Document:

exv10w30

	 	 	 	 	 

Exhibit 10.30

AMENDMENT

TO THE

SUNRISE SENIOR LIVING, INC.

SENIOR EXECUTIVE SEVERANCE PLAN

          WHEREAS, Sunrise Senior Living, Inc., a Delaware corporation (“Sunrise”) desires to amend the
Sunrise Senior Living, Inc. Senior Executive Severance Plan (“Plan”) to comply with the
distribution and other applicable limitations under Section 409A of the Internal Revenue Code and
any regulations thereunder.

          NOW, THEREFORE, the Plan is hereby amended, effective January 1, 2009, as follows:

          1. Section 2(j) of the Plan is hereby amended in its entirety to read as follows:

     (j) “Date of Termination” means, with respect to an Executive, the effective
date of termination of the Executive’s employment with the Company or any of its
affiliates; provided, that for purposes of any payments to be made under this Plan
to which Section 409A of the Code applies, an Executive’s termination of employment
shall have the same meaning as “separation from service” under section 409A (and any
regulations thereunder).

          2. Section 2(l) of the Plan is hereby amended in its entirety to read as follows:

     (l) “Good Reason” means, with respect to an Executive: (1) a material reduction
in the Executive’s base salary, fringe benefits or bonus eligibility, except, in the
case of fringe benefits or bonus eligibility, in connection with a reduction in such
compensation generally applicable to peer employees of the Company; (2) that the
Executive has his responsibilities or areas of supervision with the Company
substantially reduced (in the Executive’s reasonable judgment) which can include,
but is not limited to, a request that Executive report to a lower level supervisor;
(3) that the Executive has his responsibilities or areas of supervision with the
Company substantially increased without an appropriate increase in Executive’s
compensation (in the Executive’s reasonable judgment); (4) that the Executive is
required to move his office substantially outside the metropolitan area in which the
office of the Executive was previously located; or (5) that the Executive is
required to report to a new supervisor and the Executive and the new supervisor have
irreconcilable working relationship problems or difficulties.

          3. Section 4(a)(i) of the Plan is hereby amended in its entirety to read as follows:

     (i) The Company shall pay to the Executive the following amounts:

 

 

A. the Accrued Obligations in a lump sum in cash within 30 days of the Date
of Termination; provided, that those amounts subject to Section 409A of the
Code may only be paid under this Section to the extent that (1) the Change
in Control qualifies as such under Section 409A of the Code and (2) Treas.
Reg. Section 1.409A-3(c)(1) otherwise applies.

B. the amount equal to the product of (1) two and (2) the sum of (x) the
Executive’s Annual Base Salary and (y) the Annual Bonus.

The Company shall pay the amounts provided in subparagraph (B) in a lump sum in cash
within 30 days of the Executive’s Date of Termination; provided, however, that if
requested by the acquiror in the Change in Control transaction to provide transition
services, payment of up to one half of amounts due under this Agreement may, to the
extent permitted under Section 409A of the Code (for amounts otherwise subject to
Section 409A), be deferred until the completion of a transition period ending up to
120 days following the consummation of such transaction. Notwithstanding the
foregoing, in no event may payment of amounts which are not subject to Section 409A
be delayed beyond 2-1/2 months after the close of the calendar year in which the
Executive’s right to such amounts first ceased to be subject to substantial risk of
forfeiture within the meaning of Section 409A.

          4. Section 4(a)(ii) of the Plan is hereby amended in its entirety to read as follows:

For two (2) years after the Date of Termination, or such longer period as may be
provided by the terms of the appropriate plan, program, practice or policy, the
Company shall continue benefits to the Executive and/or the Executive’s family at
least equal to those which would have been provided to them in accordance with the
welfare benefit plans, practices, policies and programs provided by the Company and
its affiliates (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident
insurance plans and programs) to the extent applicable generally to other peer
employees of the Company and its affiliates, as if the Executive’s employment had
not been terminated; provided, however, that if the Executive becomes reemployed
with another employer and is eligible to receive medical or other welfare benefits
under another employer provided plan, the medical and other welfare benefits
described herein shall be secondary to those provided under such other plan during
such applicable period of eligibility. Notwithstanding the foregoing, any premiums
paid by the Company for any medical, prescription, or dental benefits provided
hereunder under a self-insured plan shall be paid on an after-tax basis.

          5. Section 4 is hereby amended by adding a new subsection (iii) to read as follows:

-2-

 

In the event that Executive is a “specified employee” within the meaning of Section
409A of the Code (as determined by the Company or its delegate), any payments or
benefits subject to Section 409A shall not be paid or provided until the earlier of
the Executive’s death or the expiration of the 6-month period following Executive’s
termination of employment. Any payments that are delayed by virtue of this
subparagraph shall (A) be paid in one payment at the conclusion of the delay period
and (B) include interest on such amounts (calculated using a reasonable rate of
interest determined by the Company) for the period that payment was delayed. Any
required reimbursements under this or other Section of the Plan to which Section
409A of the Code applies shall be paid to Executive no later than the last day of
the calendar year following the year in which the underlying expense was incurred by
the Executive and the amount of expenses eligible for reimbursement during any year
may not (to the extent required under Section 409A and any regulations thereunder)
affect the expenses so eligible in any other year.

          6. Section 8 of the Plan is amended by adding the following at the end thereof:

Notwithstanding the foregoing, to the extent that any severance benefits payable
under this Plan are subject to Section 409A of the Code, any reduction in an
Executive’s rights, payments or benefits due to the operation of this Section 8
shall first be applied to such rights, payments or benefits that are not subject to
Section 409A of the Code (as designated by Executive), and, to the extent that the
reduction or elimination of such rights, payments or benefits is insufficient to
avoid a Parachute Payment, shall be applied on a pro rata basis to any severance
benefits hereunder that are subject to Section 409A.

          7. Section 18 of the Plan is hereby amended in its entirety to read as follows:

To the extent applicable, the Plan is intended to comply with the distribution and
other requirements under Section 409A of the Code and shall, to the maximum extent
possible, be interpreted and applied consistent with Section 409A (and any
regulations thereunder).

          8. The Plan, as amended herein, is hereby ratified and affirmed in all other respects.

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     IN WITNESS WHEREOF, Sunrise has executed this amendment to the Plan, as of this
19th day of December, 2008.

	 	 	 	 	 
	 	SUNRISE SENIOR LIVING, INC.

 	 
	 	By:  	/s/ Mark S. Ordan
 	 
	 	 	Title: Chief Executive Officer 	 
	 	 	 	 
	 

ATTEST

	 	 	 	 	 
	 	/s/ Karen Rindner
 	 	 

-4-exv10w12w3

Exhibit 10.12.3

WAIVER

     WAIVER, dated as of April 9, 2008 (this “Waiver”), by and among INTERSTATE OPERATING
COMPANY, LP, a Delaware limited partnership (the “Borrower”), LEHMAN COMMERCIAL PAPER INC.
(the “Administrative Agent”), and the Lenders party hereto to the Credit Agreement (as
defined below).

WITNESSETH:

     WHEREAS, the Borrower, the Administrative Agent, Lehman Brothers Inc., as sole lead an-anger
and sole bookrunner, Societe Cidnerale, as syndication agent. CaIyon New York Branch and Merrill
Lynch Capital, a division of Merrill Lynch Business Financial Services, Inc.. as co-documentation
agents and the Lenders have entered into that certain Senior Secured Credit Agreement, dated as of
March 9, 2007 (as amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”);

     WHEREAS, a Subsidiary of the Borrower, Interstate Columbia, LLC, acquired a Sheraton hotel
located at 10207 Wincopin Circle, Columbia, Maryland 21044 (the “Sheraton-Maryland”) on
November 29, 2007, and, pursuant to the Credit Agreement, maybe required to provide, among other
deliverables. Security Documents and a Title Policy within ninety (90) Business Days of the
acquisition of the Sheraton-Maryland in order for the Administrative Agent to have an Acceptable
Lien on the Sheraton-Maryland;

     WHEREAS, the Borrower has requested additional time to comply with the Credit Agreement in
connection with the acquisition of the Sheraton-Maryland: and

     WHEREAS, the Administrative Agent and the Lenders party hereto have agreed, subject to the
terms and conditions hereinafter set forth, to waive certain provisions of the Credit Agreement as
set firth below.

     NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged. the parties hereby
agree as follows:

     1. Defined Terms. Capitalized terms used and not otherwise defined herein
shall have the meanings ascribed to such terms in the Credit Agreement.

     2. Waiver. The Administrative Agent and the Lenders party hereto have agreed
to provide the Borrower an additional ninety (90) Business Days to satisfy the requirements of
Sections 5.10 and 6.06(d), if necessary, and the Credit Agreement generally in connection with the
acquisition of the Sheraton-Maryland.

     3. Conditions to Effectiveness of this waiver. This Waiver shall become effective as
of the date (the “Waiver Effective Date”) each of the following conditions precedent shall
have been satisfied:

     (a) The Administrative Agent shall have received a duly executed counterpart of this Waiver,
executed by the Borrower, the Administrative Agent and the Required Lenders.

     (b) There shall have been paid to the Administrative Agent, for the account of itself and the
Lenders, as applicable. all fees and expenses (including reasonable fees and expenses of counsel)
due and payable on or before the Waiver Effective Date, including a five (5) basis point waiver
fee for

 

 

each Lender that has executed and delivered this Waiver on or prior to 5p.m. (New York
Time) Wednesday April 9, 2008 on the full amount of such Lender’s Commitment on such
date.

     4. Representations
and Warranties. The Borrower hereby represents and wan-ants
to the Administrative Agent and the Lenders, on and as of’ the date hereof. that:

     (a) (i) The Borrower has taken all necessary action to authorize the execution, delivery and
performance of this Waiver, (ii) this Waiver has been duly executed and delivered by the Borrower
and (iii) this Waiver is the legal, valid and binding obligation of the Borrower, enforceable
against it in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles.

     (b) After giving effect to this Waiver, each of the representations and warranties made by any
Loan Party in or pursuant to the Credit Documents is true and correct in all material respects on
and as of the date hereof, as if made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date, in which case such
representations and warranties arc true and correct in all material respects as of such earlier
date.

     (c) After giving effect to this Waiver, no Default or Event of Default has occurred and is
continuing as of the date hereof

     (d) The acquisition of the Sheraton-Maryland is a Permitted New Investment and the Borrower is
otherwise in compliance with Section 6.06. including the last paragraph of such Section

     5. Continuing Effect. Except as expressly set forth in this Waiver, all of the terms
and provisions of the Credit Agreement are and shall remain in full force and effect and the
Borrower shall continue to be bound by all of such terms and provisions. The Waiver provided for
herein is limited to the specific provisions of the Credit Agreement specified herein and shall not
constitute a waiver of, or an indication of the Administrative Agent’s or the Lenders’ willingness
to waive, any other provisions of the Credit Agreement or the same sections for any other date or
purpose. This Waiver is a Credit Document.

     6. Expenses. The Borrowers agree to pay and reimburse the Administrative Agent
for all its reasonable out-of-pocket costs and expenses incurred in connection with the
negotiation, preparation, execution and delivery of this Waiver, and other documents prepared in
connection herewith, and the transactions contemplated hereby, including, without limitation,
reasonable tees and disbursements and other charges of counsel to the Administrative Agent relating
to the Waiver.

     7. Choice of Law, THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND ENFORCED,
AND ANY DISPUTE BETWEEN THE BORROWER, THE ADMINISTRATIVE AGENT, ANY LENDER, OR ANY INDEMMTEE
ARISING OUT OF. CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED BETWEEN
THEM IN CONNECTION WITH, THIS AGREEMENT, AND WHETHER ARISING IN CONTRACT. TORT, EQUITY, OR
OTHERWISE, SHALL BE RESOLVED IN ACCORDANCE WITH THE INTERNAL LAWS (INCLUDING, WITHOUT LIMITATION,
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO THE CONFLICTS OF
LAWS PROVISIONS) OF THE STATE OF NEW YORK; PROVIDED THAT THE PERFECTION OF THE LIENS OF THE
ADMINISTRATIVE AGENT ON THE COLLATERAL AND THE EXERCISE OF REMEDIES AGAINST THE COLLATERAL SHALL BE
GOVERNED BY,

2

 

CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE APPLICABLE JURISDICTION.

     8. Counterparts. This Waiver may be executed in any number of counterparts and
by different parties and separate counterparts, each of which when so executed and delivered, shall
be deemed an original, and all of which, when taken together, shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Waiver by facsimile or
e-mail shall be effective as delivery of a manually executed counterpart of this Waiver.

     9. Integration. This Waiver, together with the other Credit Documents,
incorporates all negotiations of the parties hereto with respect to the subject matter hereof and
is the final expression and agreement of the parties hereto with respect to the subject matter
hereof.

     10. Severability. In case any provision in this Waiver shall be invalid,
illegal or unenforceable, such provision shall be severable from the remainder of this Waiver and
the validity, legality and enforceability of the remaining provisions shall not in any way he
affected or impaired thereby.

     11. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR
OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED TO OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED
AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT
EXECUTED OR DELIVERED IN CONNECTION HEREWITH. EACH OF THE  PARTIES HERETO AGREES AND CONSENTS THAT
ANY SUCH CLAIM. DEMAND. ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY
AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT WITH ANY
COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE
WAIVER OF THEIR RIGHT  TO
TRIAL BY JURY.

[SIGNATURE PAGES FOLLOW]

3

 

     IN WITNESS WHEREOF, the parties have entered into this Waiver as of the date first
above written.

	 	 	 	 	 
	 	BORROWER:

INTERSTATE OPERATING COMPANY, LP, a

Delaware Limited partnership

 	 
	 	 	By:  INTERSTATE HOTELS & RESORTS, INC.,
 	 
	 	 	its general partner 	 
	 	 	 	 
	 
	 	 	 
	 	 	By:  
 	/s/ Bruce Riggins	 
	 	 	Name:  	Bruce Riggins 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	LEHMAN COMMERCIAL PAPER, INC.

As a Lender and as Administrative Agent

 	 
	 	By:  	/s/ Craig Malloy	 
	 	 	Name: Craig Malloy 	 
	 	 	Title: Authorized
Signatory	 
	 

[SIGNATURE
PAGE TO WAIVER]

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