Document:

Exhibit 4.5

 

SECOND SUPPLEMENTAL INDENTURE

(Senior Notes due 2026)

 

THIS SECOND SUPPLEMENTAL
INDENTURE (this “Second Supplemental Indenture”) is dated as of March 29, 2016, among OMEGA HEALTHCARE INVESTORS,
INC., a Maryland corporation (the “Issuer”), each of the entities listed on Schedule II hereto (collectively,
the “New Subsidiaries”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing
under the laws of the United States of America, as trustee (the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS,
the Issuer and each of its direct and indirect subsidiaries listed on Schedule I hereto (collectively, the “Subsidiary
Guarantors”) have heretofore executed and delivered to the Trustee an Indenture, dated as of September 23, 2015 (as supplemented
by that First Supplemental Indenture, dated as of November 9, 2015; the “Indenture”) providing for the issuance
of the Issuer’s 5.250 % Senior Notes due 2026 (the “Notes”);

 

WHEREAS,
Section 9.01(a)(4) of the Indenture authorizes the Issuer and the Trustee, together, to amend or supplement the Indenture, without
notice to or consent of any Holder of the Notes and without the execution of such amendment or supplement by existing Subsidiary
Guarantors, for the purpose of adding any additional Subsidiary Guarantee by any additional Guarantor;

 

WHEREAS,
pursuant to Section 4.09 of the Indenture, the New Subsidiaries are required to become Subsidiary Guarantors;

 

WHEREAS,
in Section 1.01 of the Indenture, the term “Subsidiary Guarantors” is defined to include all Persons that become a
Subsidiary Guarantor by the terms of the Indenture after the Closing Date; and

 

WHEREAS,
Section 10.01 of the Indenture provides that each Subsidiary Guarantor shall be a guarantor of the Issuer’s obligations under
the Notes, subject to the terms and conditions described in the Indenture.

 

NOW, THEREFORE,
in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Issuer, the New Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Notes as follows:

 

		1.	CAPITALIZED TERMS. Capitalized terms used herein without definition
shall have the meanings assigned to them in the Indenture.

 

[2nd Supplemental Indenture – 2026
Notes]

 

     

     

    

 

		2.	AMENDMENT TO GUARANTEE. The New Subsidiaries hereby agree, jointly
and severally with all other Subsidiary Guarantors, to guarantee the Issuer’s obligations under the Notes on the terms and
subject to the conditions set forth in the Indenture, and to be bound by, and to receive the benefit of, all other applicable provisions
of the Indenture as Subsidiary Guarantors. Such guarantee shall be evidenced by the New Subsidiaries’ execution of Subsidiary
Guarantees, the form of which is attached as Exhibit E to the Indenture, and shall be effective as of the date hereof.

 

		3.	NO RECOURSE AGAINST OTHERS. No past, present or future director,
officer, employee, incorporator, stockholder, member, manager or controlling person of the New Subsidiaries, as such, shall have
any liability for any obligations of the Issuer or any Subsidiary Guarantor under the Notes, any Guarantees, the Indenture or this
Second Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder of the Notes, by accepting and holding a Note, waives and releases all such liability. Such waiver and release are part
of the consideration for the issuance of the Notes.

 

		4.	NEW YORK LAW TO GOVERN. The laws of the State of New York shall
govern and be used to construe this Second Supplemental Indenture.

 

		5.	COUNTERPARTS. The parties may sign any number of copies of this
Second Supplemental Indenture. Each signed copy shall be an original, but all of them together shall represent the same agreement.

 

		6.	EFFECT OF HEADINGS. The Section headings herein are for convenience
only and shall not affect the construction hereof.

 

		7.	THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Issuer and the New Subsidiaries.

 

[Remainder of Page Intentionally Left
Blank]

 

[2nd Supplemental Indenture – 2026
Notes]

 

    	 	2	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Second Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	ISSUER:
	 	 
	 	OMEGA HEALTHCARE INVESTORS, INC.,
	 	a Maryland corporation
	 	 	 
	 	By:	/s/ Daniel J. Booth
	 	 	Daniel J. Booth
	 	 	Chief Operating Officer and Secretary
	 	 	 
	 	NEW SUBSIDIARIES:
	 	 
	 	ON BEHALF OF EACH OF THE NEW SUBSIDIARIES LISTED ON SCHEDULE II
	 	 	 
	 	By:	/s/ Daniel J. Booth
	 	 	Daniel J. Booth
	 	 	Chief Operating Officer and Secretary

 

[Signatures continued on the following page]

 

[Signature Page – 2nd Supplemental
Indenture – 2026 Notes]

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 	 
	 	By:	/s/ David Ferrell
	 	 	Name:	David Ferrell
	 	 	Title:	Vice President

 

[Signature Page – 2nd Supplemental
Indenture – 2026 Notes]

 

     

     

    

 

Schedule I

 

SUBSIDIARY GUARANTORS

 

	1.	11900 East Artesia Boulevard, LLC
	2.	1200 Ely Street Holdings Co. LLC
	3.	13922 Cerise Avenue, LLC
	4.	1628 B Street, LLC
	5.	2400 Parkside Drive, LLC
	6.	2425 Teller Avenue, LLC
	7.	245 East Wilshire Avenue, LLC
	8.	3232 Artesia Real Estate, LLC
	9.	3806 Clayton Road, LLC
	10.	42235 County Road Holdings Co. LLC
	11.	446 Sycamore Road, L.L.C.
	12.	48 High Point Road, LLC
	13.	523 Hayes Lane, LLC
	14.	637 East Romie Lane, LLC
	15.	Alamogordo Aviv, L.L.C.
	16.	Albany Street Property, L.L.C.
	17.	Arizona Lessor - Infinia, LLC
	18.	Arkansas Aviv, L.L.C.
	19.	Arma Yates, L.L.C.
	20.	Avery Street Property, L.L.C
	21.	Aviv Asset Management, L.L.C.
	22.	Aviv Financing I, L.L.C.
	23.	Aviv Financing II, L.L.C.
	24.	Aviv Financing III, L.L.C.
	25.	Aviv Financing IV, L.L.C.
	26.	Aviv Financing V, L.L.C.
	27.	Aviv Foothills, L.L.C.
	28.	Aviv Healthcare Capital Corporation
	29.	Aviv Healthcare Properties Operating Partnership I, L.P.
	30.	Aviv Liberty, L.L.C.
	31.	Avon Ohio, L.L.C.
	32.	Bala Cynwyd Real Estate, LP
	33.	Bayside Colorado Healthcare Associates, LLC
	34.	Bayside Street II, LLC
	35.	Bayside Street, LLC (f/k/a Bayside Street, Inc.)
	36.	Belleville Illinois, L.L.C.
	37.	Bellingham II Associates, L.L.C.
	38.	Bethel ALF Property, L.L.C.
	39.	BHG Aviv, L.L.C.
	40.	Biglerville Road, L.L.C.
	41.	Bonham Texas, L.L.C.
	42.	Bradenton ALF Property, L.L.C.

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	43.	Burton NH Property, L.L.C.
	44.	California Aviv Two, L.L.C.
	45.	California Aviv, L.L.C.
	46.	Camas Associates, L.L.C.
	47.	Canton Health Care Land, LLC (f/k/a Canton Health Care Land, Inc.)
	48.	Carnegie Gardens LLC
	49.	Casa/Sierra California Associates, L.L.C.
	50.	CFG 2115 Woodstock Place LLC
	51.	Champaign Williamson Franklin, L.L.C.
	52.	Chardon Ohio Property Holdings, L.L.C.
	53.	Chardon Ohio Property, L.L.C.
	54.	Chatham Aviv, L.L.C.
	55.	Chippewa Valley, L.L.C.
	56.	CHR Bartow LLC
	57.	CHR Boca Raton  LLC
	58.	CHR Bradenton LLC
	59.	CHR Cape Coral LLC
	60.	CHR Fort Myers LLC
	61.	CHR Fort Walton Beach LLC
	62.	CHR Lake Wales LLC
	63.	CHR Lakeland LLC
	64.	CHR Pompano Beach Broward LLC
	65.	CHR Pompano Beach LLC
	66.	CHR Sanford LLC
	67.	CHR Spring Hill LLC
	68.	CHR St. Pete Bay LLC
	69.	CHR St. Pete Egret LLC
	70.	CHR Tampa Carrollwood LLC
	71.	CHR Tampa LLC
	72.	CHR Tarpon Springs LLC
	73.	CHR Titusville LLC
	74.	Clarkston Care, L.L.C.
	75.	Clayton Associates, L.L.C.
	76.	Colonial Gardens, LLC
	77.	Colonial Madison Associates, L.L.C.
	78.	Colorado Lessor - Conifer, LLC
	79.	Columbus Texas Aviv, L.L.C.
	80.	Columbus Western Avenue, L.L.C.
	81.	Colville Washington Property, L.L.C.
	82.	Commerce Nursing Homes, L.L.C.
	83.	Commerce Sterling Hart Drive, L.L.C.
	84.	Conroe Rigby Owen Road, L.L.C.
	85.	CR Aviv, L.L.C.
	86.	Crete Plus Five Property, L.L.C.
	87.	Crooked River Road, L.L.C.
	88.	CSE Albany LLC

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	89.	CSE Amarillo LLC
	90.	CSE Arden L.P.
	91.	CSE Augusta LLC
	92.	CSE Bedford LLC
	93.	CSE Blountville LLC
	94.	CSE Bolivar LLC
	95.	CSE Cambridge LLC
	96.	CSE Cambridge Realty LLC
	97.	CSE Camden LLC
	98.	CSE Canton LLC
	99.	CSE Casablanca Holdings II LLC
	100.	CSE Casablanca Holdings LLC
	101.	CSE Cedar Rapids LLC
	102.	CSE Centennial Village, LP
	103.	CSE Chelmsford LLC
	104.	CSE Chesterton LLC
	105.	CSE Claremont LLC
	106.	CSE Corpus North LLC
	107.	CSE Denver Iliff LLC
	108.	CSE Denver LLC
	109.	CSE Douglas LLC
	110.	CSE Elkton LLC
	111.	CSE Elkton Realty LLC
	112.	CSE Fairhaven LLC
	113.	CSE Fort Wayne LLC
	114.	CSE Frankston LLC
	115.	CSE Georgetown LLC
	116.	CSE Green Bay LLC
	117.	CSE Hilliard LLC
	118.	CSE Huntingdon LLC
	119.	CSE Huntsville LLC
	120.	CSE Indianapolis-Continental LLC
	121.	CSE Indianapolis-Greenbriar LLC
	122.	CSE Jacinto City LLC
	123.	CSE Jefferson City LLC
	124.	CSE Jeffersonville-Hillcrest Center LLC
	125.	CSE Jeffersonville-Jennings House LLC
	126.	CSE Kerrville LLC
	127.	CSE King L.P.
	128.	CSE Kingsport LLC
	129.	CSE Knightdale L.P.
	130.	CSE Lake City LLC
	131.	CSE Lake Worth LLC
	132.	CSE Lakewood LLC
	133.	CSE Las Vegas LLC
	134.	CSE Lawrenceburg LLC

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	135.	CSE Lenoir L.P.
	136.	CSE Lexington Park LLC
	137.	CSE Lexington Park Realty LLC
	138.	CSE Ligonier LLC
	139.	CSE Live Oak LLC
	140.	CSE Lowell LLC
	141.	CSE Marianna Holdings LLC
	142.	CSE Memphis LLC
	143.	CSE Mobile LLC
	144.	CSE Moore LLC
	145.	CSE North Carolina Holdings I LLC
	146.	CSE North Carolina Holdings II LLC
	147.	CSE Omro LLC
	148.	CSE Orange Park LLC
	149.	CSE Orlando-Pinar Terrace Manor LLC
	150.	CSE Orlando-Terra Vista Rehab LLC
	151.	CSE Pennsylvania Holdings, LP
	152.	CSE Piggott LLC
	153.	CSE Pilot Point LLC
	154.	CSE Pine View LLC
	155.	CSE Ponca City LLC
	156.	CSE Port St. Lucie LLC
	157.	CSE Richmond LLC
	158.	CSE Ripley LLC
	159.	CSE Ripon LLC
	160.	CSE Safford LLC
	161.	CSE Salina LLC
	162.	CSE Seminole LLC
	163.	CSE Shawnee LLC
	164.	CSE Spring Branch LLC
	165.	CSE Stillwater LLC
	166.	CSE Taylorsville LLC
	167.	CSE Texarkana LLC
	168.	CSE Texas City LLC
	169.	CSE The Village LLC
	170.	CSE Upland LLC
	171.	CSE Walnut Cove L.P.
	172.	CSE West Point LLC
	173.	CSE Whitehouse LLC
	174.	CSE Williamsport LLC
	175.	CSE Winter Haven LLC
	176.	CSE Woodfin L.P.
	177.	CSE Yorktown LLC
	178.	Cuyahoga Falls Property, L.L.C.
	179.	Dallas Two Property, L.L.C.
	180.	Danbury ALF Property, L.L.C.

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	181.	Darien ALF Property, L.L.C.
	182.	Delta Investors I, LLC
	183.	Delta Investors II, LLC
	184.	Denison Texas, L.L.C.
	185.	Desert Lane LLC
	186.	Dixie White House Nursing Home, LLC (f/k/a Dixie White House Nursing Home, Inc.)
	187.	Dixon Health Care Center, LLC (f/k/a Dixon Health Care Center, Inc.)
	188.	East Rollins Street, L.L.C.
	189.	Edgewood Drive Property, L.L.C.
	190.	Effingham Associates, L.L.C.
	191.	Elite Mattoon, L.L.C.
	192.	Elite Yorkville, L.L.C.
	193.	Encanto Senior Care, LLC
	194.	Falcon Four Property Holding, L.L.C.
	195.	Falcon Four Property, L.L.C.
	196.	Falfurrias Texas, L.L.C.
	197.	Florida ALF Properties, L.L.C.
	198.	Florida Four Properties, L.L.C.
	199.	Florida Lessor – Meadowview, LLC
	200.	Florida Real Estate Company, LLC
	201.	Fort Stockton Property, L.L.C.
	202.	Four Fountains Aviv, L.L.C.
	203.	Fredericksburg South Adams Street, L.L.C.
	204.	Freewater Oregon, L.L.C.
	205.	Fullerton California, L.L.C.
	206.	G&L Gardens, LLC
	207.	Gardnerville Property, L.L.C.
	208.	Georgia Lessor - Bonterra/Parkview, LLC
	209.	Germantown Property, L.L.C.
	210.	Giltex Care, L.L.C.
	211.	Glendale NH Property, L.L.C.
	212.	Golden Hill Real Estate Company, LLC
	213.	Gonzales Texas Property, L.L.C.
	214.	Great Bend Property, L.L.C.
	215.	Greenbough, LLC
	216.	Greenville Kentucky Property, L.L.C.
	217.	Heritage Monterey Associates, L.L.C.
	218.	HHM Aviv, L.L.C.
	219.	Hidden Acres Property, L.L.C.
	220.	Highland Leasehold, L.L.C.
	221.	Hobbs Associates, L.L.C.
	222.	Hot Springs Atrium Owner, LLC
	223.	Hot Springs Aviv, L.L.C.
	224.	Hot Springs Cottages Owner, LLC
	225.	Hot Springs Marina Owner, LLC

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	226.	Houston Texas Aviv, L.L.C.
	227.	Hutchinson Kansas, L.L.C.
	228.	Hutton I Land, LLC (f/k/a Hutton I Land, Inc.)
	229.	Hutton II Land, LLC (f/k/a Hutton II Land, Inc.)
	230.	Hutton III Land, LLC (f/k/a Hutton III Land, Inc.)
	231.	Idaho Associates, L.L.C.
	232.	Illinois Missouri Properties, L.L.C.
	233.	Indiana Lessor – Wellington Manor, LLC
	234.	Iowa Lincoln County Property, L.L.C.
	235.	Jasper Springhill Street, L.L.C.
	236.	Kansas Five Property, L.L.C.
	237.	Karan Associates Two, L.L.C.
	238.	Karan Associates, L.L.C.
	239.	Karissa Court Property, L.L.C.
	240.	KB Northwest Associates, L.L.C.
	241.	Kentucky NH Properties, L.L.C.
	242.	Kingsville Texas, L.L.C.
	243.	LAD I Real Estate Company, LLC
	244.	Leatherman 90-1, LLC (f/k/a Leatherman 90-1, Inc.)
	245.	Leatherman Partnership 89-1, LLC (f/k/a Leatherman Partnership 89-1, Inc.)
	246.	Leatherman Partnership 89-2, LLC (f/k/a Leatherman Partnership 89-2, Inc.)
	247.	Louisville Dutchmans Property, L.L.C.
	248.	Magnolia Drive Property, L.L.C.
	249.	Manor Associates, L.L.C.
	250.	Mansfield Aviv, L.L.C.
	251.	Massachusetts Nursing Homes, L.L.C.
	252.	McCarthy Street Property, L.L.C.
	253.	Meridian Arms Land, LLC (f/k/a Meridian Arms Land, Inc.)
	254.	Minnesota Associates, L.L.C.
	255.	Mishawaka Property, L.L.C.
	256.	Missouri Associates, L.L.C.
	257.	Missouri Regency Associates, L.L.C.
	258.	Montana Associates, L.L.C.
	259.	Monterey Park Leasehold Mortgage, L.L.C.
	260.	Mount Washington Property, L.L.C.
	261.	Mt. Vernon Texas, L.L.C.
	262.	Murray County, L.L.C.
	263.	Muscatine Toledo Properties, L.L.C.
	264.	N.M. Bloomfield Three Plus One Limited Company
	265.	N.M. Espanola Three Plus One Limited Company
	266.	N.M. Lordsburg Three Plus One Limited Company
	267.	N.M. Silver City Three Plus One Limited Company
	268.	New Hope Property, L.L.C.
	269.	Newtown ALF Property, L.L.C.

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	270.	Nicholasville Kentucky Property, L.L.C.
	271.	North Las Vegas LLC
	272.	North Royalton Ohio Property, L.L.C.
	273.	Norwalk ALF Property, L.L.C.
	274.	NRS Ventures, L.L.C.
	275.	Oakland Nursing Homes, L.L.C.
	276.	Ocean Springs Nursing Home, LLC (f/k/a Ocean Springs Nursing Home, Inc.)
	277.	October Associates, L.L.C.
	278.	Ogden Associates, L.L.C.
	279.	OHI (Connecticut), LLC
	280.	OHI (Illinois), LLC(f/k/a OHI (Illinois), Inc.)
	281.	OHI (Indiana), LLC
	282.	OHI (Iowa), LLC(f/k/a OHI (Iowa), Inc.)
	283.	OHI Asset (AR) Ash Flat, LLC
	284.	OHI Asset (AR) Camden, LLC
	285.	OHI Asset (AR) Conway, LLC
	286.	OHI Asset (AR) Des Arc, LLC
	287.	OHI Asset (AR) Hot Springs, LLC
	288.	OHI Asset (AR) Malvern, LLC
	289.	OHI Asset (AR) Mena, LLC
	290.	OHI Asset (AR) Pocahontas, LLC
	291.	OHI Asset (AR) Sheridan, LLC
	292.	OHI Asset (AR) Walnut Ridge, LLC
	293.	OHI Asset (AZ) Austin House, LLC
	294.	OHI Asset (CA), LLC
	295.	OHI Asset (CO), LLC
	296.	OHI Asset (CT) Lender, LLC
	297.	OHI Asset (FL) Eustis, LLC
	298.	OHI Asset (FL) Lake Placid, LLC
	299.	OHI Asset (FL) Lender, LLC
	300.	OHI Asset (FL) Lutz, LLC
	301.	OHI Asset (FL), LLC
	302.	OHI Asset (FL) Pensacola - Hillview, LLC
	303.	OHI Asset (GA) Dunwoody, LLC
	304.	OHI Asset (GA) Macon, LLC
	305.	OHI Asset (GA) Moultrie, LLC
	306.	OHI Asset (GA) Roswell, LLC
	307.	OHI Asset (GA) Snellville, LLC
	308.	OHI Asset (ID) Holly, LLC
	309.	OHI Asset (ID) Midland, LLC
	310.	OHI Asset (ID), LLC
	311.	OHI Asset (IL), LLC
	312.	OHI Asset (IN) American Village, LLC
	313.	OHI Asset (IN) Anderson, LLC
	314.	OHI Asset (IN) Beech Grove, LLC

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	315.	OHI Asset (IN) Clarksville, LLC
	316.	OHI Asset (IN) Clinton, LLC
	317.	OHI Asset (IN) Connersville, LLC
	318.	OHI Asset (IN) Crown Point, LLC
	319.	OHI Asset (IN) Eagle Valley, LLC
	320.	OHI Asset (IN) Elkhart, LLC
	321.	OHI Asset (IN) Forest Creek, LLC
	322.	OHI Asset (IN) Fort Wayne, LLC
	323.	OHI Asset (IN) Franklin, LLC
	324.	OHI Asset (IN) Greensburg, LLC
	325.	OHI Asset (IN) Indianapolis, LLC
	326.	OHI Asset (IN) Jasper, LLC
	327.	OHI Asset (IN) Kokomo, LLC
	328.	OHI Asset (IN) Lafayette, LLC
	329.	OHI Asset (IN) Madison, LLC
	330.	OHI Asset (IN) Monticello, LLC
	331.	OHI Asset (IN) Noblesville, LLC
	332.	OHI Asset (IN) Rosewalk, LLC
	333.	OHI Asset (IN) Salem, LLC
	334.	OHI Asset (IN) Seymour, LLC
	335.	OHI Asset (IN) Spring Mill, LLC
	336.	OHI Asset (IN) Terre Haute, LLC
	337.	OHI Asset (IN) Wabash, LLC
	338.	OHI Asset (IN) Westfield, LLC
	339.	OHI Asset (IN) Zionsville, LLC
	340.	OHI Asset (LA) Baton Rouge, LLC
	341.	OHI Asset (LA), LLC
	342.	OHI Asset (MD), LLC
	343.	OHI Asset (MI) Heather Hills, LLC
	344.	OHI Asset (MI), LLC
	345.	OHI Asset (MO), LLC
	346.	OHI Asset (MS) Byhalia, LLC
	347.	OHI Asset (MS) Cleveland, LLC
	348.	OHI Asset (MS) Clinton, LLC
	349.	OHI Asset (MS) Columbia, LLC
	350.	OHI Asset (MS) Corinth, LLC
	351.	OHI Asset (MS) Greenwood, LLC
	352.	OHI Asset (MS) Grenada, LLC
	353.	OHI Asset (MS) Holly Springs, LLC
	354.	OHI Asset (MS) Indianola, LLC
	355.	OHI Asset (MS) Natchez, LLC
	356.	OHI Asset (MS) Picayune, LLC
	357.	OHI Asset (MS) Vicksburg, LLC
	358.	OHI Asset (MS) Yazoo City, LLC
	359.	OHI Asset (NC) Wadesboro, LLC
	360.	OHI Asset (NY) 2nd Avenue, LLC

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	361.	OHI Asset (NY) 93rd Street, LLC
	362.	OHI Asset (OH) Lender, LLC
	363.	OHI Asset (OH), LLC
	364.	OHI Asset (OR) Portland, LLC
	365.	OHI Asset (OR) Troutdale, LLC
	366.	OHI Asset (PA) GP, LLC
	367.	OHI Asset (PA) West Mifflin, LP
	368.	OHI Asset (PA), LLC
	369.	OHI Asset (PA), LP
	370.	OHI Asset (SC) Aiken, LLC
	371.	OHI Asset (SC) Anderson, LLC
	372.	OHI Asset (SC) Easley Anne, LLC
	373.	OHI Asset (SC) Easley Crestview, LLC
	374.	OHI Asset (SC) Edgefield, LLC
	375.	OHI Asset (SC) Greenville Griffith, LLC
	376.	OHI Asset (SC) Greenville Laurens, LLC
	377.	OHI Asset (SC) Greenville North, LLC
	378.	OHI Asset (SC) Greenville, LLC
	379.	OHI Asset (SC) Greer, LLC
	380.	OHI Asset (SC) Marietta, LLC
	381.	OHI Asset (SC) McCormick, LLC
	382.	OHI Asset (SC) Orangeburg, LLC
	383.	OHI Asset (SC) Pickens East Cedar, LLC
	384.	OHI Asset (SC) Pickens Rosemond, LLC
	385.	OHI Asset (SC) Piedmont, LLC
	386.	OHI Asset (SC) Simpsonville SE Main, LLC
	387.	OHI Asset (SC) Simpsonville West Broad, LLC
	388.	OHI Asset (SC) Simpsonville West Curtis, LLC
	389.	OHI Asset (TN) Bartlett, LLC
	390.	OHI Asset (TN) Collierville, LLC
	391.	OHI Asset (TN) Jefferson City, LLC
	392.	OHI Asset (TN) Memphis, LLC
	393.	OHI Asset (TN) Rogersville, LLC
	394.	OHI Asset (TX) Anderson, LLC
	395.	OHI Asset (TX) Bryan, LLC
	396.	OHI Asset (TX) Burleson, LLC
	397.	OHI Asset (TX) College Station, LLC
	398.	OHI Asset (TX) Comfort, LLC
	399.	OHI Asset (TX) Diboll, LLC
	400.	OHI Asset (TX) Granbury, LLC
	401.	OHI Asset (TX) Hondo, LLC
	402.	OHI Asset (TX) Italy, LLC
	403.	OHI Asset (TX) Winnsboro, LLC
	404.	OHI Asset (TX), LLC
	405.	OHI Asset (UT) Ogden, LLC
	406.	OHI Asset (UT) Provo, LLC

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	407.	OHI Asset (UT) Roy, LLC
	408.	OHI Asset (VA) Charlottesville, LLC
	409.	OHI Asset (VA) Farmville, LLC
	410.	OHI Asset (VA) Hillsville, LLC
	411.	OHI Asset (VA) Martinsville SNF, LLC
	412.	OHI Asset (VA) Rocky Mount, LLC
	413.	OHI Asset (WA) Battle Ground, LLC
	414.	OHI Asset (WA) Fort Vancouver, LLC
	415.	OHI Asset (WV) Danville, LLC
	416.	OHI Asset (WV) Ivydale, LLC
	417.	OHI Asset CHG ALF, LLC
	418.	OHI Asset CSB LLC
	419.	OHI Asset CSE – E, LLC
	420.	OHI Asset CSE – U, LLC
	421.	OHI Asset CSE–E Subsidiary, LLC
	422.	OHI Asset CSE–U Subsidiary, LLC
	423.	OHI Asset HUD CFG, LLC
	424.	OHI Asset HUD Delta, LLC
	425.	OHI Asset HUD H-F, LLC
	426.	OHI Asset HUD SF CA, LLC
	427.	OHI Asset HUD SF, LLC
	428.	OHI Asset HUD WO, LLC
	429.	OHI Asset II (CA), LLC
	430.	OHI Asset II (FL), LLC
	431.	OHI Asset II (PA), LP
	432.	OHI Asset III (PA), LP
	433.	OHI Asset IV (PA) Silver Lake, LP
	434.	OHI Asset Management, LLC
	435.	OHI Asset RO PMM Services, LLC
	436.	OHI Asset RO, LLC
	437.	OHI Asset, LLC
	438.	OHI Healthcare Properties Holdco, Inc.
	439.	OHI Healthcare Properties Limited Partnership
	440.	OHI Mezz Lender, LLC
	441.	OHI Tennessee, LLC (f/k/a OHI Tennessee, Inc.)
	442.	OHIMA, LLC (f/k/a OHIMA, Inc.)
	443.	Ohio Aviv Three, L.L.C.
	444.	Ohio Aviv Two, L.L.C.
	445.	Ohio Aviv, L.L.C.
	446.	Ohio Indiana Property, L.L.C.
	447.	Ohio Pennsylvania Property, L.L.C.
	448.	Oklahoma Two Property, L.L.C.
	449.	Oklahoma Warr Wind, L.L.C.
	450.	Omaha Associates, L.L.C.
	451.	Omega TRS I, Inc.
	452.	Orange ALF Property, L.L.C.

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	453.	Orange Village Care Center, LLC (f/k/a Orange Village Care Center, Inc.)
	454.	Orange, L.L.C.
	455.	Oregon Associates, L.L.C.
	456.	Oso Avenue Property, L.L.C.
	457.	Ostrom Avenue Property, L.L.C.
	458.	Palm Valley Senior Care, LLC
	459.	Panama City Nursing Center LLC
	460.	Pavillion North Partners, LLC
	461.	Pavillion North, LLP
	462.	Pavillion Nursing Center North, LLC
	463.	Peabody Associates Two, L.L.C.
	464.	Peabody Associates, L.L.C.
	465.	Pennington Road Property, L.L.C.
	466.	Pensacola Real Estate Holdings I, LLC (f/k/a Pensacola Real Estate Holdings I, Inc.)
	467.	Pensacola Real Estate Holdings II, LLC (f/k/a Pensacola Real Estate Holdings II, Inc.)
	468.	Pensacola Real Estate Holdings III, LLC (f/k/a Pensacola Real Estate Holdings III, Inc.)
	469.	Pensacola Real Estate Holdings IV, LLC (f/k/a Pensacola Real Estate Holdings IV, Inc.)
	470.	Pensacola Real Estate Holdings V, LLC (f/k/a Pensacola Real Estate Holdings V, Inc.)
	471.	Pocatello Idaho Property, L.L.C.
	472.	Pomona Vista L.L.C.
	473.	Prescott Arkansas, L.L.C.
	474.	PV Realty–Willow Tree, LLC
	475.	Raton Property Limited Company
	476.	Ravenna Ohio Property, L.L.C.
	477.	Red Rocks, L.L.C.
	478.	Richland Washington, L.L.C.
	479.	Ridgecrest Senior Care, LLC
	480.	Riverside Nursing Home Associates Two, L.L.C.
	481.	Riverside Nursing Home Associates, L.L.C.
	482.	Rockingham Drive Property, L.L.C.
	483.	Rose Baldwin Park Property L.L.C.
	484.	S.C. Portfolio Property, L.L.C.
	485.	Salem Associates, L.L.C.
	486.	San Juan NH Property, LLC
	487.	Sandalwood Arkansas Property, L.L.C.
	488.	Santa Ana-Bartlett, L.L.C.
	489.	Santa Fe Missouri Associates, L.L.C.
	490.	Savoy/Bonham Venture, L.L.C.
	491.	Searcy Aviv, L.L.C.
	492.	Sedgwick Properties, L.L.C.

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

	493.	Seguin Texas Property, L.L.C.
	494.	Sierra Ponds Property, L.L.C.
	495.	Skyler Boyington, LLC (f/k/a Skyler Boyington, Inc.)
	496.	Skyler Florida, LLC (f/k/a Skyler Florida, Inc.)
	497.	Skyler Maitland LLC
	498.	Skyler Pensacola, LLC (f/k/a Skyler Pensacola, Inc.)
	499.	Skyview Associates, L.L.C.
	500.	Southeast Missouri Property, L.L.C.
	501.	Southern California Nevada, L.L.C.
	502.	St. Joseph Missouri Property, L.L.C.
	503.	St. Mary’s Properties, LLC (f/k/a St. Mary’s Properties, Inc.)
	504.	Star City Arkansas, L.L.C.
	505.	Stephenville Texas Property, L.L.C.
	506.	Sterling Acquisition, LLC
	507.	Stevens Avenue Property, L.L.C.
	508.	Sun-Mesa Properties, L.L.C.
	509.	Suwanee, LLC
	510.	Texas Fifteen Property, L.L.C.
	511.	Texas Four Property, L.L.C.
	512.	Texas Lessor – Stonegate GP, LLC
	513.	Texas Lessor – Stonegate, Limited, LLC
	514.	Texas Lessor – Stonegate, LP
	515.	Texhoma Avenue Property, L.L.C.
	516.	The Suburban Pavilion, LLC (f/k/a The Suburban Pavilion, Inc.)
	517.	Tujunga, L.L.C.
	518.	Tulare County Property, L.L.C.
	519.	VRB Aviv, L.L.C.
	520.	Washington Idaho Property, L.L.C.
	521.	Washington Lessor – Silverdale, LLC
	522.	Washington-Oregon Associates, L.L.C.
	523.	Watauga Associates, L.L.C.
	524.	Wellington Leasehold, L.L.C.
	525.	West Pearl Street, L.L.C.
	526.	West Yarmouth Property I, L.L.C.
	527.	Westerville Ohio Office Property, L.L.C.
	528.	Wheeler Healthcare Associates, L.L.C.
	529.	Whitlock Street Property, L.L.C.
	530.	Wilcare, LLC
	531.	Willis Texas Aviv, L.L.C.
	532.	Yuba Aviv, L.L.C.

 

[Schedule I – 2nd Supplemental Indenture
– 2026 Notes]

 

     

     

    

 

Schedule II

 

NEW SUBSIDIARIES

 

	1.	OHI Asset (MD) Baltimore - Pall Mall, LLC	37-1799968	Delaware
	2.	OHI Asset (MD) Baltimore - West Belvedere, LLC	38-3987828	Delaware
	3.	OHI Asset (MD) Salisbury, LLC	38-3987971	Delaware
	4.	OHI Asset (MI) Carson City, LLC	61-1786671	Delaware
	5.	OHI Asset (OH) Huber Heights, LLC	36-4830903	Delaware
	6.	OHI Asset (OH) New London, LLC	36-4831126	Delaware
	7.	OHI Asset (OH) Steubenville, LLC	30-0922159	Delaware
	8.	OHI Asset (OH) Toledo, LLC	35-2555519	Delaware
	9.	OHI Asset (OH) West Carrollton, LLC	35-2555884	Delaware
	10.	OHI Asset (TX) Schertz, LLC	30-0890365	Delaware
	11.	OHI Asset (VA) Charlottesville - 1165 Pepsi Place, LLC	30-0924115	Delaware
	12.	OHI Asset (VA) Richmond - 2420 Pemberton Road, LLC	38-3993910	Delaware
	13.	OHI Asset (VA) Richmond - 9101 Bon Air, LLC	36-4831548	Delaware
	14.	PV Realty-Clinton, LLC	26-4389743	Maryland
	15.	PV Realty-Kensington, LLC	26-4389837	Maryland

 

[Schedule II – 2nd Supplemental Indenture
– 2026 Notes]Exhibit

Exhibit 10.1

    
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the “Agreement”), by and between PHYSICIANS REALTY TRUST, a Maryland trust, (the “Company”), and JEFFREY THEILER (the “Executive”) is entered into May 5, 2016 and effective July 1, 2016 (the “Effective Date”). 
WHEREAS, the Company and the Executive entered into an Employment Agreement (the “Prior Agreement”) dated May 13, 2014, providing for the Executive’s employment and setting forth the terms and conditions for such employment; and
WHEREAS, the Company and the Executive desire to terminate the Prior Agreement and to enter into the Agreement to provide for certain changes to the terms and conditions of the Executive’s employment by the Company, as reflected in the Agreement. 
NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties, intending to be legally bound, hereby agree as follows:
1.EMPLOYMENT

The Company hereby agrees to employ the Executive as its Executive Vice President and Chief Financial Officer (the “Executive Vice President”) upon the terms and conditions herein contained, and the Executive hereby agrees to accept such employment and to serve in such position. As Executive Vice President and Chief Financial Officer, the Executive will have those duties which can reasonably be expected to be performed by a person in such position and shall undertake such other responsibilities as may be assigned to the Executive by the Company’s Chief Executive Officer (“CEO”) from time to time. For purposes of the Agreement, all references to the “Board” shall mean the Board of Trustees. In such capacity, the Executive shall report to the Company’s Board and shall have such powers and responsibilities consistent with his position as may be assigned. Throughout the Employment Term, the Executive shall devote his best efforts and all of his business time and services to the business and affairs of the Company. 
2.TERM OF AGREEMENT

Subject to earlier termination as herein provided, the Executive’s employment under the Agreement shall continue in effect until June 30, 2019 (the “Initial Term”). The Agreement will automatically renew, subject to earlier termination as herein provided, for successive one (1) year periods (the “Additional Terms”), unless either the Executive or the Company provide notice of non-renewal at least sixty (60) days prior to the expiration of the Initial Term or the then Additional Term, whichever is applicable. The Initial Term and any Additional Term(s) shall be referred to collectively as the “Employment Term.” 
Notwithstanding the foregoing, the Company shall be entitled to terminate the Agreement immediately, subject to a continuing obligation to make any payments required under Section 5 below, if the Executive (i) incurs a Disability as described in Section 5(b), (ii) is terminated for Cause, as defined in Section 5(c), or (iii) voluntarily terminates his employment without Good Reason (as defined below) during the Employment Term, as described in Section 5(d). 
3.SALARY AND BONUS

The Executive shall receive a base salary during the Employment Term at a rate of $450,000 per annum for 2016 (the “Base Salary”), payable in substantially equal semi-monthly installments. The Compensation Committee of the Board shall consult with the Executive Vice President and review the Executive’s Base Salary at annual intervals, and may increase the Executive’s annual Base Salary from time to time as the Committee deems to be appropriate. 
Subject to Section 12, the Executive will have an annual cash bonus opportunity for each calendar year during the Employment Term (the “Annual Bonus”) based upon performance goals that are established by the Board or the Compensation Committee of the Board, as the case may be, in its sole discretion.  In the event an Annual Bonus is 

Page 1

payable pursuant to this Section 3, such bonus shall be paid to the Executive no later than March 15th of the year after the year to which the bonus relates.  
4.ADDITIONAL COMPENSATION AND BENEFITS

The Executive shall receive the following additional compensation and welfare and fringe benefits during the term of the Agreement: 
(a)Options and Other Long-Term Incentives. During the Employment Term, any options, restricted shares or other awards granted under the Physicians Realty Trust 2013 Equity Incentive Plan (the “2013 Equity Plan”) shall be at the discretion of the Compensation Committee of the Company’s Board. 

(b)Vacation. The Executive shall be entitled to up to four (4) weeks of vacation during each year during the Employment Term and any extensions thereof, prorated for partial years. 

(c)Business Expenses. The Company shall reimburse the Executive for all reasonable expenses he incurs in promoting the Company’s business, including expenses for travel and similar items, upon presentation by the Executive (generally within 60 days of the date incurred) of an itemized account of such expenditures. Any reimbursement of expenses made under the Agreement shall only be made for eligible expenses (including transportation and cellular service expenses as set forth above) incurred during the Employment Term, and no reimbursement of any expense shall be made by the Company after December 31st of the year following the calendar year in which the expense was incurred. The amount eligible for reimbursement under the Agreement during a taxable year may not affect expenses eligible for reimbursement in any other taxable year, and the right to reimbursement under the Agreement is not subject to liquidation or exchange for another benefit. The Executive will comply with the Company’s policies regarding these benefits, including all Internal Revenue Service rules and requirements. 

(d)Professional Expenses. Each calendar year during the Employment Term, the Company agrees to reimburse the Executive for up to $10,000 of reasonable professional expenses (i.e., accounting, financial planning, estate planning expenses) incurred by the Executive during such year for personal advice rendered to the Executive. 

(e)Other Benefits and Perquisites. The Executive shall be entitled to participate in the benefit plans provided by the Company for all employees, generally, and for the Company’s executive employees. The Company shall be entitled to change or terminate these plans in its sole discretion at any time. 

5.PAYMENTS UPON TERMINATION

(a)Involuntary Termination. If the Executive’s employment is involuntarily terminated by the Company during the Employment Term, the Executive shall be entitled to receive his Base Salary accrued through the date of termination, any accrued but unpaid vacation pay, plus any bonuses earned but unpaid with respect to fiscal years or other periods ending before the termination date (collectively, the “Accrued Obligations”). Such payments shall be made to the Executive within the time period required by applicable law (and in all events within sixty (60) days following the date of involuntary termination). The Executive shall also receive any nonforfeitable benefits payable to him under the terms of any deferred compensation, incentive or other benefit plans maintained by the Company, payable in accordance with the terms of the applicable plan.
 
If the termination is not (1) a termination for Cause (as defined below), as described in Section 5(c); (2) a voluntary termination by the Executive without Good Reason (as defined below) as described in Section 5(d); (3) a termination as a result of the Executive’s death or Disability (as defined below); (4) a termination due to non-renewal of the then current term as described in Section 5(e); or (5) pursuant to Section 6, then subject to compliance with the restrictive covenants in Section 9 and Section 10 and the execution and timely 

Page 2

return by the Executive of a release of claims in a form and substance reasonably requested by the Company (the “Release”), and except as otherwise provided by Sections 12 and 18, the Company shall pay severance to the Executive in accordance with its normal payroll practices, equal to the Executive’s Base Salary as in effect at the time his employment terminates for a period equal to the greater of (a) the remainder of the then-current term of the Agreement or (b) twenty-four (24) months, with the first payment on the first payroll date after the revocation period for the Release has expired; provided, that if the time period for returning and revoking the release begins in one taxable year and ends in a second taxable year, the payments shall not commence until the first payroll date in the second taxable year. 
In addition, if the termination is not (1) a termination for Cause, as described in Section 5(c); (2) a voluntary termination by the Executive without Good Reason as described in Section 5(d); (3) a termination as a result of the Executive’s death or Disability (as defined below); (4) a termination due to non-renewal of the then current term as described in Section 5(e); or (5) pursuant to Section 6, then, subject to compliance with the restrictive covenants in Section 9 and Section 10 and the execution and timely return by the Executive of the Release, and except as otherwise provided by Sections 12 and 18, the Executive shall be entitled to the following: 
(i)Any options, restricted shares or other awards granted to the Executive under the 2013 Equity Plan shall become fully vested and, in the case of options, exercisable in full; 

(ii)Provided that the Executive elects continuation of coverage under the Company’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986, as amended (“COBRA”), the Executive shall be provided continued coverage at the Company’s expense under any health insurance programs maintained by the Company in which the Executive participated at the time of his termination for twelve (12) months, or until, if earlier, the date the Executive obtains comparable coverage under a group health plan maintained by a new employer. To the extent the benefits provided under the immediately preceding sentence are otherwise taxable to the Executive, such benefits, for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) (and the regulations and other guidance issued thereunder) shall be provided as separate monthly in-kind payments of those benefits, and to the extent those benefits are subject to and not otherwise excepted from Section 409A of the Code, the provision of the in-kind benefits during one calendar year shall not affect the in-kind benefits to be provided in any other calendar year; and 

(iii)Annual Bonus(es) payable under Section 3 above that would have been earned based solely on continued employment for the remainder of the then current term, and if none, then an amount equal to fifty percent (50%) of the Executive’s then current Base Salary, payable at the same time as bonuses are paid to other active employees of the Company with respect to such performance period, and forfeited if the Executive violates any of the restrictive covenants in Section 9 and Section 10. 

For purposes of clause (i) above, the reference to "fully vested" in connection with any award subject to performance-based vesting conditions refers to vesting at the maximum level of achievement of the performance goal or goals under the award.

(b)Disability. The Company shall be entitled to terminate the Executive’s employment if the Board determines that the Executive has been unable to attend to his duties for at least ninety (90) days because of a Disability (as defined below), and has received a written opinion from a physician acceptable to the Board that such condition prevents the Executive from resuming full performance of his duties and is likely to continue for an indefinite period. Upon such involuntary termination, the Executive shall be entitled to receive the Accrued Obligations. Such payments shall be made to the Executive within the time period required by applicable law (and in all events within sixty (60) days following the date of involuntary termination). In addition, subject to compliance with the restrictive covenants in Section 9 and Section 10 and the execution and timely return by the Executive of the Release, the Company shall pay severance to the Executive in accordance with its normal payroll practices, equal to twelve (12) months of the Executive’s Base Salary as in effect at the time his employment terminates, with the first payment on the first payroll date after the 

Page 3

revocation period for the Release has expired; provided, that (i) if the time period for returning and revoking the Release begins in one taxable year and ends in a second taxable year, the payments shall not commence until the first payroll date in the second taxable year; and (ii) all such payments shall immediately terminate at an earlier date if the Executive returns to active employment, either with the Company or otherwise. Any amounts payable under this Section 5(b) shall be reduced on a dollar-for-dollar basis by the amount of bona fide disability pay (within the meaning of Treas. Reg. section 1.409A-1(a)(5)) received or receivable by the Executive during such twelve-month period, provided such disability payments are made pursuant to a plan sponsored by the Company that covers a substantial number of employees of the Company and was established prior to the date the Executive incurred a permanent disability, and further provided that such reduction does not otherwise affect the time of payment of amounts pursuant to this Section 5(b). For purposes of the Agreement, “Disability” means the Executive is incapacitated due to physical or mental illness and such incapacity, with or without reasonable accommodation, prevents the Executive from satisfactorily performing the essential functions of his job for the Company on a full-time basis for at least ninety (90) days in a calendar year. 

(c)Termination for Cause. If the Executive’s employment is terminated by the Company for Cause, the amount the Executive shall be entitled to receive from the Company shall be limited to the Accrued Obligations. Such payments shall be made to the Executive within the time period required by applicable law (and in all events within sixty (60) days following the date of termination). 

For purposes of the Agreement, the term “Cause” shall be limited to the following: 
(i)the Executive engaging in any act of fraud, dishonesty, theft, misappropriation or embezzlement of funds or misrepresentation with respect to the Company; 

(ii)the Executive’s conviction or plea of no contest with respect to any felony or other crime involving moral turpitude; 

(iii)the Executive’s material breach of his obligations under the Agreement, including, without limitation, breach of the covenants set forth in Section 9 and Section 10 below or the refusal of the Executive to perform his job duties as directed by the Board, which the Executive failed to cure within thirty (30) days after receiving written notice from the Board specifying the alleged breach; 

(iv)violation of any material duty or obligation to the Company or of any direction or any rule or regulation reasonably established by the Board, which the Executive failed to cure within thirty (30) days after receiving written notice from the Board specifying the alleged violation; or 

(v)insubordination or misconduct in the performance of, or neglect of, the Executive’s duties which the Executive failed to cure within thirty (30) days after receiving written notice from the Board specifying the alleged insubordination, misconduct, or neglect. 

(d)Voluntary Termination by the Executive. If the Executive resigns or otherwise voluntarily terminates his employment without Good Reason before the end of the current Employment Term (other than for Good Reason in connection with a Change in Control, as described in Section 6), the amount the Executive shall be entitled to receive from the Company shall be limited to the Accrued Obligations. Such payment shall be made to the Executive within the time period required by applicable law (and in all events within sixty (60) days following the date of resignation or voluntary termination without Good Reason). 

The Executive may terminate his employment for Good Reason if (i) a Good Reason circumstance shall have occurred, and the Executive provides the Company with written notice thereof within ninety (90) days after the occurrence of the Good Reason circumstance, which notice shall specifically identify the circumstance that the Executive believes constitutes Good Reason; (ii) the Company fails to correct the circumstance so identified within thirty (30) days after the receipt of such notice; and (iii) the Executive resigns 

Page 4

within ninety (90) days after the date of delivery of the notice referred to in clause (i) above.  For purposes of the Agreement, “Good Reason” shall mean the occurrence or failure to cause the occurrence, as the case may be, without the Executive’s prior express written consent, of any of the following circumstances: 
(1) the assignment to the Executive of a position other than the position of Executive Vice President (other than for Cause or by reason of his Disability) or the assignment of duties materially inconsistent with such position if either such change in assignment constitutes a material diminution in the Executive’s authority, duties or responsibilities; 
(2) receipt by the Executive of a direction to report to anyone other than the CEO if such change in reporting duties constitutes a material diminution in the authority, duties or responsibilities of the supervisor to whom the Executive is required to report;
(3) a relocation of the Company’s executive office in Wisconsin to a location more than thirty-five (35) miles from its current location or more than thirty-five (35) miles further from the Executive’s residence at the time of relocation;
(4) a material diminution in the Executive's base compensation;
(5) a failure by the Company (A) to continue any bonus, incentive or material compensatory plan, program or arrangement in which the Executive is entitled to participate (the “Bonus Plans”), provided that any such Bonus Plans may be modified at the Company’s discretion from time to time but shall be deemed terminated if (x) any such plan does not remain substantially in the form in effect prior to such modification and (y) if plans providing the Executive with substantially similar benefits are not substituted therefor (“Substitute Plans”), or (B) to continue the Executive as a participant in the Bonus Plans and Substitute Plans on at least the same basis as to potential amount of the bonus as the Executive participated in prior to any change in such plans or awards, in accordance with the Bonus Plans and the Substitute Plans;
(6) any material breach by the Company of any provision of the Agreement; or
(7) a failure of any successor to the Company (whether direct or indirect and whether by merger, acquisition, consolidation or otherwise) to assume in a writing delivered to the Executive upon the successor becoming such, the obligations of the Company hereunder.
The failure by the Executive to set forth in the written notice to the Company of his termination for Good Reason of any facts or circumstances which contribute to the showing of Good Reason shall not waive any right of the Executive hereunder or preclude the Executive from asserting such fact or circumstance in enforcing his rights hereunder.
(e)Non-Renewal. The Executive’s employment shall terminate in the event that the then-current Employment Term expires by reason of a party giving a notice of an election not to renew as provided in Section 2. If the Executive’s employment terminates due to non-renewal of the Agreement (other than in connection with a Change in Control, as described in Section 6), the amount the Executive shall be entitled to receive from the Company shall be limited to the Accrued Obligations. Such payment shall be made to the Executive within the time period required by applicable law (and in all events within sixty (60) days following the expiration of the then-current term). 

6.EFFECT OF CHANGE IN CONTROL

(a)Accelerated Vesting of Awards. In the event of a Change in Control, the vesting of any options, restricted shares or other awards granted to the Executive under the terms of the 2013 Equity Plan shall be accelerated and such awards shall become immediately fully vested and, in the case of options, exercisable in full. For purposes of this Section 6(a), the reference to "fully vested" in connection with any award subject to 

Page 5

performance-based vesting conditions refers to vesting at the maximum level of achievement of the performance goal or goals under the award.

(b)Certain Calculations. In the event of a Change in Control, all calculations required to be made to determine whether any payments or distributions by the Company, or other benefits provided by the Company, to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of the Agreement or otherwise) would be subject to the excise tax imposed by Section 4999 of the Code, or whether any interest or penalties with respect to such excise tax would be due, including the assumptions to be utilized in arriving at any such determinations, shall be made by a nationally recognized accounting firm, consulting firm or law firm designated by the Executive (the "Consulting Firm"). All fees and expenses of the Consulting Firm shall be borne solely by the Company.

(c)Severance Payment and Benefits. If, during the Employment Term at any time during the period of twelve (12) consecutive months commencing on the occurrence of a Change in Control, (i) the Executive is involuntarily terminated (other than for Cause), or (ii) the Executive terminates his employment for Good Reason, or (iii) the Company gives notice of non-renewal of the Agreement such that the Executive’s employment terminates within such period of twelve (12) consecutive months, then subject to compliance with the restrictive covenants in Section 9 and Section 10 and the execution and timely return by the Executive of the Release, the Executive shall be entitled to receive a lump sum severance payment equal to two times the sum of (i) the Executive’s Base Salary, as in effect at the time of the Change in Control, and (ii) the average of the annual bonuses paid to the Executive for the prior two fiscal years of the Company ending prior to the Change in Control, if any. Such lump sum payment shall be made to the Executive within sixty (60) days following the date of the Executive’s termination of employment. Notwithstanding the foregoing, such lump sum severance payment shall be reduced on a dollar-for-dollar basis by any portion of such payment received or receivable by the Executive from any successor to the Company; provided, such reduction does not otherwise affect the time of payment of such lump sum severance pursuant to this Section 6(c). In addition to the severance payment, the Executive shall be entitled to continued coverage at the Company’s expense under any health insurance programs maintained by the Company in which the Executive participated at the time of his termination, which coverage shall be continued for eighteen (18) months or until, if earlier, the date the Executive obtains comparable coverage under a group health plan maintained by a new employer. To the extent the benefits provided under the immediately preceding sentence are otherwise taxable to the Executive, such benefits, for purposes of Section 409A of the Code (and the regulations and other guidance issued thereunder) shall be provided as separate monthly in-kind payments of those benefits, and to the extent those benefits are subject to and not otherwise excepted from Section 409A of the Code, the provision of the in-kind benefits during one calendar year shall not affect the in-kind benefits to be provided in any other calendar year. 

(d)Definition of Change in Control. For purposes of the Agreement, a “Change in Control” shall mean the occurrence of any one of the following events:

(i)    any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however, the event described in this paragraph (i) shall not be deemed to be a Change in Control if such event results from the acquisition of Company Voting Securities pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii) below);

(ii)    individuals who, on the Effective Date, constitute the Board (the “Incumbent Trustees”) cease for any reason to constitute at least a majority of the Board; provided, however, that any person becoming a trustee subsequent to the Effective Date, whose election or nomination for election was approved (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for trustee, without written objection to such nomination) by a vote of at least two-thirds of the trustees who were, as of the date of such approval, Incumbent Trustees, shall be an Incumbent Trustee; provided, further, that no individual initially appointed, elected 

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or nominated as a trustee of the Company as a result of an actual or threatened election contest with respect to the election or removal of trustees or as a result of any other actual or threatened solicitation of proxies or consents or pursuant to any proxy access right by or on behalf of any person other than the Board shall be deemed to be an Incumbent Trustee;

(iii)    the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving (A) the Company or (B) any of its wholly owned subsidiaries pursuant to which, in the case of this clause (B), Company Voting Securities are issued or issuable (any event described in the immediately preceding clause (A) or (B), a “Reorganization”) or the sale or other disposition of all or substantially all of the assets of the Company to an entity that is not an Affiliate of the Company (a “Sale”), unless immediately following such Reorganization or Sale: (1) more than fifty percent (50%) of the total voting power (in respect of the election of trustees, or similar officials in the case of an entity other than a trust) of (x) the Company (or, if the Company ceases to exist, the entity resulting from such Reorganization), or, in the case of a Sale, the entity which has acquired all or substantially all of the assets of the Company (in either case, the “Surviving Entity”), or (y) if applicable, the ultimate parent entity that directly or indirectly has Beneficial Ownership of more than fifty percent (50%) of the total voting power (in respect of the election of trustees, or similar officials in the case of an entity other than a trust) of the Surviving Entity (the “Parent Entity”), is represented by Company Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Reorganization or Sale), (2) no Person is or becomes the Beneficial Owner, directly or indirectly, of fifty percent (50%) or more of the total voting power (in respect of the election of trustees, or similar officials in the case of an entity other than a trust) of the outstanding voting securities of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) and (3) at least a majority of the members of the board of trustees (or similar officials in the case of an entity other than a trust) of the Parent Entity (or, if there is no Parent Entity, the Surviving Entity) following the consummation of the Reorganization or Sale were, at the time of the approval by the Board of the execution of the initial agreement providing for such Reorganization or Sale, Incumbent Trustees (any Reorganization or Sale which satisfies all of the criteria specified in (1), (2) and (3) above being deemed to be a “Non-Qualifying Transaction”); or

(iv)    the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company.

Notwithstanding the foregoing, if any Person becomes the Beneficial Owner, directly or indirectly, of fifty percent (50%) or more of the combined voting power of Company Voting Securities solely as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding, such increased amount shall be deemed not to result in a Change in Control; provided, however, that if such Person subsequently becomes the Beneficial Owner, directly or indirectly, of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities Beneficially Owned by such Person to a percentage equal to or greater than fifty percent (50%), a Change in Control of the Company shall then be deemed to occur.

For purposes of this Section 6(d), the following terms shall have the following meanings:

(i)    “Affiliate” shall mean an affiliate of the Company, as defined in Rule 12b-2 promulgated under Section 12 of the Securities Exchange Act of 1934, as amended from time to time (the “Exchange Act”);

(ii)    “Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act;

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(iii)    “Person” shall have the meaning set forth in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (1) the Company or any of its subsidiaries, (2) a trustee or other fiduciary holding securities under an employee benefit plan (or related trust) sponsored or maintained by the Company or any of its subsidiaries, (3) an underwriter temporarily holding securities pursuant to an offering of such securities, (4) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of common stock of the Company or (5) the Executive or any group of persons including the Executive (or any entity controlled by the Executive or any group of persons including the Executive).
 
7.DEATH

If the Executive dies during the Employment Term, the Company shall pay to the Executive’s surviving spouse or if there is no surviving spouse, the Executive’s estate, a lump sum payment equal to the Accrued Obligations. Such payment shall be paid within the time period required by applicable law (and in all events within sixty (60) days following the date of the Executive’s death). In addition, the death benefits payable by reason of the Executive’s death under any retirement, deferred compensation, life insurance or other employee benefit plan maintained by the Company shall be paid to the beneficiary designated by the Executive, and the options, restricted shares or other awards held by the Executive under the Company’s equity incentive plans shall become fully vested, and, in the case of options, exercisable in full, in accordance with the terms of the applicable plan or plans. 
8.WITHHOLDING

The Company shall, to the extent permitted by law, have the right to withhold and deduct from any payment hereunder any federal, state or local taxes of any kind required by law to be withheld with respect to any such payment. 
9.PROTECTION OF CONFIDENTIAL INFORMATION

During the Executive’s employment with the Company, the Company shall grant the Executive otherwise prohibited access to its trade secrets and confidential information which are not known to the Company’s competitors or within the Company’s industry generally, which were developed by the Company over a long period of time and/or at its substantial expense, and which are of great competitive value to the Company, and access to the Company’s customers and clients. For purposes of the Agreement, “Confidential Information” includes all trade secrets and confidential and proprietary information of the Company, including, but not limited to, the following: financial models, financial information and data, business methods, electronic files, computer drives/disks, passwords, address and telephone lists, internal memoranda, correspondence, business strategies, business plans and/or projections, lease forms, construction contract forms, development and construction management service agreements, tenant lists, lease terms, rates, rent rolls, strategies, improvements, discoveries, plans for research or future business, infrastructure, marketing and sales plans and strategies, budgets, customer and client information, employee, customer and client nonpublic personal information, supplier lists, business records, audit processes, management methods and information, reports, recommendations and conclusions, information regarding the names, contact information, skills and compensation of employees and contractors of the Company, other information not generally known to the public, and other business information disclosed to the Executive by the Company, either directly or indirectly, in writing, orally, or by drawings or observation. 
The Executive acknowledges and agrees that Confidential Information is proprietary to and a trade secret of the Company and, as such, is a special and unique asset of the Company, and that any disclosure or unauthorized use of any Confidential Information by the Executive will cause irreparable harm and loss to the Company. The Executive understands and acknowledges that each and every component of the Confidential Information (i) has been developed by the Company at significant effort and expense and is sufficiently secret to derive economic value from not being generally known to other parties, and (ii) constitutes a protectable business interest of the Company. The Executive acknowledges and agrees that the Company owns the Confidential Information. The Executive agrees not to dispute, contest, or deny any such ownership rights either during or after the Executive’s employment with the Company. The Executive agrees to preserve and protect the confidentiality of all Confidential Information. The Executive agrees that 

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the Executive shall not at any time (whether during or after the Executive’s employment), directly or indirectly, disclose to any unauthorized person or use for the Executive’s own account any Confidential Information without the Company’s consent. Throughout the Executive’s employment and at all times thereafter: (i) the Executive shall hold all Confidential Information in the strictest confidence, take all reasonable precautions to prevent its inadvertent disclosure to any unauthorized person, and follow all policies of the Company protecting the Confidential Information; (ii) the Executive shall not, directly or indirectly, utilize, disclose or make available to any other person or entity, any of the Confidential Information, other than in the proper performance of the Executive’s duties; (iii) the Executive shall not use the Confidential Information or trade secrets to attempt to solicit, induce, recruit, or take away clients or customers of the Company; and (iv) if the Executive learns that any person or entity is taking or threatening to take any actions which would compromise any Confidential Information, the Executive shall promptly advise the Company of all facts concerning such action or threatened action. The foregoing shall not apply to any information which is already in the public domain, or is generally disclosed by the Company or is otherwise in the public domain at the time of disclosure (other than through an unauthorized disclosure by the Executive or any other person). 
Upon the termination of the Executive’s employment for any reason, the Executive shall immediately return and deliver to the Company any and all Confidential Information, software, devices, cell phones, personal data assistants, credit cards, data, reports, proposals, lists, correspondence, materials, equipment, computers, hard drives, papers, books, records, documents, memoranda, manuals, e-mail, electronic or magnetic recordings or data, including all copies thereof, which belong to the Company or relate to the Company’s business and which are in the Executive’s possession, custody or control, whether prepared by the Executive or others. If at any time after termination of the Executive’s employment he determines that he has any Confidential Information in his possession or control, the Executive shall immediately return to the Company all such Confidential Information in the Executive’s possession or control, including all copies and portions thereof. 
The Executive recognizes that because his work for the Company may bring him into contact with confidential and proprietary information of the Company, the restrictions of this Section 9 are required for the reasonable protection of the Company and its investments and for the Company’s reliance on and confidence in the Executive. 
10.RESTRICTIVE COVENANTS

In consideration for (i) the Company’s promise to provide Confidential Information to the Executive, (ii) the substantial economic investment made by the Company in the Confidential Information and goodwill of the Company, and/or the business opportunities disclosed or entrusted to the Executive, (iii) access to the Company’s customers and clients, and (iv) the Company’s employment of the Executive pursuant to the Agreement and the compensation and other benefits provided by the Company to the Executive, to protect the Company’s Confidential Information and business goodwill of the Company, the Executive agrees to the following restrictive covenants. 
(a)Non-Competition. The Executive hereby agrees that during the Restricted Period (defined below), other than in connection with the Executive’s duties under the Agreement, the Executive shall not, and shall not use any Confidential Information to, without the prior consent of the Company, directly or indirectly, either individually or as an owner, principal, partner, stockholder, manager, contractor, distributor, lender, investor, consultant, agent, employee, co-venturer or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever, become employed by, control, carry on, join, lend money for, engage in, establish, perform services for, invest in, solicit investors for, consult for, do business with or otherwise engage in any Competing Business (defined below) within the Restricted Territory (defined below); provided however, that nothing in this Section 10(a) shall prevent the Executive from owning a passive investment in up to two percent (2%) of the stock of a publicly traded corporation engaged in a Competing Business and such ownership shall not be considered to be a violation of Section 10(a). 

(i)“Restricted Period” means during the Executive’s employment with the Company and for a period equal to the later of (i) one (1) year immediately following the date of the Executive’s termination from employment for any reason or (ii) the number of months for which the Executive is receiving monthly severance payments under Section 5 of the Agreement. 

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(ii)“Competing Business” means any business, individual, partnership, firm, corporation or other entity that provides the same or substantially similar products or services as those provided by the Company during the Executive’s employment, which includes, without limitation, the business of buying, managing, holding and selling medical office buildings. 

(iii)As Executive Vice President of the Company, the Executive has responsibility for the Company’s operations throughout the United States. Because the Company does business throughout the United States, the “Restricted Territory” means the United States and any other region or state in which the Executive performed services, was assigned responsibility for the Company, or about which the Executive received Confidential Information. 

(b)Non-Solicitation. The Executive agrees that during the Restricted Period, other than in connection with the Executive’s duties under the Agreement, the Executive shall not, and shall not use any Confidential Information to, directly or indirectly, either individually or as an owner, principal, partner, stockholder, manager, contractor, distributor, lender, investor, consultant, agent, employee, co-venturer or as a director or officer of any corporation or association, or in any other manner or capacity whatsoever, and whether personally or through other persons: 

(i)Solicit business from, interfere with, attempt to solicit business with, or do business with any customer or client of the Company with whom the Company did business or who the Company solicited within the preceding two (2) years, and who or which: (1) the Executive contacted, called on, serviced, or did business with during his employment with the Company; (2) the Executive learned of as a result of his employment with the Company; or (3) about whom the Executive received Confidential Information. This restriction applies only to business which is in the scope of services or products provided by the Company; or 

(ii)Solicit, induce, or attempt to solicit or induce, engage or hire, on behalf of himself or any other person or entity, any person who is an employee or full-time consultant of the Company or who was employed or retained by the Company within the preceding two (2) years. 

(c)Non-Disparagement. The Executive shall refrain, both during and after the Employment Term, from publishing any oral or written statements about the Company or any of the Company’s board of trustees, equity holders, members, shareholders, managers, officers, employees, consultants, agents or representatives that (i) are slanderous, libelous or defamatory; or (ii) place the Company or any of its trustees, managers, officers, employees, consultants, agents or representatives in a false light before the public. A violation or threatened violation of this prohibition may be enjoined by the courts. The rights afforded the Company under this provision are in addition to any and all rights and remedies otherwise afforded by law. 

(d)Tolling. If the Executive violates any of the restrictions contained in Section 10, the Restricted Period shall be suspended and shall not run in favor of the Executive from the time of the commencement of any violation until the time when the Executive cures the violation to the satisfaction of the Company. 

(e)Reasonableness. The Executive hereby represents to the Company that he has read and understands, and agrees to be bound by, the terms of this Section 10. The Executive acknowledges that the geographic scope and duration of the covenants contained in this Section 10 are fair and reasonable in light of (i) the nature and wide geographic scope of the operations of the Company’s business; (ii) the Executive’s level of control over and contact with the business in the Restricted Territory; and (iii) the amount of compensation, trade secrets and Confidential Information that the Executive is receiving in connection with his employment by the Company. It is the desire and intent of the parties that the provisions of Section 10 be enforced to the fullest extent permitted under applicable law, whether now or hereafter in effect and therefore, to the extent permitted by applicable law, the Executive and the Company hereby waive any provision of applicable law that would render any provision of Section 10 invalid or unenforceable. 

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11.INJUNCTIVE RELIEF

The Executive acknowledges that (a) compliance with the covenants set forth in Section 9 and Section 10 of the Agreement are necessary to protect the Company’s business and Confidential Information; (b) a breach or threatened breach of any of such covenants will irreparably harm the Company; and (c) an award of money damages will not be adequate to remedy such harm. Consequently, the Executive acknowledges and agrees that, in addition to other remedies, in the event the Executive breaches or threatens to breach any of the covenants contained in the Agreement, the Company shall be entitled to both a temporary and/or permanent injunction to prevent the continuation of such harm and enforce such provisions and money damages insofar as they can be determined, including, without limitation, all costs and reasonable attorneys’ fees incurred by or on behalf of the Company in the enforcement of the terms of the Agreement. The Company may apply to any court of competent jurisdiction for a temporary restraining order, preliminary injunction or other interim or conservatory relief, as necessary or applicable. This provision with respect to injunctive relief shall not, however, diminish the Company’s right to claim and recover damages. 
It is expressly understood and agreed that although the parties consider the restrictions contained in the Agreement to be reasonable, if a court determines that the time or territory or any other restriction contained in the Agreement is an unenforceable restriction on the activities of the Executive, no such provision of the Agreement shall be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such extent as such court may judicially determine or indicate to be reasonable. By agreeing to this contractual modification prospectively at this time, the Company and the Executive intend to make this provision enforceable under the law or laws of all applicable jurisdictions so that the entire agreement not to compete and the Agreement as prospectively modified shall remain in full force and effect and shall not be rendered void or illegal. 
12.CLAWBACK

Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (i) such recovery and repayment is required by applicable law or (ii) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (A) a named executive officer or (B) an employee who is responsible for preparation of the Company’s financial statements. The parties agree that the repayment obligations set forth in this Section 12 shall only apply to the extent repayment is required by applicable law, or to the extent the Executive’s compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement or correction of any inaccurate financial statements or materially inaccurate performance metric criteria. 
13.MANDATORY MEDIATION AND ARBITRATION

In the event there is an unresolved legal dispute between the Executive and the Company that involves legal rights or remedies arising from the Agreement or the employment relationship between the Executive and the Company (“Dispute”), except as otherwise provided herein, before commencing an arbitration action or other legal proceeding, the parties shall promptly submit the Dispute to mediation, using a mediator jointly selected by the parties, or if the parties are unable to agree upon a mediator then the Dispute shall be submitted to non-binding mediation with the American Arbitration Association in Waukesha County, Wisconsin in accordance with its rules. The cost of the mediation shall be borne equally between the parties. If the parties are unable to achieve a mutually agreeable resolution of the Dispute through mediation, the parties agree to submit their Dispute to binding arbitration under the authority of the Federal Arbitration Act and/or the Wisconsin Uniform Arbitration Act; provided, however, that the Company may pursue a temporary restraining order, preliminary injunction and/or other interim or conservatory relief in accordance with Section 11 above, with related expedited discovery for the parties, in a court of law, and, thereafter, require arbitration of all issues of final relief. Insured workers compensation claims (other than wrongful discharge claims), and claims for unemployment insurance are excluded from arbitration under this provision. The Arbitration will be conducted by the American Arbitration Association pursuant to the American Arbitration Association’s National Rules for the Resolution of Employment Disputes. The arbitrator(s) shall be duly licensed to practice law in the State of Wisconsin. Each party will be allowed at least one deposition. The arbitrator(s) shall be required to state in a written 

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opinion all facts and conclusions of law relied upon to support any decision rendered. No arbitrator will have authority to render a decision that contains an outcome determinative error of state or federal law, or to fashion a cause of action or remedy not otherwise provided for under applicable state or federal law. Any dispute over whether the arbitrator(s) has failed to comply with the foregoing will be resolved by summary judgment in a court of law. In all other respects, the arbitration process will be conducted in accordance with the American Arbitration Association’s National Rules for the Resolution of Employment Disputes. The Company will pay the arbitration costs and arbitrator’s fees beyond $500, subject to a final arbitration award on who should bear costs and fees. All proceedings shall be conducted in Waukesha County, Wisconsin, or another mutually agreeable site. The duty to arbitrate described above shall survive the termination of the Agreement. Except as otherwise provided above, the parties hereby waive trial in a court of law or by jury. All other rights, remedies, statutes of limitation and defenses applicable to claims asserted in a court of law will apply in the arbitration. 
14.NOTICES

All notices or communications hereunder shall be in writing and sent certified or registered mail, return receipt requested, postage prepaid, addressed as follows (or to such other address as such party may designate in writing from time to time): 
If to the Company:
Physicians Realty Trust
309 North Water Street
Suite 500
Milwaukee, Wisconsin 53202
(414) 978.6400
Attention: Corporate Secretary
If to the Executive:
Jeffrey Theiler
c/o Physicians Realty Trust
309 North Water Street
Suite 500
Milwaukee, Wisconsin 53202
(414) 978.6400
Attention: Corporate Secretary
The actual date of receipt, as shown by the receipt therefor, shall determine the time at which notice was given. 

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15.SEPARABILITY

If any provision of the Agreement shall be declared to be invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and effect. 
16.ASSIGNMENT

The Agreement shall be binding upon and inure to the benefit of the heirs and representatives of the Executive and the assigns and successors of the Company, but neither the Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive. 
17.ENTIRE AGREEMENT

The Agreement represents the entire agreement of the parties and shall supersede any and all previous contracts, arrangements or understandings, including the Prior Agreement (which is hereby automatically terminated effective upon the execution of the Agreement), (whether oral or written) between the Company and the Executive with respect to the subject matter hereof. In the event of any conflict between the Agreement and the 2013 Equity Plan, any bonus plan or any award agreement, the Agreement shall control. No oral statements or prior written material not specifically incorporated in the Agreement shall be of any force and effect. The Agreement may be amended at any time by mutual written agreement of the parties hereto. The Executive acknowledges and represents that in executing the Agreement, he did not rely on, has not relied on, and specifically disavows any reliance on any communications, promises, statements, inducements, or representation(s), oral or written, by the Company, except as expressly contained in the Agreement. The parties represent that they relied on their own judgment in entering into the Agreement. 
18.SECTION 409A COMPLIANCE

The Agreement and the benefits or payments to be provided under the Agreement are intended to be exempt from with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent, provided, that if the Agreement is not exempt, the Agreement is drafted in a manner to comply with the requirements of Section 409A of the Code. The payments to the Executive pursuant to the Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury Regulation Section 1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury Regulation Section 1.409A-1(b)(4). Each payment and benefit hereunder shall constitute a “separately identified” amount within the meaning of Treasury Regulation Section 1.409A-2(b)(2). In the event the terms of the Agreement would subject the Executive to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and the Executive shall cooperate diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent any amounts under the Agreement are payable by reference to Executive’s “termination,” “termination of employment,” or similar phrases, such term shall be deemed to refer to the Executive’s “separation from service” (as defined in Treasury Regulation Section 1.409A-1(h) (without regard to any permissible alternative definition thereunder) with the Company and all entities treated as a single employer with the Company under Sections 414(b) and (c) of the Code but substituting a fifty percent (50%) ownership level for the eighty percent (80%) ownership level set forth therein). Notwithstanding any other provision in the Agreement, if the Executive is a “Specified Employee” (as defined in Treasury Regulation Section 1.409A-1(i) on December 31st of the prior calendar year), as of the date of the Executive’s separation from service, then to the extent any amount payable under the Agreement (i) constitutes the payment of nonqualified deferred compensation within the meaning of Section 409A of the Code, (ii) is payable upon the Executive’s separation from service and (iii) under the terms of the Agreement would be payable prior to the six-month anniversary of the Executive’s separation from service, such payment shall be delayed and paid to the Executive, together with interest at an annual rate equal to the interest rate specified by Regions Bank for a six-month certificate of deposit, on the first day of the first calendar month beginning seven (7) months following the date of termination, or, if earlier, within ninety (90) days following the Executive’s death to the Executive’s surviving spouse (or such other beneficiary as the Executive may designate in writing). Any reimbursement or advancement payable to the Executive pursuant to the Agreement shall be conditioned on the submission by the Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Executive within 

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thirty (30) days following receipt of such expense reports, but in no event later than the last day of the calendar year following the calendar year in which the Executive incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to the Agreement shall not be subject to liquidation or exchange for any other benefit. Whenever a payment under the Agreement that constitutes a payment of nonqualified deferred compensation within the meaning of Code Section 409A specifies a payment period, the actual date of payment within such specified period shall be within the sole discretion of the Company, and the Executive shall have no right (directly or indirectly) to determine the year in which such payment is made. In the event a payment period straddles two consecutive calendar years, the payment shall be made in the later of such calendar years.
19.GOVERNING LAW

The Agreement shall be construed, interpreted, and governed in accordance with the laws of the State of Wisconsin, other than the conflict of laws provisions of such laws. Subject to Section 13, venue of any litigation arising from the Agreement or any disputes relating to the Executive’s employment shall be in the United States District Court for the Eastern District of Wisconsin, or a state district court of competent jurisdiction in Waukesha County, Wisconsin. The Executive consents to personal jurisdiction of the United States District Court for the Eastern District of Wisconsin, or a state district court of competent jurisdiction in Waukesha County, Wisconsin for any dispute relating to or arising out of the Agreement or the Executive’s employment, and Executive agrees that Executive shall not challenge personal or subject matter jurisdiction in such courts. 
20.SURVIVAL

The respective rights and obligations of the parties hereunder, including without limitation the Executive’s post-termination obligations under Section 9 and Section 10, shall survive any termination of the Executive’s employment, or of the Employment Term, to the extent necessary to the agreed preservation of such rights and obligations. 
[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the Company has caused the Agreement to be duly executed, and the Executive has hereunto set his hand, as of the day and year first above written.
	
		
	 
	PHYSICIANS REALTY TRUST

	 
	 

	By:
	/s/ John T. Thomas

	Title:
	Chairman, Board of Trustees, Physicians Realty Trust

	 
	 

	 
	EXECUTIVE

	 
	 

	 
	/s/ Jeffrey Theiler

	 
	Jeffrey Theiler

Page 15

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