521 Greendale Drive, Evansville, IN 47711
  
 15. Sterling House of Marion, 2452 West Kem Road, Marion, IN 49652
  
 16. Sterling House of Portage, 3444 Swanson Road, Portage, IN 46368
  
 17. Sterling House of Richmond, 3700 South A Street, Richmond, IN 47374
  
 18. Clare Bridge of Leawood, 12724 State Line Road, Leawood, KS 62209
  
 19. Clare Bridge Cottage of Topeka, 5800 SW Drury Lane, Topeka, KS 66604
  
 20. Sterling House of Blaine, 1005 Paul Parkway NE, Blaine, MN 55434
  
 21. Clare Bridge of Eden Prairie, 7513 Mitchell Road, Eden Prairie, MN 55344
  
 22. Sterling House of Inver Grove Heights, 5891 Carmen Avenue, Inver Grove Heights, MN 55076
  
 23. Clare Bridge of North Oaks, 300 Village Center Drive, North Oaks, MN
55127
  
 24. Clare Bridge of Plymouth, 15855 22nd Avenue North, Plymouth, MN 55447
  
 25. Clare Bridge of Winston-Salem, 275 South Peace Haven Road, Winston-Salem, NC 27104

  
 26. Villas of Sherman Brook, 99 Brookside Drive, Clinton, NY
13323
  
 27. Villas of Summerfield, 100 Summerfield Village Lane, Syracuse,
NY 13215
  
 28. Sterling House of Alliance, 1277 South Sawburg Road,
Alliance, OH 44601
  
 29. Clare Bridge Cottage of Austintown, 1420 South
Canfield Niles Road, Austintown, OH 44515
  
 30. Sterling House of Beaver
Creek, 3839 Indian Ripple Road, Beaver Creek, OH 45440
  
 31. Sterling House
of Westerville, 6377 Cooper Road, Columbus, OH 43231
  
 32. Sterling House of
Salem, 1916 South Lincoln Avenue, Salem, OH 44460
  
 33. Clare Bridge of
Lynnwood, 18706 36th Avenue West, Lynnwood, WA
98307
  
 34. Clare Bridge of Puyallup, 8811 176th Street East, Puyallup, WA 98375
  
 35. Sterling House of Fond du Lac, 1001 Primrose Lane, Fond du Lac, WI 54935

 
 36. Clare Bridge of Kenosha, 10108 74th Street, Kenosha, WI 53143
  
 37. Clare Bridge Cottage of LaCrosse, 3161 East Avenue South, LaCrosse, WI
54601
  
 38. Sterling House of LaCrosse, 3141 East Avenue South, LaCrosse, WI
54601
	  	PSLT-ALS Properties I, LLC	  	ALS Properties Tenant I, LLC	  	Property Lease Agreement by PSLT-ALP Properties I, LLC and ALS Properties Tenant I, LLC

  

 A-1 

							
	 1. Wynwood of Northville, Northville, Michigan
  
 2. Wynwood of Utica, Utica, Michigan
  
 3. Clare Bridge of Westampton, Westampton, New Jersey
  
 4. Clare Bridge of Williamsville, Amherst, New York
  
 5. Wynwood Commons of Kenmore, Kenwood, New York
  
 6. Clare Bridge of Niskayuna, Niskayuna, New York
  
 7. Wynwood Commons of Niskayuna, Niskayuna, New York
  
 8. Clare Bridge of Perinton, Pittsford, New York
  
 9. Clare Bridge of Cary, Cary, North Carolina
	  	PSLT-ALS Properties II, LLC	  	ALS Properties Tenant II, LLC	  	Amended and Restated Property Lease Agreement by PSLT-ALP Properties II, LLC and ALS Properties Tenant II, LLC

  

 A-2 

 PROVIDENT LEASES: 
  

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	The Springs of East Mesa, Mesa, Arizona	  	Brookdale Living Communities of Arizona-EM, LLC	  	BLC-Springs at East Mesa, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Arizona-EM, LLC and BLC-Springs at East Mesa, LLC, dated as of October 19, 2004
				
	Woodside Terrace, Redwood City, California	  	Brookdale Living Communities of California-RC, LLC	  	BLC-Woodside Terrace, L.P.	  	Property Lease Agreement by and between Brookdale Living Communities of California-RC, LLC and BLC-Woodside Terrace, L.P., dated as of October 19, 2004
				
	The Atrium, San Jose, California	  	Brookdale Living Communities of California, LLC	  	BLC-Atrium of San Jose, L.P.	  	Property Lease Agreement by and between Brookdale Living Communities of California, LLC and BLC-Atrium at San Jose, L.P., dated as of October 19, 2004
				
	Brookdale Place at San Marcos, San Marcos, California	  	Brookdale Living Communities of California-San Marcos, L.P.	  	BLC-Brookdale Place of San Marcos, L.P.	  	Property Lease Agreement by and between Brookdale Living Communities of California-San Marcos, L.P. and BLC-Brookdale Place at San Marcos, L.P., dated as of October 19,
2004
				
	The Gables at Farmington, Farmington, Connecticut	  	Brookdale Living Communities of Connecticut, LLC	  	BLC-Gables at Farmington, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Connecticut, LLC and BLC-Gables at Farmington, LLC, dated as of October 19, 2004
				
	Chatfield, West Hartford, Connecticut	  	PSLT-BLC Properties Holdings, LLC (successor by merger to Brookdale Living Communities of Connecticut-WH, LLC)	  	BLC-Chatfield, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Connecticut-WH, LLC and BLC-Chatfield, LLC, dated as of October 19, 2004

  

 A-3 

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	The Classic at West Palm Beach, West Palm Beach, Florida	  	Brookdale Living Communities of Florida-CL, LLC	  	Brookdale Living Communities of Florida, Inc.	  	Property Lease Agreement by and between Brookdale Living Communities of Florida-CL, LLC and Brookdale Living Communities of Florida, Inc., dated as of October 19,
2004
				
	The Hallmark, Chicago, Illinois	  	Brookdale Living Communities of Illinois-2960, LLC	  	BLC-The Hallmark, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Illinois-2960, LLC and BLC-The Hallmark, LLC, dated as of October 19, 2004
				
	The Kenwood of Lake View, Chicago, Illinois	  	Brookdale Living Communities of Illinois-HV, LLC	  	BLC-Kenwood of Lake View, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Illinois-HV, LLC and BLC-Kenwood of Lake View, LLC, dated as of October 19, 2004
				
	The Heritage of Des Plaines, Des Plaines, Illinois	  	River Oaks Partners	  	BLC-The Heritage of Des Plaines, LLC	  	Property Lease Agreement by and between River Oaks Partners and BLC-The Heritage of Des Plaines, LLC, dated as of October 19, 2004
				
	The Devonshire of Hoffman Estates, Hoffman Estates, Illinois	  	Brookdale Living Communities of Illinois-Hoffman Estates, LLC	  	BLC-Devonshire of Hoffman Estates, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Illinois-Hoffman Estates, LLC and BLC-Devonshire of Hoffman Estates, LLC, dated as of October 19,
2004
				
	The Devonshire of Lisle, Lisle, Illinois	  	The Ponds of Pembroke Limited Partnership	  	BLC-Devonshire of Lisle, LLC	  	Property Lease Agreement by and between The Ponds of Pembroke Limited Partnership and BLC-Devonshire of Lisle, LLC, dated as of October 19, 2004

  

 A-4 

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	The Willows, Vernon Hills, Illinois	  	PSLT-BLC Properties Holdings, LLC (successor by merger to Brookdale Living Communities of Illinois-HLAL, LLC)	  	BLC-The Willows, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Illinois-HLAL, LLC and BLC-The Willows, LLC, dated as of October 19, 2004
				
	Hawthorn Lakes, Vernon Hills, Illinois	  	Brookdale Living Communities of Illinois-II, LLC	  	BLC-Hawthorne Lakes, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Illinois-II, LLC and BLC-Hawthorne Lakes, LLC, dated as of October 19, 2004
				
	The Berkshire of Castleton, Indianapolis, Indiana	  	PSLT-BLC Properties Holdings, LLC (successor by merger to BLC of Indiana-OL, L.P.)	  	BLC-The Berkshire of Castleton, L.P.	  	Property Lease Agreement by and between BLC of Indiana-OL, L.P. and BLC-The Berkshire of Castleton, L.P., dated as of October 19, 2004
				
	River Bay Club, Quincy, Massachusetts	  	Brookdale Living Communities of Massachusetts-RB, LLC	  	BLC-River Bay Club, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Massachusetts-RB, LLC and BLC-River Bay Club, LLC, dated as of October 19, 2004
				
	Edina Park Plaza, Edina, Minnesota	  	Brookdale Living Communities of Minnesota, LLC	  	BLC-Edina Park Plaza, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Minnesota, LLC and BLC-Edina Park Plaza, LLC, dated as of October 19, 2004

  

 A-5 

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	Brendenwood, Voorhees, New Jersey	  	Brookdale Living Communities of New Jersey, LLC	  	BLC-Brendenwood, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of New Jersey, LLC and BLC-Brendenwood, LLC, dated as of October 19, 2004
				
	Ponce de Leon, Santa Fe, New Mexico	  	PSLT-BLC Properties Holdings, LLC (successor by merger to Brookdale Living Communities of New Mexico-SF, LLC)	  	BLC-Ponce De Leon, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of New Mexico-SF, LLC and BLC-Ponce De Leon, LLC, dated as of October 19, 2004
				
	The Gables at Brighton, Rochester, New York	  	Brookdale Living Communities of New York-GB, LLC	  	BLC-Gables at Brighton, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of New York-GB, LLC and BLC-Gables at Brighton, LLC, dated as of October 19, 2004
				
	Park Place, Spokane, Washington	  	Brookdale Living Communities of Washington-PP, LLC	  	BLC-Park Place, LLC	  	Property Lease Agreement by and between Brookdale Living Communities of Washington-PP, LLC and BLC-Park Place, LLC, dated as of October 19, 2004
				
	Westbury Care Center, Lisle, Illinois	  	Ventas Realty, Limited Partnership	  	Brookdale Living Communities of Illinois-DNC, LLC	  	Property Lease Agreement by and between Ventas Realty, Limited Partnership and Brookdale Living Communities of Illinois-DNC, LLC, dated as of February     , 2009

  

 A-6 

 GRAND COURT LEASES: 
  

							
				
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	Grand Court Adrian, Adrian, Michigan	  	Ventas Realty, Limited Partnership	  	BLC Adrian-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	Grand Court Albuquerque, Albuquerque, New Mexico	  	Ventas Realty, Limited Partnership	  	BLC Albuquerque-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	 Grand Court Belleville,
 Belleville, Illinois
	  	Ventas Realty, Limited Partnership	  	BLC Belleville-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC

  

 A-7 

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	Grand Court Bristol, Bristol, Virginia	  	Ventas Realty, Limited Partnership	  	BLC Bristol-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	Grand Court Dayton, Dayton, Ohio	  	Ventas Realty, Limited Partnership	  	BLC Dayton-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	Grand Court Farmington Hills, Farmington Hills, Michigan	  	Ventas Farmington Hills, LLC	  	BLC Farmington Hills-GC, LLC	  	Lease Agreement by Ventas Farmington Hills, LLC and BLC Farmington Hills-GC, LLC
				
	Grand Court Findlay, Findlay, Ohio	  	Ventas Realty, Limited Partnership	  	BLC Findlay-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC

  

 A-8 

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	Grand Court Fort Myers, Fort Myers, Florida	  	Ventas Realty, Limited Partnership	  	BLC Fort Myers-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	Grand Court Kansas City, Kansas City, Missouri	  	Ventas Kansas City I, LLC	  	BLC Kansas City-GC, LLC	  	Lease Agreement by Ventas Kansas City I, LLC and BLC Kansas City-GC, LLC
				
	Grand Court Las Vegas, Las Vegas, Nevada	  	Ventas Realty Limited Partnership	  	BLC Las Vegas-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	Grand Court Lubbock Lubbock, Texas	  	Ventas Realty, Limited Partnership	  	BLC Lubbock-GC, L.P.	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC

  

 A-9 

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	Grand Court Overland Park Overland Park, Kansas	  	Ventas Realty, Limited Partnership	  	BLC Overland Park-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	Grand Court Springfield Springfield, Ohio	  	Ventas Realty, Limited Partnership	  	BLC Springfield-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC
				
	Grand Court Tavares, Tavares, Florida	  	Ventas Realty, Limited Partnership	  	BLC Tavares-GC, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC

  

 A-10 

							
	 Property
	  	 Landlord
	  	 Tenant
	  	 Lease Agreement

				
	The Seasons at Glenview Place, Glenview, Illinois	  	Ventas Realty, Limited Partnership	  	Brookdale Living Communities of Illinois-GV, LLC	  	Master Lease Agreement by Ventas Realty, Limited Partnership and BLC Adrian-GC, LLC; BLC Albuquerque-GC, LLC; BLC Bristol-GC, LLC; BLC Dayton-GC, LLC; BLC Fort Myers-GC, LLC; BLC
Las Vegas-GC, LLC; BLC Lubbock-GC, L.P.; BLC Overland Park-GC, LLC; BLC Tavares-GC, LLC, Brookdale Living Communities of Illinois-GV, LLC, BLC Belleville-GC, LLC, BLC Findlay-GC, LLC, and BLC Springfield-GC,
LLC

 AGREEMENTS REGARDING LEASES: 
 That certain Agreement Regarding Leases by and between ALS Properties Holding Company, LLC, a Delaware limited liability company, and PSLT-ALS Properties Holdings, LLC, a Delaware limited liability
company, dated as of October 20, 2004. 
 That certain Agreement Regarding Leases by and between Brookdale Provident Properties, LLC, a
Delaware limited liability company, and PSLT-BLC Properties Holdings, LLC, a Delaware limited liability company, dated as of October 19, 2004. 
  

 A-11Employment Agreement Kelly J Johnson

 Exhibit 10.7 
 UMPQUA HOLDINGS CORPORATION 
 EMPLOYMENT AGREEMENT

 FOR 
 Kelly Johnson 
 Dated as of January 15, 2009 

 Table of Contents 
  

							
	 	  	 	  	Page
			
	1.	  	PURPOSE AND DURATION OF AGREEMENT	  	1
	2.	  	EMPLOYMENT	  	1
	3.	  	NO TERM OF EMPLOYMENT	  	1
	4.	  	DUTIES; POSITION	  	1
		  	4.1	  	Position	  	1
		  	4.2	  	Obligations of Officer	  	1
	5.	  	BASE COMPENSATION	  	1
	6.	  	TERMINATION	  	2
		  	6.1	  	For Cause	  	2
		  	6.2	  	Without Cause	  	2
		  	6.3	  	For Good Reason	  	2
		  	6.4	  	Death or Disability	  	2
		  	6.5	  	Separation of Service	  	2
	7.	  	DEFINITIONS	  	2
		  	7.1	  	Cause	  	2
		  	7.2	  	Good Reason	  	3
		  	7.3	  	Disability	  	3
		  	7.4	  	Change in Control	  	3
	8.	  	PAYMENT UPON TERMINATION	  	4
	9.	  	SIGNING BONUS	  	4
	10.	  	CHANGE IN CONTROL BENEFIT	  	4
	11.	  	CHANGE IN CONTROL RETENTION INCENTIVE	  	4
	12.	  	LIMITATION ON BENEFITS	  	5
		  	12.1	  	IRC 280G Adjustment	  	5
		  	12.2	  	Limitation on Severance or Change in Control Benefit	  	5
		  	12.3	  	IRC 409A	  	5
	13.	  	EXECUTIVE SEVERANCE PLAN	  	5
		  	13.1	  	In General	  	5
		  	13.2	  	Administration of Executive Severance Plan	  	6
		  	13.3	  	Claims Procedures	  	6
	14.	  	NONCOMPETITION	  	8
		  	14.1	  	Competition Restriction	  	8
		  	14.2	  	Consequence of Breach	  	8
		  	14.3	  	Subsequent Employer	  	8
	15.	  	NON-SOLICITATION	  	8
	16.	  	NONRAIDING OF EMPLOYEES	  	8
	17.	  	CONFIDENTIAL INFORMATION	  	8
	18.	  	REASONABLENESS OF RESTRICTION PERIOD; EQUITABLE RELIEF	  	9
	19.	  	DISPUTE RESOLUTION	  	9
		  	19.1	  	Arbitration	  	9
		  	19.2	  	Expenses/Attorneys’ Fees	  	10

							
		  	19.3	  	Injunctive Relief	  	10
	20.	  	NOTICES	  	10
	21.	  	BENEFICIARIES	  	10
	22.	  	GENERAL PROVISIONS	  	11
		  	22.1	  	Governing Law	  	11
		  	22.2	  	Saving Provision	  	11
		  	22.3	  	Survival Provision	  	11
		  	22.4	  	Counterparts	  	11
		  	22.5	  	Entire Agreement	  	11
		  	22.6	  	Previous Agreements	  	11
		  	22.7	  	Waiver	  	11
		  	22.8	  	Assignment	  	11
	23.	  	ADVICE OF COUNSEL	  	12
	24.	  	PRIOR EMPLOYMENT	  	12

 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this “Agreement”) is by and between Umpqua Holdings Corporation (“Umpqua”) and Kelly Johnson
(“Officer”), effective as of January 15, 2009. 
 1. PURPOSE AND DURATION OF AGREEMENT. The purpose of
this Agreement is to set forth the terms of Officer’s employment with Umpqua and to provide Officer benefits in circumstances where Officer’s employment is terminated or a Change in Control (defined below) occurs. This Agreement, including
the provisions governed by ERISA as expressly set forth below, shall expire on January 31, 2014. 
 2. EMPLOYMENT.
Umpqua, either directly or through one of its wholly owned subsidiaries, employs the Officer and the Officer accepts that employment on the terms and conditions contained in this Agreement. 
 3. NO TERM OF EMPLOYMENT. Notwithstanding the term of this Agreement, Umpqua may terminate Officer’s employment at any time for
any lawful reason or for no reason at all, subject to the provisions of this Agreement. 
 4. DUTIES; POSITION.

 4.1 Position. Officer shall be employed as Executive Vice President/Asset Management, and will perform such duties as
may be designated by Umpqua’s Chief Executive Officer, to whom Officer will directly report (the “Supervisor”). 
 4.2 Obligations of Officer. 
 (a) Officer agrees that to the best of Officer’s ability and experience,
Officer will at all times loyally and conscientiously perform all of the duties and obligations required of Officer pursuant to the express and implicit terms of this Agreement and as directed by the Board or the Supervisor. 
 (b) Officer shall devote Officer’s entire working time, attention and efforts to Umpqua’s business and affairs, shall faithfully
and diligently serve Umpqua’s interests and shall not engage in any business or employment activity that is not on Umpqua’s behalf (whether or not pursued for gain or profit) except for (a) activities approved in writing in advance by
Umpqua and (b) passive investments that do not involve Officer providing any advice or services to the businesses in which the investments are made. 
 5. BASE COMPENSATION. For services performed under this Agreement, Officer shall be entitled to $25,000.00 per month ($300,000 on annualized basis) (“Base Salary”), which Umpqua may
increase in its sole discretion, as well as perquisites provided to Umpqua’s officers. Officer shall be entitled to participate, under the terms of the respective plans, in the bonus compensation plans, group health insurance, long-term
disability insurance, as well as such other compensation or benefits as approved by the Board. Officer is entitled to four weeks vacation per year. 
  

 1 

 6. TERMINATION. Officer’s employment may be terminated before the expiration of
this Agreement as described in this Section, in which event Officer’s compensation and benefits shall terminate except as otherwise provided in this Agreement. 
 6.1 For Cause. Upon Umpqua’s termination of Officer’s employment for Cause (as defined in Section 7.1 below) (“Termination For Cause”). 
 6.2 Without Cause. Upon Umpqua’s termination of Officer’s employment without Cause, with or without notice, at any time in
Umpqua’s sole discretion, for any reason (other than for Cause, death, or Disability) or for no reason (“Termination Without Cause”). A Change in Control does not in itself constitute Termination Without Cause. 
 6.3 For Good Reason. Upon Officer’s termination of the employment for Good Reason (as defined in Section 7.2 below)
(“Termination For Good Reason”). 
 6.4 Death or Disability. Upon Officer’s death or Disability (as
defined in Section 7.3 below). 
 6.5 Separation of Service. For the purposes of this Agreement, the term
“termination” means a termination of employment that meets the definition of “separation of service” as defined in Section 409A of the Internal Revenue Code and regulations promulgated thereunder. 
 7. DEFINITIONS. 
 7.1 Cause. For the purposes of this Agreement, “Cause” for Officer’s termination will exist upon the occurrence of one or more of the following events: 
 (a) Dishonest or fraudulent conduct by Officer with respect to the performance of Officer’s duties with Umpqua; 
 (b) Conduct by Officer that materially discredits Umpqua or any of its subsidiaries or is materially detrimental to the reputation of
Umpqua or any of its subsidiaries, including but not limited to conviction or a plea of nolo contendere of Officer of a felony or crime involving moral turpitude; 
 (c) Officer’s willful misconduct or gross negligence in performance of Officer’s duties under this Agreement, including but not limited to Officer’s refusal to comply in any material
respect with the legal directives of the Board or the Supervisor, if such misconduct or negligence has not been remedied or is not being remedied to Umpqua’s reasonable satisfaction within thirty (30) days after written notice, including a
detailed description of the misconduct or negligence, has been delivered to Officer; 
  

 2 

 (d) An order or directive from a state or federal banking regulatory agency requesting or
requiring removal of Officer or a finding by any such agency that Officer’s performance threatens the safety or soundness of Umpqua or any of its subsidiaries; or 
 (e) A material breach of Officer’s fiduciary duties to Umpqua if such breach has not been remedied or is not being remedied to the Umpqua’s reasonable satisfaction within thirty (30) days
after written notice, including a detailed description of the breach, has been delivered to Officer. 
 7.2 Good Reason.
For purposes of this Agreement, “Good Reason” for Officer’s termination of employment will exist upon the occurrence of one or more of the following events, without Officer’s consent, if Officer has informed Umpqua in writing of
the circumstances described below in this Section that could give rise to termination for Good Reason and Umpqua has not removed the circumstances within thirty (30) days of the written notice: 
 (a) A material reduction of Officer’s Base Salary, unless the reduction is in connection with, and commensurate with, reductions in
the salaries of all or substantially all senior officers of Umpqua; or 
 (b) A requirement for Officer to relocate to a
facility or location more than 30 miles from the location where Officer is currently employed. 
 7.3 Disability. For
purposes of this Agreement, “Disability” shall mean that (i) Officer has been unable to perform Officer’s duties under this Agreement as a result of Officer’s incapacity due to physical or mental illness for at least 90
consecutive calendar days or 150 calendar days during any consecutive 12 month period and (ii) a physician selected by Umpqua and its insurers and acceptable to Officer or Officer’s legal representative (with such agreement on
acceptability of the physician not to be unreasonably withheld), determines the incapacity to be (a) total and permanent and (b) prohibiting of Officer’s ability to perform the essential functions of Officer’s position with or
without reasonable accommodation. 
 7.4 Change in Control. For purposes of this Agreement, a “Change in
Control” shall be deemed to have occurred when any of the following events take place: 
 (a) Any person (including any
individual or entity), or persons acting in concert, become(s) the beneficial owner of voting shares representing fifty percent (50%) or more of Umpqua; 
 (b) A majority of the Board is removed from office by a vote of Umpqua’s shareholders over the recommendation of the Board then serving; or 
 (c) Umpqua is a party to a plan of merger or plan of exchange and upon consummation of such plan, the shareholders of Umpqua immediately
prior to the transaction do not own or continue to own (i) at least forty percent (40%) of the shares of the surviving company (if the then current CEO of Umpqua continues as CEO of the surviving organization), or (ii) at least a
majority of the shares of the surviving organization (if the then current CEO of Umpqua does not continue as CEO of the surviving organization). 
  

 3 

 8. PAYMENT UPON TERMINATION. Upon termination of Officer’s employment for any of
the reasons set forth in Section 6 above, Officer will receive payment for all Base Salary and benefits earned as of the date of Officer’s termination (“Earned Compensation”), which shall be paid by the end of the business day
following termination or sooner if required by applicable law. 
 9. SIGNING BONUS. Upon commencement of employment,
Officer will receive a $250,000 signing bonus that is subject to repayment if your employment terminates for any reason (other than Termination For Good Reason) on or before January 15, 2014. On each anniversary date of January 15,
commencing January 15, 2010, the amount of the signing bonus that is repayable will be reduced by 20% (or $50,000). If your employment terminates for any reason (other than Termination For Good Reason) prior to January 15, 2014, you will
be required to pay the then remaining balance of the signing bonus immediately upon termination. Officer hereby agrees and authorizes Umpqua to set-off and reduce the amount of any other payments owed to Officer upon termination (other than
Termination For Good Reason) by the then remaining balance of the signing bonus. 
 10. CHANGE IN CONTROL BENEFIT. After
announcement of a proposed Change in Control and for a period continuing for one year following a Change in Control, in the event of Termination Without Cause or Termination For Good Reason, Officer shall receive 24 months Base Salary, based on
Officer’s Base Salary just prior to the termination of employment, as well as 200% of the incentive compensation Officer received for services performed in the previous year (the aforementioned Base Salary and incentive are collectively
referred to as the “Change in Control Benefit”). Subject to Section 12.3 below, the Change in Control Benefit shall be paid in equal installments over 24 months, starting on the next regular payday following termination. Receipt of
the Change in Control Benefit is conditioned on Officer having executed the Separation Agreement in substantially the form attached hereto as Exhibit A and the revocation period having expired without Officer having revoked the Separation Agreement.
Receipt and continued receipt of the Change in Control Benefit is further conditioned on Officer not being in violation of any material term of this Agreement or in violation of any material term of the Separation Agreement. Officer shall not be
required to mitigate the amount of any payments under this Section (whether by seeking new employment or otherwise) and no such payment shall be reduced by earnings that Officer may receive from any other source, provided, however, that the
provisions of Section 14.2 related to forfeiture of payments under certain circumstances remain applicable. 
 11.
CHANGE IN CONTROL RETENTION INCENTIVE. If Officer remains employed for 12 months following a Change in Control, Officer will receive twelve (12) months Base Salary and 100% of the incentive compensation Officer received for services
performed in the previous year (the aforementioned Base Salary and incentive are collectively referred to as the “Retention Incentive”). The Retention Incentive shall be paid in equal installments over twelve (12) months, starting on
the next regular payday following the first anniversary of the Change in Control. Receipt of the Retention Incentive is conditioned on Officer not being in violation of any material term of this Agreement. If Officer receives a benefit under this
Section 11, such benefit shall cease when Officer begins to receive any benefit under Section 10. 
  

 4 

 12. LIMITATION ON BENEFITS. 
 12.1 IRC 280G Adjustment. If the benefit payments under this Agreement, either alone or together with other payments to which the
Officer is entitled to receive from Umpqua, would constitute an “excess parachute payment” as defined in Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), such benefit payments shall be reduced to
the largest amount that will result in no portion of benefit payments under this Agreement being subject to the excise tax imposed by Section 4999 of the Code. The determination of any reduction in the benefit payments pursuant to the foregoing
provisions, shall be made by mutual agreement of Umpqua and Officer or if no agreement is possible, by the Umpqua’s accountants. 
 12.2 Limitation on Change in Control Benefit. Notwithstanding any other provision in this Agreement, Umpqua shall make no payment of any benefit provided for herein to the extent that such payment would be prohibited by the
provisions of Part 359 of the regulations of the Federal Deposit Insurance Corporation (the “FDIC”) as the same may be amended from time to time, and if such payment is so prohibited, the Umpqua shall use its best efforts to secure the
consent of the FDIC or other applicable banking agencies to make such payments in the highest amount permissible, up to the amount provided for in this Agreement. 
 12.3 IRC 409A. To the extent the Change in Control Benefit is subject to Section 409A of the Code and Executive is deemed to be a “specified employee” within the meaning of
Section 409A(a)(2)(B)(i) of the Code, commencement of payment shall be delayed for six (6) months following Executive’s termination of employment and the first installment payment made in the seventh month following termination of
employment shall equal the aggregate installment payments Executive would have received during the first six months of the Installment Period (the “Aggregate Payments”), plus the payment Executive is otherwise entitled to receive for the
seventh month of the Installment Period. If Umpqua or Officer believe, at any time, that this Agreement does not comply with Section 409A, it will promptly advise the other party and will negotiate reasonably and in good faith to amend the
terms of the Agreement, if permitted under Section 409A, with the most limited possible economic effect on Umpqua and Officer, such that it complies. 
 13. EXECUTIVE SEVERANCE PLAN 
 13.1 In General. Those provisions of
this Agreement (including this Section) related to the Change in Control Benefit set forth in Section 10 constitute part of the terms of the Umpqua Holdings Corporation Executive Severance Plan (the “Executive Severance Plan”) with
respect to the Officer, and such terms and the general terms of the Executive Severance Plan, if any, established by Umpqua shall comprise the entirety of the Executive Severance Plan as it applies to the Officer. Umpqua intends for the Plan to be
considered a welfare benefit plan within the meaning of Section 3(1) of the Employee Retirement Income Security Act (“ERISA”), and a plan which is unfunded and maintained by Umpqua solely for the purpose of providing benefits for a
select group of management or highly compensated employees within the meaning

  

 5 

 
of ERISA Regulation Section 2520.104-24. A copy of the Executive Severance Plan (if an Executive Severance Plan separate from or in addition to the terms of this Section 13 is
established) will be furnished to the Officer upon request. 
 13.2 Administration of Executive Severance Plan.
Umpqua’s Chief Executive Officer and Human Resources Director are each plan administrators (the “Plan Administrator”) of the Executive Severance Plan and the Plan Administrator shall have the discretionary authority to administer and
construe the terms of the Executive Severance Plan, including the authority to decide if Officer is entitled to the Change in Control Benefit or Retention Incentive and the authority to determine if there is Termination For Cause or Termination For
Good Reason. 
 13.3 Claims Procedures. The Officer may file a claim for a payment under the Executive Severance Plan by
filing a written request for such a payment with the Plan Administrator. If the Plan Administrator prescribes a form for such a claim, the claim must be filed on such form. The claim should be sent to the attention of the Plan Administrator of the
Executive Severance Plan at the address set forth for Umpqua in Section 20. 
 If the Plan Administrator denies the claim,
in whole or in part, the Plan Administrator shall notify the Officer within 90 days of the Plan Administrator’s receipt of the claim, unless the Plan Administrator determines that special circumstances require an extension of time for
processing the claim. If the Plan Administrator determines that an extension of time is required, written notice of the extension shall be furnished to Officer prior to the termination of the initial 90-day period. Such extension notice shall
indicate the special circumstances and the date by which the Plan Administrator expects to issue a determination with respect to the claim. The period of the extension will not exceed 90 days beyond the termination of the original 90-day
period. If the Plan Administrator does not provide written notice, Officer may deem the claim denied and seek review according to the appeals procedures set forth below. 
 The notice of denial of Officer’s claim shall state: 
 a. the specific reasons
for the denial; 
 b. specific references to pertinent provisions of the Executive Severance Plan on which the denial was based;

 c. a description of any additional material or information needed for Officer to perfect his or her claim and an explanation
of why the material or information is needed; and 
 d. a statement (1) that Officer may request a review upon written
application to the Plan Administrator, review or receive (free of charge) pertinent Plan documents and records, and submit issues and comments in writing, (2) that any appeal that Officer wishes to make of the adverse determination must be in
writing to the Plan Administrator within sixty (60) days after the Officer receives notice of denial of benefits, and (3) that Officer may bring a civil action under ERISA Section 502(a) following an adverse benefit determination upon
review. 
  

 6 

 The notice of denial of benefits shall specify that Officer must forward any appeal to the
Plan Administrator at the address provided in such notice. The notice may state that failure to appeal the action to the Plan Administrator in writing within the sixty (60) day period will render the determination final, binding and conclusive.

 If Officer appeals to the Plan Administrator, Officer may submit in writing whatever issues and comments he or she believes
to be pertinent. The Plan Administrator shall reexamine all facts related to the appeal and make a final determination about whether the denial of benefits is justified under the circumstances. The Plan Administrator shall advise Officer in writing
of: 
 a. its decision on appeal; 
 b. the specific reasons for the decision; 
 c. the specific provisions of the Plan
on which the decision is based; and 
 d. Officer’s right to receive, upon request and free of charge, reasonable access
to, and copies of, all relevant documents and records. 
 Notice of the Plan Administrator’s decision shall be given within
sixty (60) days of Officer’s written request for review, unless additional time is required due to special circumstances. In no event shall the Plan Administrator render a decision on an appeal later than one hundred twenty (120) days
after receiving a request for a review. If the Plan Administrator fails to provide a decision with respect to Officer’s appeal within the 60 (or, if applicable, 120) day period Officer may deem his or her appeal denied and may pursue the
arbitration remedy set forth below. 
 In the event that Officer fails to pursue his or her administrative remedies as set forth
above within the specified periods, he shall have no further right to the benefits subject to his or her claim and agrees by executing this Agreement that he or she shall have no right to pursue such claim in arbitration or in a court of law.

 For purposes of this Claims Procedure under the Executive Severance Plan, Officer may act through a representative authorized
in writing to act on his behalf, provided that such authorization is furnished to the Plan Administrator. 
 In the event
that Umpqua denies the Officer’s appeal of the denial of his or her claim, in whole or in part, Umpqua and Officer’s may agree to submit the Plan Administrator’s decision to binding arbitration in lieu of Officer’s right to
pursue his claim in any court of law. 
  

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 14. NONCOMPETITION. 
 14.1 Competition Restriction. During Officer’s employment and for the period of time in which Officer is entitled to payment of a
Change in Control Benefit or Retention Incentive, Officer shall not engage in any activity as an officer, director, owner (except for an ownership of less than three percent (3%) of any publicly traded security), employee, consultant, or
otherwise of a financial services company with an office or doing business within 50 miles of any office or branch of Umpqua or of any of its subsidiaries in existence at the time of termination of Officer’s employment. 
 14.2 Consequence of Breach. If Officer breaches the covenant not to compete in Section 14.1, Officer shall forfeit any remaining
payments under the Change in Control Benefit or Retention Incentive, to which Officer is entitled under this Agreement. 
 14.3
Subsequent Employer Notification. Officer agrees to give Umpqua, at the time of termination of employment, a declaration under penalty of perjury of the name of Officer’s new employer, if known, or if not known, that
subsequent employer is not known. Officer further agrees to disclose to Umpqua, during the period of payment of any benefit under this Agreement, the name of any subsequent employer, wherever located and regardless of whether such employer is a
competitor of Umpqua. 
 14.4 Acknowledgment of Notice. Officer acknowledges that he was informed in a written employment
offer received at least two weeks before the first day of the employment that a noncompetition agreement is required as a condition of employment. 
 15. NON-SOLICITATION. For a period of two (2) years following termination of employment (the “Restriction Period”), Officer shall not solicit any customer of Umpqua or of any of its
subsidiaries for services or products then provided by Umpqua or any of its subsidiaries. For purposes of this Section, “customers” are defined as (a) all customers serviced by Umpqua or any of Umpqua’s subsidiaries at any time
within 12 months before termination of Officer’s employment, (b) all customers and potential customers whom Umpqua or any of Umpqua’s subsidiaries, with the knowledge or participation of Officer, actively solicited at any time within
12 months before termination of Officer’s employment, and (c) all successors, owners, directors, partners and management personnel of the customers just described in (a) and (b). 
 16. NONRAIDING OF EMPLOYEES. Officer recognizes that Umpqua’s workforce is a vital part of its business; therefore, Officer
agrees that for the Restriction Period, Officer will not to directly or indirectly solicit any employee to leave his or her employment with Umpqua or any of Umpqua’s subsidiaries. This includes that Officer will not (a) disclose to any
third party the names, backgrounds or qualifications of any Umpqua or any of Umpqua subsidiary’s employees or otherwise identify them as potential candidates for employment, or (b) personally or through any other person approach, recruit,
interview or otherwise solicit employees of Umpqua or any of Umpqua’s subsidiaries to work for any other employer. For purposes of this Section, employees include all employees working for Umpqua or any of Umpqua’s subsidiaries at the time
of termination of Officer’s employment. 
 17. CONFIDENTIAL INFORMATION. The parties acknowledge that in the course
of Officer’s duties, Officer will have access to and become familiar with certain proprietary and

  

 8 

 
confidential information of Umpqua and its subsidiaries not known by its actual or potential competitors. Officer acknowledges that such information constitutes valuable, special, and unique
assets of Umpqua’s business, even though such information may not be of a technical nature and may not be protected under trade secret or related laws. Officer agrees to hold in a fiduciary capacity and not use for Officer’s benefit, nor
reveal, communicate, or divulge during the period of Officer’s employment with Umpqua or at any time thereafter, and in any manner whatsoever, any such data and confidential information of any kind, nature, or description concerning any matters
affecting or relating to Umpqua’s business, its customers, or its services, including information developed by Officer, alone or with others, or entrusted to Umpqua by its customers or others, to any person, firm, entity, or company other than
Umpqua or persons, firms, entities, or companies designated by Umpqua. Officer agrees that all memoranda, notes, records, papers, customer files, and other documents, and all copies thereof relating to Umpqua’s operations or business, or
matters related to any of Umpqua’s customers, some of which may be prepared by Officer, and all objects associated therewith in any way obtained by Officer, shall be Umpqua’s property (“Umpqua Property”). Upon termination or at
Umpqua’s request, Officer shall promptly return all the Umpqua Property to Umpqua. 
 18. REASONABLENESS OF RESTRICTION
PERIOD; EQUITABLE RELIEF. Officer acknowledges and agrees that the restrictive covenants in Sections 14, 15, 16, and 17 are fair and reasonable and are the result of negotiation between Umpqua and Officer (and Officer’s counsel, if Officer
has sought the benefit of counsel). Officer further acknowledges and agrees that the covenants and obligations in this Agreement relate to special, unique, and extraordinary matters and that a violation of any of the terms of the covenants and
obligations will cause irreparable injury to Umpqua, for which adequate remedies are not available at law. Therefore, Officer agrees that Umpqua shall be entitled to an injunction, restraining order, or such other equitable relief as a court of
competent jurisdiction may deem necessary or appropriate to restrain the Officer from committing any violation of the covenants and obligations set forth in Sections 14.3, 15, 16 and 17 of this Agreement. These injunctive remedies are cumulative and
are in addition to any other rights and remedies Umpqua may have at law or in equity. If Umpqua institutes an action to enforce the provisions hereof, Officer hereby waives the claim or defense that an adequate remedy at law is available, and
Officer agrees not to urge in any such action the claim or defense that an adequate remedy at law exists. 
 19. DISPUTE
RESOLUTION. 
 19.1 Arbitration. Except where such matters are deemed governed by ERISA and are the subject to
Section 13 above, the parties agree to submit any dispute arising under this Agreement to final, binding, private arbitration in Portland, Oregon. The disputes subject to arbitration include not only disputes involving the meaning or
performance of the Agreement, but disputes about its negotiation, drafting, or execution. The dispute will be determined by a single arbitrator and governed by then-existing rules of arbitration procedure in Multnomah County Circuit Court except as
set forth herein. Instead of filing of a civil complaint in Multnomah County Circuit Court, a party will commence the arbitration process by noticing the other party. The parties will choose an arbitrator who specializes in employment conflicts from
the arbitration list for Multnomah County Circuit Court. If the parties are unable to agree on an arbitrator within ten (10) days of receipt of the list of arbitrators, each party will select one

  

 9 

 
attorney from the list, and those two attorneys shall select the arbitrator from the list (with each of the two selecting attorneys then concluding their services and each being compensated by
the party selecting each attorney, subject to recovery of such fees under Section 19.2). The arbitrator may charge his or her standard arbitration fees rather than the fees prescribed in the Multnomah County Circuit Court arbitration
procedures. The arbitrator will have full authority to determine all issues, including arbitrability, to award any remedy, including permanent injunctive relief, and to determine any request for attorneys’ fees, costs and expenses in accordance
with Section 19.2. There shall be no right of review in court. The arbitrator’s award may be reduced to final judgment or decree in Multnomah County Circuit Court. 
 19.2 Expenses/Attorneys’ Fees. The prevailing party shall be awarded all costs and expenses of the proceeding, including, but
not limited to, attorneys’ fees, filing and service fees, witness fees, and arbitrators’ fees. If arbitration is commenced, the arbitrator will have full authority and complete discretion to determine the “prevailing party” and
the amount of costs and expenses to be awarded. 
 19.3 Injunctive Relief. Notwithstanding any other provision of this
Agreement, an aggrieved party may seek a temporary restraining order or preliminary injunction in Multnomah County Circuit Court to preserve the status quo during the arbitration proceeding, provided however, that the party seeking relief agrees
that ultimate resolution of the dispute will still be determined through arbitration and not through court process. The filing of the court action for injunctive relief shall not hinder or delay the arbitration process. 
 20. NOTICES. All notices, requests, demands, and other communications provided for by this Agreement will be in writing and shall be
deemed sufficient upon receipt, when delivered personally or by a nationally-recognized delivery service (such as Federal Express), or three (3) business days after being deposited in the U.S. mail as certified mail, return receipt requested,
with postage prepaid, if such notice is properly addressed. Unless otherwise changed in writing, notice shall be properly addressed to Officer if addressed to the address of Officer on Umpqua’s books and records at the time of mailing of such
notice, and properly addressed to Umpqua if addressed to Umpqua Holdings Corporation, One SW Columbia, Suite 1200, Portland, Oregon 97258, Attention: Chief Executive Officer. 
 21. BENEFICIARIES. 
 21.1 Beneficiary Designations. The Officer shall designate a beneficiary by filing a written designation with Umpqua. The Officer may revoke or modify the designation at any time by filing a new designation. However,
designations will only be effective if signed by the Officer and received by Umpqua during the Officer’s lifetime. The Officer’s beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Officer or if
the Officer names a spouse as beneficiary and the marriage is subsequently dissolved. If the Officer dies without a valid beneficiary designation, all payments shall be made to the Officer’s estate. 
 21.2 Facility of Payment. If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of
handling the disposition of his or her property,

  

 10 

 
Umpqua may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. Umpqua may require proof of
incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge Umpqua from all liability with respect to such benefit. 
 22. GENERAL PROVISIONS. 
 22.1 Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by federal ERISA, as it relates to the Change in Control Benefit as discussed in
Section 13 above, and otherwise by the laws of the State of Oregon. 
 22.2 Saving Provision. If any part of this
Agreement is held to be unenforceable, it shall not affect any other part. If any part of this Agreement is held to be unenforceable as written, it shall be enforced to the maximum extent allowed by applicable law. 
 22.3 Survival Provision. If any benefits provided in Sections 9, 10, or 11 of this Agreement are still owed, or claims pursuant to
Section 13 are still pending, at the time of termination of this Agreement, this Agreement shall continue in force, with respect to those obligations or claims, until such benefits are paid in full or claims are resolved in full. The
noncompetition, nonsolicitation, non-raiding, confidential information, and dispute resolution provisions of this Agreement shall survive after termination of this Agreement, and shall be enforceable regardless of any claim Officer may have against
Umpqua. 
 22.4 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original,
but all of which together will constitute one and the same instrument. 
 22.5 Entire Agreement. This Agreement
constitutes the sole agreement of the parties regarding Officer’s benefits in the event of termination or Change in Control and together with Umpqua’s employee handbook governs the terms of Officer’s employment. Where there is a
conflict between the employee handbook and this Agreement, the terms of this Agreement shall govern. 
 22.6 Previous
Agreements. This Agreement supersedes all prior oral and written agreements between the Officer and Umpqua, or any affiliates or representatives of Umpqua regarding the subject matters set forth herein. 
 22.7 Waiver/Amendment. No waiver of any provision of this Agreement shall be valid unless in writing, signed by the party against
whom the waiver is sought to be enforced. The waiver of any breach of this Agreement or failure to enforce any provision of this Agreement shall not waive any later breach. This Agreement may only be amended by a writing signed by the parties.

 22.8 Assignment. Officer shall not assign or transfer any of Officer’s rights pursuant to this Agreement, wholly
or partially, to any other person or to delegate the

  

 11 

 
performance of its duties under the terms of this Agreement. The rights and obligations of Umpqua under this Agreement shall inure to the benefit of and be binding in each and every respect upon
the direct and indirect successors and assigns of Umpqua, regardless of the manner in which the successors or assigns succeed to the interests or assets of Umpqua. This Agreement shall not be terminated by the voluntary or involuntary dissolution of
Umpqua, by any merger, consolidation or acquisition where Umpqua is not the surviving corporation, by any transfer of all or substantially all of Umpqua’s assets, or by any other change in Umpqua’s structure or the manner in which
Umpqua’s business or assets are held. Officer’s employment shall not be deemed terminated upon the occurrence of one of the foregoing events. In the event of any merger, consolidation or transfer of assets, this Agreement shall be binding
upon and shall inure to the benefit of the surviving corporation or the corporation to which the assets are transferred. 
 23.
ADVICE OF COUNSEL. Officer acknowledges that, in executing this Agreement, Officer has had the opportunity to seek the advice of independent legal counsel, and has read and understood all of the terms and provisions of this Agreement. This
Agreement shall not be construed against any party by reason of the drafting or preparation hereof. 
 24. PRIOR
EMPLOYMENT. 
 Officer has informed Umpqua that Officer is not aware of any agreement with RBC Wealth Management (“RBC”) that
would restrict solicitation of RBC employees or clients by Officer or Umpqua. Officer will not bring to us or use “confidential information” in violation of Officer’s obligations to RBC. Officer agrees to indemnify, defend and hold
Umpqua harmless from any claims asserted or brought by RBC arising from Officer’s employment with RBC. If any such claims are asserted against Officer or Umpqua, Umpqua will make available appropriate internal resources to assist in the defense
of those claims. However, Officer will be responsible for paying the cost of outside counsel and other out of pocket litigation or arbitration expenses that are incurred to defend Officer or Umpqua. 
  

			
	UMPQUA HOLDINGS CORPORATION
		
	By:	 	  

		 	Raymond P. Davis, Chief Executive Officer
	
	OFFICER
		
		 	  

		 	Kelly Johnson

  

 12 

 Exhibit A 
 EMPLOYMENT SEPARATION AGREEMENT AND RELEASE OF CLAIMS 
 This is a confidential agreement (this “Separation Agreement”) between you,
                            , and us, Umpqua Holdings Corporation, except to the extent Umpqua is
required to disclose the terms of this agreement under applicable law. This Separation Agreement is dated for reference purposes
                    , 20    , which is the date we delivered this Separation Agreement to you for your
consideration. For purposes of this Separation Agreement Umpqua Holdings Corporation together with each of its subsidiaries or affiliates is referred to as “Umpqua.” 
 1. Termination of Employment. Your employment terminates [or was terminated] on
                    , 20     (the “Separation Date”). 
 2. Payments. In exchange for your agreeing to the release of claims and other terms in this Separation Agreement, we will pay you the
Change in Control Benefit specified in Section 10, as appropriate, of the Agreement between you and Umpqua dated
                         (the “Employment Agreement”) on the dates provided therein (or on such other date or
dates as may be mutually agreed upon by you and Umpqua or our successor). Such provisions of the Employment Agreement are incorporated herein by reference. You acknowledge that we are not obligated to make these payments to you unless you comply
with the provisions in Sections 14 through 22 of the Employment Agreement, which is incorporated herein by reference and otherwise comply with the material terms of the Employment Agreement and of this Separation Agreement. 
 3. COBRA Continuation Coverage. Your normal employee participation in Umpqua’s group health coverage will terminate on the
Separation Date. Continuation of group health coverage thereafter will be made available to you and your dependents pursuant to federal law (COBRA). Continuation of group health coverage after the Separation Date is entirely at your expense, as
provided under COBRA. 
 4. Termination of Benefits. Except as provided in Section 3 above, your participation in
all employee benefit plans and programs ended on the Separation Date. Your rights under any pension benefit or other plans in which you may have participated will be determined in accordance with the written plan documents governing those plans.

 5. Full Payment. You acknowledge having received full payment of all compensation of any kind (including wages,
salary, vacation, sick leave, commissions, bonuses and incentive compensation) that you earned as a result of your employment by us except, if applicable, the Change in Control Benefit described in Section 2 above. 
 6. No Further Incentive Compensation. Any and all agreements to pay you bonuses or other incentive compensation are terminated. You
understand and agree that you have no right to receive any further payments for bonuses or other incentive compensation. We owe no further compensation or benefits of any kind, except as described in Section 2 above. 
 7. Release of Claims. 
 (a) You hereby release (i) Umpqua and its subsidiaries, affiliates, and benefit plans, (ii) each of Umpqua’s past and present shareholders, officers, directors, agents, employees,
representatives, administrators, fiduciaries and attorneys, and (iii) the predecessors, successors, transferees and assigns of each of the persons and entities described in this sentence, from any and all claims of any kind, known or unknown,
that arose on or before the date you signed this Separation Agreement. 
  

 1 

 (b) The claims you are releasing include, without limitation, claims of wrongful
termination, claims of constructive discharge, claims arising out of employment agreements, representations or policies related to your employment, claims arising under federal, state or local laws or ordinances prohibiting discrimination or
harassment or requiring accommodation on the basis of age, race, color, national origin, religion, sex, disability, marital status, sexual orientation or any other status, claims of failure to accommodate a disability or religious practice, claims
for violation of public policy, claims of retaliation, claims of failure to assist you in applying for future position openings, claims of failure to hire you for future position openings, claims for wages or compensation of any kind (including
overtime claims), claims of tortious interference with contract or expectancy, claims of fraud or negligent misrepresentation, claims of breach of privacy, defamation claims, claims of intentional or negligent infliction of emotional distress,
claims of unfair labor practices, claims arising out of any claimed right to stock or stock options, claims for attorneys’ fees or costs, and any other claims that are based on any legal obligations that arise out of or are related to your
employment relationship with us. 
 (c) You specifically waive any rights or claims that you may have under the Oregon Civil
Rights and Unlawful Employment Practices Statutes (ORS Chapter 659), the Oregon Wage and Hour Laws (ORS Chapter 652), the Civil Rights Act of 1964 (including Title VII of that Act), the Equal Pay Act of 1963, the Age Discrimination in
Employment Act of 1967 (ADEA), the Americans with Disabilities Act of 1990 (ADA), the Fair Labor Standards Act of 1938 (FLSA), the Family and Medical Leave Act of 1993 (FMLA), the Worker Adjustment and Retraining Notification Act (WARN), the
Employee Retirement Income Security Act of 1974 (ERISA), the National Labor Relations Act (NLRA), and all similar federal, state and local laws. 
 (d) You agree not to seek any personal recovery (of money damages, injunctive relief or otherwise) for the claims you are releasing in this Separation Agreement, either through any complaint to any
governmental agency or otherwise. You agree never to start any lawsuit or arbitration asserting any of the claims you are releasing in this Separation Agreement. You represent and warrant that you have not initiated any complaint, charge, lawsuit or
arbitration involving any of the claims you are releasing in this Separation Agreement. Should you apply for future employment with Umpqua, Umpqua has no obligation to consider you for future employment. 
 (e) You represent and warrant that you have all necessary authority to enter into this Separation Agreement (including, if you are married,
on behalf of your marital community) and that you have not transferred any interest in any claims to your spouse or to any third party. 
 (f) This Separation Agreement does not affect your rights, if any, to receive pension plan benefits, medical plan benefits, unemployment compensation benefits or workers’ compensation benefits. This
Separation Agreement also does not affect your rights, if any, under agreements, bylaw provisions, insurance or otherwise, to be indemnified, defended or held harmless in connection with claims that may be asserted against you by third parties.

 (g) You understand that you are releasing potentially unknown claims, and that you have limited knowledge with respect to
some of the claims being released. You acknowledge that there is a risk that, after signing this Separation Agreement, you may learn information that might have affected your decision to enter into this Separation Agreement. You assume this risk and
all other risks of any mistake in entering into this Separation Agreement. You agree that this release is fairly and knowingly made. 
 (h) You are giving up all rights and claims of any kind, known or unknown, except for the rights specifically given to you in this Separation Agreement. 
  

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 8. No Admission of Liability. Neither this Separation Agreement nor the payments made
under this Separation Agreement are an admission of liability or wrongdoing by Umpqua. 
 9. Umpqua Materials. You
represent and warrant that you have, or no later than the Separation Date will have, returned all keys, credit cards, documents and other materials that belong to us, including but not limited to the Umpqua Property, as defined in Section 17 of
the Employment Agreement, which definition is incorporated herein by reference. 
 10. Nondisclosure Agreement. You will
comply with the covenant regarding confidential information in Section 17 of the Employment Agreement, which covenant is incorporated herein by reference. 
 11. No Disparagement. You may not disparage Umpqua or Umpqua’s business or products, and may not encourage any third parties to sue Umpqua. 
 12. Cooperation Regarding Other Claims. If any claim is asserted by or against Umpqua as to which you have relevant knowledge,
you will reasonably cooperate with us in the prosecution or defense of that claim, including by providing truthful information and testimony as reasonably requested by us. 
 13. Noncompetition; Nonsolicitation; No interference. During the Restriction Period, as defined in Section 15 of the Employment
Agreement, you will comply with Sections 14 through 22 of the Employment Agreement, incorporated herein by reference and Umpqua will have the right to enforce those provisions under the terms of Section 18 of the Employment Agreement,
incorporated herein by reference. After the Restriction Period, you will not, apart from good faith competition, interfere with Umpqua’s relationships with customers, employees, vendors, or others. 
 14. Independent Legal Counsel. You are advised and encouraged to consult with an attorney before signing this Separation Agreement.
You acknowledge that you have had an adequate opportunity to do so. 
 15. Consideration Period. You have 21 days from
the date this Separation Agreement is given to you to consider this Separation Agreement before signing it. You may use as much or as little of this 21-day period as you wish before signing. If you do not sign and return this Separation Agreement
within this 21-day period, you will not be eligible to receive the benefits described in this Separation Agreement. 
 16. Revocation Period and Effective Date. You have 7 calendar days after signing this Separation Agreement to revoke it. To revoke this Separation Agreement after signing it, you must
deliver a written notice of revocation to Umpqua’s Chief Executive Officer before the 7-day period expires. This Separation Agreement shall not become effective until the 8th calendar day after you sign it. If you revoke this Separation Agreement it will not become effective or enforceable
and you will not be entitled to the benefits described in this Separation Agreement. 
 17. Governing Law. This
Separation Agreement is governed by the laws of the State of Oregon that apply to contracts executed and to be performed entirely within the State of Oregon. 
 18. Dispute Resolution. 
 (a) Except where such matters are deemed governed
by ERISA or are the subject to Section 7 above, the parties agree to submit any dispute arising under this Separation Agreement to final, binding, private arbitration in Portland, Oregon. The disputes subject to arbitration include not only
disputes involving the meaning or performance of the Separation Agreement, but disputes about its

  

 3 

 
negotiation, drafting, or execution. The dispute will be determined by a single arbitrator and governed by the then-existing rules of arbitration procedure in Multnomah County Circuit Court
except as set forth herein. Instead of filing of a civil complaint in Multnomah County Circuit Court, a party will commence the arbitration process by noticing the other party. The parties will choose an arbitrator who specializes in employment
conflicts from the arbitration list for Multnomah County Circuit Court. If the parties are unable to agree on an arbitrator within ten (10) days of receipt of the list of arbitrators, each party will select one attorney from the list, and those
two attorneys shall select the arbitrator from the list (with each of the two selecting attorneys then concluding their services and each being compensated by the party selecting each attorney, subject to recovery of such fees under subsection
(b) of this Section). The arbitrator may charge his or her standard arbitration fees rather than the fees prescribed in the Multnomah County Circuit Court arbitration procedures. The arbitrator will have full authority to determine all issues,
including arbitrability, to award any remedy, including permanent injunctive relief, and to determine any request for attorneys’ fees, costs and expenses in accordance with subsection (b) of this Section. There shall be no right of review
in court. The arbitrator’s award may be reduced to final judgment or decree in Multnomah County Circuit Court. 
 (b) The
prevailing party shall be awarded all costs and expenses of the proceeding, including, but not limited to, attorneys’ fees, filing and service fees, witness fees, and arbitrators’ fees. If arbitration is commenced, the arbitrator will have
full authority and complete discretion to determine the “prevailing party” and the amount of costs and expenses to be awarded. 
 (c) Notwithstanding any other provision of this Separation Agreement, an aggrieved party may seek a temporary restraining order or preliminary injunction in Multnomah County Circuit Court to preserve the
status quo during the arbitration proceeding, provided however, that the party seeking relief agrees that ultimate resolution of the dispute will still be determined through arbitration and not through court process. The filing of the court action
for injunctive relief shall not hinder or delay the arbitration process. 
 19. Saving Provision. If any part of
this Separation Agreement is held to be unenforceable, it shall not affect any other part. If any part of this Separation Agreement is held to be unenforceable as written, it shall be enforced to the maximum extent allowed by applicable law.

 20. Final and Complete Agreement. Except for the Employment Agreement to the extent it is expressly
incorporated herein by reference, this Separation Agreement is the final and complete expression of all agreements between us on all subjects and supersedes and replaces all prior discussions, representations, agreements, policies and practices. You
acknowledge you are not signing this Separation Agreement relying on anything not set out herein. 
  

			
	Umpqua Holdings Corporation
		
	By:	 	  

			
		
	Title:	 	  

 I, the undersigned, having been advised to consult with an attorney, hereby agree to be bound by this Separation Agreement and confirm that I have read and understood each part of it. 

 

	
	  

	
	  
	Date

  

 4 

 BENEFICIARY DESIGNATION 
 for 
 UMPQUA HOLDINGS CORPORATION 
 EMPLOYMENT AGREEMENT 
 I designate the following as beneficiary of any payment or other benefits under my Employment Agreement payable following my death: 
  

			
	Primary:	 	  

  

			
	Contingent:	 	
	  
	 	

  

			
	Note:	 	To name a trust as beneficiary, please provide the name of the trustee(s) and the exact name and date of the trust agreement.

 I understand that I may change these beneficiary designations by filing a new written designation with Umpqua. I further understand that the designations
will be automatically revoked if the beneficiary predeceases me, or, if I have named my spouse as beneficiary and our marriage is subsequently dissolved. 
  

			
	Signature:	 	  

			
		
	Printed Name:	 	  

  

									
	Date:	 	  
	  		  		  	

															
								
	Received by Umpqua this	 	                      
	 	day of	 	                                      
	 	,	 	                                  
	 	.	  	

  

					
	By:	 	  
	 	
	Name:	 	  
	 	
	Title:	 	  
	 	

  

 5

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