Document:

CONSULTING AGREEMENT

Exhibit 10.6

CONSULTING AGREEMENT

This Consulting Agreement (this “Agreement”) is made as of the _______________________, by and among ______________, a Delaware corporation, having its principal place of business at _____________________Bradenton, FL 34209 (Company), and ________________________________, (Consultant”) and is made in light of the following recitals which are a material part hereof.    

Recitals:

A) Consultant is a corporate consultant, experienced with both accounting and financing of small-cap companies generally.  Accordingly, notwithstanding Consultant’s familiarity with securities law, neither Consultant nor the Company desires that Consultant furnish any legal services but only information, evaluation and analysis based on analysis of the books of Company.

B) Consultant has knowledge and experience to provide such information, evaluation, analysis, as the Company believes can assist it in furthering execution of its business model.

C) The Company desires to retain the services of the Consultant for those consulting services regarding certain financing contemplated as well as the impact of such financing on the functions and operations of the Company as more fully set forth in that confidential schedule of services and deliverables attached hereto as Schedule A which services are incorporated herein by reference and referred to herein as the “Consultant Services”

D) Consultant desires to provide the Consultant Services to and consult with the Board of Directors, the officers of the Company, and the administrative staff, and to undertake for the Company, consultations and recommendations in conformity with such Consultant upon the terms and conditions provided herein including but not limited to the compensation promised herein.

NOW THEREFORE, for and in consideration of good and valuable consideration, in hand paid, including, but not limited to the mutual promises set forth herein, the receipt and sufficiency of which is acknowledged by each party hereto, the parties hereby agree as follows:

1.

Recitals Govern.  The parties desire to enter into this agreement for purposes of carrying out the above recitals and intentions set forth above and this Agreement shall be construed in light thereof.

2.

Stock only for Services.  The parties desire to memorialize their agreement to adhere to Securities Act Release No. 33-7646, dated February 26, 1999 regarding registration of securities on Form 144, a copy of which is attached hereto as Exhibit A and incorporated herein by reference.  No duty, obligation, engagement or other thing imposed on either the Company or the Consultant hereunder shall be construed to impose any duty, obligation or other engagement in violation of the letter or spirit of said release.

3.

Consulting Services. The Consultant agrees to provide the Consultant Services to the Company during the “Term” (as hereinafter defined). Consultant agrees to provide such information, evaluation and analysis, in accordance with the Consultant Services as will assist in maximizing the effectiveness of Client’s business model both relative to its business model and to its present and contemplated capital structure.  The Consultant shall personally provide the Consultant Services and the Company understands that the nature of the services to be provided are part time and that the Consultant will be engaged in other business and consulting activities during the term of this Agreement.  

-1-

3.a

Conflicts.  The Company waives any claim of conflict and acknowledges that Consultant has owned and continues to own and has consulted with and continues to consult with interests in competitive businesses which might compete but for location.

3.b

Confidential Information. The consultant agrees that any information received by the consultant during any furtherance of the consultant’s obligations in accordance with this contract, which concerns the personal, financial or other affairs of the company will be treated by the consultant in full confidence and will not be revealed to any other persons, firms or organizations. In connection herewith, Consultant and the Company have entered into that Confidentiality Agreement in the form attached hereto as Schedule B.

3.c

Role of Consultant.  Consultant shall be available to consult with the Board of Directors, the officers of the Company, and the heads of the administrative staff, at reasonable times, concerning matters pertaining to the organization of the administrative staff, the fiscal policies of the Company, the relationship of the Company with its employees or with any organization representing its employees, and, in general, the important problems of concern in the business affairs of the Company all in fulfillment of the Consultant Services. Consultant shall not represent the Company, its Board of Directors, its officers or any other members of the Company in any transactions or communications nor shall Consultant make claim to do so. 

3.d

Liability.  With regard to the services to be performed by the Consultant pursuant to this Agreement, the Consultant shall not be liable to the Company, or to anyone who may claim any right due to any relationship with the Company, for any acts or omissions in the performance of services on the part of the Consultant or on the part of the agents or employees of the Consultant, except when said acts or omissions of the Consultant are due to willful misconduct or gross negligence. The Company shall hold the Consultant free and harmless from any obligations, costs, claims, judgments, attorneys’ fees, and attachments arising from or growing out of the services rendered to the Company pursuant to the terms of this agreement or in any way connected with the rendering of services, except when the same shall arise due to the willful misconduct or gross negligence of the Consultant and the Consultant is adjudged to be guilty of willful misconduct or gross negligence by a court of competent jurisdiction. 

4.

Term. The term of this Agreement shall commence as of the date hereof and shall continue for a period of, _________________________ (__) Months, from that date, unless sooner terminated as provided herein.  It is understood that this Agreement shall not automatically renew and no obligations to renew are implied notwithstanding continued efforts to fulfill terms and conditions incomplete as of the termination of this Agreement. This Agreement and the duties and obligations of the Consultant may be terminated by either party giving thirty (30) days’ prior written notice to the other but the compensation and any previously incurred and approved expenses shall be deemed earned by and due to Consultant. 

5.

Compensation.  In consideration of the execution of the Agreement, and the performance of his obligations hereunder, and in lieu of cash compensation on an hourly basis, the Consultant shall receive a fee of ____________________________ (________) common restricted shares of the Company (hereinafter, the “Shares”) and will be limited to Rule 144 of the Securities Act of 1933 and/or the limitations on manner of sale imposed under the Securities and Exchange Act of 1934 shall not be lifted and/or waived by the Company prior to delivery of the Shares. In addition, Consultant will be immediately issued a total of _______________________ (_____________) class “A” shares under rule 701to compensate for miscellaneous cash disbursement. The Shares shall be tendered within Thirty (30) days of the effective date of this Agreement.

 

-2-

  

6.

Expenses. The Company shall pay or reimburse the Consultant for all reasonable travel, business and miscellaneous expenses incurred by the Consultant in performing its duties under this Agreement, subject to prior approval. 

7.

Control as to Time and Place and Manner where Services Will Be Rendered, Independent Contractor.  It is anticipated the Consultant will spend up to _______ hours in fulfilling its obligations under this Agreement and the total value of the work performed will not exceed the sum of ______________________________ dollars ($______________).  The particular amount of time may vary from day to day or week to week.  The Consultant shall not be entitled to any additional compensation except where the Consultant performs more than ________ hours, subject to the prior written approval of the Company, whereupon the Consultant will be paid at the rate of $__________ per hour for work performed in accordance with this Agreement. If additional work is approved, the Consultant will submit an itemized statement setting forth the time spent and services rendered, and the Company will pay the Consultant the amounts due as indicated by statements submitted by the Consultant within ten (10) days of receipt. Both the Company and the Consultant agree that the Consultant will act as an independent contractor in the performance of its duties under this Agreement. The Consultant will perform most services in accordance with this Agreement at a location and at times chosen in Consultant’s discretion. The Company may from time to time request that the Consultant arrange for the services of others but Consultant shall choose and contract with same. All costs to the Consultant for those services will be paid by the Company but in no event shall the Consultant employ others without the prior authorization of the Company. Accordingly, the Consultant shall be responsible for payment of all taxes including Federal, State and local taxes arising out of the Consultant’s activities in accordance with this Agreement, including by way of illustration but not limitation, Federal and state income tax, Social Security tax, unemployment insurance taxes, and any other taxes or business license fee as required. Except as otherwise may be agreed, the Consultant shall at all times be in an independent contractor, rather than a co-venturer, agent, employee or representative of the Company.

8.

Representations and Warranties.  The Company represents and warrants that (I) the shares being issued and/or sold pursuant to option are authorized to be issued by the Company; (ii) The Company has full right, power, and corporate authority to execute and enter into this Agreement, and to execute all underlying documents and to bind such entity to the terms and obligations hereto and to the underlying documents and to deliver the interests and consideration conveyed thereby, same being authorized by power and authority vested in the party signing on behalf of the Company; (iii) the Company has and will have full right, power, and authority to sell, transfer, and deliver the shares being issued and/or sold pursuant to option; (iv) the Company has no knowledge of any adverse claims affecting the subject shares and there are no notations of any adverse claims marked on the certificates for same; and (v) upon receipt, Consultant or his nominee will acquire the shares being issued and/or sold pursuant to option, free and clear of any security interests, mortgage, adverse claims, liens, or encumbrances of any nature or description whatsoever, subject only to matters pertaining to the sale of securities generally including but not limited to the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, or any state statute, rule, or regulation relating to the sale of securities (collectively, “Securities Laws”).  In the event that Consultant accepts shares not yet subject to a valid registration statement, Consultant represents and warrants to the Company that he will acquire same for investment and not with a view to the sale or other distribution thereof and will not at any time sell, exchange, transfer, or otherwise dispose of same under circumstances that would constitute a violation of Securities Laws.  Each party acknowledges the creation, modification and/or transfer of securities and represents and warrants to all others that it has reviewed the transaction with counsel and that no registration or representations are required and that all rights of recourse or rescission resulting from such transfer, to the extent permitted by law, are waived and each party represents and warrants to all others that no marketing of securities to the public has occurred. Each of the warranties, representations, and covenants contained in this Agreement by any party thereto shall be continuous and shall survive the delivery of Consultant Services, the Compensation and the termination of this Agreement.

 

-3-

  

 

9.

Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in accordance of the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) shall be entered in any court having jurisdiction thereof. For that purpose and the resolution of any other claim hereunder, the parties hereto consent to the jurisdiction and venue of an appropriate court located in Manatee County, State of Florida.  In the event that litigation results from or arises out of this Agreement or the performance thereof, the parties agree to reimburse the prevailing party’s reasonable attorney’s fees, court costs, and all other expenses, whether or not taxable by the court as costs, in addition to any other relief to which the prevailing party may be entitled. In such event, no action shall be entertained by said court or any court of competent jurisdiction if filed more than one year subsequent to the date the cause(s) of action actually accrued regardless of whether damages were otherwise as of said time calculable. 

10.

Notices.  All notices, requests, consents, and other communications under this Agreement shall be in writing and shall be mailed by registered or certified mail, postage prepaid, or delivered by Facsimile or delivered personally to the address written above or to such other address of which the addressee shall have notified the sender in writing. Notices mailed in accordance with this section shall be deemed given when mailed.

11.

Binding Effect, Assignment and Succession.  All covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of his, her or its respective heirs, personal representatives, successors, and assigns, whether so expressed or not. Except for assignment of the options as provided above, no party to this Agreement may, however, assign his rights hereunder or delegate his obligations hereunder to any other person or entity without the express prior written consent of the other parties hereto.

12.

Entire Agreement and Interpretation.  This Agreement, including any exhibits and schedules hereto, constitutes and contains the entire agreement of the Company and the Consultant with respect to the provision of Consultant Services and Compensation and supersedes any prior agreement by the parties, whether written or oral. It may not be changed orally but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification, extension, or discharge is sought. The waiver of a breach of any term or condition of this Agreement must be in writing and signed by the party sought to be charged with such waiver, and such waiver shall not be deemed to constitute the waiver of any other breach of the same or of any other term or condition of this agreement.  This Agreement shall be construed in accordance with and governed by the laws of the State of Florida without regard to its rules and laws regarding conflicts of laws and each of the parties hereto irrevocably submit to the exclusive jurisdiction of any Florida or United States Federal court sitting in Manatee County, Florida over any action or proceeding arising out of or relating to this Agreement.  The parties hereto further waive any objection to venue in the Manatee County and any objection to an action or proceeding in the same on the basis of forum non conveniens.

13.

Miscellaneous.  The section headings contained in this Agreement are inserted as a matter of convenience and shall not be considered in interpreting or construing this Agreement.  This Agreement may be executed concurrently in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of the remaining provisions.  Time is of the essence of this Agreement and the obligations of the parties hereto.

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

Company:

Consultant:

________________________

____________________________

-4-

Exhibit A 

Adoption of Securities Act Release No. 33-7646, dated February 26, 1999 

Regarding Registration of Securities on Form S-8 

Purpose  

To clarify that S-8 is not available to consultants who directly or indirectly promote or maintain a market for the issuer’s securities, declaring that these persons take from an issuer with a view to distribution and are therefore “statutory underwriters” (who presumably would not have an exemption for the resale of securities issued in these types of transactions [Section 4(1) of the Securities Act of 1933, as amended (the “Act”), the exemption relied upon for secondary sales of securities, is not available to “issuers, underwriters or dealers” in securities]).

Background 

As of April 7, 1999, the availability of S-8’s streamlined registration process was restricted to deter the abuse of the Form to make sales to the general public through so-called “consultants” and “advisors,” and to eliminate registration on the Form to “stock promoters.”  S-8 eliminated a need to file a prospectus that duplicated information usually available to plan participants who were being compensated by the issuance of securities rather than cash, and it reflected the Commission’s distinction between offerings made to employees for compensatory reasons and offerings made for capital raising.  The Commission reasoned that the relationship of the employee to the issuer provided the employee with a familiarity of the issuer’s business sufficient to justify the abbreviated disclosure, which would not be adequate in a capital raising transaction.   The 1990 amendment included “consultants” whom the Commission found no reason to distinguish from regular employees, for bona fide non-capital raising services rendered.

Abuses 

Since 1990, the Form has been used to distribute securities to the public without the protections to investors of registration under Section 5 of the Act.  Securities are often issued to so-called “consultants” for nominal services, with pre-arrangements for exercise and distribution to the public in the underlying markets.  Often the options granted are exercised to provide funds to the issuer or the proceeds of the sales are for the payment of debts of the issuer that are not related to any services provided by the consultants.

The initial registration of the shares underlying these options did not register the public “capital raising” transaction which actually takes place via the secondary sales.  In these instances, the employee or consultant acts as a conduit to the public, and the shares are not actually issued as compensation for services, for which the Form is solely intended.   Securities have also been issued to consultants whose services are to promote the issuer’s securities.  This practice invites fraud by providing inexpensive compensation to person who hype the securities of the issuer and expand the issuer’s market through resales by these and other persons.   Through its recent amendments to Form S-8, the Commission has sought to curb these practices, while maintaining, to the extent possible, the initial intent of the Form, i.e., the registration of compensatory transactions between the issuer and consultants and advisors who render bona fide services outside of “capital raising” circumstances, as well as to traditional employees.

-5-

Amendments 

The Form’s availability is for employees or employees or subsidiaries, pursuant to any employee benefit plan.  An “employee” is defined to include a consultant or advisor who provides bona fide services to the issuer other than in capital raising transactions.  Like the traditional employee, the consultant or advisor must be a natural person, and there must be a contract between the issuer and the consultant or advisor.  The Commission has determined that “capital raising” includes (i) compensation for any service that directly or indirectly promotes or maintains a market for the issuer’s securities, or (ii) where the securities are issued to persons who act as conduits for a distribution to the general public.   Securities issued to persons who promote the issuer’s securities are outside the intent of the Form.  Securities cannot be issued to anyone who directly or indirectly promotes or maintains a market in the issuer’s securities.   Issuers cannot use the Form for the issuance of securities to consultants and advisors whose services related to potential capital restructuring because this service is a predicate to “capital raising” and market maintenance; however, services rendered in structuring the compensation scheme would be included under the Form.   Public relations services are also prohibited as the Commission believes these services enhance and expand the market of the issuer and its securities.

 

SCHEDULE A TO CONSULTING AGREEMENT

Schedule of Services and Deliverables 

Consultant shall provide the following Strategic Services:

1.

Business Development and Planning: Develop an in-depth familiarization with the Corporation’s business objectives and bring to its attention potential or actual opportunities that meet those objectives or logical extensions thereof.  Alert the Corporation to new or emerging high potential forms of production and distribution that could either be acquired or developed internally.  Comment on the Corporation’s corporate development including such factors as position in competitive environment, financial performances vs. competition, strategies, operational viability, etc. Identify prospective suitable merger or acquisition partners for the Corporation, perform appropriate diligence investigations with respect thereto, advise the Corporation with respect to the desirability of pursuing such prospects, and assist the Corporation in any negotiations which may ensue therefrom. 

2.

Corporate Strategic Analysis: Evaluate business strategies and recommend changes where appropriate. 

3.   Critically evaluate the Corporation’s performance in view of its corporate planning and business objectives.

4.

Strategic Contacts and formation of Strategic alliances and Introduction to strategic partners and other alliance candidates;

5.

Strategic consulting regarding high level product planning, market development, marketing and intellectual property planning; Business development 

6.

Introduction to prospective customers for the Company’s products or services.

7.

Review of existing and contemplated financing including lending and convertible debt and SEC filings.

8.

The consultant will consult with the officers and employees of the company concerning matters relating to the management and organization of the company, their financial policies, the terms and conditions of employment, and generally any matter arising out of the business affairs of the Company.

 

-6-

Schedule B to Consulting Agreement

Confidentiality Agreement

This Confidentiality Agreement (hereafter this “Agreement”), made this ______________, ______, by and between _______________, a Delaware corporation (“Company”), having its residence at ______________________, FL 34209 (Company), and______________________________________________________________, (Consultant”). 

Given that the Company and Consultant each desire to make certain confidential information concerning the Company, its technology, its investments, its processes, its marketing strategies, its capitalization and finances and its business as well as similar confidential information lawfully possessed by the Consultant (collectively, the “Information”) for purposes agreed to be legitimate and the Company and Consultant each agree to hold such Information confidential pursuant to the terms of this Agreement, in consideration of the mutual promises and other good and valuable consideration, the receipt and sufficiency of which is acknowledged and with the intent to be legally bound hereby, the Company and the Consultant agree as follows.

1.

The Information includes, but is not limited to, (I) all information on the Company, (ii) any and all data and information given or made available to the Consultant by the Company for evaluation purposes, whether written or in machine-readable form, (iii) any and all of the Company’s and Consultant’s notes, work papers, investigations, studies, computer printouts, and any other work product including electronic data files, regardless of nature containing any such data and information and (iv) all copies of any of the foregoing. 

2.

The Consultant and Company each understand that the Information is proprietary to the Company and Consultant and each agrees to hold the Information given by the other strictly confidential.  The Company and Consultant each agree that the Information shall be used only by the Company and Consultant and only for the purpose of reviewing and evaluating the activities of the Company, and shall not be used for any other purpose or be disclosed to any third party.  Neither the Company nor Consultant shall have the right to make copies or hold copies or documents except for reports and notes which have been generated by them, which reports and notes shall be retained for their exclusive use and shall remain confidential.

3.

It is understood that this Confidentiality Agreement shall not apply to any information otherwise covered herein (I) which is known to either the Company or the Consultant prior to the date of the Confidentiality Agreement, (ii) which is disclosed to the Consultant or the Company by a third party who has not directly or indirectly received such Information in violation of an agreement with party from whom it was received or (iii) which is generally known within the industry.

4.

The Company and the Consultant each agree to be fully responsible and liable to the other for any and all damages caused by reason of disclosure of Information in violation of this Confidentiality Agreement by the receiving party or any of its assigns or successors.

5.

This Confidentiality Agreement shall be governed by and construed in accordance with the laws of the Florida and shall be enforceable solely by and be for the sole benefit of the Consultant and Company, their successors and assigns.

In witness whereof, the Company and the Consultant have executed this Agreement as of the date above.

Company:

Consultant:

_____________________________

________________________

-7-Exhibit
10.2

 

HCP, INC.

 

SECOND AMENDED AND RESTATED

DIRECTOR DEFERRED COMPENSATION PLAN

 

1.             Purpose.  This Second
Amended and Restated Director Deferred Compensation Plan, as amended and
restated (the “Plan”), is intended to provide non-employee directors of
HCP, Inc. (formerly Health Care Property Investors, Inc.), a Maryland
corporation (the “Company”), with a means to defer income until their
termination of status as a director.  In
addition, upon the termination of the Company’s Retirement Plan for Outside
Directors (the “Retirement Plan”) on March 11, 1997, all accrued
benefits (the “Retirement Benefits”) for each Director who was formerly
a participant in the Retirement Plan were credited to accounts under this Plan
and became subject to the terms of this Plan.

 

2.             Eligibility.  Each member
of the Board of Directors (the “Board”) of the Company who is not an
employee of the Company (a “Director”) shall be eligible to participate
in this Plan, pursuant to the terms and conditions described herein.

 

3.             Participation.

 

(a)           Deferred Compensation.  A Director
may elect to participate in the Plan by directing that all or any portion of
the compensation which the Director may thereafter earn for services as a
Director (including the Director’s retainer and any fees payable for services
as a member of a committee of the Board) for each calendar year (“Director
Fees”) shall be credited to an account or accounts subject to the terms of
the Plan.  Any Director who elects to
participate in the Plan is hereinafter referred to as a “Participant.”

 

(i)            A Director’s election to defer all or a
portion of his Director Fees under the Plan shall be in writing, substantially
in the form attached hereto as Exhibit A-1, executed by the Director and
shall indicate the percentage of the Director’s Director Fees to be deferred
with respect to each calendar year.  The
Director’s deferral election must be delivered to the Company no later than December 31
of the calendar year immediately preceding the calendar year in which the deferral
election shall be effective for the deferral of Director Fees.  Notwithstanding the foregoing, an individual
who first becomes a Director during a calendar year may elect to participate in
the Plan during such calendar year by filing a deferral election with the
Company no later than thirty (30) days after he first becomes a Director.  Such election shall become effective for
Director Fees earned following the date such election is received by the
Company.

 

(ii)           A Director’s deferral election under the Plan
shall be irrevocable once made and shall continue in effect for the entire
calendar year for which it is effective and each subsequent calendar year
during the period that the Director remains a member of the Board unless prior
to the commencement of such subsequent calendar year, the Director makes a new
election pursuant to Section 3(a)(i) or provides the Company with
written notice to terminate deferrals for future calendar years.  A Director who has filed an election to
terminate deferrals under the Plan may elect to recommence deferrals for future
calendar years by filing a new election pursuant to Section 3(a)(i).

 

 

(iii)          Upon
making a deferral election pursuant to this Section 3(a), a Director shall
elect the time and form of payment of such deferrals in accordance with Section 5.  A Director’s payment election shall continue
in effect for each subsequent calendar year during the period that the Director
remains a member of the Board unless prior to the commencement of such
subsequent calendar year, the Director makes a new payment election by
submitting to the Company a new deferral election form indicating the Director’s
payment election; provided, however, that if the Director elects a specified
payment date pursuant to Section 5(a)(iii) and such election remains
in effect as of the end of the calendar year preceding the year in which the
specified payment date occurs, the Director shall be deemed to have elected
that deferrals for the calendar year in which the specified payment date occurs
and future calendar years be paid upon the Participant’s Separation from
Service in substantially equal monthly installments over 36 months.  The Company shall establish subaccounts of
the Director’s Plan Accounts (defined below) as necessary to account for the
Director’s payment elections.

 

(b)           Accrued Retirement Benefits. 
Each Director who was formerly a participant in the Retirement Plan and
who made an election directing that his Retirement Benefits be allocated to an
account or accounts under this Plan shall be a Participant in this Plan,
regardless of whether such Director has made or makes an election to defer
compensation under Section 3(a).

 

4.             Interest Rate Accounts And Stock Credit Accounts.

 

(a)           Crediting of Accounts.  Upon electing
to defer compensation under the Plan in accordance with Section 3(a)(i),
each Participant shall designate the amount of such compensation which shall be
credited to the Participant’s “Interest Rate Account” or “Stock
Credit Account” as follows:

 

(i)            Interest Rate Accounts. 
The Participant’s Interest Rate Account shall be credited, as of the
date on which the Participant would otherwise have been entitled to receive
such deferred Directors Fees, with the amount of compensation directed to be
deferred and credited to the Participant’s Interest Rate Account.

 

(ii)           Stock Credit Accounts. 
The Participant’s Stock Credit Account shall be credited, as of the
first payment date for regular quarterly dividends paid to holders of the
Company’s Common Stock (“Common Stock”) that follows the date on which
the Participant would otherwise have been entitled to receive such deferred
Directors Fees, with a number of units equal to the number of shares of Common
Stock (including fractions of units reflecting fractions of shares) that could
have been purchased at the average of the closing price of Common Stock (as
reported in The Wall Street Journal, “Closing Price”) on each business
day during the immediately preceding 10 business days (the “Average Closing
Price”) with the amount of compensation directed to be deferred and
credited to Participant’s Stock Credit Account.

 

2

 

(b)           Retirement Benefits.  Upon the
transfer of the accrued benefits under the Retirement Plan as provided in Section 3(b) above,
each Director designated that his Retirement Benefits be credited to either or
both of the Participant’s Interest Rate Account or Stock Credit Account in such
portions as was designated by such Director in his allocation election form
filed with the Company.

 

(c)           The Plan Accounts.  The Interest
Rate Accounts and the Stock Credit Accounts (sometimes collectively referred to
herein as the “Plan Accounts,” including, in each case, any subaccounts
established thereunder for separate calendar year payment elections or
Retirement Benefits payment elections) shall be held by the Company in its
general funds, shall be credited to an account or accounts, as applicable, in
the name of each Participant and shall earn a rate of return as described
herein.  All amounts credited to a
Participant’s Plan Accounts shall be fully vested as of the time credited.

 

(d)           The Interest Rate Accounts. 
The Interest Rate Accounts shall, based on the Participant’s Interest
Rate Account balance at the beginning of each fiscal quarter, be credited at
the end of each fiscal quarter with an interest equivalent to be calculated
quarterly on the basis of one quarter of the percentage rate which is equal to
one point below the prime interest rate charged by Bank of New York on the last
day of the fiscal quarter or such other rate as may be set from time to time by
the Compensation Committee of the Board. 
“Fiscal quarter” shall mean any quarter of the fiscal year
adopted by the Company for reporting its financial condition and operating
results.

 

(e)           The Stock Credit Accounts. 
The Stock Credit Accounts shall:

 

(i)            As of the date any dividend is paid to
holders of Common Stock, the Participant’s Stock Credit Account shall also be
credited with an additional number of units equal to the number of shares of
Common Stock (including fractions of units reflecting fractions of shares) that
could have been purchased at the Average Closing Price of Common Stock as of
such date with the dividend paid on the number of shares of Common Stock to
which the Participant’s Stock Credit Account is then equivalent (but not taking
into account any units credited the same day pursuant to Sections 4(a)(ii) and
4(b)).  In case of any dividends paid in
property, the dividend shall be deemed to be the fair market value of the
property at the time of distribution of the dividend, as determined by the
Committee.

 

(ii)           If at any time the number of outstanding
shares of Common Stock shall be increased as the result of any stock dividend,
subdivision or reclassification of shares, the number of shares of Common Stock
to which each Participant’s Stock Credit Account is equivalent shall be
increased in the same proportion as the outstanding number of shares of Common
Stock is increased, or if the number of outstanding shares of Common Stock
shall at any time be decreased as the result of any combination or
reclassification of shares, the number of shares of Common Stock to which each
Participant’s Stock Credit Account is equivalent shall be decreased in the same
proportion as the outstanding number of shares of Common Stock is
decreased.  In the event the Company
shall at any time be consolidated with or merged into any other corporation and
holders of the Company’s Common Stock receive common shares of the 

 

3

 

resulting or
surviving corporation, there shall be credited to each Participant’s Stock
Credit Account, in place of the shares then credited thereto, a stock
equivalent determined by multiplying the number of common shares of stock given
in exchange for a share of Common Stock upon such consolidation or merger, by
the number of shares of Common Stock to which the Participant’s account is then
equivalent.  If in such a consolidation
or merger, holders of the Company’s Common Stock shall receive any
consideration other than common shares of the resulting or surviving
corporation, the Committee shall determine the appropriate change in
Participants’ accounts.

 

(iii)          At
any given time, the cash equivalent balance of a Participant’s Stock Credit
Account shall be determined by multiplying the number of credited units in the
Participant’s Stock Credit Account by the Average Closing Price as of such date
for such shares of stock.  No Participant
shall be entitled to any voting or other stockholder rights with respect to
units credited under the Plan.

 

(f)            Allocation Between Interest Rate Accounts And Stock
Credit Accounts.

 

(i)            Each Participant’s Plan Accounts under
the Plan shall continue to be held in each Participant’s Interest Rate Account
or Stock Credit Account, as the case may be, until such time as the Participant
may elect to have all or part of such amounts reallocated as provided herein.

 

(ii)           Participants may at any time file with
the Company an election to reallocate all or any portion of amounts credited to
Plan Accounts from Interest Rate Accounts to Stock Credit Accounts or vice
versa; provided, however, that (A) no election to reallocate all or any
portion of amounts credited to a Participant’s Stock Credit Accounts from such
accounts to the Participant’s Interest Rate Accounts shall be made within six (6) months
from the date on which any portion of the Participant’s Interest Rate Credit
Accounts was reallocated from such accounts to the Participant’s Stock Credit
Accounts and (B) no election to reallocate all or any portion of amounts
credited to a Participant’s Interest Rate Credit Accounts from such accounts to
the Participant’s Stock Credit Accounts shall be made within six (6) months
from the date on which any portion of the Participant’s Stock Credit Accounts
was reallocated from such accounts to the Participant’s Interest Rate Accounts.
Subject to the preceding sentence, any reallocation shall be made by the
delivery to the Company by the Participant of a written election, substantially
in the form of Exhibit A-2 attached, executed by the Participant which
shall become effective (1) only upon the approval of the Committee
(defined in Section 10) in its sole discretion and (2) as of the
first day of the month beginning immediately following the date on which the
Committee approves such election. In reallocating any amounts from Interest
Rate Accounts to Stock Credit Accounts or vice versa, the number of Common
Stock units and the value of the Common Stock units to be reallocated shall be
determined based upon the Average Closing Price of the Common Stock determined
as of the effective date of the reallocation.

 

(iii)          Participants
may at any time by written notice filed with the Company change the Plan
Account to which future deferrals shall be credited. Any such change shall
become effective on the first day of the month beginning immediately following
the date on which the Company receives such notice, or at the beginning of any
later month as may be designated in such notice.

 

4

 

5.             Distribution of Plan Accounts.  
This Section 5 sets forth the rules governing distributions
from the Plan with respect to any amounts credited to Plan Accounts (including
any related earnings thereon).

 

(a)           Events Causing Distribution of Plan Accounts. 
A Participant’s Plan Accounts shall become distributable upon the first
to occur of any of the following events (such applicable date, the “Distribution
Date”):

 

(i)            The Participant’s Separation From
Service;

 

(ii)           The death of the Participant; or

 

(iii)                               Such earlier date as may be specified by the
Participant at the time the Participant files his election form under the Plan
in accordance with Section 3(a);

 

provided, however, that a Participant may not elect a
specified payment date pursuant to Section 5(a)(iii) with respect to
his or her Retirement Benefits credited hereunder.  A Participant’s Retirement Benefits
(including any earnings thereon) may only be paid upon the first to occur of
the Participant’s Separation from Service or the Participant’s death.

 

If a Participant does not make any election with
respect to his or her deferrals for a particular year, such Participant shall
be deemed to have elected to receive payment upon the Participant’s Separation
from Service.  In addition, a Participant
may request a distribution from his or her Plan Accounts for an Unforeseeable
Emergency at any time in accordance with Section 5(c).

 

(b)           Form of Distribution of Plan Accounts. 
At the time a Participant elects to defer compensation for a particular
calendar year pursuant to Section 3(a), the Participant shall elect
whether, in the case of a distribution upon the Participant’s Separation from
Service or an earlier date specified by the Participant, such deferred
compensation (and related earnings thereon) will be paid in: (1) a lump
sum; (2) substantially equal monthly installments over 36 months; or (3) a
partial lump sum with the remaining balance to be distributed in substantially
equal monthly installments over 36 months. 
If a Participant does not make any election with respect to his or her
deferrals for a particular calendar year, such Participant shall be deemed to
have elected to receive such deferrals in substantially equal monthly installments
over 36 months.

 

(i)            Interest Rate Account. 
The following rules shall apply with respect to distributions from a
Participant’s Interest Rate Account (and subaccounts thereof, if applicable):

 

(a)           If the Participant elects a lump sum, such payment
shall be made on or within 30 days following the Distribution Date.

 

5

 

(b)           If the Participant elects (or is deemed to have
elected) 36 monthly installments, each distribution payment shall be equal to
the balance in such Interest Rate Account as of such payment date multiplied by
a fraction, the numerator of which is one, and the denominator of which is the
number of installments yet to be paid to the Participant.  Payment shall commence 30 days after the
Distribution Date, with interest continuing to accrue pursuant to Section 3(d) hereof
until the entire balance of the Interest Rate Account is paid.

 

(c)           If the Participant elects a partial lump sum with the
remaining balance to be distributed in 36 monthly installments, then the
payment of the designated portion of the account to be distributed in a lump
sum shall be made on or within 30 days following the Distribution Date and the
payment of the remainder of the account shall commence 30 days after the Distribution
Date, with each distribution payment equal to the balance in such Interest Rate
Account as of such payment date multiplied by a fraction, the numerator of
which is one, and the denominator of which is the number of installments yet to
be paid to the Participant.  Payment
shall commence 30 days after the Distribution Date, with interest continuing to
accrue pursuant to Section 4(d) hereof until the entire balance of
the Interest Rate Account is paid.

 

(ii)           Stock Credit Account. 
The following rules shall apply with respect to distributions from a
Participant’s Stock Credit Account (and subaccounts thereof, if applicable):

 

(a)           If the Participant elects a lump sum, such payment
shall be made on or within 30 days following the Distribution Date.  The amount of the distribution payment shall
be the cash equivalent equal to the Average Closing Price as of such payment
date multiplied by the number of credited shares to be distributed for such
payment.

 

(b)           If the Participant elects (or is deemed to have
elected) 36 monthly installments, the amount of each distribution payment shall
be the cash equivalent equal to the Average Closing Price as of such payment
date multiplied by the number of credited units to be distributed for such
payment.  The number of credited units to
be distributed shall equal the credited unit balance of the Participant’s Stock
Credit Account multiplied by a fraction, the numerator of which is one, and the
denominator of which is the number of installments yet to be paid to the Participant.  Payment shall commence 30 days after the
Distribution Date.  The number of
credited units distributed as a cash equivalent payment to the Participant
shall be debited from the Participant’s Stock Credit Account balance, and the
Stock Credit Account shall continue to accrue pursuant to Section 3(e) hereof
until the entire balance of the Stock Credit Account is paid.

 

6

 

(c)           If the Participant elects a partial lump sum with the
remaining balance to be distributed in 36 monthly installments, then the
payment of the designated portion of the account to be distributed in a lump
sum shall be made on or within 30 days following the Distribution Date, and the
payment of the remainder of the account shall commence 30 days after the
Distribution Date.  Each distribution
payment shall be the cash equivalent equal to the Average Closing Price as of
such payment date multiplied by the number of credited shares to be distributed
for such payment.  For the lump sum payment,
the number of credited units to be distributed shall equal the elected
percentage of the total units credited to the account to be distributed in the
lump sum multiplied by the credited unit balance on such payment date.  For the installment payments, the number of
credited units to be distributed shall equal the credited unit balance of the
Participant’s Stock Credit Account multiplied by a fraction, the numerator of
which is one, and the denominator of which is the number of installments yet to
be paid to the Participant.

 

(d)           All distributions from Stock Credit Accounts shall be
made in cash.

 

(iii)          Changes
to Payment Elections.  Participants shall be allowed to change their
distribution elections for a calendar year by filing a new distribution election
form; provided (1) that such a change election must be filed with the
Committee at least one year prior to the date on which the distribution would
have otherwise been made (or, in the case of installment payments, would have
otherwise commenced) but for such change election, (2) that such a change
election will not be effective until at least one year after the date on which
the election is made, (3) that, except in the case of distributions on
account of death or Unforeseeable Emergency, such a change election shall defer
the distribution date (or distribution commencement date) to a date that is not
less than five years from the date such distribution would otherwise have been
made (or commenced), and (4) that such a change election must be made on a
form and in a manner prescribed by the Committee.  Prior to December 31, 2008, Participants
may also make certain changes to their distribution elections as provided in
Appendix A of the Plan.

 

(iv)          Distribution on Death. 
Notwithstanding the foregoing provisions, in the event that a
distribution of benefits hereunder is triggered by a Participant’s death, such
benefits shall be paid to the Participant’s beneficiary in a lump sum not more
than ninety (90) days following the date of death.

 

(c)           Unforeseeable Emergencies. 
A Participant (or former Participant or beneficiary) may request a
distribution from his Plan Accounts (including amounts attributable to
Retirement Benefits) for an Unforeseeable Emergency (defined below) without
penalty; provided that no distribution from the Participant’s Stock Credit
Account shall be made within six (6) months from the date on which any
portion of the Participant’s Interest Rate Credit Account was reallocated from
such accounts to the Participant’s Stock Credit Account.  Such distribution for an Unforeseeable
Emergency shall be subject to approval by the Committee and may be made only to
the extent reasonably necessary to satisfy the emergency need (which may
include amounts necessary to pay any federal, state or local income taxes or
penalties reasonably 

 

7

 

anticipated to result from the distribution).  A distribution for an Unforeseeable Emergency
may not be made to the extent that such emergency is or may be relieved (1) through
reimbursement or compensation by insurance or otherwise, (2) by
liquidation of the Participant’s (or beneficiary’s) assets, to the extent the
liquidation of such assets would not itself cause severe financial hardship, or
(3) by cessation of deferrals under this Plan.  The Committee may require that the
Participant (or beneficiary) provide a written representation that any such
distribution satisfies the requirements set forth in this Section 5(c).  For distributions under this Section 5(c),
the Participant shall designate on a withdrawal form provided by the Company
from which Plan Account the distribution is to be made.  Such distributions will be made as soon as
administratively practical following the Participant’s submission of a
completed withdrawal form.  If the
Participant elects to receive such distribution from his or her Stock Credit
Account, the number of stock units subject to such distribution shall be
determined by dividing the amount of the withdrawal by the Average Closing
Price as of such payment date.

 

(d)           Definitions.  For purposes
of this Plan, the following terms shall have the following meanings:

 

(i)            “Separation From Service” means,
as to a particular Participant, a termination of services provided by the Participant to his or her
Employer (as defined below), whether voluntarily or involuntarily, as
determined by the Company in accordance with Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”) and Treasury Regulation Section 1.409A-1(h).  Notwithstanding the foregoing,
if a Participant provides services for an Employer as both an employee and as a
member of its board of directors, to the extent permitted by Treasury
Regulation Section 1.409A-1(h)(5), the services provided by such
Participant as an employee shall not be taken into account in determining
whether the Participant has experienced a Separation from Service as a
director, for purposes of this Plan. For purposes of this definition of “Separation
from Service,” the term “Employer” means the Company or subsidiary of the
Company that the Participant last performed services for or was employed by, as
applicable, on the date of his or her Separation from Service, and all other
entities that are required to be aggregated together and treated as the employer
under Treasury Regulation Section 1.409A-1(h)(3).

 

(ii)           “Unforeseeable Emergency” shall
mean a severe financial hardship of the Participant resulting from (a) an
illness or accident of the Participant, the Participant’s spouse, the
Participant’s beneficiary or the Participant’s dependent (as defined in Code Section 152
without regard to paragraphs (b)(1), (b)(2) and (d)(1)(b) thereof), (b) a
loss of the Participant’s property due to casualty, or (c) such other
similar extraordinary and unforeseeable circumstances arising as a result of
events beyond the control of the Participant, all as determined by the
Committee based on the relevant facts and circumstances.

 

6.             Designation Of Beneficiary. 
Each Participant may designate, by a form similar to Exhibit B
attached, a beneficiary to receive distribution of the Participant’s Plan
Accounts if the Participant is not living when any portion of such compensation
becomes distributable.  If the
Participant fails to designate a beneficiary, or if the Participant’s
designated beneficiary does not survive until the time when any portion of the
Participant’s Plan Accounts becomes distributable, such portion of the
Participant’s Plan Accounts shall be paid in a lump sum to the Participant’s
estate within 90 days immediately following the date of the Participant’s
death.

 

8

 

7.             Administration.  The Plan
shall be administered by the Compensation Committee of the Board (or another
committee of the Board assuming the functions of the Committee under this Plan)
(the “Committee”), which shall consist solely of two members appointed
by and holding office at the pleasure of the Board; provided that with respect
to any action taken by the Committee in connection with any transaction under
the Plan that would be subject to Section 16 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), the Committee shall
consist of two or more members each of whom is a “non-employee director” as
defined by Rule 16b-3 under the Exchange Act.

 

(a)           Committee Duties and Powers. The Committee shall conduct the general
administration of the Plan in accordance with the Plan and shall have all
necessary power and authority to carry out that function. Among its necessary
powers and duties are the following:

 

(i)            To delegate all or part of its function
to others and to revoke any such delegation.

 

(ii)           To interpret the Plan for purpose of the
administration and application of the Plan, in a manner not inconsistent with
the Plan or applicable law and to amend or revoke any such interpretation.

 

(iii)          To
determine questions of eligibility of Participants and their entitlement to
benefits.

 

(b)           Limitations Upon Powers. The Plan shall be uniformly and consistently
administered, interpreted and applied with regard to all Participants in
similar circumstances. The Plan shall be administered, interpreted and applied
fairly and equitably and in accordance with the specified purposes of the Plan.

 

(c)           Indemnification. The Company shall pay or reimburse Committee members
for all expenses incurred by such Committee members in, and shall indemnify and
hold them harmless from, all claims, liabilities and costs (including
reasonable attorneys’ fees) arising out of the good faith performance of their
duties under the Plan.

 

8.             Miscellaneous.

 

(a)           The Participant’s Plan Accounts under the Plan shall
not be assignable by the Participant and shall not be subject to attachment,
lien, levy, or other creditors’ rights under state or Federal law.

 

(b)           All funds or assets, together with all interest,
accumulations and increments thereon, of the Plan Accounts of all Participants
shall remain the funds and assets of the Company, and shall be subject to the
Company’s absolute ownership and control until the time when such funds or
assets are distributed in accordance herewith. 
The obligation of the Company to Participants hereunder is a contractual
obligation only, and the Participants shall have no preferred or specific
interest, by way of trust, escrow, annuity or otherwise, in and to any specific
assets or funds of the Company.

 

9

 

(c)           Copies of the Plan and any and all amendments thereto
shall be made available to eligible Participants at all reasonable times at the
office of the Corporate Secretary of the Company.  All notices to the Company hereunder shall be
filed with the Corporate Secretary of the Company.

 

(d)           The Plan may be amended prospectively, from time to
time, by the Committee, and the interest rate applicable hereunder may be
increased or decreased prospectively (including with respect to amounts of
compensation previously deferred by the Participants) by the Committee as
provided in Section 4(d) hereof, but no amendment shall, in any
event, be made to the Plan which would reduce the amounts already earned by any
Participant or change the date or provisions for distribution of such amounts,
unless the Participant consents in writing to such amendment insofar as the
amendment affects the Participant.

 

(e)           It is the intent of the Company that this Plan satisfy
and be interpreted in a manner that satisfies the applicable requirements of Rule 16b-3
promulgated under the Exchange Act so that elective deferrals will be entitled
to the benefits of Rule 16b-3 or other exemptive rules under Section 16
of the Exchange Act and will not be subjected to avoidable liability thereunder.  Any contrary interpretation shall be avoided.

 

(f)            To the extent that this Plan is subject to Section 409A
of the Code or any Treasury Regulations or other guidance promulgated
thereunder (collectively, “Code Section 409A”), this Plan shall be construed
and interpreted to the maximum extent reasonably possible to avoid the
imputation of any tax, penalty or interest pursuant to Code Section 409A.  If any portion of a Participant’s account
balance under this Plan is required to be included in income by the Participant
prior to receipt due to a failure of this Plan to comply with the requirements
of Code Section 409A, the Company may determine that such Participant
shall receive a distribution from this Plan in an amount equal to the lesser of
(i) the portion of his or her account balance required to be included in
income as a result of the failure of this Plan to comply with the requirements
of Code Section 409A, or (ii) the Participant’s unpaid account
balance.

 

This restated Plan is hereby adopted by HCP, Inc.
effective
                              .

 

 

	
   

  	
  /s/ Edward J. Henning

  
	
   

  	
  Edward J. Henning

  
	
   

  	
  Executive Vice President, General Counsel and Corporate Secretary

  

 

10

 

APPENDIX A

 

SECTION 409A TRANSITION
RULES

 

A1.  As
contemplated by IRS Notice 2005-1 and subsequent guidance from the IRS and
subject to such rules and procedures as may be established by the
Committee, a Participant may elect in writing to change any distribution
election such Participant has made with respect to compensation deferred under
this Plan, to the extent such amounts are subject to Code Section 409A,
and any such election change need not comply with the requirements of Code Section 409A
applicable to changes in distribution elections; provided, however, that any
such change must be made on or before December 31, 2008 (or such earlier
deadline as may be established by the Committee), and provided, further, that
any such change may not relate to distributions that would otherwise be made in
2008 or result in any distributions being made in 2008.

 

A2.  Any election made by a Participant under this
Appendix A must be irrevocable as of the date such election is required to be
made pursuant to the terms hereof and must otherwise comply with the procedures
for making distribution elections set forth in this Plan.

 

 

EXHIBIT A-1

 

HCP, INC.

DIRECTOR DEFERRED COMPENSATION PLAN

 

DEFERRAL AND PAYMENT ELECTION

 

Pursuant to the terms of the Second Amended and
Restated Director Deferred Compensation Plan, as amended and restated (the “Plan”)
of HCP, Inc. (the “Company”), I hereby make the deferral and/or payment
elections set forth below with respect to my Directors Fees earned during
calendar year 20       (and any related earnings
thereon).  Capitalized terms not defined
herein shall have the meaning described in the Plan.  I hereby acknowledge that I read and
understand this form, and I have received, read and understood the Plan
document.  I agree to be bound by the
terms and conditions of the Plan.  If
there is any inconsistency between this form and the Plan document, the Plan
document controls.

 

I understand and agree that the elections I have
marked below shall continue in effect for the entire calendar year for which
they are effective and each subsequent calendar year until such time as
I file a new election form, a written notice to terminate deferrals under the
Plan for future calendar years with the Company, or I cease to be eligible to
participate in the Plan.

 

Deferral Election

 

I hereby elect to defer
                    
(specify whole percentage from 0% to 100%)
of my Director Fees.  Of such deferred
amount,
                    
(specify whole percentage from 0% to 100%)
shall be credited to my Interest Rate Account, and the remainder, if any, shall
be credited to my Stock Credit Account, as provided for in Section 4(a) of
the Plan.

 

Payment Election

 

(Please check and initial one of the options below or, if you would
like to split your deferrals so that a portion of the deferrals will be paid to
you on a date you select, check and initial both of the options below.  Please note that if you select both of the
options below, the percentages of your deferrals you allocate to the two
options must add up to 100%.)

 

o                                                                 I irrevocably
elect to have         % (specify whole percentage from 0% to 100%) of my Director
Fees paid on
                        ,
20       (specify date).  I understand that if my service as a director
terminates prior to the date I have selected, my election will be null and
void, and my Director Fees will be paid in accordance with the terms of the
Plan.  (Select one
payment option below.  If you do not select any of these options, you will be deemed to have
elected to receive distribution in monthly installments over 36 months.)

 

o                          a lump sum
payment

 

o                          monthly
installments over 36 months

 

o                          a partial lump
sum payment of         % (specify whole percentage from 0% to 100%) of the amount
indicated above, with the balance of such amount to be paid in monthly
installments over 36 months

 

 

o                                                                    I irrevocably
elect to have         % (specify whole percentage from 0% to 100%) of my Director
Fees paid following termination of my service as a director.  (Select one payment
option below.  If you do
not select any of these options, you will be deemed to have elected to receive
distribution in monthly installments over 36 months.)

 

o                          a lump sum
payment

 

o                          monthly
installments over 36 months

 

o                          a partial lump
sum payment of         % (specify whole percentage) of the amount indicated above,
with the balance of such amount to be paid in monthly installments over 36
months

 

	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  Signature
  of Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print:
  Name

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Social
  Security Number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date
  Spouse’s Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print:
  Name

  
	
   

  	
   

  	
   

  
	
  Received:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date    ,
  Corporate Secretary

  	
   

  	
   

  

 

2

 

EXHIBIT A-2

 

HCP, INC.

 

NOTICE OF ELECTION TO TRANSFER DEFERRED COMPENSATION

OR BENEFITS ACCOUNTS AMOUNTS

 

Pursuant
to the terms of the Second Amended and Restated Director Deferred Compensation
Plan, as amended and restated (the “Plan”) of HCP, Inc. (the “Company”), I
hereby elect to reallocate the crediting of my account balance in the
Plan.  Of the amount credited to my
       accounts under the Plan,
                    
(enter “all” or “none” or state dollar amount or state percentage) shall be
invested in the Interest Rate Account, the remainder, if any, shall be invested
in the Stock Credit Account, as provided for in Section 4 of the
Plan.  All transferred amounts shall be
subject to the terms and conditions of the Plan.

 

	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  Signature
  of Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print
  Name

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Social
  Security Number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Spouse’s
  Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print
  Name

  
	
   

  	
   

  	
   

  
	
  Received:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  , Corporate Secretary

  

 

 

EXHIBIT B

 

HCP, INC.

 

BENEFICIARY DESIGNATION

SECOND AMENDED AND RESTATED

DIRECTOR DEFERRED COMPENSATION PLAN

 

I
designate the following beneficiary or beneficiaries to receive payment, in the
event of my death, of my interest in any Plan Accounts (as defined in the Plan)
heretofore or hereafter payable to me pursuant to HCP, Inc.’s Second
Amended and Restated Director Deferred Compensation Plan, as amended and
restated (please see “Instructions for Naming the Beneficiary” that accompany
this form):

 

	
  PRIMARY
  BENEFICIARY

  OR BENEFICIARIES

  	
   

  	
  AGE

  	
   

  	
  RELATIONSHIP

  	
   

  	
  ADDRESS

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  SUCCESSOR

  BENEFICIARY

  OR BENEFICIARIES

  	
   

  	
  AGE

  	
   

  	
  RELATIONSHIP

  	
   

  	
  ADDRESS

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

I
reserve the right to change any beneficiary from time to time by filing with
the Company a new election on this form.

 

I
agree that the last designation received by the Company prior to my death shall
control any testamentary or other disposition I may make; however, if a former
spouse is one of the beneficiaries named above but is not my spouse at the time
of my death, such designation shall be deemed revoked.  I acknowledge that this designation is
subject to laws in the state of my residence. 
I further agree that the Company may make a lump sum payment to the
legal representative of my estate if there is any question as to the right of
any beneficiary to take hereunder, and the Company, its directors, the
Compensation Committee and any member thereof, and any employee of the Company,
shall have no further liability with respect hereto.

 

	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  Signature
  of Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print:
  Name

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Social
  Security Number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date
  Spouse’s Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Print:
  Name

  
	
   

  	
   

  	
   

  
	
  Received:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date    ,
  Corporate Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]