Document:

EX-10.11

EXHIBIT 10.11

DEFERRED STOCK UNIT

GRANT AGREEMENT

FOR NON-EMPLOYEE DIRECTOR

     THIS
DEFERRED STOCK UNIT GRANT AGREEMENT (the “Agreement”), made this ___ day of                     ,
20___ (the “Grant Date”), between Health Care REIT, Inc., a Delaware corporation (the
“Corporation”), and                      (the “Director”).

WITNESSETH:

     WHEREAS, the Director serves as a member of the Board of Directors of the Corporation;

     WHEREAS, the Corporation maintains the Health Care REIT, Inc. 2005 Long-Term Incentive Plan
 (the “Plan”) in order to promote the growth and profitability of the Corporation by providing
officers, key employees and non-employee directors with incentives to achieve long-term corporate
objectives, to assist the Corporation in attracting and retaining officers, key employees and
non-employee directors of outstanding competence, and to provide such individuals with an
opportunity to acquire an equity interest in the Corporation;

     WHEREAS, the Plan authorizes awards under the Plan to be made to non-employee directors with
the approval of the Compensation Committee of the Board of Directors; and

     WHEREAS, the Compensation Committee has determined that each non-employee director of the
Corporation shall be granted Deferred Stock Units with respect to shares of the Corporation’s
common stock on the terms and conditions set forth below.

     NOW, THEREFORE, in consideration of the past and future services the Director has provided to
the Corporation as a member of the Board, and the various covenants and agreements herein
contained, and intending to be legally bound hereby, the parties hereto agree as follows:

     1. Grant of Deferred Stock Units.

          The Corporation hereby grants to the Director Deferred Stock Units with respect to a total of
                    
shares of common stock, $1.00 par value per share, of the Corporation (the “Common Stock”),
subject to satisfaction of the vesting conditions and other terms set forth in this Agreement. The
Director shall not be required to make any payment to the Corporation (other than his or her
services as a director) in exchange for such Deferred Stock Units or in exchange for the issuance
of shares of Common Stock upon vesting of Deferred Stock Units.

     2. Deferred Delivery of Shares.

          The Director shall not be entitled to the issuance of shares of Common Stock or to receive any
distributions with respect to the Deferred Stock Units, except as provided in Section 9 below,
until such time as the Deferred Stock Units may vest under Section 3 below. Further,

 

 

except as
provided in Section 9 below, the Director shall not have any of the rights and privileges
of a stockholder of the Corporation (including voting rights and the right to receive dividends)
with respect to the shares of Common Stock to be issued pursuant to the Deferred Stock Units until
such time as the Deferred Stock Units vest and the shares of Common Stock are issued to the
Director.

     3. Vesting; When Deferred Stock Units Vest.

          Subject to the terms and conditions of this Agreement, the Deferred Stock Units shall vest in
three annual installments, on the first three anniversaries of the Grant Date, subject to the
Director’s continued service as a member of the Board of Directors through such dates, or at such
earlier time as the Deferred Stock Units may vest pursuant to Sections 7 or 8 of this Agreement.
In the absence of any accelerated vesting under Sections 7 or 8, the Deferred Stock Units granted
under this Agreement shall vest with respect to the following numbers of shares on the following
vesting dates:

	 	 	 
	VESTING	 	NUMBER OF DSUs
	DATES	 	THAT BECOME VESTED
	                    , 20___
	 	      shares
	 	 	 
	                    , 20___
	 	      shares
	 	 	 
	                    , 20___
	 	      shares

The Deferred Stock Units may not be sold, transferred, assigned, pledged or otherwise encumbered or
disposed of by the Director, and the shares of Common Stock potentially issuable to the Director
pursuant to these Deferred Stock Units may not be sold, transferred, assigned, pledged or otherwise
encumbered by the Director until such shares are so issued.

          Any attempt to dispose of the Deferred Stock Units in a manner contrary to the restrictions
set forth in this Agreement shall be ineffective.

     4. Issuance of Stock Certificates for Shares.

          Whenever any or all of the Deferred Stock Units granted to the Director under this Agreement
become vested pursuant to Section 3 or Sections 7 or 8 below, the Corporation shall cause a number
of shares of Common Stock equal to the number of newly vested Deferred Stock Units to be issued to
the Director and a stock certificate or certificates representing these shares of Common Stock to
be registered in the name of the Director. The stock certificate or stock certificates
representing such shares of Common Stock shall be delivered to the Director (or to his or her
designated nominee) within sixty (60) days following the vesting date. Once shares of Common Stock
have been issued as a result of the vesting of Deferred Stock Units, the corresponding vested
Deferred Stock Unit shall be considered cancelled and shall be of no further force or effect.

2

 

     5. No Tax Withholding.

          The Corporation shall issue to the Internal Revenue Service and to the Director a Form 1099
and any other reporting form that may be required to report the amount of tax which the Director
has incurred under applicable federal, state and local tax laws. The Corporation will not withhold
such taxes, and the Director acknowledges that the Director may need to adjust his or her estimated
tax payments to take the additional taxable income into account.

     6. Termination of Service on the Board.

          (a) Except as provided in Sections 6(b), 7 or 8 below, if the Director resigns from service as
a member of the Board of Directors, decides not to stand for reelection at the expiration of the
Director’s term of office, is not nominated by the Board to stand for election at the Annual
Stockholders’ Meeting at which the Director’s term of office expires, or, if nominated, is not
reelected, then any Deferred Stock Units held by the Director which have not yet vested shall not
be forfeited, but shall remain unvested until such time as such Deferred Stock Units would
otherwise have become vested as provided in Section 3 (disregarding, for purposes of this Section
6(a), the requirement of continued service on the Board of Directors as specified in Section 3) and
shall be delivered pursuant to Section 4.

          (b) Notwithstanding the foregoing, if the Director is removed from the Board by the
stockholders of the Corporation for cause, or the Director resigns or decides not to stand for
reelection following delivery of notice to the stockholders of a proposal to remove the Director
for cause (for these purposes, cause shall include, but not be limited to, dishonesty,
incompetence, moral turpitude, other misconduct of any kind and the refusal to perform the
Director’s duties and responsibilities for any reason other than illness or incapacity), then all
Deferred Stock Units which have not previously become vested shall immediately be forfeited.

     7. Effect of Death or Disability.

          (a) If the Director ceases to serve as a member of the Board as a result of the Director’s
death before the Deferred Stock Units granted under this Agreement have become vested, vesting of
any unvested Deferred Stock Units granted to the Director under this Agreement shall be
accelerated, and stock certificates for the number of shares of Common Stock equal to the number of
newly vested Deferred Stock Units shall be delivered to the Director’s executor, administrator, or
any person to whom the Director’s rights with respect to the Deferred Stock Units may be
transferred by the Director’s will or by the laws of descent.

          (b) If the Director ceases to serve as a member of the Board as a result of the Director’s
total disability before the Deferred Stock Units granted under this Agreement have become vested,
vesting of any unvested Deferred Stock Units granted to the Director under this Agreement shall be
accelerated, and stock certificates for the number of shares of Common Stock equal to the number of
newly vested Deferred Stock Units shall be delivered to the Director pursuant to Section 4, free of
any restrictions. A Director shall have total disability

3

 

only if he or she is “disabled” within
the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).

          (c) Any stock certificates deliverable under Sections 7(a) or 7(b) shall be delivered within
sixty (60) days following the Director’s death or total disability, as applicable.

     8. Effect of Change in Corporate Control.

          Notwithstanding the other terms of this Agreement, in the event of a Change in Corporate
Control (as defined below), the vesting of the Deferred Stock Units granted under this Agreement
shall be accelerated, any previously unvested Deferred Stock Units shall vest immediately, and the
Director shall become entitled to immediately receive a number of shares of Common Stock equal to
the number of previously unvested Deferred Stock Units. Any stock certificates deliverable under
this Section 8 shall be delivered within sixty (60) days following the Change in Corporate Control.

          For purposes of this Section 8, a “Change in Corporate Control” shall mean a “change in
ownership or effective control” in respect of the Corporation within the meaning of Section 409A of
the Code.

     9. Dividend Equivalent Rights.

          During such time as any Deferred Stock Units remain outstanding and unvested, whenever the
Corporation pays dividends on the Common Stock, the Director will have the right to receive a cash
payment from the Corporation with respect to each Deferred Stock Unit in an amount equal to any
dividends paid on a share of Common Stock (a “Dividend Equivalent Right”). The Director will have
a Dividend Equivalent Right with respect to each Deferred Stock Unit that is outstanding on the
dividend record date. The Director will have no Dividend Equivalent Rights as of the dividend
record date in respect of any Deferred Stock Units that have vested and been exchanged for Common
Stock; provided that the Director is the record holder of such Common Stock on or before such
dividend record date. In all events, each Dividend Equivalent Right shall be paid within sixty
(60) days following the applicable dividend record date.

     10. Securities Laws.

          The Corporation may from time to time impose such conditions on the vesting of the Deferred
Stock Units, and/or the issuance of shares of Common Stock upon vesting of the Deferred Stock
Units, as it deems reasonably necessary to ensure that any grant of the Deferred Stock Units and
issuance of shares under this Agreement will satisfy the applicable requirements of federal and
state securities laws. Such conditions may include, without limitation, the partial or complete
suspension of the right to receive shares of Common Stock upon the vesting of the Deferred Stock
Units until the Common Stock has been registered under the Securities Act of 1933, as amended. In
all events, if the issuance of any shares of Common Stock is delayed by application of this Section
10, such issuance shall occur on the earliest date on which it would not violate applicable law.

4

 

     11. Grant Not to Affect Status as Director.

          Neither this Agreement nor the Deferred Stock Units granted hereunder shall confer upon the
Director any right to continue the Director’s service as a member of the Board of Directors of the
Corporation.

     12. Adjustments to Deferred Stock Units.

          In the event of any change or changes in the outstanding Common Stock by reason of any stock
dividend, recapitalization, reorganization, merger, consolidation, split-up, combination or any
similar transaction, the number of Deferred Stock Units granted to the Director under this
Agreement shall be adjusted by the Compensation Committee pursuant to Section 11.2 of the Plan in
such manner as the Committee deems appropriate to prevent substantial dilution or enlargement of
the rights granted to the Director.

     13. Miscellaneous.

          (a) This Agreement may be executed in one or more counterparts, all of which taken together
will constitute one and the same instrument.

          (b) The terms of this Agreement may only be amended, modified or waived by a written agreement
executed by both of the parties hereto.

          (c) The provisions of the Plan are hereby made a part of this Agreement.  In the event of any
conflict between the provisions of this Agreement and those of the Plan, the provisions of this
Agreement shall control.

          (d) The Deferred Stock Units under this Agreement are deferred compensation subject to
Section 409A of the Code. This Agreement is intended to satisfy the requirements of Section 409A
of the Code and shall be interpreted in a manner consistent with such requirements. To the extent
that changes are necessary to ensure that the Deferred Stock Units comply with any additional
requirements imposed by future IRS guidance on the application of Section 409A of the Code, the
Director and the Corporation agree to cooperate

and work together in good faith to timely amend
this Agreement to comply with Section 409A of the Code. 

          (e) The validity, performance, construction and effect of this Agreement shall be governed by
the laws of the State of Ohio, without giving effect to principles of conflicts of law; provided,
however, that matters of corporate law, including the issuance of shares of Common Stock, shall be
governed by the Delaware General Corporation Law.

          (f) Notwithstanding anything herein to the contrary, payments and the issuance of shares of
Common Stock hereunder will be delayed to the extent required to comply with Section 409A(a)(2)(B)
of the Code.

5

 

     IN WITNESS WHEREOF, the parties have executed this Deferred Stock Unit Grant Agreement on the
date and year first above written.

	 	 	 
	ATTEST

	 	HEALTH CARE REIT, INC.
	 
	 	 
	 

	 	 
	 
	 	 
	WITNESS:

	 	DIRECTOR:
	 
	 	 
	 

	 	 

6EX-10.12

Exhibit 10.12

Health Care REIT, Inc.

Supplemental Executive Retirement Plan

(“SERP”)

Amended and Restated

January 1, 2009

December 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	PREAMBLE 
	 	 	1	 
	 
	 	 	 	 
	ARTICLE I
	 	 	 	 
	Definitions 
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	Eligibility 
	 	 	5	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	Benefits 
	 	 	5	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	Vesting 
	 	 	6	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	Distribution of Benefits 
	 	 	6	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	Funding 
	 	 	9	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	Plan Administration 
	 	 	10	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	Amendment and Termination 
	 	 	12	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	General Provisions 
	 	 	13	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	409A Amounts and Grandfathered Amounts 
	 	 	14	 

 

 

Health Care REIT, Inc.

Supplemental Executive Retirement Plan

PREAMBLE

WHEREAS, Health Care REIT, Inc. (the “Employer”) desires to provide an enhanced retirement program
for selected executives in order to deliver a specified portion of final pay, ensuring a
competitive retirement income; and

WHEREAS, the Employee Retirement Income Security Act of 1974 (“ERISA”) requires that limits be set
on the maximum contributions and benefits which may be made to or paid from a tax-qualified
retirement plan on behalf of or to a Participant in such a plan; and

WHEREAS, the Employer 401(k) Profit Sharing Plan and the Health Care REIT, Inc. Money Purchase
Pension Plan includes benefit limitations imposed by §415 and §401(a)(17) of the Internal Revenue
Code; and

WHEREAS, Employer established this Health Care REIT, Inc. Supplemental Executive Retirement Plan
(the “Plan”) effective January 1, 2001, so that selected executives as chosen by the Compensation
Committee of the Board of Directors (the “Participants”) may accrue benefits that cannot be
delivered under the qualified plans due to the limits placed on the benefit amounts by §§401(a)(17)
and 415 and related sections of the Internal Revenue Code of 1986, as may be amended from time to
time; and

WHEREAS, the Plan is intended to comply with all applicable law, including §409A of the Code and
related Treasury guidance and Regulations, and shall be operated and interpreted in accordance with
this intention; and

WHEREAS, §409A of the Code requires a number of technical changes to maintain the tax deferred
benefits promised under the Plan; and

WHEREAS, the Employer desires to make certain other changes to the Plan consistent with its
purposes.

NOW, THEREFORE, the Employer adopts this amendment and restatement of the Plan effective January 1,
2009 to comply with Code §409A for the purpose providing Participants with an opportunity to
receive a retirement benefit which cannot be delivered under the qualified plan because of
statutory limitations. Health Care REIT, Inc. promises to pay the benefits defined herein to each
Participant, or on his or her behalf to his or her heirs, personal representatives or
beneficiaries, subject to the terms and conditions specified hereinafter.

 

 

ARTICLE I — DEFINITIONS

	1.01	 	“Actuarial Equivalent” means the present value of the Normal Retirement Benefit or
Early Retirement Benefit calculated using a 7.5% interest rate and the 1983 Group Annuity
Mortality Table (GAM) (male), or the present value of the projected value of Employer
contributions to the Employee’s qualified retirement plan accounts using a 7.5% interest rate
and the 1983 GAM table (50/50 Blended) to determine the Offset Amount.
	 
	1.02	 	“Aggregated Plans” means this Plan and any other like-type plan or arrangement of the
Employer in which a Participant participates and as to which the Plan or Applicable Guidance
requires the aggregation of all such nonqualified deferred compensation in applying Code
§409A.
	 
	1.03	 	“Applicable Guidance” means as the context requires Code §§83, 409A, Treas. Reg.
§1.83, Treas. Reg. §1.409A-1 through -6, or other written Treasury or IRS guidance regarding
or affecting Code §§83 or 409A, including, as applicable, any Code §409A guidance in effect
prior to January 1, 2009.
	 
	1.04	 	“Average Compensation” means the average of the three highest Plan Years of salary
and bonus compensation considering all Plan Years completed prior to the date of retirement.
	 
	1.05	 	“Beneficiary” means any person(s) designated in writing by a Participant (on the form
provided and maintained by the Employer) to receive payment under the Plan in the event of the
Participant’s death. In the event the Participant is married at the time of death and has
designated no other beneficiary (or if the designated beneficiary has predeceased the
Participant), Beneficiary shall mean the participant’s spouse. In the event the Participant
is not married at death and has designated no beneficiary (or if the designated beneficiary
has predeceased the Participant), Beneficiary shall mean the Participant’s estate.
	 
	1.06	 	“Board of Directors” means the Board of Directors of Health Care REIT, Inc.
	 
	1.07	 	“Change in Control” means

	 	(a)	 	The acquisition in one or more transactions of more than twenty percent (20%)
of the Corporation’s outstanding Common Stock (or the equivalent in voting power of any
class or classes of securities of the Corporation entitled to vote in elections of
directors) by any corporation, or other person or group (within the meaning of §
14(d)(3) of the Securities Exchange Act of 1934, as amended); or
	 
	 	(b)	 	Any transfer or sale of substantially all of the assets of the Corporation, or
any merger or consolidation of the Corporation into or with another corporation in
which the Corporation is not the surviving entity, or any merger of consolidation of
the Corporation into or with another corporation in which the Corporation is the
surviving entity and, in connection with such merger or consolidation, all or part of
the outstanding shares of Common Stock shall be changed into or exchanged for other
stock or securities of the Corporation or any other person, or cash, or any other
property; or
	 
	 	(c)	 	Any election of persons to the Compensation Committee of the Board of Directors
which causes a majority of the Compensation Committee of the Board of Directors to
consist of persons other than “Continuing Directors.” For this purpose, those persons
who were members of the Compensation Committee of the Board of Directors on May 1,
1995, shall be “Continuing Directors.” Any person who is nominated for election as a
member of the Board after May 1, 1995, shall also be considered a “Continuing Director”
for this purpose if, and only if, his or her nomination for election to the
Compensation Committee of the Board of Directors is approved or recommended by a majority of the members of

 

 

	 	 	 	the Board (or the relevant Nominating Committee) and at least five (5) members of
the Board are themselves Continuing Directors at the time of such nomination; or
	 
	 	(d)	 	Any person, or group of persons, announces a tender offer for at least twenty
percent (20%) of the Corporation’s Common Stock.

	1.08	 	“Code” means the Internal Revenue Code of 1986, as amended.
	 
	1.09	 	“Compensation” means a Participant’s salary and bonus compensation paid during a Plan
Year.
	 
	1.10	 	“Compensation Committee” means the Compensation Committee appointed by the Board of
Directors to act on behalf of Health Care REIT, Inc.
	 
	1.11	 	“Early Retirement” means the Separation From Service with the Employer prior to
Normal Retirement Age.
	 
	1.12	 	“Early Retirement Benefit” means the reduced monthly benefit a Participant is
entitled to receive as determined under Section 3.02 payable at Early Retirement.
	 
	1.13	 	“Effective Date” of the Plan is January 1, 2001. The Effective Date of this
amendment and restatement is January 1, 2009.
	 
	1.14	 	“Eligible Employee” means any Employee who is (or was) among a select group of
management or highly compensated employees of the Employer and is approved for participation
by the Compensation Committee of the Board of Directors.
	 
	1.15	 	“Employee” means any individual employed by the Employer.
	 
	1.16	 	“Employer” means Health Care REIT, Inc. Such term includes all corporations which
comprise a “controlled group of corporations” as defined in § 414(b) of the Code, of which
Health Care REIT, Inc. is a member.
	 
	1.17	 	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
	 
	1.18	 	“Former Employee” means any individual formerly employed by the Employer.
	 
	1.19	 	“409A Change in Control” means a change: (i) in the ownership of the Employer; (ii)
in the effective control of the Employer or (iii) in the ownership of a substantial portion of
the assets of the Employer, within the meaning of Treas. Reg. §1.409A-3(i)(5) or in Applicable
Guidance.
	 
	1.20	 	“Lump Sum” means a single sum payment equal to the Actuarial Equivalent of the
monthly Normal or Early Retirement Benefit as provided in Section 3.02.
	 
	1.21	 	“Normal Retirement” means a Participant’s Separation From Service with Employer on or
after his or her Normal Retirement Age.
	 
	1.22	 	“Normal Retirement Age” means age 65.
	 
	1.23	 	“Normal Retirement Benefit” means the monthly benefit a Participant is entitled to
receive as determined under Section 3.02 payable at Normal Retirement Age.
	 
	1.24	 	“Offset Amount” means the Actuarial Equivalent of the projected value of Employer
contributions delivered through the Profit Sharing and Money Purchase Pension Plans at Normal
Retirement Age expressed as a monthly benefit payable for life. The projected value of
Employer contributions shall be determined using all contributions made on behalf of the
Participant for

 

 

	 	 	Plan Years completed prior to the date of Retirement and a 7.5% earnings rate
compounded annually.
	 
	1.25	 	“Participant” means an Eligible Employee who, by reason of his or her
responsibilities with the Employer, is selected by the Compensation Committee to participate
in the Plan.
	 
	1.26	 	“Plan” means the Health Care REIT, Inc. Supplemental Executive Retirement Plan, as
amended from time to time, the Trust, if any, and all notices, forms, elections, and other
written documentation to which the Plan refers.
	 
	1.27	 	“Plan Year” means the period beginning on the first day of January and ending on the
last day in December within the calendar year.
	 
	1.28	 	“Separation From Service” means Employee’s termination of employment with Employer
whether on account of death, retirement or otherwise.

	 	(a)	 	Insignificant or Significant Service/Presumptions. The Employer will
determine whether an Employee has terminated employment (and incurred a Separation from
Service) based on the facts and circumstances as described in Treas. Reg.
§1.409A-1(h)(1)(ii). An Employee incurs a Separation from Service if the parties
reasonably anticipate, based on the facts and circumstances, the Employee will not
perform any additional services after a certain date or that the level of bona fide
services (whether performed as an Employee or as a Contractor) will permanently
decrease to no more than 20% of the average level of bona fide services performed
(whether performed as an Employee or as a Contractor) over the immediately preceding
36-month period (or, if less, the period the employee has rendered service to the
Employer) (“average prior service”). An Employee is presumed to have incurred a
Separation from Service if the Employee’s service level decreases to 20% or less than
the average prior service and an Employee is presumed to not have incurred a Separation
from Service if the Employee’s service level continues at a rate which is 50% or more
of the average prior service. No presumption applies where the Employee’s service level
is more than 20% and less than 50% of the average prior service.
	 
	 	(b)	 	Effect of Leave. An Employee does not incur a Separation from Service
if the Employee is on military leave, sick leave, or other bona fide leave of absence
if such leave does not exceed a period of 6 months, or if longer, the period for which
a statute or contract provides the Employee with the right to reemployment with the
Employer. If a Participant’s leave exceeds 6 months but the Participant is not entitled
to reemployment under a statute or contract, the Participant incurs a Separation from
Service on the next day following the expiration of 6 months. A leave of absence
constitutes a bona fide leave of absence for this Section only if there is a reasonable
expectation that the Employee will return to perform services for the Employer. Where a
leave of absence is due to any medically determinable physical or mental impairment
that can be expected to result in death or to last for a continuous period of at least
6 months, and where the Participant cannot perform his/her duties or the duties of any
substantially similar position, in determining when a Separation from Service occurs,
the above 6 month period is 29 months unless the Employer or the Employee terminate the
leave sooner. For purposes of determining average prior service under Section 1.28(a)
during a paid leave of absence which is not a Separation From Service, the Employee is
treated as rendering bona fide services at a level that would have been required to
earn the amount paid during the leave.
If the leave of absence is unpaid, the leave period is disregarded in determining
average prior service.
	 
	 	(c)	 	“Employer” for Purposes of Separation Rules. The “Employer” for
purposes of applying this Section (determining Separation from Service under the Plan)
means Employer as

 

 

	 	 	 	defined under Section 1.16 but by applying 50% in lieu of 80% in
applying Code §§414(b) and (c).

	1.29	 	“Specified Employee” means a Participant who is a key employee as described in Code
§416(i), disregarding paragraph (5) thereof. However, a Participant is not a Specified
Employee unless any stock of the Employer is publicly traded on an established securities
market or otherwise. If a Participant is a key employee at any time during the 12 months
ending on December 31 (the “identification date”), the Participant is a Specified Employee for
the 12 month period commencing on the April 1 following the identification date. The Employer,
in determining whether this Section and all related Plan provisions apply, will determine
whether the Employer has any publicly traded stock as of the date of a Participant’s
Separation from Service. In the case of a spin-off or merger, or in the case of nonresident
alien Employees, the Employer will apply the Specified Employee provisions of the Plan in
accordance with Treas. Reg. §1.409A-1(i) and other Applicable Guidance.
	 
	1.30	 	“SERP Benefit” means an annual lifetime benefit equal to 35% of the Participant’s
Average Compensation payable at Normal Retirement Age.
	 
	1.31	 	“Trust” means the trust described in Section 6.01 of the Plan.

ARTICLE II — ELIGIBILITY

	2.01	 	Eligibility
	 
	 	 	Any Eligible Employee of Employer who is selected and approved by the Compensation Committee
of the Board of Directors shall be eligible to participate in the Plan.
	 
	2.02	 	Time of Participation
	 
	 	 	Once selected, the Eligible Employee will become a Participant and begin accruing benefits
at the time specified by the Compensation Committee.

ARTICLE III — BENEFITS

	3.01	 	 Benefits — In General
	 
	 	 	All Participants and Beneficiaries selected by the Compensation
Committee pursuant to Article II and whose benefits under the
Employer’s qualified plans are limited, directly or indirectly, by
§401(a)(17) and §415, and related sections of the Code, shall be
eligible to receive benefits pursuant to the Plan. In no event shall
a Participant or Beneficiary who is not entitled to benefits under
the qualified plans be eligible for, or receive, benefits from this
Plan.
	 
	3.02	 	 SERP Benefits

	 	(a)	 	Normal Retirement Benefit. Upon Normal Retirement, a Participant shall
be entitled to a monthly benefit equal to his SERP Benefit less the Offset Amount.
	 
	 	(b)	 	Early Retirement Benefit. Upon Early Retirement, a Participant shall be
entitled to a monthly benefit equal to his SERP Benefit, reduced by the proration for
length of participation, less the Offset Amount, further reduced by an early retirement
reduction factor of 1/2 of 1% for each month prior to Normal Retirement Age.

 

 

	 	 	 	The proration for length of participation is the number of completed years of
participation (including fractional years) in the Plan divided by the total number
of years (not including fractional years) from the date of participation to Normal
Retirement Age, not-to-exceed 15 years.
	 
	 	(c)	 	Change in Control Benefit. Upon a Participant’s Separation From Service
with Employer, either voluntarily or involuntarily for any reason, following a Change
in Control, the Participant’s benefit shall be calculated as follows:

	 	(i)	 	Change in Control Benefit for CEO. The CEO shall be
entitled to receive his Normal Retirement Benefit unreduced for length of
participation or the early retirement reduction.
	 
	 	(ii)	 	Change in Control Benefit for Other Participants. The
Participant shall be entitled to receive his Early Retirement Benefit as of the
date of Separation From Service calculated by adding an additional five (5)
years of participation (up to but not beyond age 65) to the length of the
participation proration with no early retirement reduction.

ARTICLE IV — VESTING

	4.01	 	Vesting — In General
	 
	 	 	A Participant shall have a nonforfeitable interest in all benefits payable under the Plan.

ARTICLE V — DISTRIBUTION OF BENEFITS

	5.01	 	Distribution Events
	 
	 	 	The retirement benefit payable under Section 3.02 shall be paid following the Participant’s
Separation from Service. Payment will commence at the time and payment will be made in the
form and method specified under Sections 5.02, 5.03, and 5.04 as the Plan permits.
	 
	5.02	 	 Form, Timing, and Method
	 
	 	 	At the time of enrollment into the Plan a Participant may make an election on the form
provided by the Compensation Committee as to the form and the period over which the
retirement benefit payable under Section 3.02 will be paid. Optional forms of payment
permitted are as follows:

	 	(a)	 	Lump Sum. A Lump Sum payment commencing on the first day of the month
following the Participant’s Early or Normal Retirement, or
	 
	 	(b)	 	Installments. A series of equal monthly or annual payments, commencing
on the first day of the month following the Participant’s Early or Normal Retirement
and paid over a period certain not to exceed fifteen (15) years, equal to the Actuarial
Equivalent of the monthly Normal or Early Retirement Benefit as provided in Section 3.2
	 
	 	(c)	 	Default Payment Election. In the event no election is made, or if the
election is invalid, the Participant’s Normal or Early Retirement benefit shall be paid
to the Participant in a Lump Sum commencing on the first day of the month following the
Participant’s Early or Normal Retirement.
	 
	 	(d)	 	Payment to Specified Employees. Notwithstanding anything to the
contrary in the Plan or any Employee payment election, the Plan may not make payment of
any benefit, based on Separation from Service to a Participant who, on the date of
Separation from Service is a Specified Employee, earlier than 6 months following
Separation from Service (or if

 

 

	 	 	 	earlier, upon the Specified Employee’s death), except as
permitted under this Section 5.02(d). The value of the Participant’s delayed benefit
shall be adjusted for interest assuming the Participant’s benefit had commenced on the
first day of the month following his or her Early or Normal Retirement. An interest
rate of 7.5% shall be used to determine these values. This limitation shall only apply
if the stock of the Employer is traded on an established securities market.

	5.03	 	Death Benefits Option
	 
	 	 	Notwithstanding the above, in the event of the death of the Participant, the following death
benefits shall apply:

	 	(a)	 	If the Participant had retired and was either receiving Plan benefits in
installment payments under Section 5.02(b), or was waiting for the Plan benefits in
installments to begin, then the designated Beneficiary shall receive the present value
of the balance of the installments, plus interest in a cash Lump Sum payment commencing
on the first day of the month following the Participant’s date of death, or as soon as
possible thereafter. An interest rate of 7.5% shall be used to determine these values.
	 
	 	(b)	 	If the Participant was either currently employed or had Separated From Service,
but his benefit had not yet commenced, then the designated Beneficiary shall receive
the present value of the Plan benefits (assuming the Participant had retired on the
date of his death), plus interest, in a cash Lump Sum payment commencing on the first
day of the month following the Participant’s date of death. An interest rate of 7.5%
shall be used to determine these values.
	 
	 	(c)	 	If the Participant had retired and was already paid a Plan benefit in a Lump
Sum pursuant to Section 5.02(a), then the designated Beneficiary is not entitled to any
additional benefit under the Plan.

	5.04	 	Change in Control
	 
	 	 	The Change in Control retirement benefit payable under Section 3.02(a) and (b) shall be paid
to the Participant in a cash Lump Sum, commencing on the first day of the month following
the Participant’s Separation From Service, subject to the
limitations of
Section 5.02(d).
	 
	5.05	 	Permissible Accelerations
	 
	 	 	Notwithstanding Sections 5.01 through 5.04, the Employer, in its sole discretion and without
any Participant discretion or election, operationally may elect accelerations of the time or
schedule of payment from the Plan in any or all of the circumstances described in Treas.
Reg. §1.409A -3(j)(4)(ii) through (xiv). Such circumstances include, but are not limited to
(i) a payment to an individual other than the Participant required under a domestic
relations order under Code §414(p)(1)(B); (ii) as it relates to the deferred compensation, a
payment to pay the FICA tax under Code §§3101, 3121(a) and 3121(v)(2) and to pay income
taxes at source on wages under Code
§3401 or under corresponding provisions of state, local or foreign tax laws related to
payment of the FICA and to pay additional income tax at source on wages attributable to
pyramiding Section §3401 wages and taxes, but the total of all such payments may not exceed
the aggregate of the FICA amount and the income tax withholding related to the FICA amount;
(iii) a payment to any affected Participant at any time that the Plan fails to meet the
requirements of Code §409A and the regulations thereunder, provided that such payment may
not exceed the amount required to be included in income as a result of such failure; (iv)
payment upon Plan termination in accordance with Section 8.02 or other Applicable Guidance.

 

 

	5.06	 	Tax Withholding
	 
	 	 	With respect to any benefit payments under the Plan and from any amount taxable under Code
§409A, Employer shall deduct all appropriate income tax withholdings including Notice
2005-1, Notice 2006-79, Notice 2008-115 and other Applicable Guidance; however, the
Participant will be solely liable for any and all income taxes applicable on such benefit
payments.
	 
	 	 	The benefits which accrue under the Plan are subject to FICA taxes (which include the
Old-Age, Survivors and Disability Insurance tax and/or Medicare tax, as the case may be)
which may become due before the benefits are actually paid as provided under Code §
3121(v)(2) and related IRS regulations.
	 
	 	 	To ensure proper compliance with these regulations, Employer will calculate the amount of
FICA tax when it becomes due and notify the Participant of the amount of his or her share of
such tax. Employer will remit the entire tax to the IRS and arrange for the collection of
the Participant’s share of the tax from the Participant. The Participant will be solely
liable for his or her share of FICA taxes on benefits accrued under the Plan.
	 
	 	 	With respect to any benefit payments under the Plan resulting from a Change in Control,
Employer shall pay without reimbursement from the Employee, all appropriate golden parachute
excise tax withholdings and will be solely liable for any and all excise taxes applicable on
such benefit payments. Any such payment shall be paid or reimbursed to the Employee by the
end of the calendar year next following the calendar year in which the Employee remits, or
is required to remit, such excise tax.
	 
	5.07	 	Beneficiary Designation
	 
	 	 	A Participant may designate a Beneficiary (including one or more primary and contingent
Beneficiaries) to receive payment of any balance remaining at death. The Employer will
provide each Participant with a form for this purpose and no designation will be effective
unless made on that form and delivered to the Employer. A Participant may modify or revoke
an existing designation of Beneficiary by executing and delivering a new designation to the
Employer. In the absence of a properly designated Beneficiary, the Employer will pay a
deceased Participant’s benefit to the Participant’s surviving spouse and if none, to the
Participant’s estate. If a Beneficiary is a minor or otherwise is a person whom the Employer
reasonably determines to be legally incompetent, the Employer may cause the Plan or Trust to
pay the Participant’s benefit to a guardian, trustee or other proper legal representative of
the Beneficiary. The Plan’s or Trust’s payment of the deceased Participant’s benefit to the
Beneficiary or proper legal representative of the Beneficiary completely discharges the
Employer, the Plan and Trust of all further obligations under the Plan.
	 
	5.08	 	Payments Treated as Made on Payment Date

	 	(a)	 	Certain Late Payments. The Plan’s payment of benefits under Sections
5.01 through 5.04 will be deemed made on the Plan required payment date or payment
election required payment date even if the Plan makes payment after such date, provided
the payment is made by the latest of: (i) the end of the calendar year in which the
payment is due; (ii) the 15th day of the third calendar month following the payment due
date provided that the Participant is not able, directly or indirectly, to designate
the calendar year of payment; (iii) in case the Employer cannot calculate the payment
amount on account of administrative impracticality which is beyond the Participant’s
control (or the control of the Participant’s Beneficiary), in the first calendar year
of the Participant in which payment is practicable; (iv) in case the making of the
payment on the specified date would jeopardize the Employer’s ability to continue as a
going concern, in the first calendar year of the Participant in which the payment would
not have such effect. The Employer may cause the Plan or Trust, if any, to pay a
Participant’s retirement benefit under

 

 

	 	 	 	Sections 5.01 through 5.04 on any date which
satisfies this Section 5.08 and that is administratively practicable following any Plan
specified payment date or the date specified in any valid payment election.
	 
	 	(b)	 	Disputed Payments. In the event of a dispute between the Employer and a
Participant as to whether Deferred Compensation is payable to the Participant or as to
the amount thereof, or any other failure to pay, payment is treated as paid on the
designated payment date if such payment is made in accordance with Treas. Reg.
§1.409A-3(g).
	 
	 	(c)	 	Early Payments. The Employer also may cause the Plan or trustee to pay
on a date no earlier than 30 days before the specified payment date provided the
Participant is not able, directly or indirectly, to designate the calendar year of the
payment. Such “early” payments are not an accelerated payment under Applicable
Guidance.

	5.09	 	Other
	 
	 	 	Notwithstanding any other provisions of the Plan, if any amounts held in trust are found,
due to the creation or operation of trust, in a final decision by a court of competent
jurisdiction, or under a “determination” by the Internal Revenue Service in a closing
agreement in audit or a final refund disposition (within the meaning of § 1313(a) of
Internal Revenue Code of 1986, as amended), to have been includable in the gross income of a
Participant or Beneficiary prior to payment of such amounts from Trust, the trustee for the
Trust shall, as soon as practicable, pay to such Participant or Beneficiary an amount equal
to the amount determined to have been includable in gross income in such determination, and
shall accordingly reduce the Participant’s or Beneficiary’s future benefits payable under
the Plan by an equal amount. The trustee shall not make any distribution to a Participant
or Beneficiary pursuant to this paragraph 5.09 unless it has received a copy of the written
determination described above together with any legal opinion which it may request as to the
applicability thereof.
	 
	5.10	 	409A Transition Election.
	 
	 	 	Notwithstanding anything in the Plan to the contrary, any Participant prior to December 31,
2008, may elect to make an initial payment election relating to the form of payment pursuant
to Section 5.02. Such election is intended to comply with Applicable Guidance and (1) shall
be made no later than December 31, 2008, (2) may not be made for amounts otherwise payable
during the year of the election or provide for payment in such year, and (3) once made shall
be irrevocable except as permitted by Applicable Guidance. Any transition election made
under this Section shall be treated as an initial payment election under Section 5.02.

ARTICLE VI — FUNDING

	6.01	 	Unfunded Plan/Trust
	 
	 	 	The Employer intends this Plan to be an unfunded plan that is wholly or partially exempt
under ERISA. No Participant, Beneficiary or successor thereto has any legal or equitable
right, interest or claim to any property or assets of the Employer, including assets under
the Plan except as the Plan otherwise permits. The Employer’s obligation to pay Plan
benefits is an unsecured promise to pay. The Employer may establish a trust or other
arrangement as Applicable Guidance may prescribe in respect of its obligations under this
Plan. If the Employer elects to create the trust, the applicable provisions of the Plan
continue to apply, including those of this Section 6.01. The trustee will pay Plan benefits
in accordance with the Plan terms or upon the Employer’s direction consistent with Plan
terms. Unless the Employer establishes the trust: (i) the Employer may elect to make
notional contributions in lieu of actual contributions to the Plan; and (ii) the Employer
may elect not to invest any actual Plan contributions. If the Employer elects to invest any
actual

 

 

	 	 	Plan contributions, such investments may be held for the Employer’s benefit in providing for
the Employer’s obligations under the Plan or for such other purposes as the Employer may
determine. Any assets held in the Plan remain subject to claims of the Employer’s general
creditors and no Participant’s or Beneficiary’s claim to Plan assets has any priority over
any general unsecured creditor of the Employer.
	 
	6.02	 	Restriction on Trust Assets.
	 
	 	 	If the Employer establishes, directly or indirectly a trust (or any other arrangement
Applicable Guidance may describe), the trust and the trust assets must be and must remain
located within the United States, except with respect to a Participant who performs outside
the United States substantially all services giving rise to the Plan benefits. The trust may
not contain any provision limiting the trust assets to the payment of Plan benefits upon an
adverse change in the Employer’s financial condition as described in Applicable Guidance,
even if the assets remain subject to claims of the Employer’s general creditors. For this
purpose, the Employer, upon an adverse change in the Employer’s finacial condition as
described in Applicable Guidance, may not transfer assets to the trust. The Employer (and
any member of a controlled group which includes the Employer) during the “restricted
period”, as defined in Code §409(b)(3)(B), also may not transfer assets to the trust and the
trust may not be restricted to payment of Plan benefits, to the extent that such transfer or
restriction would violate the at-risk limitation of Code §409A(b)(3). Any trust the Employer
establishes under this Plan shall be further subject to Applicable Guidance, compliance with
which is necessary to avoid the transfer of assets to the trust being treated as a transfer
of property under Code § 83.
	 
	6.03	 	Change in Control
	 
	 	 	Subject to the limitation of Section 6.02, in the event of a Change
in Control, Employer shall establish a trust, and make contributions
to the Trust within 30 days of the date of the Change in Control and
annually thereafter within 90 days after the end of each Plan Year,
such that the fair value of the assets in the Trust are sufficient to
fund the present value of all future payments under the Plan accrued
at the end of the Plan Year and calculated pursuant to the
assumptions set forth in Section 1.01. Any assets set aside in the
Trust shall not be deemed to be the property of the Participant and
shall be subject to claims of the creditors of Employer No
Participant or Beneficiary shall have any claim against, right to, or
security or other interest in, any fund, account or asset of Employer
from which any payment under the Plan may be made.

ARTICLE VII — PLAN ADMINISTRATION

	7.01	 	General Duty
	 
	 	 	The Plan shall be administered by the Compensation Committee. Members of the Compensation
Committee shall be appointed by the Board of Directors and shall serve in such capacity
until resignation or removal by the Board of Directors. It shall be the principal duty of
the Compensation Committee to determine that the provisions of the Plan are carried out in
accordance with its terms.

 

 

	7.02	 	Compensation Committee’s General Powers, Rights and Duties
	 
	 	 	The Compensation Committee shall have full power to administer the Plan in all of its
details, subject to the applicable requirements of law. For this purpose, the Compensation
Committee has the powers, rights and duties specifically stated in the Plan, including, but
not limited to, the following powers, rights and duties:

	 	(a)	 	to determine all questions arising under the Plan, including the power to
determine the rights or eligibility of Employees or Participants and any other persons,
and the amounts of their benefits under the Plan, to interpret the Plan, and to remedy
ambiguities, inconsistencies or omissions;
	 
	 	(b)	 	to adopt such rules of procedure and regulations, including the establishment
of any claims procedure that may be required by law, or as in its opinion may be
necessary for the proper and efficient administration of the Plan and as are consistent
with the Plan;
	 
	 	(c)	 	to direct payments or distributions in accordance with the provisions of the
Plan;
	 
	 	(d)	 	to develop such information as may be required by it for tax or other purposes
as respects the Plan; and
	 
	 	(e)	 	to employ agents, attorneys, accountants or other persons (who also may be
employed by Employer), and allocate or delegate to them such powers, rights and duties
as the Compensation Committee may consider necessary or advisable to properly carry out
the administration of the Plan.

	 	 	The Compensation Committee’s decision in any matter involving the interpretation and
application of the Plan shall be final and binding. In the event the Compensation Committee
is deciding any issue under the Plan which could affect the form or timing of the payment of
deferred compensation under the Plan to a Participant who is a member of the Compensation
Committee, then such member shall not vote or otherwise decide on such issue. All questions
or interpretations shall be governed by the local laws of the state of Ohio unless
specifically pre-empted by ERISA.
	 
	7.03	 	Indemnification of Administrator
	 
	 	 	Employer agrees to indemnify and to defend to the fullest extent permitted by law any
Employee serving as a delegate or agent of the Compensation Committee (including any
Employee or former Employee who is serving or formerly served as a delegate or agent of the
Compensation Committee) against all liabilities, damages, costs and expenses (including
attorney’s fees and amounts paid in settlement of any claims approved by Employer)
occasioned by any act or omission to act in connection with the Plan, if such act or
omission is or was in good faith.
	 
	7.04	 	ERISA Claims and Procedure
	 
	 	 	Any person claiming a benefit under the Plan shall present the request to the Compensation
Committee in writing, which shall respond in writing as soon as may be feasible. If the
claim is denied, the Compensation Committee’s written notice of the denial shall state the
reasons for the denial, with specific references to the relevant provisions of the Plan, a
description of any additional information necessary, and an explanation of the review
procedures available. Any person whose claim for benefits is denied may request review by
written notice to the Compensation Committee. The Compensation Committee may, but shall not
be required to grant the claimant a hearing. The decision on review shall be made by the
Compensation Committee
within 60 days, and the Compensation Committee shall provide a written report on its
decision,

 

 

	 	 	stating the reasons and the relevant provisions of the Plan. The Compensation
Committee’s decisions on review shall be final and shall bind all parties concerned.
	 
	7.05	 	No Fiduciary Relationship
	 
	 	 	Nothing in the Plan document and no action taken pursuant to the provisions hereof shall be
deemed to create a fiduciary relationship between any Employee, Participant or Beneficiary,
any member of the Compensation Committee or any shareholder of Employer Neither the
Compensation Committee, its members nor Employer shall have any liability for actions or
omissions in the interpretation or administration of the Plan, unless those actions or
omissions constitute willful wrongful acts or the absence of good faith.

ARTICLE VIII — AMENDMENT AND TERMINATION

	8.01	 	Amendment
	 
	 	 	The Employer reserves the right to amend the Plan at any time to comply with Code §409A,
Treas. Reg. §1.409A and other Applicable Guidance or for any other purpose, provided that
such amendment will not result in taxation to any Participant under Code §409A. Except as
the Plan and Applicable Guidance otherwise may require, the Employer may make any such
amendments effective immediately.
	 
	8.02	 	Termination
	 
	 	 	The Employer may terminate, but is not required to terminate, the Plan and distribute
benefits under the following circumstances:

	 	(a)	 	Dissolution/Bankruptcy. The Employer may terminate and liquidate the
Plan within 12 months following a dissolution of a corporate Employer taxable under
Code §331 or with approval of a Bankruptcy court under 11 U.S.C. §503(b)(1)(A),
provided that the balance is paid to the Participants and is included in the
Participants’ gross income in the latest calendar year: (i) in which the Plan
termination and liquidation occurs; (ii) in which the amounts no longer are subject to
a Substantial Risk of Forfeiture within the meaning specified in Treas. Reg.
§1.409A-1(d)(3) and Applicable Guidance; or (iii) in which the payment is
administratively practicable.
	 
	 	(b)	 	409A Change in Control. The Employer may terminate and liquidate the
Plan by irrevocable action taken within the 30 days preceding or the 12 months
following a 409A Change in Control provided the Employer distributes all Plan account
balances (and must distribute the accounts under any Aggregated Plans which plan the
Employer also must terminate and liquidate as to each Participant who has experienced
the 409A Change in Control) within 12 months following the Employer’s irrevocable
action to terminate and liquidate the Plan.
	 
	 	(c)	 	Other. The Employer may terminate the Plan for any other reason in the
Employer’s discretion provided that: (i) the termination and liquidation does not occur
proximate to a downturn in the Employer’s financial health; (ii) the Employer also
terminates all Aggregated Plans in which any Participant also is a participant; (iii)
the Plan makes no payments in the 12 months following the date of the Employer’s
irrevocable action to terminate and liquidate the Plan other than payments the Plan
would have made irrespective of Plan termination; (iv) the Plan makes all payments
within 24 months following the date of the Employer’s irrevocable action to terminate
and liquidate the
Plan; and (v) the Employer within 3 years following the date of the Employer’s

 

 

	 	 	 	irrevocable action to terminate and liquidate the Plan does not adopt a new plan
covering any Participant that would be an Aggregated Plan.
	 
	 	(d)	 	Applicable Guidance. The Employer may terminate the Plan under such
other circumstances as Applicable Guidance may permit.

	8.03	 	Cessation of Future Benefit Accrual
	 
	 	 	The Employer may elect at any time to amend the Plan to cease future benefit accruals as of
a specified date. In such event, the Plan remains in effect (except those provisions
permitting the frozen benefit accrual type) until all benefits are paid in accordance with
the Plan terms, or, if earlier, upon the Employer’s termination of the Plan.

ARTICLE IX — GENERAL PROVISIONS

	9.01	 	Employment Rights
	 
	 	 	The Plan does not constitute a contract of employment, and participation in the Plan will
not give any Participant the right to be retained in the employ of Employer nor any right or
claim to any benefit under the Plan, unless such right or claim has specifically accrued
under the terms of the Plan.
	 
	9.02	 	Interests Not Transferable
	 
	 	 	Except as may be required by law, including the income and employment tax withholding
provisions of the Code, or of an applicable state’s income tax act, the interests of
Participants and their Beneficiaries under the Plan are not subject to the claims of their
creditors and may not be voluntarily or involuntarily sold, transferred, alienated, assigned
or encumbered.
	 
	 	 	Nothing herein shall be deemed to grant to any Employee, Participant or Beneficiary any
ownership or equity interest in Employer or any right or option to acquire any such
interest. Any rights created under the Plan shall be unsecured contractual rights of
Participants and their Beneficiaries.
	 
	9.03	 	Facility of Payment
	 
	 	 	When a Participant entitled to benefits under the Plan is under a legal disability, or, in
the Compensation Committee’s opinion, is in any way incapacitated so as to be unable to
manage his financial affairs, the Compensation Committee may direct that the benefits to
which such Participant otherwise would be entitled shall be made to such Participant’s legal
representative, or to such other person or persons as the Compensation Committee may direct
the application of such benefits for the benefit of such Participant. Any payment made in
accordance with the provisions of this Section shall be a full and complete discharge of any
liability for such payment.
	 
	9.04	 	Gender and Number
	 
	 	 	Where the context permits, words denoting the masculine gender shall include the feminine
gender, the singular shall include the plural, and the plural shall include the singular.

 

 

	9.05	 	Controlling State Law
	 
	 	 	To the extent not superseded by the laws of the United States, the laws of the state of Ohio
shall be controlling in all matters relating to the Plan.
	 
	9.06	 	Severability
	 
	 	 	In case any provisions of the Plan shall be held illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan
shall be construed and enforced as if such illegal and invalid provisions had never been set
forth in the Plan.
	 
	9.07	 	Statutory References
	 
	 	 	All references to the Code and ERISA include reference to any comparable or succeeding
provisions of any legislation which amends, supplements or replaces such section or
subsection.
	 
	9.08	 	Headings
	 
	 	 	Section headings and titles are for reference only. In the event of a conflict between a
title and the content of a section, the content of the section shall control.
	 
	9.09	 	Action by Employer
	 
	 	 	Any action to be performed by Employer under the Plan shall be by resolution of its
Compensation Committee, by a duly authorized committee of its Compensation Committee, or by
a person or persons authorized by resolution of its Compensation Committee or by resolution
of such committee.
	 
	9.10	 	Reporting
	 
	 	 	The Employer will report Deferred Compensation as defined in
Applicable Guidance for Employee Participants on Form W-2 for and on
Form 1099-MISC for contractor Participants in accordance with
Applicable Guidance.
	 
	9.11	 	Incorporation of Applicable Guidance
	 
	 	 	In the event of Applicable Guidance that is contrary to any Plan
provision, the Employer, as of the effective date of the Applicable
Guidance, will operate the Plan in conformance therewith and will
disregard any inconsistent Plan provision. Any such Applicable
Guidance is deemed to be incorporated by reference into the Plan and
to supersede any contrary Plan provision during any period in which
the Employer is permitted to comply operationally with the Applicable
Guidance and before a formal Plan amendment is required.

ARTICLE X — 409A AMOUNTS AND GRANDFATHERED AMOUNTS

	10.01	 	The Employer is amending and restating this Plan to comply with the provisions of Code §409A
with respect to all deferred compensation under this Plan and does not intend to grandfather
under prior law any deferred compensation which vested on or before December 31, 2004.
Accordingly, all deferred compensation shall be subject to the provisions of Code §409A and
there shall be no grandfathered benefits as defined in Applicable Guidance.

 

 

Executed
this 29th day of December, 2008.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	     HEALTH CARE REIT, INC.
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Jeffrey H. Miller	 	 
	/s/
Erin C. Ibele 

Witness

	 	 	 	 	 	 

Jeffrey H. Miller, Executive Vice

President and General Counsel

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