Document:

Registration Rights Agreement

 Exhibit 10.3 
 EXECUTION COPY 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this “Agreement”) is made and entered into as of April 26, 2007, among VENTAS, INC., a Delaware
corporation (the “Issuer”), and the purchasers listed on Schedule I hereto (collectively, the “Purchasers”). 
 WHEREAS, the parties have agreed to enter into this Agreement in connection with, and as a condition to the closing under, the Purchase Agreement, dated as of April 26, 2007, among the Issuer, Ventas Realty, Limited Partnership and the
Purchasers (the “Purchase Agreement”); and 
 WHEREAS, pursuant to the Purchase Agreement and concurrently with the
execution of this Agreement, the Purchasers are acquiring from the Issuer shares of the Issuer’s Series A Senior Preferred Stock, liquidation preference of $1,000 per share (the “Securities”). 
 NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Issuer and the Purchasers agree as follows: 
 1. Definitions. In addition to the terms
defined elsewhere in this Agreement, (a) capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement, and (b) the following terms have the meanings indicated: 
 “Commission” means the Securities and Exchange Commission. 
 “Demand Period” means the period commencing six months from the date hereof and ending two years from the date hereof.

 “Demand Registration Statement” means a Registration Statement filed or to be filed pursuant to a written
Purchaser Request pursuant to Section 3. 
 “Exchange Act” means the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Holder” means any
holder, from time to time, of Registrable Securities. 
 “Person” means any individual, firm, corporation,
partnership, limited liability company, trust, incorporated or unincorporated association, joint venture, joint stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind, and
shall include any successor (by merger or otherwise) of such entity. 
 “Purchaser Request” means a request
from Purchasers that in the aggregate possess a majority of the Registrable Securities outstanding as of the date of such request. 
 “Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon 

 
Rules 430A, 430B or 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus. 
 “Registrable Securities” means any Securities issued or
issuable pursuant to the Purchase Agreement and Certificate of Designations until the date on which such Security (i) is transferable or saleable pursuant to a Registration Statement covering such Security which has been filed with the
Commission pursuant to the Securities Act, or (ii) is transferable or saleable pursuant to Rule 144(k) (or any successor provision to such Rule) promulgated under the Securities Act. 
 “Registration Statement” shall mean any registration statement to be filed under the Exchange Act, which covers any of
the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included therein, all amendments and supplements to such Registration Statement, including pre- and post-effective amendments, all exhibits and all
material incorporated by reference or deemed to be incorporated by reference in such Registration Statement. 
 “Rule
144,” “Rule 415,” “Rule 424” and “Rule 461” means Rule 144, Rule 415, Rule 424 and Rule 461, respectively, promulgated by the Commission pursuant to the Securities Act, as such Rules may be
amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
 2. [Reserved]. 
 3. Demand
Registration. 
 (a) If at any time during the Demand Period the Issuer shall receive a written Purchaser Request that the Issuer file a
registration statement under the Securities Act, then the Issuer shall, within ten (10) days of the receipt thereof, give written notice of such request to all Holders and, subject to the limitations of Section 3(b) below, shall file (as
expeditiously as practicable, and in any event within thirty (30) days of the receipt of such request) and use its commercially reasonable best efforts to have declared effective, a registration statement under the Securities Act with respect
to all Registrable Securities which the Holders request to be registered within eighteen (18) days of the mailing of such notice by the Issuer in accordance with Section 9(g) below. 
 (b) If the Holders intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Issuer
as a part of their request made pursuant to this Section 3 and the Issuer shall, to the extent practicable, include such information in the written notice referred to in Section 3(a). In such event, the obligation of any Holder to 

  

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include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and
the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in interest of the Holders participating in the underwriting and such Holder) to the extent provided herein. A majority in
interest of the Holders of Registrable Securities participating in the underwriting, in consultation with the Issuer and subject to the approval of the Issuer (not to be unreasonably withheld or delayed), shall select the managing underwriter or
underwriters in such underwriting. All Holders proposing to distribute their securities through such underwriting shall (together with the Issuer as provided in Section 5(m)) enter into an underwriting agreement in customary form with the
underwriter or underwriters so selected for such underwriting by a majority in interest of such Holders; provided, however, that no Holder (or any of their assignees) shall be required to make any representations, warranties or indemnities except as
they relate to such Holder’s ownership of shares and authority to enter into the underwriting agreement and to such Holder’s intended method of distribution, and the liability of such Holder shall be limited to an amount equal to the net
proceeds from the offering received by such Holder. Notwithstanding any other provision of this Section 3, if the managing underwriter advises a Holder that marketing factors require a limitation of the number of shares to be underwritten, then
the Holder shall so advise the Issuer and the Issuer shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable Securities that may be included in the
underwriting shall be allocated as follows: (i) first, among Holders of Registrable Securities that have elected to participate in such underwritten offering, in proportion (as nearly as practicable) to the aggregate amount of Registrable
Securities held by all such Holders, until such Holders have included in the underwriting all shares requested by such holders to be included, and (ii) thereafter, among all other holders of the Securities, if any, that have the right and have
elected to participate in such underwritten offering, in proportion (as nearly as practicable) to the amount of shares of the Securities owned by such holders. Without the consent of a majority in interest of the Holders of Registrable Securities
participating in a registration referred to in Section 3(a), no securities other than Registrable Securities shall be covered by such registration if the inclusion of such other securities would result in a reduction of the number of
Registrable Securities covered by such registration or included in any underwriting or if, in the opinion of the managing underwriter, the inclusion of such other securities would adversely impact the marketing of such offering. 
 (c) The Issuer shall be obligated to effect two (2) Demand Registration Statements pursuant to Purchaser Requests under this Section 3.

 (d) Notwithstanding the foregoing, if the Issuer shall furnish to the Holders requesting a Registration Statement pursuant to this
Section 3, a certificate signed by the chief executive officer of the Issuer stating that in the good faith judgment of the Board of Directors of the Issuer, it would be detrimental to the Issuer and its stockholders for such Registration
Statement to be filed or maintained by reason of (i) a material pending financing, acquisition, disposition, corporate reorganization, merger, public offering of securities, or other transaction involving or being contemplated by the Issuer or
(ii) the Issuer being in possession of material non-public information not otherwise then required by law to be publicly disclosed that it deems advisable not to disclose in the Registration Statement, and it is therefore essential to defer the
filing of or suspend such Registration Statement, the Issuer shall have the right to defer such filing for a period of not more than sixty (60) days after receipt of the Purchaser Request; provided, however, that 

  

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the Issuer may not utilize this right more than once in any six (6) month period; provided, further, that the Issuer shall at all times in
good faith use its reasonable best efforts to cause any Registration Statement required by this Agreement to be filed or restored as soon as possible thereafter. 
 4. [Intentionally Omitted]. 
 5. Demand Registration Procedures. In connection with the
Issuer’s registration obligations hereunder with respect to a Demand Registration Statement, the Issuer shall: 
 (a)
Not less than three Business Days prior to the filing of each Demand Registration Statement or any related Prospectus or any amendment or supplement thereto, the Issuer shall (i) furnish to the Holders and their counsel copies of all such
documents proposed to be filed, which documents will be subject to the review of such Holders and their counsel, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries as
shall be necessary, in the reasonable opinion of respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act. The Issuer shall not file such Demand Registration Statement or any related Prospectus, amendments
or supplements thereto to which the Holders of a majority of the Registrable Securities to be included in such Demand Registration Statement and their counsel shall reasonably object. 
 (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to each Demand Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Demand Registration Statement continuously effective as to the applicable Registrable Securities until the end of the related offering; (ii) cause the related
Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably practicable, to any comments received from the
Commission with respect to any Registration Statement or any amendment thereto and as promptly as reasonably practicable provide the Holders and their counsel true and complete copies of all correspondence from and to the Commission relating to a
Registration Statement; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by a Demand Registration Statement during the
applicable period in accordance with the intended methods of disposition by the Holders thereof set forth in the applicable Demand Registration Statement as so amended or in such Prospectus as so supplemented. 
 (c) Notify the Holders of Registrable Securities to be sold pursuant to a Demand Registration Statement and their counsel as promptly as
reasonably practicable, and (if requested by any such person) confirm such notice in writing no later than one Business Day thereafter, of any of the following events: (i) the Commission notifies the Issuer whether there will be a
“review” of any Demand Registration Statement; (ii) the Commission comments in writing on any Demand Registration Statement (in which case the Issuer shall deliver to each Holder a copy of such comments and of all written responses
thereto); (iii) any Demand Registration Statement or any post-effective amendment 

  

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thereto is declared effective; (iv) the Commission or any other Federal or state governmental authority requests any amendment or supplement to a Demand
Registration Statement or Prospectus or requests additional information related thereto; (v) the Commission issues any stop order suspending the effectiveness of any Demand Registration Statement or initiates any proceedings for that purpose;
(vi) the Issuer receives notice of any suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threat of any proceeding for such purpose; or (vii) the
financial statements included in any Demand Registration Statement become ineligible for inclusion therein or any statement made in any Demand Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated
therein by reference is untrue in any material respect or any revision to a Demand Registration Statement, related Prospectus or other document is required so that it will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (d) Use its commercially reasonable best efforts to avoid the issuance of or, if issued, to obtain the withdrawal of (i) any order
suspending the effectiveness of any Demand Registration Statement or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, at the earliest practicable
moment. 
 (e) Furnish to each Holder of Registrable Securities included therein and its counsel, without charge, at least
one conformed copy of each Demand Registration Statement and each amendment thereto, including financial statements and schedules, and all exhibits to the extent requested by such person (excluding those previously furnished or incorporated by
reference) promptly after the filing of such documents with the Commission. 
 (f) Promptly deliver to each Holder of
Registrable Securities included therein and its counsel, without charge, as many copies of the Prospectus or Prospectuses (including each form of prospectus) related to a Demand Registration Statement and each amendment or supplement thereto as such
persons may reasonably request. Subject to the provisions of Section 9(f) of this Agreement, the Issuer hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the
offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto. 
 (g)
[Reserved]. 
 (h) Prior to any public offering of Registrable Securities pursuant to a Demand Registration Statement, use
its commercially reasonable best efforts to register or qualify or cooperate with the selling Holders and their counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any Holder requests in writing, to keep each such registration or qualification (or exemption therefrom) effective until the
offering is completed 

  

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(but in no event longer than 90 days from commencement of the offering), and to do any and all other acts or things necessary or advisable to enable the
disposition in such jurisdictions of the Registrable Securities covered by a Demand Registration Statement. 
 (i) Reasonably
cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Demand Registration Statement, which certificates shall be free of all
restrictive legends (subject to the Certificate of Designations), and to enable such Registrable Securities to be in such denominations (subject to the Certificate of Designations) and registered in such names as any such Holders may request.

 (j) Upon the occurrence of any event described in Section 5(c)(vii), as promptly as reasonably practicable, prepare a
supplement or amendment, including a post-effective amendment, to such a Demand Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other
required document so that, as thereafter delivered, neither such Demand Registration Statement nor its related Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (k) Reasonably
cooperate with any due diligence investigation undertaken by the Holders in connection with the sale of Registrable Securities pursuant to a Demand Registration Statement, including without limitation by making available any documents and
information reasonably requested. 
 (l) [Reserved]. 
 (m) In the event of any underwritten public offering of Registrable Securities, enter into and perform its obligations under an
underwriting agreement, in usual and customary form (including without limitation, by providing customary legal opinions, comfort letters and indemnification and contribution obligations), with the managing underwriter of such offering. 

(n) Comply with in all material respects all applicable rules and regulations of the Commission. 
 (o) The Issuer shall not be required to deliver any document pursuant to any provision of this Section 5 to any Holder who is not
selling Registrable Securities under the applicable Demand Registration Statement. 
 6. [Intentionally Omitted.] 
 7. Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the Issuer shall be borne by
the Issuer whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (a) all registration and filing fees (including,
without limitation, fees and expenses in connection with compliance with 

  

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applicable state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel for the Issuer in connection with Blue Sky
qualifications or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws of such jurisdictions as requested by the Holders )), (b) printing expenses (including,
without limitation, expenses of printing certificates for Registrable Securities and of printing Prospectuses requested by the Holders), (c) messenger, telephone and delivery expenses, (d) fees and disbursements of counsel for the Issuer
and with respect to the Holders, reasonable fees and expenses of one counsel to the Holders (selected by a majority in interest of the Holders participating in such Demand Registration Statement), and (e) fees and expenses of all other persons
retained by the Issuer in connection with the consummation of the transactions contemplated by this Agreement. 
 8. Indemnification

 (a) Indemnification by the Issuer. The Issuer shall, notwithstanding any termination of this Agreement, indemnify and hold harmless
each Holder, the officers, directors, partners, members, agents, and employees of each of them, each person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
officers, directors, partners, members, agents and employees of each such controlling person, to the fullest extent permitted by applicable law, from and against any and all losses, liabilities, claims or expenses, as incurred, arising out of or
relating to any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or
relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under
which they were made) not misleading, except to the extent that (i) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Issuer by or on behalf of such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a
Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto or (ii) in the case of an occurrence of an event of the type specified in Section 5(c)(v)-(vii), the use by such Holder of an
outdated or defective Prospectus after the Issuer has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 9(f). The Issuer shall notify the
Holders promptly of the institution, threat or assertion of any proceeding of which the Issuer is aware in connection with the transactions contemplated by this Agreement. 
 (b) Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Issuer, its directors, officers,
agents and employees, each person who controls the Issuer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the
fullest extent permitted by applicable law, from and against all losses, liabilities, claims or expenses, as incurred, arising solely out of any untrue statement of a material fact contained in any Registration Statement, any Prospectus, or any form
of prospectus, or in any amendment or supplement thereto, or arising solely out of any omission of a material fact required to be stated 

  

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therein or necessary to make the statements therein not misleading to the extent, but only to the extent, that such untrue statement or omission is contained
in any information so furnished in writing by such Holder to the Issuer specifically for inclusion in such Registration Statement or such Prospectus. In no event shall the liability of any selling Holder hereunder be greater in amount than the
dollar amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. 
 (c) Conduct of Indemnification Proceedings. If any proceeding shall be brought or asserted against any person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party
shall promptly notify the person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to the
Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or
liabilities pursuant to this Agreement, except to the extent that it is materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.

 An Indemnified Party shall have the right to employ separate counsel in any such proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party has agreed in writing to pay such fees and expenses; or (ii) the Indemnifying Party shall have failed to
assume the defense of such proceeding (with sufficient promptness to ensure that the Indemnified Parties are not prejudiced by delay), or shall employ incompetent counsel in any such proceeding; or (iii) the named parties to any such proceeding
(including any impleaded parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have reasonably determined that a conflict of interest is likely to exist if the same counsel were to represent such
Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not
have the right to assume the defense thereof and such counsel shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such proceeding effected without its written consent, which
consent shall not be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending proceeding in respect of which any Indemnified Party is a party, unless such
settlement includes (i) an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such proceeding and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act by or on behalf of such Indemnified Party. 
 All reasonable out-of-pocket fees and expenses of the Indemnified Party
(including reasonable out-of-pocket fees and expenses to the extent incurred in connection with investigating or preparing to defend such proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred,
within ten Business Days of written notice thereof to the Indemnifying Party (regardless of whether it may be ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided, that the Indemnifying Party
may require such Indemnified Party to undertake to reimburse all such fees and expenses 

  

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to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification hereunder). Any other provision in this
Agreement notwithstanding, the Indemnifying Party shall only be liable for the reasonable out-of-pocket fees and expenses of one separate counsel representing the Indemnified Parties (and one local counsel per jurisdiction as appropriate).

 (d) Contribution. If a claim for indemnification under Section 8(a) or 8(b) is unavailable to an Indemnified Party (by reason
of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such losses as well as any other relevant equitable considerations. The relative fault of such
Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission of a material fact,
has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement or
omission. The amount paid or payable by a party as a result of any losses shall be deemed to include, subject to the limitations set forth in Section 8(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such
party in connection with any proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms. 
 The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d), no Holder shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the proceeding exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any person who was not guilty of such fraudulent misrepresentation. 
 The indemnity and contribution agreements
contained in this Section are in addition to any liability that the Indemnifying Parties may have to the Indemnified Parties. 
 9.
Miscellaneous 
 (a) Remedies. In the event of a breach by the Issuer or by a Holder of any of their obligations under this
Agreement, each Holder or the Issuer, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this
Agreement. The Issuer and each Holder agree that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and 

  

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hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law
would be adequate. 
 (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Issuer and the Holders of at least a majority of the then outstanding
Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders and that does not directly or indirectly affect the rights of
other Holders may be given by Holders of at least a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the immediately preceding sentence. 
 (c) No Inconsistent Agreements. Neither the Issuer
nor any of its subsidiaries has entered, as of the date hereof, nor shall the Issuer or any of its subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities that would have the effect of impairing
the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. 
 (d) No Piggyback on
Registrations. Neither the Issuer nor any of its security holders (other than the Holders) may include securities of the Issuer in a Demand Registration Statement, and the Issuer shall not after the date hereof enter into any agreement providing
any such right to any of its security holders. 
 (e) Compliance. Each Holder covenants and agrees that it will comply with the
prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement. 
 (f) Discontinued Disposition. Each Holder agrees by its acquisition of such Registrable Securities that, upon receipt of a notice from the Issuer of the occurrence of any event of the kind described in Sections
5(c)(v), 5(c)(vi), or 5(c)(vii), as applicable, such Holder will forthwith discontinue disposition of such Registrable Securities under a Registration Statement until such Holder’s receipt of the copies of any supplemented Prospectus and/or
amended Registration Statement (if required pursuant to Section 5(j)), or until it is advised in writing (the “Advice”) by the Issuer that the use of the applicable Prospectus may be resumed, and, in either case, has received
copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Issuer may provide appropriate stop orders to enforce the provisions of this
paragraph. 
 (g) Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Section prior to 4:30
p.m. (New York City time) on a Business Day, (b) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile telephone number specified in this Agreement on a day that is not
a Business Day or later than 4:30 p.m. (New York 

  

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City time) and earlier than 11:59 p.m. (New York City time) on any Business Day, (c) the Business Day following the date of receipt, if sent by U.S.
nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth in the Purchase Agreement. 

(h) Seller Information. In connection with any offering under any Registration Statement under this Agreement, each Holder shall
promptly furnish to the Issuer in writing such information with respect to such Holder and the intended method of disposition of its Registrable Securities as the Issuer may reasonably request or as may be required by law (including, any information
necessary to make information previously furnished not contain a material misstatement of fact or omit a material fact necessary in order to make the statements therein not misleading) for use in connection with any related Registration Statement or
Prospectus (or amendment or supplement thereto). 
 (j) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Issuer may not assign its rights or obligations hereunder without the prior written consent of each Holder. No Person other
than the parties hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement. 
 (k)
Counterparts. This Agreement may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
 (l) GOVERNING LAW; VENUE; WAIVER OF JURY TRAIL. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. EACH PARTY AGREES THAT ALL LEGAL PROCEEDINGS CONCERNING THE INTERPRETATIONS, ENFORCEMENT AND DEFENSE OF THE TRANSACTIONS
CONTEMPLATED BY ANY OF THE TRANSACTION DOCUMENTS (WHETHER BROUGHT AGAINST A PARTY HERETO OR ITS RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, STOCKHOLDERS, EMPLOYEES OR AGENTS) SHALL BE COMMENCED EXCLUSIVELY IN THE STATE AND U.S. FEDERAL COURTS
SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN. EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND U.S. FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THIS AGREEMENT), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT,
ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO
PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY 

  

 -11- 

 
THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER
THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE TRANSACTION DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. IF ANY PARTY SHALL COMMENCE AN ACTION OR PROCEEDING TO ENFORCE ANY PROVISIONS OF THIS AGREEMENT OR ANY TRANSACTION DOCUMENT, THEN THE PREVAILING PARTY IN SUCH ACTION OR PROCEEDING SHALL BE REIMBURSED BY
THE OTHER PARTY FOR ITS REASONABLE ATTORNEYS FEES AND OTHER REASONABLE COSTS AND EXPENSES INCURRED WITH THE INVESTIGATION, PREPARATION AND PROSECUTION OF SUCH ACTION OR PROCEEDING. 
 (m) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 
 (n) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of
the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (o) Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
 (p) Other Agreements. Nothing contained in this Agreement shall be deemed to be a waiver of, or release from, any obligations any party hereto may
have under, or any restrictions on the transfer of Registrable Securities or other securities of the Issuer imposed by, any other agreement including, but not limited to, the Purchase Agreement or the Certificate of Designations. 
 (q) Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and
exclusive statement of the agreement and understanding of the parties hereto with respect to the subject matter contained herein. There are no restrictions, promises, representations, warranties or undertakings with respect to the subject matter
contained herein, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings (whether written or oral) among the parties with respect to such subject matter hereof; provided,
however, that for the avoidance of doubt, the 
  

 -12- 

 
commitment letter, dated April 11, 2007, between and among Merrill Lynch, Pierce, Fenner & Smith, Merrill Lynch Capital Corporation, Citigroup
Global Markets Inc., Ventas Realty, Limited Partnership and the Issuer shall survive to the extent it addresses matters beyond the scope of this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGES TO FOLLOW] 
  

 -13- 

 IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date written
above. 
  

					
	VENTAS, INC.
		
	By:	 	/s/ T. Richard Riney
		 	Name:	 	T. Richard Riney
		 	Title:	 	General Counsel, Executive Vice President and Secretary

  

					
	 MERRILL LYNCH, PIERCE, FENNER & SMITH
 INCORPORATED

		
	By:	 	/s/ Michael E. O’Brien
		 	Name:	 	Michael E. O’Brien
		 	Title:	 	Director
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	/s/ Michael Judlowe
		 	Name:	 	Michael Judlowe
		 	Title:	 	Managing Director – Equity Capital Markets
	
	KEY REAL ESTATE EQUITY CAPITAL, INC.
		
	By:	 	/s/ Lisa Anne Meyer
		 	Name:	 	Lisa Anne Meyer
		 	Title:	 	Vice President
	
	CALYON SECURITIES (USA) INC.
		
	By:	 	/s/ Joseph Marzelli
		 	Name:	 	Joseph Marzelli
		 	Title:	 	Operations Director
	
	BLUE RIDGE INVESTMENTS, L.L.C.
		
	By:	 	/s/ James G. Rose, Jr.
		 	Name:	 	James G. Rose, Jr.
		 	Title:	 	Vice President

  
  

					
	BANK OF MONTREAL
		
	By:	 	/s/ Thomas Batterham
		 	Name:	 	Thomas Batterham
		 	Title:	 	Managing Director
	
	JP MORGAN VENTURES CORPORATION
		
	By:	 	/s/ John J. Hyland
		 	Name:	 	John J. Hyland
		 	Title:	 	Vice President
	
	UBS SECURITIES LLC
		
	By:	 	/s/ Keith A. Lockwood
		 	Name:	 	Keith A. Lockwood
		 	Title:	 	Executive Director
		
	By:	 	/s/ Peter F. Lang
		 	Name:	 	Peter F. Lang
		 	Title:	 	Executive Director

  

 -2- 

 Schedule I 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 Citigroup Global Markets Inc. 
 Key Real Estate Equity Capital, Inc. 
 Calyon Securities (USA) Inc.

 Blue Ridge Investments, L.L.C. 
 Bank of Montreal 

JP Morgan Ventures Corporation 
 UBS Securities LLCSeverance and Release Agreement

 Exhibit 10.1 
 SEVERANCE AND RELEASE AGREEMENT 
 THIS
AGREEMENT is made and entered into as of this the 27th day of April, 2007, by and between Larry W. Garretson
(hereinafter “Garretson”) and Noble International, Ltd. and any and all of its subsidiaries and affiliates (hereinafter referred to as “Noble”). 
 AGREEMENT 
 WHEREAS, Garretson and Noble agree that it would be in their best interests to sever
their employment relationship; 
 WHEREAS, Garretson and Noble have met and reached a full agreement and understanding concerning the
severance of their employment relationship; 
 WHEREAS, this Severance and Release Agreement is intended to set forth, and does set forth,
all terms and conditions of Garretson’s termination of employment. 
 NOW, THEREFORE, the parties to this Agreement have mutually and
voluntarily agreed to resolve their disputes in sole consideration for the promises and covenants set forth as follows: 
 1. Upon the
execution of this Agreement by the parties, Garretson voluntarily resigns from his employment with Noble effective April 30, 2007. Noble will not oppose efforts by Garretson to receive unemployment compensation. 
 2. Noble agrees to pay Garretson severance in the total amount of Two Hundred Eighty-four Thousand Seven Hundred Fifty and 00/100 Dollars ($284,750.00).
Of this amount, $34,750 is to be paid within ten (10) days of Garretson’s execution of this Agreement and $250,000 is to be paid consistent with Noble’s normal payroll over the 12 months following the effective date of this Agreement.
All payments are subject to deductions for local, state, federal or FICA taxes, as applicable. This amount includes, without limitation, any bonus, equity participation or other payment, whether accrued, unpaid or prorated, for any periods, and
whether or not owing pursuant to any agreement between Garretson and Noble or otherwise. 

 3. All health care benefits (including medical, prescription, dental and vision coverage) shall continue
in the same manner until the earlier to occur of (i) April 30, 2008 or (ii) the date Garretson is eligible to receive health care benefits from another employer. Garretson shall retain the right to continued health care coverage after
April 30, 2008 at his own cost pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). 
 4. The parties agree
that said severance constitutes consideration paid to Garretson in exchange for his release of Noble from liability for all damages claimable by Garretson under any federal or state statutes, constitutions, or state common law tort or contract
doctrines. 
 5. Garretson, on behalf of himself, his agents, representatives, executors, heirs, administrators, assigns and all those acting
on his behalf, agrees to release, acquit, and forever discharge Noble, its agents, employees, officers, directors, subsidiaries and related or controlled entities, affiliates, parent, shareholders, representatives, executors, heirs, administrators,
successors, and assigns from any and all claims and causes of action, whether known or unknown, suspected or unsuspected, foreseen or unforeseen, liquidated or unliquidated, which he ever had or now has against Noble, including but not limited to
all claims and/or causes of action in any way related to Garretson’s hire, employment or termination of employment, including, but not limited to, any claims of discrimination, breach of contract, actual and/or constructive discharge,
retaliation or defamation. This release also includes, but is not limited to, any claims under the Age Discrimination in Employment Act, 29 USC 626 (f) (1991), which prohibits discrimination on the basis of age. This release also includes, but
is not limited to, any claims under Garretson’s Employment Agreement (as defined in Section 13 hereof). 
 6. The parties
acknowledge that they may in the future discover facts different from or in addition to those which they now know or believe to be true with respect to the matters which are the subject of this Agreement and agree that this Agreement shall 

  

 2 

 
remain in effect in all respects, notwithstanding the discovery or existence of different or additional facts. The parties intend this Agreement to release
fully, finally and forever the claims described in paragraph 5 and to further this intention the parties agree that this Severance and Release Agreement shall remain in effect and enforceable as full and complete release of claims, notwithstanding
the discovery or existence of different or additional facts relevant to those claims. 
 7. This Severance and Release Agreement by the
parties shall not constitute or be construed as an admission of liability by any of the parties for any purpose whatsoever. 
 8. In entering
into this Severance and Release Agreement, each party warrants that they or it have done so voluntarily and of their own accord without reliance on any inducement, promise or representation by any other party except those which are expressly set
forth in this Agreement. 
 9. Garretson expressly waives any rights he may have to disclose the terms of this Severance and Release
Agreement under federal or state law, including federal and state statutory and constitutional law, and agrees that he will not divulge, disclose, or communicate to any person, firm, organization, corporation or other entity in any manner whatever,
directly or indirectly, orally or in writing, any information concerning the terms of this Severance and Release Agreement and/or the amounts (or any estimate thereof) paid to Garretson pursuant to this Severance and Release Agreement, with the
exception that he may disclose the terms of and existence of this Severance and Release Agreement only to his spouse, accountant, lawyer or as is necessary to comply with the law or governmental regulations, provided that such individuals are
advised that they are also strictly bound by the requirements of this Confidentiality Provision. 
  

 3 

 10. The parties agree to act hereafter in a professional and non-retaliatory manner, refraining from
making disparaging remarks concerning each other. 
 11. Garretson will immediately return any and all Noble property in his possession,
including but not limited to, all keys, cell phone, credit card, files and any other property or documentation. Garretson shall also return any and all files and information contained in any computer equipment, including any hard drives, floppy
disks, tapes, CD ROMS and recordables, zip drives, hard copies containing information and/or files obtained from Noble regarding Noble’s business operations regardless of where located. Garretson verifies that he has not, nor has he requested
or directed anyone else to, nor shall he access, share, copy or retain any hard drives, floppy disks, tapes, CD ROMS and recordables, zip drives and hard copies containing information and/or files obtained from Noble regarding Noble’s business
operations regardless of where located. 
 12. Garretson agrees that if contacted by Noble, for information relating to business operations
or other matters, he will be responsive, cooperative and, if necessary, make himself available (at a time convenient to Garretson). 
 13.
Garretson acknowledges that he remains bound by the terms of Section 3 of his Agreement for employment with Pullman Industries, Inc. (the “Employment Agreement”) dated as of August 20, 2002, which terms are incorporated herein by
reference and applicable to Noble. Garretson acknowledges that a breach of the Employment Agreement or this Agreement, including the obligations of confidentiality, will result in Noble suffering irreparable harm that cannot be calculated or fully
or adequately compensated by recovery of damages alone. Accordingly, Noble is entitled to equitable relief, including interim or permanent injunctive relief, specific performance, or other equitable remedies in the event of any breach of this or any
of the other of the provisions of this Agreement, in addition to all other remedies which may be available to Noble. Furthermore, Noble’s obligations 

  

 4 

 
under this Agreement are conditional upon Garretson’s covenants and restrictions contained in his Employment Agreement, such that Noble is not waiving
nor relating any claims against Garretson for any breach of his Employment Agreement whether occurring prior to the date hereof or hereafter. 
 14. In consideration of the recitals and the mutual agreements contained herein Garretson acknowledges that he remains obligated to keep confidential and not disclose or use, directly or indirectly, on his/her own behalf or on behalf of any
other person or business entity, any Confidential Information obtained through his/her employment. “Confidential Information” is defined as oral or written, financial, technical and other information concerning the business affairs and
potential or proposed business affairs of Noble including, but not limited to the property, business, financing, marketing, business methods, sales, technology, processes, procedures, plans, projections, strategy, business developments, trade
secrets, proprietary information, service capabilities, potential transactions, engagements, customers and methods of Noble and/or its parent and affiliated entities. Garretson acknowledges that a breach or threatened breach of this provision will
result in Noble suffering irreparable harm that cannot be calculated or a breach or fully or adequately compensated by recovery of damages alone. Accordingly, Noble is entitled to equitable relief, including interim or permanent injunctive relief,
specific performance, or other equitable remedies in the vent of any breach of this or any of the other provisions of this agreement, in addition to all other remedies which may be available to Noble. 
 15. In the event that Garretson is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil
investigative demand or other process) to disclose any trade secrets, confidential or proprietary information, it is agreed that Garretson will provide Noble with prompt notice of any such request or requirement (written if practical) 

  

 5 

 
so that Noble may seek an appropriate protective order or waive Garretson’s compliance with the provisions of this agreement. In any event, Garretson
will not oppose action by Noble to obtain appropriate protective order or other relief. 
 16. In the event that any legal action is
commenced by any party to seek enforcement of this Severance and Release Agreement or damages for its breach, the prevailing party shall be entitled to recover its costs and reasonable attorney fees incurred in connection with that action. Where
specific provision for attorney fees is contained herein, those provisions shall be controlling. 
 17. Garretson and Noble agree that this
Severance and Release Agreement represents the entire agreement between them. There are no other written or oral agreements between the parties. 
 18. No waiver, modification or amendment of any term, condition or provision of this Severance and Release Agreement shall be valid or have any force or effect unless made in writing and signed by the parties. 
 19. Garretson acknowledges that he has read this Severance and Release Agreement and that he understands the contents and the meaning and effect thereof.
Garretson acknowledges that he was encouraged to discuss the Agreement with an attorney or other advisor and that he has signed this Agreement voluntarily without any duress or coercion. Each party shall bear its own costs and attorneys fees.

 20. Garretson acknowledges that he has been given at least 21 days in which to consider this Agreement before its execution. 

21. Garretson understands that this Agreement will not be effective or enforceable for seven days following the date of his signature below and during
this time only, Garretson may revoke the Agreement. Any revocation must be in writing, signed by Garretson, and delivered or mailed to Andrew J. Tavi, 28213 Van Dyke Avenue, Warren, MI 48093, so as to arrive within seven days of the date Garretson
signed this Agreement. 
  

 6 

 22. This Agreement is made and entered into in the State of Michigan and shall be interpreted, enforced
and governed under the law of that State. Any action or proceeding relating to or arising out of this Agreement shall be brought and maintained in the Macomb County Circuit Court and the parties hereby submit to the exclusive jurisdiction of such
court and stipulate that such forum is convenient to the parties for the purpose of trial of such action or proceeding. 
 23. In the event
that any covenant, condition or other provision contained in this Agreement is held to be invalid, void or illegal by any court of competent jurisdiction, the same shall be deemed severable from the remainder of this Agreement and shall in no way
effect, impair or invalidate any other covenant, condition or other provision contained in this Agreement. 
 24. This Agreement is deemed
drafted by all parties. 
 25. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
which together shall constitute one and the same instrument. 
  

			
		 	 /s/ Larry W. Garretson

		 	Larry W. Garretson
	
	NOBLE INTERNATIONAL, LTD.
		
		 	 /s/ Andrew J. Tavi

	BY:	 	Andrew J. Tavi
	ITS:	 	Vice President and General Counsel

  

 7

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