Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) by and between SP Plus Corporation, a Delaware corporation (the “Company”) and Vance Johnston (the “Executive”), is entered into and signed on March 25, 2014 and effective as of March 3, 2014 (the “Effective Date”).

 

RECITALS

 

A.            The Company is in the business of providing an array of commercial and residential property management services, including, operating private and public parking facilities for itself, its subsidiaries, affiliates and others, and as a consultant and/or manager for parking facilities operated by others throughout the United States and Canada, providing on-street and off-street parking enforcement, residential and commercial property management services, security services for commercial establishments and airport and urban transportation services (the Company and its subsidiaries and affiliates and other Company-controlled businesses engaged in parking garage management (in each case including their predecessor’s or successor’s) are referred to hereinafter as the “Parking Companies”).

 

B.            In the course of Executive’s employment hereunder, Executive has and will continue to have access to highly confidential and proprietary information of the Parking Companies and their clients, including without limitation the information referred to in paragraph 6 below.

 

C.            The Company and Executive desire to commence Executive’s employment relationship with the Company, effective March 3, 2014, on and subject to the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of: (i) the foregoing premises, (ii) the mutual covenants and agreements herein contained and/or (iii) the salary continuation payment payable on termination, the Company and Executive hereby covenant and agree as follows:

 

1.             Employment Period.  This Agreement shall become effective as of the Effective Date and, unless otherwise expressly set forth in this Agreement.

 

The Company shall employ the Executive, and the Executive shall serve the Company, on the terms and conditions set forth in this Agreement, for a period commencing on the Effective Date ending one (1) year thereafter (the “Employment Period”). The Employment Period shall automatically extend for additional terms of one (1) year each (individually referred to as a “Renewal Period” and in the plural as the “Renewal Periods”) unless the Company or Executive shall have given notice in writing of their intention not to renew the Agreement not less than ninety (90) days prior to the expiration of the Employment Period or any applicable Renewal Period.  The Employment Period, as extended by one or more Renewal Periods, shall hereinafter be deemed to be the Employment Period.  Notwithstanding any such termination, all of the terms and provisions set forth in paragraph 6 of this Agreement shall remain in full force and effect.

 

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2.             Position and Duties.  Beginning on the Effective Date and continuing until the first business day following the Company’s filing with the Securities Exchange Commission (“SEC”) of  its annual report on Form 10-K for 2013, the Executive shall serve as the Executive Vice President, Finance. On the first business day following the Company’s filing of its annual report on Form 10-K with the SEC and during the remaining Employment Period, the Executive shall serve as the Executive Vice President, Chief Financial Officer and Treasurer of the Company, with the duties, authority and responsibilities as are commensurate with such position and as are customarily associated with such position.  Executive shall hold such other positions in the Company or any of the other Parking Companies as may be assigned to him from time to time by the Chief Executive Officer of the Company or his designee.  During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive shall devote full attention and time during normal business hours to the business and affairs of the Company and, to the extent necessary to discharge the responsibilities assigned to the Executive under this Agreement, use the Executive’s reasonable best efforts to carry out such responsibilities faithfully and efficiently.  The Executive shall not, during the term of this Agreement, engage in any other business activities that will interfere with the Executive’s employment pursuant to this Agreement, it being agreed that the Executive may engage in, and may retain any fees payable as a result of, speaking or writing activities or service as a director of a non-competing company (provided, however, that the Executive’s acceptance of any such directorship shall be subject to the prior approval of the Company’s Chief Executive Officer) so long as such engagements do not interfere with Executive’s employment and duties pursuant to this Agreement.  Executive shall discharge his duties and responsibilities under this Agreement in accordance with the Company’s Code of Conduct presently in effect or as amended and modified from time to time hereafter.

 

3.             Compensation.

 

(a)           Base Salary.  Commencing as of the Effective Date, the Executive shall receive base salary at the annual rate of Four Hundred Thousand Dollars ($400,000) (the “Annual Base Salary”). The Annual Base Salary shall be payable in accordance with the Company’s normal payroll practice for executives as in effect from time to time, and shall be subject to review annually in accordance with the Company’s review policies and practices for executives as in effect at the time of any such review. At no time during the Employment Period shall the Annual Base Salary be reduced below the base salary in effect as of the Effective Date (the “Base Minimum Salary”) except (i) for Cause (as defined in paragraph 4(b) below), or (ii) the Executive’s duties and responsibilities have been reduced at the Executive’s request.

 

(b)           Bonus.  For the 2014 calendar year, and each subsequent calendar year ending during the Employment Period, the Executive shall be eligible to receive an annual bonus (the “Annual Bonus”) based upon terms and conditions of an annual bonus program established for the Executive by the Company (the “Annual Bonus Program”).  It currently is expected that the Annual Bonus will be paid in the month of March following the calendar year in which the Annual Bonus is earned. In all events, the Executive’s target Annual Bonus (the “Target Annual Bonus”) throughout the Employment Period will be determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”), with the actual amount of the Annual Bonus being determined in relation to the Target Annual Bonus in accordance with the terms of the Annual Bonus Program as approved annually by the Compensation Committee. The Compensation Committee may alter or reduce the Target Annual Bonus in its discretion. Should

 

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the Compensation Committee reduce the Executive’s Target Annual Bonus, such reduction shall be made in the same proportion as any reduction for similarly-situated executives of the Company. Any such uniformly applied reduction to the Executive’s Target Annual Bonus shall not constitute “Good Reason” for purposes of Section 4(c)(ii) of this Agreement provided it is not less than the Minimum Target Bonus.

 

(c)          Equity Plan.          The Executive shall be entitled to participate in the Company’s Equity Plan (the “Equity Plan”) on a similar basis as similarly situated executives of the Company in accordance with the terms and conditions of the Equity Plan.

 

(d)           Other Benefits. In addition to the foregoing, during the Employment Period:  (i) the Executive shall be entitled to participate in savings, retirement, and fringe benefit plans, practices, policies and programs of the Company as in effect from time to time, including, but not limited to the Company’s 401(k) plan, the Non-Qualified Deferred Compensation (NQDC) program on the same terms and conditions as those applicable to peer executives; (ii) the Executive shall be entitled to four (4) weeks of annual vacation, to be taken in accordance with the Company’s vacation policy as in effect from time to time; and (iii) the Executive and the Executive’s family shall be eligible for participation in, and shall receive all benefits under group medical, disability and other welfare benefit plans, practices, policies and programs provided by the Company, as in effect from time to time, on the same terms and conditions as those applicable to peer executives.

 

(e)           Business Expenses.             Executive shall be reimbursed by the Company for those business expenses authorized by the Company and those for which are necessarily and reasonably incurred on behalf of the Company and which may be properly deducted by the Company as business expenses for federal tax purposes.

 

4.             Termination of Employment.

 

(a)           Death or Disability.  In the event of the Executive’s death during the Employment Period, the Executive’s employment with the Company shall terminate automatically.  The Company, in its discretion, shall have the right to terminate the Executive’s employment because of the Executive’s Disability during the Employment Period.  For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company on a full-time basis for 180 consecutive business days, or for periods aggregating 180 business days in any period of twelve months, as a result of incapacity due to mental or physical illness or injury which is determined to be total and permanent by a physician selected by the Company or its insurers.  A termination of the Executive’s employment by the Company for Disability shall be communicated to the Executive by written notice, and shall be effective on the 30th day after receipt of such notice by the Executive (the “Disability Effective Date”), unless the Executive returns to full-time performance of the Executive’s duties before the Disability Effective Date.

 

(b)           By the Company.  In addition to termination for Disability, the Company may terminate the Executive’s employment during the Employment Period for Cause or without Cause.  “Cause” means:

 

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(i)            the continued and willful or deliberate failure of the Executive to substantially perform the Executive’s duties, or to comply with the Executive’s obligations, under this Agreement (other than as a result of physical or mental illness or injury); or

 

(ii)           illegal acts or misconduct by the Executive, in either case that is willful and results in material damage to the business or reputation of the Company.

 

Upon the occurrence of events constituting Cause as defined in subsection (i) of this paragraph 4(b), the Company shall give the Executive advance notice of any such termination for Cause and shall provide the Executive with a reasonable opportunity to cure.

 

(c)           Voluntarily by the Executive.  The Executive may terminate his employment by giving written notice thereof to the Company, provided, however, that if Executive terminates his employment for Good Reason, such termination shall not be considered a voluntary termination by Executive and Executive shall be treated as if he had been terminated by the Company pursuant to paragraph 5(a) below.  “Good Reason” means any of the following:

 

(i)            a reduction in the Executive’s Annual Base Salary, which is not accompanied by a similar reduction in annual base salaries of similarly situated executives of the Company (provided, however, that in no event shall the Executive’s Annual Base Salary be reduced to less than the Base Salary Minimum unless permitted by paragraph 3(a) above); or

 

(ii)           a reduction in the Executive’s opportunity to earn an Annual Bonus under the Annual Bonus Plan; or

 

(iii)          a breach by the Company of this Agreement after Executive has given to the Company advance written notice of, and a reasonable opportunity to cure, any such breach; or

 

(iv)          the imposition of a requirement that the Executive be based at any place outside of a fifty (50) mile radius of the Company’s current location at which the Executive is located, except for reasonably required travel on Company business.

 

(d)           Date of Termination.  The “Date of Termination” means the date of the Executive’s death, the Disability Effective Date, the date on which the termination of the Executive’s employment by the Company for Cause, as set forth in notice from the Company, is effective, the date that notice of termination is provided to the Executive from Company of a termination of the Executive’s employment by the Company other than for Cause or Disability, or the date on which the Executive gives the Company notice of termination of employment, as the case may be.

 

5.             Obligations of the Company upon Termination.

 

(a)           By the Company Other Than for Cause or Disability.  If, during the Employment Period, the Company terminates the Executive’s employment, other than for Cause or Disability, or if the Company gives a written notice of non-renewal of the Employment Period as described in paragraph 1 above, the Company shall pay the Executive for any accrued but

 

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unused vacation as of the Date of Termination, and in addition shall, throughout the duration of the Employment Period:

 

(i)            continue to pay the Executive the Annual Base Salary and the Annual Bonus as in effect immediately before the Date of Termination, as and when such amounts would be paid in accordance with paragraphs 3(a) and (b) above, provided the amount of any Annual Bonus so paid shall equal the Target Annual Bonus,

 

(ii)           continue to provide health (medical and dental) benefits to the Executive and the Executive’s family, at least as favorable as those that would have been provided to them under clause (d)(iii) of paragraph 3 above if the Executive’s employment had continued until the end of the Employment Period, and in all events for a period not less than eighteen (18) months from the Date of Termination, provided, that during any period when the Executive is eligible to receive such welfare benefits under another employer-provided plan, the benefits provided by the Company pursuant to clause (iii) of this paragraph 5(a) may be made secondary to those provided under such other plan.

 

(b)           Death.  If the Executive’s employment is terminated by reason of the Executive’s death during the Employment Period, the Company shall make, within thirty (30) days after the Date of Termination, a lump-sum cash payment to the Executive’s estate equal to the sum of (i) the Executive’s Annual Base Salary through the end of the calendar month in which death occurs, (ii) any earned and unpaid Annual Bonus for any calendar year ended prior to the Date of Termination and a prorated Target Bonus for services rendered in the year of death up to the Date of Termination, (iii) any accrued but unpaid vacation pay through the end of the calendar month in which death occurs, and (iv) any other vested benefits to which the Executive is entitled, in each case to the extent not yet paid, except for any death benefit, in which case the death benefit shall be paid to Executive’s estate within seven (7) days following receipt of any such death benefit by the Company from the insurer.

 

(c)           Disability.  In the event the Executive’s employment is terminated by reason of the Executive’s Disability during the Employment Period in accordance with paragraph 4(a) hereof, the Company shall pay to the Executive or the Executive’s legal representative, as applicable, for the duration of the Employment Period (i) the Executive’s Annual Base Salary at the rate in effect immediately preceding the Date of Termination, provided that any such payments made to the Executive shall be reduced by the sum of the amounts, if any, payable to the Executive under any disability benefit plans of the Company or under the Social Security disability insurance program, (ii) any earned and unpaid Annual Bonus for any calendar year ended prior to the Date of Termination and a prorated Target Bonus for services rendered in the calendar year in which the Date of Termination occurs, and (iii) any other vested benefits to which the Executive is entitled, in each case to the extent not yet paid, including, but not limited to accrued but unpaid vacation pay.  The Annual Base Salary and bonus payments to be made under this paragraph 5(c) shall be made as and when such amounts would be paid in accordance with paragraphs 3(a) and (b) above.

 

(d)           Cause; Voluntary Termination:  If the Executive’s employment is terminated by the Company for Cause or the Executive voluntarily terminates his employment during the Employment Period (other than for “Good Reason”), the Company shall pay the Executive (i) the Annual Base Salary through the Date of Termination, (ii) the Annual Bonus for

 

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any calendar year ended prior to the Date of Termination, and (iii) any other vested benefits to which the Executive is entitled, in each case to the extent not yet paid, including but not limited to accrued but unpaid vacation pay, and the Company shall have no further obligations to the Executive under this Agreement except as may be provided in paragraph 6(g) below with respect to Salary Continuation Payments.

 

6.             Protection of Company Assets.

 

(a)           Trade Secret and Confidential Information.  The Executive recognizes and acknowledges that the acquisition and operation of, and the providing of consulting services for, parking facilities is a unique enterprise and that there are relatively few firms engaged in these businesses in the primary areas in which the Parking Companies operate.  The Executive further recognizes and acknowledges that in exchange for his or her employment with the Parking Companies, the Executive has been given access to and provided with and will continue to be provided with additional confidential information and trade secrets of the Parking Companies that constitute proprietary information that the Parking Companies are entitled to protect, which information constitutes special and unique assets of the Parking Companies, which is not generally available to the public, including without limitation (i) information relating to the Parking Companies’ manner and methods of doing business, including without limitation, strategies for negotiating leases and management agreements; (ii) the identity of the Parking Companies’ clients, customers, prospective clients and customers, lessors and locations, and the identity of any individuals or entities having an equity or other economic interest in any of the Parking Companies to the extent such identity has not otherwise been voluntarily disclosed by any of the Parking Companies; (iii) the specific confidential terms of management agreements, leases or other business agreements, including without limitation the duration of, and the fees, rent or other payments due thereunder; (iv) the identities of beneficiaries under land trusts; (v) the business, developments, activities or systems of the Parking Companies, including without limitation any marketing or customer service oriented programs in the development stages or not otherwise known to the general public; (vi) information concerning the business affairs of any individual or firm doing business with the Parking Companies; (vii) financial data and the operating expense structure pertaining to any parking facility owned, operated, leased or managed by the Parking Companies or for which the Parking Companies have or are providing consulting services; (viii) information pertaining to computer systems, including but not limited to computer software, used in the operation of the Parking Companies; and (ix) other confidential information and trade secrets relating to the operation of the Company’s business (the matters described in this sentence are referred to herein as “Trade Secret and Confidential Information”).

 

(b)           Customer Relationships.  The Executive understands and acknowledges that the Company has expended significant resources over many years to identify, develop, and maintain its clients.  The Executive additionally acknowledges that the Company’s clients have had continuous and long-standing relationships with the Company and that, as a result of these close, long-term relationships, the Company possesses significant knowledge of and confidential information about its clients and their needs.  Finally, the Executive acknowledges the Executive’s association and contact with these clients is derived solely from Executive’s employment with the Company.  The Executive further acknowledges that the Company does business throughout the United States and that the Executive personally has significant contact

 

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with the Company’s clients and customers solely as a result of Executive’s relationship with the Company.

 

(c)           Confidentiality.  With respect to Trade Secret and Confidential Information, and except as may be required by the lawful order of a court or government agency of competent jurisdiction, the Executive agrees that Executive shall during his or her employment and thereafter :

 

(i)            hold all Trade Secret and Confidential Information in strict confidence and not publish or otherwise disclose any portion thereof to any person whatsoever except with the prior written consent of the Company so long as such Information is not generally available to the public;

 

(ii)           use all reasonable precautions to assure that the Trade Secret and Confidential Information are properly protected and kept from unauthorized persons or use;

 

(iii)          make no use of any Trade Secret and Confidential Information except as is required in the performance of Executive’s duties for the Company; and

 

(iv)          immediately upon termination of Executive’s employment with the Company, whether voluntary or involuntary and regardless of the reason or cause, or upon the request of the Company, promptly return to the Company all Company property including, without limitation, any and all documents, and other things relating to any Trade Secret and Confidential Information, all of which are and shall remain the sole property of the Company.  The term “documents” as used in the preceding sentence shall mean all forms of written or recorded information and shall include, without limitation, all accounts, budgets, compilations, computer records (including, but not limited to, computer programs, software, disks, diskettes or any other electronic or magnetic storage media), contracts, correspondence, data, diagrams, drawings, financial statements, memoranda, microfilm or microfiche, notes, notebooks, marketing or other plans, printed materials, records and reports, as well as any and all copies, reproductions or summaries thereof.

 

Notwithstanding the above, nothing contained herein shall restrict the Executive from using, at any time after Executive’s termination of employment with the Company, information which is generally available to the pubic or industry.

 

(d)           Assignment of Intellectual Property Rights.  The Executive agrees to assign to the Company any and all intellectual property rights including patents, trademarks, copyright and business plans or systems developed, authored or conceived by the Executive while so employed and relating to the business of the Company, and the Executive agrees to cooperate with the Company’s attorneys to perfect ownership rights thereof in the Company or any one or more of the Company. This agreement does not apply to an invention for which no equipment, supplies, facility or Trade Secret and Confidential Information of the Company was used and which was developed entirely on the Executive’s own time, unless (i) the invention relates either to the business of the Company or to actual or demonstrably anticipated research or development of the Parking Companies, or (ii) the invention results from any work performed by the Executive for the Parking Companies.

 

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(e)           Non-Compete.  Executive agrees that while employed by the Company and for a period of twenty-four (24) months after his or her Date of Termination for any reason, Executive will not directly or indirectly without first obtaining the express written permission of the Employer’s General Counsel, which permission may be withheld in the Employer’s sole discretion:

 

(i)            conduct business with any client or customer of the Company with which Executive had any direct contact or responsibility within the twelve months preceding the Date of Termination or about whom Executive acquired any Trade Secret or Confidential Information during his or her employment with the Company; or

 

(ii)           become employed by or render services to any competitor of the Company whether a person, partnership, joint venture, consulting firm or other business, if in so doing the Executive duties would involve any level of strategic advisory, technical, sales, customer, client marketing, or other consulting functions competitive with the Company in the parking, transportation, and facility management services business

 

(f)            Non-Solicitation.  The Executive agrees that while he or she is employed by the Company and for a period of twenty-four (24) months after the Date of Termination, the Executive shall not, directly or indirectly:

 

(i)            without first obtaining the express written permission of the Company’s General Counsel, which permission may be withheld solely in the Company’s discretion, directly or indirectly contact or solicit business from any client or customer of the Company with whom the Executive had direct contact or responsibility or about whom the Executive acquired any Trade Secret or Confidential Information during his employment with the Company.  Likewise, the Executive shall not, without first obtaining the express written permission of the Company’s General Counsel which permission may be withheld solely in the Company’s discretion, directly or indirectly contact or solicit business from any person responsible for referring business to the Company or who regularly refers business to the Company with whom the Executive had any direct contact or about whom the Executive acquired any Trade Secret or Confidential Information during his employment with the Company; or

 

(ii)           take any action to hire, recruit or to directly or indirectly assist in the hiring, recruiting or solicitation for employment of any officer, employee or representative of the Parking Companies who possesses Trade Secret and Confidential Information of the Company.

 

If the Executive, after the termination of his employment hereunder, has any question regarding the applicability of the above provisions to a potential employment opportunity, the Executive acknowledges that it is his responsibility to contact the Company so that the Company may inform the Executive of its position with respect to such opportunity. The Executive agrees that the non-compete period set forth in Section 6(e) above shall be tolled, and shall not run, during any period of time in which he is in violation of the terms thereof, so that the Company shall have al of the agreed-upon temporal protections recited therein.

 

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(g)           Salary Continuation Payments.       As additional consideration for the representation and restrictions contained in this paragraph 6, if (i) the termination of Executive’s employment occurs prior to the expiration of the Employment Period for any reason other than Death, Disability, Cause or the Executive’s Voluntary Termination, or (ii) the Company gives a written notice of non-renewal of the Employment Period as provided in paragraph 1 above such that the Employment Period will terminate prior to the twentieth (20th) anniversary of its commencement, then the Company agrees to pay Executive amounts which, when combined with all amounts payable by the Company pursuant to either clause (i) of paragraph 5(a) above or clauses (i) and (ii) of paragraph 5(c) above, will total Executive’s Annual Base Salary and Target Annual Bonus as in effect immediately preceding the Date of Termination for a period of twenty-four (24) months following the Date of Termination (the “Salary Continuation Payments”). The Salary Continuation Payments shall be payable as and when such amounts would be paid in accordance with paragraph 3(a) and (b) above.

 

If (i) the Company terminates the Executive’s employment for Cause, due to Executive’s Disability, or by giving written notice of non-renewal of the Employment Period as provided in paragraph 1 above such that the Employment Period will terminate on or after the twentieth (20th) anniversary of its commencement, or (ii) the Executive gives notice of his or her Voluntary Termination, then the Salary Continuation Payments shall be the total of (x) any and all amounts due the Executive by reason of and in accordance with the provisions of paragraph 5(d) above, payable as provided therein, plus (y) the sum of $50,000, payable (a) in the event of a termination by the Company under clause (i) of this sentence, over a twelve-month period following the Date of Termination, in eleven (11) equal monthly installments of $1,000.00, followed by a twelfth and final monthly payment in the amount of $39,000, or (b) in the event of a termination by the Executive under clause (ii) of this sentence, over a six-month period beginning on the first day of the seventh month following the Date of Termination, in five (5) equal monthly installments of $2,000, followed by a sixth and final monthly payment in the amount of $40,000.  If the Executive breaches this Agreement at any time during the period in which payments are being made hereunder, the Company’s obligation to make any additional Salary Continuation Payments shall immediately cease, and the Executive shall immediately return to the Company all Salary Continuation Payments paid up to that time to the extent they exceeded $1,000.00.  The termination of Salary Continuation Payments shall not waive any other rights at law or equity which the Company may have against Executive by virtue of his breach of this Agreement.  The Company’s obligation to make Salary Continuation Payments shall cease with respect to periods after Executive’s death.

 

(h)           Remedies.  The Executive acknowledges that the Company would be irreparably injured by a violation of the covenants of this paragraph 6 and agrees that the Company, or any one or more of the Parking Companies, in addition to any other remedies available to it or them for such breach or threatened breach, shall be entitled to a preliminary injunction, temporary restraining order, or other equivalent relief in a court of law or through arbitration, restraining the Executive from any actual or threatened breach of any of the provisions of this paragraph 6. In the event any violation of paragraph 6 of this Agreement is determined by a tribunal of competent jurisdiction, the period of non-competition and/ or non-solicitation shall be extended by a period of time equal to that period beginning when such violation commenced and ending when the activities constituting such violation shall have

 

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terminated.   If a bond is required to be posted in order for the Company or any one or more of the Company to secure an injunction or other equitable remedy, the parties agree that said bond need not exceed a nominal sum.  This paragraph shall be applicable regardless of the reason for the Executive’s termination of employment, and independent of any alleged action or alleged breach of any provision hereby by the Company.  If at any time any of the provisions of this paragraph 6 shall be determined to be invalid or unenforceable by reason of being vague or unreasonable as to duration, area, scope of activity or otherwise, then this paragraph 6 shall be considered divisible (with the other provisions to remain in full force and effect) and the invalid or unenforceable provisions shall become and be deemed to be immediately amended to include only such time, area, scope of activity and other restrictions, as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter, and the Executive expressly agrees that this Agreement, as so amended, shall be valid and binding as though any invalid or unenforceable provision had not been included herein.

 

7.             Incorporation of Recitals.     The Recitals set forth above are hereby incorporated as material terms of this Agreement.

 

8.             Severability.  The invalidity or unenforceability of any provision of this Agreement will not affect the validity or enforceability of any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent that such provision cannot be appropriately reformed or modified).

 

9.             Notices.  Any notice which any party shall be required or shall desire to serve upon the other shall be in writing and shall be delivered personally or sent by registered or certified mail, postage prepaid, or sent by facsimile or prepaid overnight courier, to the parties at the addresses set forth below (or such other addresses as shall be specified by the parties by like notice):

 

	
In   the case of Executive to:
    	
 
    	
Vance   Johnston
   40 Burroughs Lane
   St. Louis, Missouri 63124
    
	
 
    	
 
    	
 
    
	
In   the case of the Company to:
    	
 
    	
SP   Plus Corporation
   200 E. Randolph Street
   Suite 7700
   Chicago, Illinois 60601
   Attention: General Counsel
    

 

10.          Applicable Law; Submission to Jurisdiction.  This Agreement shall be construed in accordance with the laws and decisions of the State of Illinois in the same manner applicable to contracts made and to be performed entirely within the State of Illinois and without regard to the conflict of law provisions thereof.  Executive and the Company agree to submit himself and itself, as applicable, to the non-exclusive general jurisdiction of any United States federal or Illinois state court sitting in Chicago, Illinois and appellate courts thereof, in any legal action or proceeding relating to this Agreement or Executive’s employment with the Company.

 

11.          Nonalienation.  The interests of the Executive under this Agreement are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,

 

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encumbrance, attachment, or garnishment by creditors of the Executive or the Executive’s beneficiary.

 

12.          Amendment.  This Agreement may be amended or cancelled only by mutual agreement of the parties in writing without the consent of any other person.

 

13.          Waiver of Breach.  No waiver by any party hereto of a breach of any provision of this Agreement by any other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party or any similar or dissimilar provisions and conditions at the same or any prior or subsequent time.  The failure of any party hereto to take any action by reason of such breach will not deprive such party of the right to take action at any time while such breach continues.

 

14.          Successors.  This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, of all or substantially all of the Company’s assets and business.  The Executive’s duties hereunder are personal and may not be assigned.

 

15.          Entire Agreement.  Except as otherwise noted herein, this Agreement, constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, either oral or in writing, if any, between the parties relating to the subject matter hereof.

 

16.          Acknowledgement by Executive.  The Executive has read and fully understands the terms and conditions set forth herein, has had time to reflect on and consider the benefits and consequences of entering into this Agreement and has had the opportunity to review the terms hereof with an attorney or other representative, if he so chooses.  The Executive has executed and delivered this Agreement as his free and voluntary act, after having determined that the provisions contained herein are of a material benefit to him, and that the duties and obligations imposed on him hereunder are fair and reasonable and will not prevent him from earning a livelihood following the Date of Termination.

 

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17.          Compliance with Section 409A.  Payments under Sections 5 and 6 shall be paid or provided only at the time of a termination of the Executive’s employment that constitutes a “separation from service” within the meaning of Section 409A of the Internal Revenue Code (the “Code”). Further, if the Executive is a “specified employee” as such term is defined under Section 409A of the Code, any payments described in Section 5 or Section 6 shall be delayed for a period of six (6) months following the Executive’s separation from service to the extent and up to an amount necessary to ensure such payments are not subject to penalties and interest under Section 409A of the Code, and shall thereafter be paid for the duration set forth in Section 5 or Section 6.

 

IN WITNESS WHEREOF, the Executive and the Company have executed this Agreement as of the day and year first written above.

 

	
 
    	
STANDARD   PARKING CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   James A. Wilhelm
    
	
 
    	
 
    	
James   A. Wilhelm
    
	
 
    	
 
    	
President   and Chief Executive Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
EXECUTIVE:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   Vance Johnston
    
	
 
    	
 
    	
Vance   Johnston
    

 

12Exhibit 10.1

 

 

EXECUTION COPY

 

 

AMENDMENT NO. 3

 

Dated as of March 31, 2014

 

to

 

CREDIT AGREEMENT

 

Dated as of March 11, 2011

 

THIS AMENDMENT NO. 3 (this “Amendment”) is made as of March 31, 2014 by and among HCP, Inc., a Maryland corporation (the “Borrower”), the financial institutions listed on the signature pages hereof and Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent’) and as Alternative Currency Fronting Lender (in such capacity, the “Alternative Currency Fronting Lender”), under that certain Credit Agreement dated as of March 11, 2011 by and among the Borrower, the Lenders and the Administrative Agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”).  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement.

 

WHEREAS, the Borrower has requested that the Lenders, the Alternative Currency Fronting Lender and the Administrative Agent agree to an amendment to the Credit Agreement; and

 

WHEREAS, the Borrower, the Lenders, the Alternative Currency Fronting Lender and the Administrative Agent have so agreed on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders, the Alternative Currency Fronting Lender and the Administrative Agent hereby agree to enter into this Amendment.

 

1.         Amendment to the Credit Agreement.  Effective as of the Amendment No. 3 Effective Date (as defined below), the parties hereto agree that the Credit Agreement is hereby amended as follows:

 

(a)        The definition of “Aggregate Revolving Commitments” appearing in Section 1.01 of the Credit Agreement is amended to (i) delete the reference to “Closing Date” appearing therein and to replace such reference with a reference to “Amendment No. 3 Effective Date”  and (ii) delete the reference to “$1,500,000,000” appearing therein and to replace such reference with a reference to “$2,000,000,000”.

 

(b)        The definition of “Alternative Currency” appearing in Section 1.01 of the Credit Agreement is amended to insert the parenthetical “(other than Dollars)” immediately after the reference to “LIBOR Quoted Currency” appearing therein.

 

(c)        The definition of “Alternative Currency Sublimit” appearing in Section 1.01 of the Credit Agreement is amended to delete the reference to “$500,000,000” appearing therein and to replace such reference with a reference to “$750,000,000”.

 

 

(d)        The definition of “Amendment No. 1 Effective Date” appearing in Section 1.01 of the Credit Agreement is deleted in its entirety.

 

(e)        The definition of “Applicable Percentage” appearing in Section 1.01 of the Credit Agreement is amended to delete the reference to “initial Applicable Percentages of each Lender” appearing in the last sentence thereof and to replace such reference with a reference to “Applicable Percentages of each Lender as of the Amendment No. 3 Effective Date”.

 

(f)        The definition of “Applicable Rate” appearing in Section 1.01 of the Credit Agreement is amended to amend and restate the table appearing therein in its entirety as follows:

 

	
 
    	
 
    	
 
    	
 
    	
Revolving Loans
    
	
Pricing
   Level
    	
 
    	
Debt Ratings
    	
 
    	
Applicable
   Rate for
   Eurocurrency
   Rate Loans
   and Letter of
   Credit Fees
    	
 
    	
Applicable
   Rate for
   Base Rate
   Loans
    
	
1
    	
 
    	
>A- / >A3
    	
 
    	
87.5 bps
    	
 
    	
 
    	
0 bps
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
2
    	
 
    	
BBB+ / Baa1
    	
 
    	
92.5 bps
    	
 
    	
 
    	
0 bps
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3
    	
 
    	
BBB / Baa2
    	
 
    	
105.0 bps
    	
 
    	
 
    	
5.0 bps
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
4
    	
 
    	
BBB- / Baa3
    	
 
    	
130.0 bps
    	
 
    	
 
    	
30.0 bps
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
5
    	
 
    	
<BBB- /
   <Baa3 or non-rated
    	
 
    	
170.0 bps
    	
 
    	
 
    	
70.0 bps
    	
 
    

 

 

(g)        The definition of “Change in Law” appearing in Section 1.01 of the Credit Agreement is amended to insert the following proviso immediately before the period at the end thereof:

 

“; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued”

 

(h)        The definition of “Code” appearing in Section 1.01 of the Credit Agreement is amended to add the phrase “, as amended” to the end thereof.

 

(i)         The definition of “Consolidated Fixed Charges” appearing in Section 1.01 of the Credit Agreement is amended to insert the word “cash” immediately before the word “dividends” appearing in clause (c) thereof.

 

(j)         The definition of “Default Rate” appearing in Section 1.01 of the Credit Agreement is amended to delete the words “and any Mandatory Cost” appearing therein.

 

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(k)        The definition of “Eurocurrency Rate” appearing in Section 1.01 of the Credit Agreement is amended to (i) delete the phrase “the rate per annum equal to the British Bankers Association LIBOR rate or the successor thereto as approved by the Administrative Agent if the British Bankers Association is no longer making a LIBOR rate available (“LIBOR”), as published by Reuters” and replace such phrase with “the rate per annum equal to the London Interbank Offered Rate (“LIBOR”) administered by ICE Benchmark Administration (or a comparable or successor rate which is reasonably approved by the Administrative Agent), as published by the applicable Bloomberg screen page”, (ii) delete the word “and” appearing at the end of clause (a)(ii)(B) thereof and (iii) add the phrase “; provided that, if the Eurocurrency Rate determined in accordance with clauses (i) or (ii) above is below zero, such rate shall be deemed to be zero for purposes of this Agreement; and” to the end of clause (a) thereof.

 

(l)         The definition of “Excluded Taxes” appearing in Section 1.01 of the Credit Agreement is amended to (i) add the phrase “in each case, (i)” immediately following the phrase “and franchise taxes” appearing in clause (a) thereof, (ii) add the phrase “or (ii) that are Other Connection Taxes” to the end of clause (a) thereof and (iii) amend and restate clause (e) thereof in its entirety as follows:

 

“(e) United States federal withholding Taxes imposed under FATCA”

 

(m)       The definition of “Facility Fee Rate” appearing in Section 1.01 of the Credit Agreement is amended to amend and restate the table appearing therein in its entirety as follows:

 

	
Pricing Level
    	
 
    	
Facility Fee
    
	
1
    	
 
    	
12.5 bps
    
	
2
    	
 
    	
15.0 bps
    
	
3
    	
 
    	
20.0 bps
    
	
4
    	
 
    	
25.0 bps
    
	
5
    	
 
    	
30.0 bps
    

 

(n)        The definition of “FATCA” appearing in Section 1.01 of the Credit Agreement is amended and restated in its entirety as follows:

 

“FATCA” means Sections 1471 through 1474 of the Code , as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements entered into pursuant thereto.

 

(o)        The definition of “Fee Letter” appearing in Section 1.01 of the Credit Agreement is amended to delete the reference to “February 1, 2011” appearing therein and to replace such reference with a reference to “January 31, 2014”.

 

(p)        The definition of “Interest Period” appearing in Section 1.01 of the Credit Agreement is amended to (i) delete the first reference to “one” appearing therein and to replace such reference with a reference to “one week or one” and (ii) insert the parenthetical “(in each case, subject to availability)” immediately after the word “thereafter” appearing therein.

 

(q)        The definition of “Mandatory Cost” appearing in Section 1.01 of the Credit Agreement is deleted in its entirety.

 

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(r)        The definition of “Material Non-Recourse Indebtedness” appearing in Section 1.01 of the Credit Agreement is deleted in its entirety.

 

(s)        The definition of “Net Cash Proceeds” appearing in Section 1.01 of the Credit Agreement is deleted in its entirety.

 

(t)         The definition of “Other Taxes” appearing in Section 1.01 of the Credit Agreement is amended to add the phrase “except any such taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06 or Section 10.13)” to the end thereof.

 

(u)        The definition of “Public Equity Issuance” appearing in Section 1.01 of the Credit Agreement is deleted in its entirety.

 

(v)        The definition of “Revolving Maturity Date” appearing in Section 1.01 of the Credit Agreement is amended to delete the reference to “March 11, 2016” appearing therein and to replace such reference with a reference to “March 31, 2018”.

 

(w)       The definition of “Secured Debt Ratio” appearing in Section 1.01 of the Credit Agreement is amended to insert the following sentence at the end thereof:

 

“Notwithstanding anything to the contrary contained herein, for the purposes of this ratio, the aggregate amount of all unrestricted cash and cash equivalents on such date deducted from Secured Debt pursuant to the definition of Consolidated Total Indebtedness shall exclude the aggregate amount of all such unrestricted cash and cash equivalents used to determine the Unsecured Leverage Ratio as of such date.”

 

(x)        The definition of “Unsecured Debt” appearing in Section 1.01 of the Credit Agreement is amended to insert the words “or a Guarantee of Secured Debt” immediately before the period at the end thereof.

 

(y)        The definition of “Unsecured Leverage Ratio” appearing in Section 1.01 of the Credit Agreement is amended to insert the following sentence at the end thereof:

 

“Notwithstanding anything to the contrary contained herein, for the purposes of this ratio, the aggregate amount of all unrestricted cash and cash equivalents on such date deducted from Unsecured Debt pursuant to the definition of Consolidated Total Indebtedness shall exclude the aggregate amount of all such unrestricted cash and cash equivalents used to determine the Secured Debt Ratio as of such date.”

 

(z)        Section 1.01 of the Credit Agreement is amended to add the following definitions thereto in the appropriate alphabetical order:

 

“Amendment No. 3 Effective Date” means March 31, 2014.

 

“Designated Jurisdiction” means any country or territory to the extent that such country or territory itself is the subject of any Sanction.

 

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“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Recipient” means the Administrative Agent, any Lender and any L/C Issuer, as applicable.

 

“Sanction(s)” means, with respect to any Person, any international economic sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority, in each case to the extent applicable to such Person.

 

(aa)      Section 1.05 of the Credit Agreement is amended to add the following as a new clause (c) thereof:

 

“(c)      The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurocurrency Rate” or with respect to any comparable or successor rate thereto.”

 

(bb)      Section 2.01 of the Credit Agreement is hereby amended to (i) delete the reference to “all Loans denominated in Alternative Currencies” appearing in clause (ii) thereof and to replace such reference with a reference to “all Committed Revolving Loans denominated in Alternative Currencies”, (ii) delete the word “and” appearing at the end of clause (ii) thereof and to replace it with a comma, (iii) delete the word “Committed” appearing in clause (iii) thereof and (iv) insert the following phrase immediately before the period at the end of the first sentence thereof:

 

“and (iv) the aggregate Outstanding Amount of all Committed Revolving Loans denominated in an Alternative Currency fronted by any Alternative Currency Fronting Lender shall not exceed $37,500,000”

 

(cc)      Section 2.02(f) of the Credit Agreement is amended to delete the first reference to “amount” appearing in each of clauses (iv) and (v) thereof and to replace each such reference with a reference to “Dollar Equivalent”.

 

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(dd)      Section 2.05(a) of the Credit Agreement is amended and restated in its entirety as follows:

 

“(a) Negotiated Rate Loans.  Subject to the terms and conditions set forth herein, each Revolving Lender, severally and for itself alone, may (but is not obligated to) make one or more loans (which loans may be made in Dollars or in any Alternative Currency) (each such loan, a “Negotiated Rate Loan”) to the Borrower from time to time on any Business Day during the Availability Period in an aggregate Outstanding Amount not to exceed at any time (i) the Negotiated Rate Sublimit and (ii) with respect to Negotiated Rate Loans made in an Alternative Currency (plus the aggregate Outstanding Amount of all Committed Revolving Loans denominated in an Alternative Currency), the Alternative Currency Sublimit, notwithstanding the fact that such Negotiated Rate Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Committed Revolving Loans and L/C Obligations of such Lender may exceed the amount of such Lender’s Revolving Commitment; provided, that Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments; and, provided further, that Negotiated Rate Loans shall be available to the Borrower for periods of one day to 180 days, so long as both the corporate rating of the Borrower by S&P is BBB- or better and the senior implied rating of the Borrower by Moody’s is Baa3 or better.  It is understood that should a Lender make a Negotiated Rate Loan it shall not relieve such Lender from its obligation to make its pro rata share of any future Committed Revolving Loan even if after making such Committed Revolving Loan the Outstanding Amount of Committed Revolving Loans and L/C Obligations of such Lender, together with the Outstanding Amount of its Negotiated Rate Loans, exceeds the amount of such Lender’s Revolving Commitment.”

 

(ee)      Section 2.05(b) of the Credit Agreement is amended and restated in its entirety as follows:

 

“(b) Procedure for Negotiated Rate Loans.  The Borrower may, from time to time, approach one or more of the Lenders to determine whether such Lender or Lenders will make one or more Negotiated Rate Loans.  The Borrower and any Lender or Lenders shall, if each of them in their sole discretion elects to do so, agree to enter into one or more Negotiated Rate Loans as part of such proposed Negotiated Rate Borrowing on mutually agreed-upon terms, including the Interest Period with respect thereto, and notify the Administrative Agent by delivering a written Negotiated Rate Loan Notice from the Borrower and the Lender or Lenders proposing to make Negotiated Rate Loans (i) with respect to Negotiated Rate Loans denominated in Dollars, before 12:00 Noon on the date of the funding of such Negotiated Rate Loan, which shall be a Business Day (the “Negotiated Rate Funding Date”) and (ii) with respect to Negotiated Rate Loans denominated in any Alternative Currency, before 12:00 Noon two (2) Business Days prior to the Negotiated Rate Funding Date.  Such Negotiated Rate Loan Notice shall specify the amount of each Negotiated Rate Loan that such Lender or Lenders will make as part of such proposed Negotiated Rate Borrowing, the Negotiated Rate Funding Date, the currency of the Negotiated Rate Loan requested, the date or dates of maturity thereof, which date or dates may not occur after the Revolving Maturity Date, the rate or rates of interest applicable thereto and all other terms thereof.  Each Negotiated Rate Loan shall be made pursuant to a Negotiated Rate Loan Notice.  In lieu of delivering the written Negotiated Rate Loan Notice described above, the Borrower may give the Administrative Agent telephonic notice of any Negotiated Rate Borrowing by the time required under this clause (b), provided that such telephonic notice shall be confirmed by delivery of a written Negotiated Rate Loan Notice to the Administrative Agent by no later than 2:00 p.m., on the date of such telephonic notice.”

 

6

 

 

(ff)       Section 2.05(c) of the Credit Agreement is amended to (i) insert the words “in Dollars” in the title thereof and (ii) insert the word “applicable” immediately before the first reference to “Negotiated Rate Funding Date” appearing therein.

 

(gg)      Section 2.05 of the Credit Agreement is amended to insert the following as a new clause (d) thereof:

 

“(d) Funding of Negotiated Rate Loans in Alternative Currencies.  No later than (i) the Applicable Time on the applicable Negotiated Rate Funding Date, each applicable Lender will, at the option of the Borrower, make available directly to the Borrower such Negotiated Rate Loans in the applicable currency either by (A) crediting the account of the Borrower on the books of such Lender with the amount of such funds or (B) wire transfer of such funds to the account of the Borrower, in each case in accordance with instructions provided to (and reasonably acceptable to) such Lender by the Borrower and (ii) promptly following receipt thereof, the Borrower shall provide the Administrative Agent written notice of receipt of the proceeds of such Negotiated Rate Loan.”

 

(hh)      Section 2.09 of the Credit Agreement is amended to delete the words “plus (in the case of a Eurocurrency Rate Loan of any Lender which is lent from a Lending Office in the United Kingdom or a Participating Member State) the Mandatory Cost” appearing in clause (i) thereof.

 

(ii)        Section 2.16(a) of the Credit Agreement is amended to delete the amount “$2,000,000,000” appearing therein and to replace such amount with “$2,500,000,000”.

 

(jj)        Section 3.04(a)(i) of the Credit Agreement is amended to (i) delete the “(A)” appearing in the parenthetical therein and (ii) delete the words “and (B) the requirements of the Bank of England and the Financial Services Authority or the European Central Bank to the extent reflected in the Mandatory Cost, other than as set forth below)”.

 

(kk)      Section 3.04(a) of the Credit Agreement is amended to (i) insert the word “or” at the end of clause (ii) thereof, (ii) delete clause (iii) thereof in its entirety and (iii) redesignate clause (iv) thereof as clause (iii) thereof.

 

(ll)        Section 3.04(b) of the Credit Agreement is amended to (i) add the phrase “or liquidity” immediately following the phrase “if any, regarding capital” appearing therein and (ii) add the phrase “and liquidity” immediately following the phrase “with respect to capital adequacy” appearing therein.

 

(mm)    Section 3.04(e) of the Credit Agreement is amended to delete the parenthetical “(except to the extent that compensation for such required reserves is included in the Mandatory Cost)” appearing therein.

 

(nn)      Section 4.02(d) of the Credit Agreement is amended to delete the first parenthetical appearing therein and to replace such parenthetical with the following parenthetical:

 

“(in the case of any Loans (other than Negotiated Rate Loans) to be denominated in an Alternative Currency), the applicable Lenders (in the case of any Negotiated Rate Loans to be denominated in an Alternative Currency)”

 

7

 

(oo)      Article V of the Credit Agreement is amended to insert the following as a new Section 5.19 thereof:

 

“5.19  Sanctions.

 

Neither the Borrower, nor any Subsidiary of the Borrower, nor, to the knowledge of the chief executive officer, chief financial officer or general counsel of the Borrower, any director, officer or employee thereof is an individual or entity currently the subject of any Sanctions or in violation of any Sanctions, nor is the Borrower or any Subsidiary of the Borrower located, organized or resident in a Designated Jurisdiction.”

 

(pp)      Section 7.10(e) of the Credit Agreement is amended to delete the reference to “less than (i) $8,011,509,000 plus (ii) 85% of Net Cash Proceeds from all Public Equity Issuances subsequent to the Amendment No. 1 Effective Date” and to replace such reference with a reference to “$9,500,000,000”.

 

(qq)      Article VII of the Credit Agreement is amended to insert the following as a new Section 7.11 thereof:

 

“7.11  Sanctions.

 

Directly or indirectly, use any part of the proceeds of any Credit Extension or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is known by the chief executive officer, chief financial officer or general counsel of the Borrower to be the subject of Sanctions, or in any other manner that will result in a violation by any Person of Sanctions.”

 

(rr)       Section 8.01(e) of the Credit Agreement is amended to (i) delete the “(A)” appearing therein, (ii) delete the words “or (B) any Material Non-Recourse Indebtedness is not paid when due at stated maturity or has been declared due and payable in full prior to its stated maturity or any other event occurs that causes any Material Non-Recourse Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Material Non-Recourse Indebtedness to be made, prior to its stated maturity” appearing therein and (iii) delete the reference to “clauses (A) and (B)” appearing therein and replace such reference with a reference to “the foregoing clause (i)”.

 

(ss)       Section 10.04(a) of the Credit Agreement is amended to (i) delete the reference to “one counsel” appearing in clause (i) thereof and to replace such reference with a reference to “one primary counsel” and (ii) to delete the reference to “disbursements of counsel” appearing in clause (iii) thereof and to replace such reference with a reference to “disbursements of one primary counsel”.

 

(tt)        Section 10.04(b) of the Credit Agreement is amended to (i) insert “(A)” immediately before the “(x)” appearing therein and (ii) insert the following immediately before the period appearing at the end of the first sentence thereof:

 

“or (B) arise out of a dispute solely among Indemnitees and not resulting from any act or omission by the Borrower or any of its Affiliates (other than any such losses, claims, damages, penalties, liabilities or related expenses against an Indemnitee in its capacity or in fulfilling its role as an Agent)”

 

8

 

(uu)      Section 10.06(d) of the Credit Agreement is amended to insert the following at the end thereof:

 

“Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.”

 

(vv)      Schedule 1.01 to the Credit Agreement is deleted in its entirety.

 

(ww)    Exhibit D to the Credit Agreement is hereby amended to delete the reference to “pay to the order of [        ] or registered assigns” appearing therein and replace such reference with ““pay [        ] or its registered assigns”.

 

(xx)      The Revolving Commitments of certain of the Lenders (the “Increasing Lenders”) are hereby increased as set forth on Schedule 2.01 attached hereto.  The New Lenders (defined below) are hereby deemed to be Lenders for all purposes of the Loan Documents.  The Departing Lenders (defined below) shall no longer be Lenders for all purposes of the Loan Documents.  Accordingly, each of Schedule 2.01 and Schedule 2.02 to the Credit Agreement is amended and restated in its entirety in the form of Schedule 2.01 and Schedule 2.02 attached hereto, respectively.

 

2.         New Lenders.

 

(a)        Each of the undersigned financial institutions that is not a party to the Credit Agreement prior to the Amendment No. 3 Effective Date (each, a “New Lender”) agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the Amendment No. 3 Effective Date, become a Lender for all purposes of the Credit Agreement, with a Revolving Commitment as set forth on Schedule 2.01 attached hereto.

 

(b)        Each undersigned New Lender (i) represents and warrants that (A) it has full power and authority, and has taken all action necessary, to execute and deliver this Amendment and to consummate the transactions contemplated hereby and by the Credit Agreement and to become a Lender under the Credit Agreement, (B) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to become a Lender, (C) from and after the Amendment No. 3 Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a Lender thereunder, and (D) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment on the basis of which it has made such analysis and 

 

9

 

decision independently and without reliance on the Administrative Agent, any Lender or the L/C Issuer; and (ii) agrees that it will (A) independently and without reliance on the Administrative Agent or any Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement and the other Loan Documents, and (B)  perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement and the other Loan Documents are required to be performed by it as a Lender.

 

3.         Departing Lenders.  The parties hereto hereby acknowledge and agree that:

 

(a)        Each Lender listed on Annex I attached hereto (each a “Departing Lender” and collectively the “Departing Lenders”) is entering into this Amendment solely to evidence its exit from the Credit Agreement and shall have absolutely no obligation hereunder.  Upon the effectiveness hereof and the payment described in Section 3(b) below, each Departing Lender shall no longer (i) constitute a “Lender” for all purposes under the Loan Documents, (ii) be a party to the Credit Agreement and (iii) have any obligations under any of the Loan Documents, in each case, without further action required on the part of any Person.

 

(b)        Upon the effectiveness hereof: (i) each Departing Lender’s “Revolving Commitment” under the Credit Agreement shall be terminated, (ii) each Departing Lender shall have received payment in full in immediately available funds of all of its Loans, all interest thereon and all other amounts payable to it under the Credit Agreement, (iii) each Departing Lender shall not be a Lender hereunder as evidenced by its execution and delivery of its signature page hereto and (iv) the defined term “Lenders” in the Credit Agreement shall exclude the Departing Lenders.

 

4.         Conditions of Effectiveness.  The effectiveness of this Amendment (the “Amendment No. 3 Effective Date”) is subject to the conditions precedent that:

 

(a)        the Administrative Agent shall have received counterparts of this Amendment duly executed by the Borrower, the Lenders (including each Increasing Lender, each New Lender and each Departing Lender), the Alternative Currency Fronting Lender and the Administrative Agent;

 

(b)        the Administrative Agent shall have received such opinions, instruments and documents as are reasonably requested by the Administrative Agent;

 

(c)        the Administrative Agent shall have received payment of all fees and expenses (including fees and expenses of counsel for the Administrative Agent) due and payable in connection with this Amendment; and

 

(d)        the Administrative Agent shall have made such reallocations of each Lender’s Applicable Percentage of the Total Revolving Outstandings under the Credit Agreement (including the New Lenders, but excluding the Departing Lenders) as are necessary in order that the Total Revolving Outstandings with respect to such Lender reflects such Lender’s Applicable Percentage of the Total Revolving Outstandings under the Credit Agreement as amended hereby.  The Borrower hereby agrees to compensate each Lender for any and all losses, costs and expenses incurred by such Lender in connection with the sale and assignment of any Eurocurrency Rate Loans and the reallocation described in this clause (d), in each case on the terms and in the manner set forth in Section 3.05 of the Credit Agreement.

 

10

 

5.         Representations and Warranties of the Borrower.  The Borrower hereby represents and warrants as follows:

 

(a)        This Amendment and the Credit Agreement as modified hereby constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(b)        As of the date hereof and after giving effect to the terms of this Amendment, (i) no Default has occurred and is continuing, and (ii) the representations and warranties of the Borrower set forth in Article V of the Credit Agreement as amended hereby or in any other Loan Document are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and except that the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement are deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement.

 

6.         Reference to and Effect on the Credit Agreement.

 

(a)        Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby.

 

(b)        Each Loan Document and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.  Upon the effectiveness hereof, this Amendment shall for all purposes constitute a Loan Document.

 

(c)        Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement, the other Loan Documents or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

7.         Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.

 

8.         Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose.

 

9.         Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Signatures delivered by facsimile or PDF shall have the same force and effect as manual signatures delivered in person.

 

[Signature Pages Follow]

 

11

 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above written.

 

 

	
 
    	
HCP, INC.,
    
	
 
    	
as the Borrower
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Timothy M. Schoen
    	
 
    
	
 
    	
 
    	
Name:
    	
Timothy M. Schoen
    
	
 
    	
 
    	
Title:
    	
Executive Vice President
    
	
 
    	
 
    	
 
    	
and Chief Financial   Officer
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

 

	
 
    	
BANK OF AMERICA, N.A.,
    
	
 
    	
individually as a   Lender, as Alternative Currency Fronting Lender and as Administrative Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Yinghua Zhang
    	
 
    
	
 
    	
 
    	
Name:
    	
Yinghua Zhang
    
	
 
    	
 
    	
Title:
    	
Vice President
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
JPMorgan Chase   Bank, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Nadeige S. Charles
    	
 
    
	
 
    	
 
    	
Name:
    	
Nadeige S. Charles
    
	
 
    	
 
    	
Title:
    	
Vice President
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
CITIBANK, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ John C. Rowland
    	
 
    
	
 
    	
 
    	
Name:
    	
John C. Rowland
    
	
 
    	
 
    	
Title:
    	
Vice President
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
USS AG. Stamford   Branch
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Lana Gills
    	
 
    
	
 
    	
 
    	
Name:
    	
Lana Gills
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Jennifer Anderson
    	
 
    
	
 
    	
 
    	
Name:
    	
Jennifer Anderson
    
	
 
    	
 
    	
Title:
    	
Associate Director
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
WELLS FARGO   BANK, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Andrea S. Chen
    	
 
    
	
 
    	
 
    	
Name:
    	
Andrea S. Chen
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
  /s/                           
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
							

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
Credit Agricole   Corporate and Investment Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Amy Trapp
    	
 
    
	
 
    	
 
    	
Name:
    	
Amy Trapp
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ John Bosco
    	
 
    
	
 
    	
 
    	
Name:
    	
John Bosco
    
	
 
    	
 
    	
Title:
    	
Director
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
CREDIT SUISSE   AG. CAYMAN ISLANDS BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Christopher Day
    	
 
    
	
 
    	
 
    	
Name:
    	
Christopher Day
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Jean-Marc Vauclair
    	
 
    
	
 
    	
 
    	
Name:
    	
Jean-Marc Vauclair
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
Goldman Sachs   Bank USA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Mark Walton
    	
 
    
	
 
    	
 
    	
Name:
    	
Mark Walton
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
Morgan Stanley   Bank, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Michael King
    	
 
    
	
 
    	
 
    	
Name:
    	
Michael King
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
Name of Lender:
    
	
 
    	
 
    
	
 
    	
Royal Bank of   Canada
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 /s/ Brian Gross
    	
 
    
	
 
    	
 
    	
Name:
    	
Brian Gross
    
	
 
    	
 
    	
Title:
    	
Authorized Signatory
    
					

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

 

	
 
    	
 
    	
Name of   Lender:  THE ROYAL BANK OF SCOTLAND PLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Jeannine Pascal
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
JEANNINE PASCAL
    
	
 
    	
 
    	
 
    	
Title:
    	
VICE PRESIDENT
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
BARCLAYS BANK   PLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Vanessa Kurbatskly
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Vanessa Kurbatskly
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice President
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Bank of New   York Mellon
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Helga Blum
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Helga Blum
    
	
 
    	
 
    	
 
    	
Title:
    	
Managing Director
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Bank of Nova   Scotia
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Eugene Dempsey
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Eugene Dempsey
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
The Bank of   Tokyo-Mitsubishi UFJ, Ltd.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Teuta Ghilaga
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Teuta Ghilaga
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
PNC Bank, NA
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Tyler Lowry
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Tyler Lowry
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SunTrust Banks,   Inc.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Katherine Bass
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Katherine Bass
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Regions Bank
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Steven W. Mitchell
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Steven W. Mitchell
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
KeyBank, N.A.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Bellini Lacey
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Bellini Lacey
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
BRANCH BANKING   AND TRUST COMPANY,

as a Lender,
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Ahaz A. Armstrong
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Ahaz A. Armstrong
    
	
 
    	
 
    	
 
    	
Title:
    	
Assistant Vice   President
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
Name of Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
U.S. Bank   National Association, As Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Patrick J. Brown
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Patrick J. Brown
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For any Lender   requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
CITY NATIONAL   BANK,

a national   banking institution
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ John Finnigan
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
John Finnigan
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior Vice President
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
The   undersigned Departing Lender hereby acknowledges and agrees that, from and   after the Amendment No. 3 Effective Date, it is no longer a party to the   Credit Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name of   Departing Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
COMERICA BANK
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Charles Weddell
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Charles Weddell
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice President
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
The   undersigned Departing Lender hereby acknowledges and agrees that, from and   after the Amendment No. 3 Effective Date, it is no longer a party to the   Credit Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name of   Departing Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CHANG HWA   COMMERCIAL BANK, LTD.,
    
	
 
    	
 
    	
NEW YORK BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Joel W.Y. Chou
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Joel W.Y. Chou
    
	
 
    	
 
    	
 
    	
Title:
    	
AVP & Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For any   Departing Lender requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
The   undersigned Departing Lender hereby acknowledges and agrees that, from and   after the Amendment No. 3 Effective Date, it is no longer a party to the   Credit Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name of   Departing Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
LAND BANK OF   TAIWAN, LOS ANGELES BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Henry C.R. Leu
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Henry C.R. Leu
    
	
 
    	
 
    	
 
    	
Title:
    	
SVP & General   Manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
For any   Departing Lender requiring a second signature line:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
The   undersigned Departing Lender hereby acknowledges and agrees that, from and   after the Amendment No. 3 Effective Date, it is no longer a party to the   Credit Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name of   Departing Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
TAIWAN   COOPERATIVE BANK, LOS ANGELES BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Li Hua Huang
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Li Hua Huang
    
	
 
    	
 
    	
 
    	
Title:
    	
VP & General   Manager
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

	
 
    	
 
    	
The   undersigned Departing Lender hereby acknowledges and agrees that, from and   after the Amendment No. 3 Effective Date, it is no longer a party to the   Credit Agreement
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name of   Departing Lender:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
E.SUN COMMERCIAL   BANK LIMITED,
    
	
 
    	
 
    	
LOS ANGELES   BRANCH
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 /s/ Edward Chen
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    	
Edward Chen
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior Vice President   & General Manager
    
						

 

 

Signature Page to Amendment No. 3 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

 

ANNEX I

 

 

DEPARTING LENDERS

 

 

1.            Land Bank of Taiwan Los Angeles Branch

2.            Comerica Bank

3.            Chang Hwa Commercial Bank, Ltd., New York Branch

4.            E. Sun Commercial Bank Ltd., Los Angeles Branch

5.            Taiwan Cooperative Bank., Los Angeles Branch

 

 

SCHEDULE 2.01

 

COMMITMENTS

AND APPLICABLE PERCENTAGES

 

	
Lender
    	
 
    	
 
    	
 
    	
Revolving
   Commitment
    	
 
    	
 
    	
 
    	
 
    	
Applicable
   Percentage
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
 
    	
 
    	
$135,000,000
    	
 
    	
 
    	
 
    	
 
    	
6.750000000%
    	
 
    
	
JPMorgan Chase   Bank, N.A.
    	
 
    	
 
    	
 
    	
$135,000,000
    	
 
    	
 
    	
 
    	
 
    	
6.750000000%
    	
 
    
	
Citibank, N.A.
    	
 
    	
 
    	
 
    	
$130,000,000
    	
 
    	
 
    	
 
    	
 
    	
6.500000000%
    	
 
    
	
UBS AG, Stamford   Branch
    	
 
    	
 
    	
 
    	
$130,000,000
    	
 
    	
 
    	
 
    	
 
    	
6.500000000%
    	
 
    
	
Wells Fargo   Bank, National Association
    	
 
    	
 
    	
 
    	
$130,000,000
    	
 
    	
 
    	
 
    	
 
    	
6.500000000%
    	
 
    
	
Credit Agricole   Corporate and Investment Bank
    	
 
    	
 
    	
 
    	
$110,000,000
    	
 
    	
 
    	
 
    	
 
    	
5.500000000%
    	
 
    
	
Credit Suisse   AG, Cayman Islands Branch
    	
 
    	
 
    	
 
    	
$110,000,000
    	
 
    	
 
    	
 
    	
 
    	
5.500000000%
    	
 
    
	
Goldman Sachs   Bank USA
    	
 
    	
 
    	
 
    	
$110,000,000
    	
 
    	
 
    	
 
    	
 
    	
5.500000000%
    	
 
    
	
Morgan Stanley Bank, N.A.
    	
 
    	
 
    	
 
    	
$110,000,000
    	
 
    	
 
    	
 
    	
 
    	
5.500000000%
    	
 
    
	
Royal Bank of   Canada
    	
 
    	
 
    	
 
    	
$110,000,000
    	
 
    	
 
    	
 
    	
 
    	
5.500000000%
    	
 
    
	
The Royal Bank   of Scotland plc
    	
 
    	
 
    	
 
    	
$110,000,000
    	
 
    	
 
    	
 
    	
 
    	
5.500000000%
    	
 
    
	
Barclays Bank   plc
    	
 
    	
 
    	
 
    	
$110,000,000
    	
 
    	
 
    	
 
    	
 
    	
5.500000000%
    	
 
    
	
The Bank of New   York Mellon
    	
 
    	
 
    	
 
    	
$70,000,000
    	
 
    	
 
    	
 
    	
 
    	
3.500000000%
    	
 
    
	
The Bank of Nova   Scotia
    	
 
    	
 
    	
 
    	
$70,000,000
    	
 
    	
 
    	
 
    	
 
    	
3.500000000%
    	
 
    
	
The Bank of   Tokyo-Mitsubishi UFJ, Ltd.
    	
 
    	
 
    	
 
    	
$70,000,000
    	
 
    	
 
    	
 
    	
 
    	
3.500000000%
    	
 
    
	
PNC Bank,   National Association
    	
 
    	
 
    	
 
    	
$70,000,000
    	
 
    	
 
    	
 
    	
 
    	
3.500000000%
    	
 
    
	
SunTrust Bank
    	
 
    	
 
    	
 
    	
$70,000,000
    	
 
    	
 
    	
 
    	
 
    	
3.500000000%
    	
 
    
	
Regions Bank
    	
 
    	
 
    	
 
    	
$55,000,000
    	
 
    	
 
    	
 
    	
 
    	
2.750000000%
    	
 
    
	
KeyBank National   Association
    	
 
    	
 
    	
 
    	
$50,000,000
    	
 
    	
 
    	
 
    	
 
    	
2.500000000%
    	
 
    
	
Branch Banking   & Trust Company
    	
 
    	
 
    	
 
    	
$50,000,000
    	
 
    	
 
    	
 
    	
 
    	
2.500000000%
    	
 
    
	
U.S. Bank   National Association
    	
 
    	
 
    	
 
    	
$45,000,000
    	
 
    	
 
    	
 
    	
 
    	
2.250000000%
    	
 
    
	
City National   Bank
    	
 
    	
 
    	
 
    	
$20,000,000
    	
 
    	
 
    	
 
    	
 
    	
1.000000000%
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total
    	
 
    	
 
    	
 
    	
$2,000,000,000
    	
 
    	
 
    	
 
    	
 
    	
100.000000000%
    	
 
    

 

 

SCHEDULE 2.02

 

ALTERNATIVE CURRENCY

PARTICIPATING LENDER1

 

	
Lender
    	
 
    	
 
    	
Euro
    	
 
    	
 
    	
Sterling
    	
 
    	
 
    	
Yen
    	
 
    	
 
    	
Canadian
   Dollars
    	
 
    	
 
    	
Australian
   Dollars
    	
 
    	
 
    	
Swiss
   Francs
    	
 
    
	
Bank of America,   N.A.
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
JPMorgan Chase   Bank, N.A.
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Citibank, N.A.
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
UBS AG, Stamford   Branch
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Wells Fargo   Bank, National Association
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Credit Agricole   Corporate and Investment Bank
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Credit Suisse   AG, Cayman Islands Branch
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Goldman Sachs   Bank USA
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Morgan Stanley Bank, N.A.
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Royal Bank of   Canada
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
The Royal Bank   of Scotland plc
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Barclays Bank   plc
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
The Bank of New   York Mellon
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
The Bank of Nova   Scotia
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
The Bank of   Tokyo-Mitsubishi UFJ, Ltd.
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
PNC Bank,   National Association
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
SunTrust Bank
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Regions Bank
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
KeyBank National   Association
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
Branch Banking   & Trust Company
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
U.S. Bank   National Association
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    
	
City National   Bank
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    	
 
    	
Yes
    	
 
    

 

	
1 The table indicates each Lender’s ability to   fund in a particular currency (e.g., Bank of America, N.A. can fund each of   the six currencies).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00228-of-00352.parquet"}]]