Document:

Exhibit 10.1

Exhibit 10.1

FOURTH AMENDMENT TO

CREDIT AND GUARANTY AGREEMENT

Dated as of October 12, 2010

among

VENTAS REALTY, LIMITED PARTNERSHIP

AND THE ADDITIONAL BORROWERS LISTED HEREIN,

as Borrower,

THE GUARANTORS REFERRED TO HEREIN,

THE LENDERS REFERRED TO HEREIN

and

BANK OF AMERICA, N.A.,

as Administrative Agent, Issuing Bank and Swingline Lender

CALYON NEW YORK BRANCH

and

CITICORP NORTH AMERICA, INC.,

as Co-Syndication Agents

UBS SECURITIES LLC,

as Documentation Agent

BANC OF AMERICA SECURITIES LLC

and

CALYON NEW YORK BRANCH,

as Joint Lead Arrangers and Joint Book Managers

 

 

 

FOURTH AMENDMENT

THIS FOURTH AMENDMENT dated as of October 12, 2010 (this “Amendment”) to that certain
Credit and Guaranty Agreement referenced below is by and among VENTAS REALTY, LIMITED PARTNERSHIP,
a Delaware limited partnership (the “Parent Borrower”), SZR US INVESTMENTS, INC., VENTAS
SSL HOLDINGS, INC., EC LEBANON REALTY, LLC, EC HAMILTON PLACE REALTY, LLC, KINGSPORT NOMINEE LP,
KNOXVILLE NOMINEE LP and HENDERSONVILLE NOMINEE LP in their capacities as additional borrowers
(collectively, the “Additional Borrowers”, and together with the Parent Borrower, the
“Borrower”), each Person identified on the signature pages hereto as a Guarantor
(collectively, the “Guarantors”), the lenders identified on the signature pages hereto (the
“Lenders”) and BANK OF AMERICA, N.A., as Administrative Agent.

W I T N E S S E T H

WHEREAS, a revolving credit facility was established in favor of the Borrower pursuant to the
terms of that certain Credit and Guaranty Agreement, dated as of April 26, 2006, by and among the
Parent Borrower, the Guarantors, the Lenders, and the Administrative Agent, as modified by that
certain Modification Agreement, dated as of March 30, 2007 and as amended by that certain First
Amendment dated as of July 27, 2007, that certain Second Amendment dated as of March 13, 2008 and
that certain Third Amendment dated as of March 31, 2009 (as so amended and modified, the
“Existing Credit Agreement”);

WHEREAS, the Parent Borrower has requested to amend the Existing Credit Agreement to, among
other changes, release those Additional Borrowers and Guarantors identified on Schedule 1
to this Amendment (collectively, the “Released Credit Parties”) from their obligations
under the Existing Credit Agreement;

WHEREAS, the requested amendments require the consent of the Lenders; and

WHEREAS, the Lenders have agreed to the requested amendments on the terms and conditions set
forth herein.

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

PART 1

DEFINITIONS

SUBPART 1.1 Definitions. Unless otherwise defined herein or the context otherwise
requires, terms used in this Amendment, including its preamble and recitals, have the meanings
provided in the Existing Credit Agreement.

 

 

 

PART 2

AMENDMENTS TO EXISTING CREDIT AGREEMENT

Effective on (and subject to the occurrence of) the Fourth Amendment Effective Date (as
defined in Subpart 4.1), the Existing Credit Agreement is hereby amended in accordance with
this Part 2.

SUBPART 2.1 Amendments to Section 1.1.

(a) The definition of “Interest Rate Protection Agreement” set forth in Section 1.1 of the
Existing Credit Agreement is hereby deleted in its entirety and replaced with the following:

“Interest Rate Protection Agreement” shall mean any interest rate swap
agreement, Currency Agreement, interest rate cap agreement, synthetic cap, collar or
floor or other financial agreement or arrangement designed to protect any member of
the Consolidated Group against fluctuations in interest rates or to reduce the effect
of any such fluctuations.

(b) The definition of “UAP Property” set forth in Section 1.1 of the Existing Credit Agreement
is hereby amended by deleting clause (g) thereof in its entirety and replacing it with the
following:

(g) that is owned or leased by a member of the Consolidated Group;
provided, however, for purposes of this subclause (g) (and for
purposes of determining Consolidated UAP Property Value), at no time shall more than
twenty percent (20%) of the Consolidated UAP Property Value be attributable to UAP
Properties located outside of the United States.

SUBPART 2.2 Amendments to Section 6.12. Section 6.12 of the Existing Credit
Agreement is hereby deleted in its entirety and replaced with the following:

6.12 [Intentionally Omitted].

SUBPART 2.3 Amendments to Section 7.3. Section 7.3 of the Existing Credit Agreement
is hereby amended by deleting clause (b) thereof in its entirety and replacing it with the
following:

(b) other Indebtedness; provided, that (i) immediately after giving effect to
the incurrence or assumption thereof on a Pro Forma Basis, the Consolidated Group
shall be in compliance with the terms of this Credit Agreement, including the
financial covenants hereunder and (ii) no Subsidiary may incur Indebtedness
consisting of unsecured guarantee obligations with respect to any senior unsecured
Indebtedness of the Parent Borrower (other than the Parent Borrower’s 9% Senior
Notes due 2012) in an aggregate amount in excess of $25,000,000 (the “Other
Guaranteed Indebtedness”), unless such Subsidiary also becomes a Guarantor of the
Indebtedness under the Fundamental Documents by executing and delivering to the
Administrative Agent a joinder agreement and such other documentation as the
Administrative Agent may reasonably require (including, without limitation, legal
opinions), in each case, in form and substance reasonably satisfactory to the
Administrative Agent (provided, that in the event such Subsidiary shall be released
for any reason from its obligations with respect to the Other Guaranteed
Indebtedness it shall automatically be released from its obligations under such
joinder and other documentation); and

 

 

 

PART 3

RELEASE OF CERTAIN CREDIT PARTIES

SUBPART 3.1. Release of Certain Credit Parties. The Administrative Agent and each of
the Lenders hereby release and forever discharge each of the Released Credit Parties from all their
obligations and liabilities under the Fundamental Documents and from all claims and causes of
action of any type or nature whatsoever, known or unknown, which the Administrative Agent or the
Lenders ever had, now have, or ever could have against such Released Credit Parties that
specifically relate, directly or indirectly, to the Fundamental Documents.

SUBPART 3.2. Release of Claims Against Agent and Lenders. In consideration for the
release by the Lenders in Subpart 3.1, each of the Released Credit Parties hereby releases
and forever discharges the Administrative Agent, Issuing Bank, Swingline Lender, each Lender, and
their respective officers and agents from all claims and causes of action of any type or nature
whatsoever, known or unknown, which have arisen at any time before the date that this Amendment is
fully executed, and which have anything to do with its obligations arising under the Fundamental
Documents.

SUBPART 3.3. Claims Not Released. Nothing contained in this Amendment constitutes a
general release, and this Amendment is neither intended by the Lenders to release, nor shall it
operate to release (1) the indebtedness, obligations and liabilities owing by, or any claims or
causes of action that the Lenders may have against, any Credit Party not specifically released
pursuant to Subpart 3.1 or (2) any other claims that the Administrative Agent, Issuing
Bank, Swingline Lender or any other Lender may have against any Released Credit Party or any other
Credit Party with respect to any other transactions, loans, or other relationships unrelated to the
Fundamental Documents.

PART 4

CONDITIONS TO EFFECTIVENESS

SUBPART 4.1 Fourth Amendment Effective Date. This Amendment shall be and become
effective as of the date hereof (the “Fourth Amendment Effective Date”) when all of the
following conditions shall have been satisfied:

(a) Execution of Counterparts of Amendment. The Administrative Agent shall have
received counterparts of this Amendment, which collectively shall have been duly executed on behalf
of each of the Credit Parties, the Lenders and the Administrative Agent.

(b) Release of Credit Parties From Bond Indentures. The Administrative Agent shall
have received from the Parent Borrower evidence in form and substance satisfactory to the
Administrative Agent in its reasonable discretion that the Released Credit Parties have been
released from their obligations under or with respect to the indentures governing Parent Borrower’s
(i) 65/8% Senior Notes due 2014, (ii) 61/2% Senior Notes due 2016, and (iii) 63/4% Senior Notes due 2017,
and Ventas’s 37/8% Convertible Senior Notes due 2011, which may include letters from S&P and Moody’s
delivered to the trustee in connection with such release.

(c) Execution of Second Amendment. The Administrative Agent shall have received
evidence of the execution, delivery and effectiveness of that certain Second Amendment to Credit
and Guaranty Agreement dated as of the date hereof by and among the Parent Borrower, Ventas SSL
Ontario II, Inc., Ventas SSL Ontario III, Inc., Ventas, Inc. and certain subsidiaries of Ventas,
Inc. and the lenders party thereto, amending that certain Credit and Guaranty Agreement, dated as of March 13,
2008, as amended.

 

 

 

(d) Fees and Expenses. The Administrative Agent and the Lenders shall have received
from the Parent Borrower all reasonable out-of-pocket costs and expenses incurred by the
Administrative Agent in connection with the preparation, execution and delivery of this Amendment,
including without limitation, the reasonable fees and expenses of Moore & Van Allen PLLC, special
counsel to the Administrative Agent.

PART 5

MISCELLANEOUS

SUBPART 5.1. Representations and Warranties. The Credit Parties affirm that,
immediately before and immediately after giving effect to this Amendment, the representations and
warranties set forth in the Existing Credit Agreement and the other Fundamental Documents are true
and correct in all material respects as of the date hereof (except those which expressly relate to
an earlier period or date).

SUBPART 5.2 Guarantor Acknowledgment. Each Guarantor not released pursuant to this
Amendment, if any, hereby (a) acknowledges and consents to all of the terms and conditions of this
Amendment and (b) reaffirms that, jointly and severally together with the other Guarantors, it
guarantees the prompt payment and performance of their obligations as provided in Article IX of the
Existing Credit Agreement.

SUBPART 5.3 Consent to Subsidiary Liquidation. The Administrative Agent and each of
the Lenders hereby approves of and consents to the liquidation of Ventas Cooperatief U.A., an
indirect wholly owned subsidiary of Ventas.

SUBPART 5.4 References in Other Credit Documents. On and after the Fourth Amendment
Effective Date, all references to the Existing Credit Agreement in each of the Fundamental
Documents shall mean the Existing Credit Agreement as amended by this Amendment. Except as
specifically amended hereby, the Existing Credit Agreement is hereby ratified and confirmed and
shall remain in full force and effect according to its terms.

SUBPART 5.5 Counterparts/Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an original, and it
shall not be necessary in making proof of this Amendment to produce or account for more than one
such counterpart. Delivery by any party hereto of an executed counterpart of this Amendment by
facsimile or other electronic means shall be effective as such party’s original executed
counterpart and shall constitute a representation that such party’s original executed counterpart
will be delivered upon request by the Administrative Agent.

SUBPART 5.6 Governing Law. This Amendment shall be deemed to be a contract made
under, and for all purposes shall be construed in accordance with, the laws of the State of New
York applicable to agreements made and to be performed entirely within such state.

[remainder of page intentionally left blank]

 

 

 

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to
be duly executed and delivered as of the day and the year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	PARENT BORROWER:	 	VENTAS REALTY, LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Ventas, Inc., its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President,

 Chief Administrative Officer, General Counsel and

 Corporate Secretary	 	 

	 	 	 	 	 
	ADDITIONAL BORROWERS:       	SZR US INVESTMENTS, INC.

VENTAS SSL HOLDINGS, INC.

 	 
	 	By:  	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President and Associate
Secretary 	 
	 
	 	EC HAMILTON PLACE REALTY, LLC

EC LEBANON REALTY, LLC

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

	 	 	 	 	 	 	 	 	 	 	 
	 	 	KINGSPORT NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Kingsport Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	KNOXVILLE NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Knoxville Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	HENDERSONVILLE NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Hendersonville Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 

	 	 	 	 	 
	GUARANTORS:              	VENTAS, INC.

 	 
	 	By:  	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, Chief
Administrative Officer, General Counsel
and Corporate Secretary 	 

	 	 	 	 	 
	 	VENTAS CAPITAL CORPORATION

VENTAS HEALTHCARE PROPERTIES, INC.

VENTAS FRAMINGHAM, LLC

VCC HEALTHCARE FUND, LLC

VENTAS EH HOLDINGS, LLC

VENTAS PROVIDENT, LLC

VENTAS CARROLL MOB, LLC

VENTAS MO HOLDINGS, LLC

VENTAS NEXCORE HOLDINGS, LLC

VENTAS BROADWAY MOB, LLC

VENTAS CASPER HOLDINGS, LLC

VENTAS GRANTOR TRUST #2

VENTAS GRANTOR TRUST #1

VENTAS SSL, INC.

VENTAS SSL HOLDINGS, LLC

VENTAS REIT US HOLDINGS INC.

SZR US UPREIT THREE, LLC

SZR SCOTTSDALE, LLC

VENTAS WESTERN HOLDINGS, LLC

VTR DOB III MOB, LLC

VTR EBERLE MOB, LLC

VTR AVISTA MOB, LLC

 	 
	 	By:  	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President and Associate

Secretary 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	VENTAS LP REALTY, L.L.C.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Ventas, Inc., its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, Chief Administrative Officer,
General Counsel and Corporate Secretary	 	 

	 	 	 	 	 
	 	VENTAS TRS, LLC

 	 
	 	By:  	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President 	 
	 
	 	ELDERTRUST

ET CAPITAL CORP.

ET SUB-LOPATCONG, L.L.C.

ET PENNSBURG FINANCE, L.L.C.

ET SUB-SMOB, L.L.C.

ET WAYNE FINANCE, L.L.C.

ET BELVEDERE FINANCE, L.L.C.

ET POBI FINANCE, L.L.C.

ET DCMH FINANCE, L.L.C.

 	 
	 	By:  	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Associate Secretary 	 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	ET SUB-BERKSHIRE LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ET Berkshire, LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ElderTrust, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Associate Secretary	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	ET BERKSHIRE, LLC
	 	 	ET SUB-HERITAGE WOODS, L.L.C.	 	 
	 	 	ET GENPAR, L.L.C.	 	 
	 	 	ET LEHIGH, LLC	 	 
	 	 	ET SANATOGA, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ElderTrust, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	ET SUB-HIGHGATE, L.P.	 	 
	 	 	ET SUB-WOODBRIDGE, L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ET GENPAR, L.L.C., its General Partner	 	 
	 	 	 	 	By:	 	ElderTrust, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	ET SUB-LEHIGH LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ET Lehigh, LLC, its General Partner	 	 
	 	 	 	 	By:	 	ElderTrust, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	ET SUB-PENNSBURG MANOR LIMITED PARTNERSHIP, L.L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ET Pennsburg Finance, L.L.C., its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Associate Secretary	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	ET SUB-SANATOGA LIMITED PARTNERSHIP
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ET Sanatoga, LLC, its General Partner	 	 
	 	 	 	 	By:	 	ElderTrust, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	ET SUB-WAYNE I LIMITED PARTNERSHIP, L.L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	ET Wayne Finance, L.L.C., its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	PSLT GP, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Ventas Provident, LLC, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General
Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	PSLT OP, L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PSLT GP, LLC, its General Partner	 	 
	 	 	 	 	By:	 	Ventas Provident, LLC, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General
Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	PSLT-BLC PROPERTIES HOLDINGS, LLC	 	 
	 	 	PSLT-ALS PROPERTIES HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PSLT OP, L.P., its Sole Member	 	 
	 	 	 	 	By:	 	PSLT GP, LLC, its General Partner	 	 
	 	 	 	 	By:	 	Ventas Provident, LLC, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General
Counsel and Associate Secretary	 	 

 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF ARIZONA-EM, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-RC, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-SAN MARCOS, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-2960, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF ILLINOIS-II, LLC	 	 
	 	 	BROOKDALE HOLDINGS, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF MASSACHUSETTS-RB, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF MINNESOTA, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF NEW YORK-GB, LLC	 	 
	 	 	BROOKDALE LIVING COMMUNITIES OF WASHINGTON-PP, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member	 	 
	 	 	 	 	By:	 	PSLT OP, L.P., its Sole Member	 	 
	 	 	 	 	By:	 	PSLT GP, LLC, its General Partner	 	 
	 	 	 	 	By:	 	Ventas Provident, LLC, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	 Executive Vice President, General
Counsel 
and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	BLC OF CALIFORNIA-SAN MARCOS, L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Brookdale Living Communities of California-
San Marcos, LLC, its General Partner	 	 
	 	 	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member	 	 
	 	 	 	 	By:	 	PSLT OP, L.P., its Sole Member	 	 
	 	 	 	 	By:	 	PSLT GP, LLC, its General Partner	 	 
	 	 	 	 	By:	 	Ventas Provident, LLC, its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General
Counsel and Associate Secretary	 	 

 

 

 

	 	 	 	 	 
	 	THE PONDS OF PEMBROKE LIMITED PARTNERSHIP

RIVER OAKS PARTNERS

 	 
	 	By:  
	Brookdale Holdings, LLC, its General Partner
 	 
	 	By:  
	                                                    PSLT-BLC Properties Holdings, LLC, its Sole Member
 	 
	 	By:  
	                   PSLT OP, L.P., its Sole Member
 	 
	 	By:  
	                   PSLT GP, LLC, its General Partner
 	 
	 	By:  
	                                                    Ventas Provident, LLC, its Sole Member
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General
Counsel and Associate Secretary 	 
	 
	 	PSLT-ALS PROPERTIES I, LLC

PSLT-ALS PROPERTIES II, LLC

 	 
	 	By:  
	PSLT-ALS Properties Holdings, LLC, its Sole Member
 	 
	 	By:  
	                   PSLT OP, L.P., its Sole Member
 	 
	 	By:  
	                   PSLT GP, LLC, its General Partner
 	 
	 	By:  
	                         Ventas Provident, LLC, its Sole Member
 	 
	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General
Counsel and Associate Secretary 	 

 

 

 

	 	 	 	 	 
	 	VTRLTH MAB I, LLC

VTRLTH MAB II, LLC

VSCRE HOLDINGS, LLC

UNITED REHAB REALTY HOLDING, LLC

BCC MARTINSBURG REALTY, LLC

BCC ONTARIO REALTY, LLC

BCC MEDINA REALTY, LLC

BCC WASHINGTON TOWNSHIP REALTY, LLC

EC TIMBERLIN PARC REALTY, LLC

EC HALCYON REALTY, LLC

BCC ALTOONA REALTY, LLC

BCC ALTOONA REALTY GP, LLC

BCC READING REALTY, LLC

BCC READING REALTY GP, LLC

BCC BERWICK REALTY, LLC

BCC BERWICK REALTY GP, LLC

BCC LEWISTOWN REALTY, LLC

BCC LEWISTOWN REALTY GP, LLC 

BCC STATE COLLEGE REALTY, LLC

BCC STATE COLLEGE REALTY GP, LLC

SHIPPENSBURG REALTY HOLDINGS, LLC

BCC SHIPPENSBURG REALTY, LLC

IPC (AP) HOLDING LLC

AL (AP) HOLDING LLC

ALLISON PARK NOMINEE LLC

IPC (HCN) HOLDING LLC

AL (HCN) HOLDING LLC

BLOOMSBURG NOMINEE LLC

SAGAMORE HILLS NOMINEE LLC

LEBANON NOMINEE LLC

KNOXVILLE NOMINEE LLC

KINGSPORT NOMINEE LLC

HENDERSONVILLE NOMINEE LLC

SAXONBURG NOMINEE LLC

LOYALSOCK NOMINEE LLC

IPC (MT) HOLDING LLC

AL (MT) HOLDING LLC

LEWISBURG NOMINEE LLC

LIMA NOMINEE LLC

XENIA NOMINEE LLC

CHIPPEWA NOMINEE LLC 

DILLSBURG NOMINEE LLC

 	 
	 	By:  
	/s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General

Counsel and Associate Secretary 	 

 

 

 

	 	 	 	 	 
	 	BCC ALTOONA REALTY, LP

 	 
	 	By:  
	BCC Altoona Realty GP, LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General
Counsel and Associate Secretary 	 
	 
	 	BCC READING REALTY, LP

 	 
	 	By:  
	BCC Reading Realty GP, LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General
Counsel and Associate Secretary 	 
	 
	 	BCC BERWICK REALTY, LP

 	 
	 	By:  
	BCC Berwick Realty GP, LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General
Counsel and Associate Secretary 	 
	 
	 	BCC LEWISTOWN REALTY, LP

 	 
	 	By:  
	BCC Lewistown Realty GP, LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General
Counsel and Associate Secretary 	 
	 
	 	BCC STATE COLLEGE REALTY, LP

 	 
	 	By:  
	BCC State College Realty GP, LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General
Counsel and Associate Secretary 	 

 

 

 

	 	 	 	 	 
	 	ALLISON PARK NOMINEE LP

 	 
	 	By:  
	Allison Park Nominee LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General Counsel and Associate Secretary 	 
	 
	 	BLOOMSBURG NOMINEE LP

 	 
	 	By:  
	Bloomsburg Nominee LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General Counsel and Associate Secretary 	 
	 
	 	SAGAMORE HILLS NOMINEE LP

 	 
	 	By:  
	Sagamore Hills Nominee LLC, its General Partner
 	 
	 	 	 
	 	By:  
	                   /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General Counsel and Associate Secretary 	 
	 
	 	LEBANON NOMINEE LP

 	 
	 	By:  
	Lebanon Nominee LLC, its General Partner
 	 
	 	 	 
	 	By:  
	            /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General

Counsel and Associate Secretary 	 
	 
	 	SAXONBURG NOMINEE LP

 	 
	 	By:  
	Saxonburg Nominee LLC, its General Partner
 	 
	 	 	 
	 	By:  
	           /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Executive Vice President, General Counsel and Associate Secretary 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	LOYALSOCK NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Loyalsock Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	LEWISBURG NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Lewisburg Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	LIMA NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Lima Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	XENIA NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Xenia Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	CHIPPEWA NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Chippewa Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	DILLSBURG NOMINEE LP	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Dillsburg Nominee LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 	T. Richard Riney	 	 
	 

	 	 	 	 	 	Title:
	 	Executive Vice President, General Counsel and Associate Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	VENTAS SSL ONTARIO III, INC.

SZR MISSISSAUGA INC.

VENTAS SSL LYNN VALLEY, INC.

SZR MARKHAM INC.

VENTAS SSL BEACON HILL, INC.

SZR RICHMOND HILL INC.

VENTAS SSL ONTARIO II, INC.

SZR WINDSOR INC.

SZR OAKVILLE INC.

VENTAS SSL VANCOUVER, INC.

SZR OF BURLINGTON INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	T. Richard Riney	 	 
	 	 	 	 	Title:	 	Executive Vice President and Secretary	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	SZR ACQUISITIONS, LLC

SZR COLUMBIA LLC

SZR WILLOWBROOK LLC

SZR NORWOOD LLC

SZR ROCKVILLE LLC

SZR SAN MATEO LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	SZR US Investments, Inc., its Sole Member	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ T. Richard Riney	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Name:	 	T. Richard Riney	 	 
	 	 	 	 	Title:	 	Executive Vice President and Associate Secretary	 	 

 

 

	 	 	 	 	 	 
	 	SZR LINCOLN PARK LLC

SZR NORTH HILLS LLC

SZR WESTLAKE VILLAGE LLC

SZR YORBA LINDA LLC

 	 
	 		By:  	 SZR US UPREIT THREE, LLC, its Sole Member
 	 
	 		 	 	 
	 		By:  	                   /s/ T. Richard Riney
 	 
	 		 	Name:  	T. Richard Riney 	 
	 		 	Title:  	Executive Vice President and Associate
Secretary 	 
	 		 	 	 	 
	 	VENTAS CENTER MOB, LLC
	 
	 
	 
	 		By:  	 Ventas MO Holdings, LLC
 	 
	 		 	 
	 		By:  	                  /s/ T. Richard Riney
 	 
	 		 	Name:  	T. Richard Riney 	 
	 		 	Title:  	Executive Vice President and Associate
Secretary 	 
	 		 	 	 	 
	 	VENTAS UNIVERSITY MOB, LLC

MAB PARENT LLC

 	 
	 		By:  	 Ventas MOB Holdings, LLC
 	 
	 		 	 
	 		By:  	
/s/ T. Richard Riney
 	 
	 		 	Name:  	T. Richard Riney 	 
	 		 	Title:  	Executive Vice President and Associate Secretary 	 
	 		 	 	 	 
	 	ET SUB-BELVEDERE LIMITED PARTNERSHIP, L.L.P.

 	 
	 		By:  	 ET Belvedere Finance, L.L.C., its General
 	 
	 		 	Partner 	 
	 		 	 
	 		By:  	                     /s/ T. Richard Riney
 	 
	 		 	Name:  	T. Richard Riney 	 
	 		 	Title:  	Associate Secretary 	 
	 		 	 	 	 
	 	ET SUB-DCMH LIMITED PARTNERSHIP, L.L.P.

 	 
	 		By:  	ET DCMH Finance, L.L.C., its General Partner
 	 
	 		 	 
	 		By:  	                     /s/ T. Richard Riney
 	 
	 		 	Name:  	T. Richard Riney 	 
	 		 	Title:  	Associate Secretary 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ET SUB-POB I LIMITED PARTNERSHIP, L.L.P.

 	 
	 	By:  
	 ET POBI Finance, L.L.C., its General Partner
 	 
	 	 	 
	 	By:  
	                     /s/ T. Richard Riney
 	 
	 	 	Name:  	T. Richard Riney 	 
	 	 	Title:  	Associate Secretary 	 

 

 

 

	 	 	 	 	 
	ADMINISTRATIVE AGENT: 	BANK OF AMERICA, N.A.,
as Administrative Agent and as Cash Collateral Bank

 	 
	 	By:  	/s/ Amie L. Edwards
 	 
	 	 	Name:  	Amie L. Edwards 	 
	 	 	Title:  	Senior Vice President 	 
	 
	LENDERS:	
BANK OF AMERICA, N.A., individually as a Lender,

as Issuing Bank and as Swingline Lender

 	 
	 	By:  	/s/ Amie L. Edwards
 	 
	 	 	Name:  	Amie L. Edwards 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

 

	 	 	 	 	 
	 	MERRILL LYNCH CAPITAL CORPORATION,

as a Lender

 	 
	 	By:  	/s/ Sarang R. Gadkari
 	 
	 	 	Name:  	Sarang R. Gadkari 	 
	 	 	Title:  	Vice President 	 
	 
	 	MERRILL LYNCH BANK USA,

as a Lender

 	 
	 	By:  	/s/ Sarang R. Gadkari
 	 
	 	 	Name:  	Sarang R. Gadkari 	 
	 	 	Title:  	Vice President 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF TAIWAN, LOS ANGELES BRANCH,

as a Lender

 	 
	 	By:  	/s/ Chwan-Ming Ho
 	 
	 	 	Name:  	Chwan-Ming Ho 	 
	 	 	Title:  	VP & General Manager 	 
	 

 

 

 

	 	 	 	 	 
	 	BANK OF THE WEST, as a Lender

 	 
	 	By:  	/s/ Marc R. Thompson
 	 
	 	 	Name:  	Marc R. Thompson 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

 

	 	 	 	 	 
	 	BARCLAYS BANK, PLC,

as a Lender

 	 
	 	By:  	/s/ Noam Azachi
 	 
	 	 	Name:  	Noam Azachi 	 
	 	 	Title:  	Assistant Vice President 	 
	 

 

 

 

	 	 	 	 	 
	 	COMPASS BANK, as a Lender

 	 
	 	By:  	/s/ EP Paul
 	 
	 	 	Name:  	Eric J. Paul 	 
	 	 	Title:  	Senior Vice President 	 
	 

 

 

 

	 	 	 	 	 
	 	CREDIT AGRICOLE CORPORATE AND 

INVESTMENT BANK, as a Lender

 	 
	 	By:  	/s/ David Cagle
 	 
	 	 	Name:  	David Cagle 	 
	 	 	Title:  	Managing Director 	 
	 	 	 
	 	By:  	                       /s/ David J, Christiansen
 	 
	 	 	Name:  	David Christiansen 	 
	 	 	Title:  	Vice President 	 

 

 

 

	 	 	 	 	 
	 	FIRST COMMERCIAL BANK, LOS ANGELES 

BRANCH, as a Lender

 	 
	 	By:  	/s/ Cliff Lin
 	 
	 	 	Name:  	Cliff Lin 	 
	 	 	Title:  	Vice President & General Manager 	 
	 

 

 

 

	 	 	 	 	 
	 	GOLDMAN SACHS BANK USA,

as a Lender

 	 
	 	By:  	/s/ Allison O’Connor
 	 
	 	 	Name:  	Allison O’Connor 	 
	 	 	Title:  	Authorized Signatory 	 
	 

 

 

 

	 	 	 	 	 
	 	JEFFERIES FINANCE, LLC, as a Lender

 	 
	 	By:  	/s/ Carl A. Toriello
 	 
	 	 	Name:  	Carl A. Toriello 	 
	 	 	Title:  	Chief Risk Officer
Chief Operating Officer 	 
	 

 

 

 

	 	 	 	 	 
	 	RBS CITIZENS NA, as a Lender

 	 
	 	By:  	/s/ Donald Woods
 	 
	 	 	Name:  	Donald Woods 	 
	 	 	Title:  	SVP 	 
	 

 

 

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA,

as a Lender

 	 
	 	By:  	/s/ Gordon MacArthur
 	 
	 	 	Name:  	Gordon MacArthur 	 
	 	 	Title:  	Authorized Signatory 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITICORP NORTH AMERICA, INC.,

as a Lender

 	 
	 	By:  	/s/ John Rowland
 	 
	 	 	Name:  	John Rowland 	 
	 	 	Title:  	Director 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF MONTREAL,

as a Lender

 	 
	 	By:  	/s/ Aaron Lanski
 	 
	 	 	Name:  	Aaron Lanski 	 
	 	 	Title:  	Director 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	UBS AG, STAMFORD BRANCH,

as a Lender

 	 
	 	By:  	/s/ Irja R. Otsa
 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 
	 	 	 
	 	By:  	                       /s/ Mary E. Evans
 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	KEYBANK NATIONAL ASSOCIATION,

as a Lender

 	 
	 	By:  	/s/ Amy L. MacLearie
 	 
	 	 	Name:  	Amy L. MacLearie 	 
	 	 	Title:  	AVP 	 

 

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as a Lender

 	 
	 	By:  	/s/ Douglas Weir
 	 
	 	 	Name:  	Douglas Weir 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                          /s/ Ming K. Chu
 	 
	 	 	Name:  	Ming K. Chu 	 
	 	 	Title:  	Vice President 	 

 

 

 

	 	 	 	 	 
	 	ALLIED IRISH BANKS, PLC,

as a Lender

 	 
	 	By:  	/s/ Anthony O’Reilly
 	 
	 	 	Name:  	Anthony O’Reilly 	 
	 	 	Title:  	SVP 	 
	 	 	 
	 	By:  	                        /s/ illegible
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CAPITAL ONE, N.A.,

as a Lender

 	 
	 	By:  	/s/ Frederick H. Denecke
 	 
	 	 	Name:  	Frederick H. Denecke 	 
	 	 	Title:  	Vice President 	 

 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	STATE BANK OF INDIA

as a Lender

 	 
	 	By:  	/s/ CS Setty
 	 
	 	 	Name:  	C Sreenivasulu Setty 	 
	 	 	Title:  	V.P. & Head (Syndications) 	 
	 

 

 

 

Schedule 1

to

Fourth Amendment

Released Credit Parties

AL (AP) HOLDING LLC

AL (HCN) HOLDING LLC

AL (MT) HOLDING LLC

ALLISON PARK NOMINEE LLC

ALLISON PARK NOMINEE LP

BCC ALTOONA REALTY GP, LLC

BCC ALTOONA REALTY, LLC

BCC ALTOONA REALTY, LP

BCC BERWICK REALTY GP, LLC

BCC BERWICK REALTY, LLC

BCC BERWICK REALTY, LP

BCC LEWISTOWN REALTY GP, LLC

BCC LEWISTOWN REALTY, LLC

BCC LEWISTOWN REALTY, LP

BCC MARTINSBURG REALTY, LLC

BCC MEDINA REALTY, LLC

BCC ONTARIO REALTY, LLC

BCC READING REALTY GP, LLC

BCC READING REALTY, LLC

BCC READING REALTY, LP

BCC SHIPPENSBURG REALTY, LLC

BCC STATE COLLEGE REALTY GP, LLC

BCC STATE COLLEGE REALTY, LLC

BCC STATE COLLEGE REALTY, LP

BCC WASHINGTON TOWNSHIP REALTY, LLC

BLC OF CALIFORNIA-SAN MARCOS, L.P.

BLOOMSBURG NOMINEE LLC

BLOOMSBURG NOMINEE LP

BROOKDALE HOLDINGS, LLC

BROOKDALE LIVING COMMUNITIES OF ARIZONA-EM, LLC

BROOKDALE LIVING COMMUNITIES OF CALIFORNIA, LLC

BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-RC, LLC

BROOKDALE LIVING COMMUNITIES OF CALIFORNIA-SAN MARCOS, LLC

BROOKDALE LIVING COMMUNITIES OF ILLINOIS-2960, LLC

BROOKDALE LIVING COMMUNITIES OF ILLINOIS-II, LLC

BROOKDALE LIVING COMMUNITIES OF MASSACHUSETTS-RB, LLC

BROOKDALE LIVING COMMUNITIES OF MINNESOTA, LLC

BROOKDALE LIVING COMMUNITIES OF NEW YORK-GB, LLC

BROOKDALE LIVING COMMUNITIES OF WASHINGTON-PP, LLC

CHIPPEWA NOMINEE LLC

CHIPPEWA NOMINEE LP

DILLSBURG NOMINEE LLC

DILLSBURG NOMINEE LP

 

 

 

EC HALCYON REALTY, LLC

EC TIMBERLIN PARC REALTY, LLC

ELDERTRUST

ET BELVEDERE FINANCE, L.L.C.

ET BERKSHIRE, LLC

ET CAPITAL CORP.

ET DCMH FINANCE, L.L.C.

ET GENPAR, L.L.C.

ET LEHIGH, LLC

ET PENNSBURG FINANCE, L.L.C.

ET POBI FINANCE, L.L.C.

ET SANATOGA, LLC

ET SUB-BELVEDERE LIMITED PARTNERSHIP, L.L.P.

ET SUB-BERKSHIRE LIMITED PARTNERSHIP

ET SUB-DCMH LIMITED PARTNERSHIP, L.L.P.

ET SUB-HERITAGE WOODS, L.L.C.

ET SUB-HIGHGATE, L.P.

ET SUB-LEHIGH LIMITED PARTNERSHIP

ET SUB-LOPATCONG, L.L.C.

ET SUB-PENNSBURG MANOR LIMITED PARTNERSHIP, L.L.P.

ET SUB-POB I LIMITED PARTNERSHIP, L.L.P.

ET SUB-SANATOGA LIMITED PARTNERSHIP

ET SUB-WAYNE I LIMITED PARTNERSHIP, L.L.P.

ET SUB-WOODBRIDGE, L.P.

ET WAYNE FINANCE, L.L.C.

HENDERSONVILLE NOMINEE LLC

HENDERSONVILLE NOMINEE LP

IPC (AP) HOLDING LLC

IPC (HCN) HOLDING LLC

IPC (MT) HOLDING LLC

KINGSPORT NOMINEE LLC

KNOXVILLE NOMINEE LLC

LEBANON NOMINEE LLC

LEBANON NOMINEE LP

LEWISBURG NOMINEE LLC

LEWISBURG NOMINEE LP

LIMA NOMINEE LLC

LIMA NOMINEE LP

LOYALSOCK NOMINEE LLC

LOYALSOCK NOMINEE LP

MAB PARENT LLC

PSLT GP, LLC

PSLT OP, L.P.

PSLT-ALS PROPERTIES HOLDINGS, LLC

PSLT-ALS PROPERTIES I, LLC

PSLT-ALS PROPERTIES II, LLC

PSLT-BLC PROPERTIES HOLDINGS, LLC

RIVER OAKS PARTNERS

SAGAMORE HILLS NOMINEE LLC

 

 

 

SAGAMORE HILLS NOMINEE LP

SAXONBURG NOMINEE LLC

SAXONBURG NOMINEE LP

SHIPPENSBURG REALTY HOLDINGS, LLC

SZR ACQUISITIONS, LLC

SZR BURLINGTON INC.

SZR COLUMBIA LLC

SZR LINCOLN PARK LLC

SZR MARKHAM INC.

SZR MISSISSAUGA INC.

SZR NORTH HILLS LLC

SZR NORWOOD LLC

SZR OAKVILLE INC.

SZR RICHMOND HILL INC.

SZR ROCKVILLE LLC

SZR SAN MATEO LLC

SZR SCOTTSDALE, LLC

SZR US INVESTMENTS, INC.

SZR US UPREIT THREE, LLC

SZR WESTLAKE VILLAGE LLC

SZR WILLOWBROOK LLC

SZR WINDSOR INC.

SZR YORBA LINDA LLC

THE PONDS OF PEMBROKE LIMITED PARTNERSHIP

UNITED REHAB REALTY HOLDING, LLC

VCC HEALTHCARE FUND, LLC

VENTAS BROADWAY MOB, LLC

VENTAS CAPITAL CORPORATION

VENTAS CARROLL MOB, LLC

VENTAS CASPER HOLDINGS, LLC

VENTAS CENTER MOB, LLC

VENTAS DASCO MOB HOLDINGS, LLC

VENTAS EH HOLDINGS, LLC

VENTAS FRAMINGHAM, LLC

VENTAS GRANTOR TRUST #1

VENTAS GRANTOR TRUST #2

VENTAS HEALTHCARE CAPITAL, LLC

VENTAS HEALTHCARE PROPERTIES, INC.

VENTAS LP REALTY, L.L.C.

VENTAS MO HOLDINGS, LLC

VENTAS MOB HOLDINGS, LLC

VENTAS NEXCORE HOLDINGS, LLC

VENTAS OF VANCOUVER LIMITED

VENTAS PROVIDENT, LLC

VENTAS REIT US HOLDINGS, INC.

VENTAS SSL BEACON HILL, INC.

VENTAS SSL HOLDINGS, INC.

VENTAS SSL HOLDINGS, LLC

VENTAS SSL LYNN VALLEY, INC.

 

 

 

VENTAS SSL ONTARIO II, INC.

VENTAS SSL ONTARIO III, INC.

VENTAS SSL VANCOUVER, INC.

VENTAS SSL, INC.

VENTAS TRS, LLC

VENTAS UNIVERSITY MOB, LLC

VENTAS WESTERN HOLDINGS, LLC

VSCRE HOLDINGS, LLC

VTR AVISTA MOB, LLC

VTR DOB III MOB, LLC

VTR EBERLE MOB, LLC

VTRLTH MAB I, LLC

VTRLTH MAB II, LLC

XENIA NOMINEE LLC

XENIA NOMINEE LPexv10w1

Exhibit 10.1

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of the 7th day of
September 2010 (the “Effective Date”) between Willis North America Inc. (“Employer”), and Martin J.
Sullivan (“Employee”).

     In consideration of the mutual covenants and promises contained herein and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

1. Employment, Compensation and Benefits. Employer will pay Employee such compensation and
benefits as are set forth in the offer letter attached as Exhibit A (the “Offer Letter”). Such
compensation and benefits may, subject to the restrictions set forth in the Offer Letter, be
changed by Employer pursuant to its normal compensation and benefit review procedures or from time
to time.

2. Confidential Information and Work for Hire.

     a. Employer shall provide Employee with access to nonpublic Employer/Willis1
information to the extent reasonably necessary to the performance of Employee’s job duties.
Employee acknowledges that all non-public information (including, but not limited to, information
regarding Employer’s clients), owned or possessed by Employer/Willis (collectively, “Confidential
Information”) constitutes a valuable, special and unique asset of the business of Employer/Willis.
Employee shall not, during or after the period of his/her employment with Employer (i) disclose, in
whole or in part, such Confidential Information to any third party without the consent of Employer
or (ii) use any such Confidential Information for his/her own purposes or for the benefit of any
third party. These restrictions shall not apply to any information in the public domain provided
that Employee was not responsible, directly or indirectly, for such information entering the public
domain without the Employer’s consent. Upon termination of Employee’s employment hereunder,
Employee shall promptly return to Employer all Employer/Willis materials, information and other
property (including all files, computer discs and manuals) as may then be in Employee’s possession
or control.

     b. Any work prepared by Employee as an employee of Employer including written and/or
electronic reports and other documents and materials shall be “work for hire” and shall be the
exclusive property of the Employer. If, and to the extent that, any rights to such work do not
vest in Employer automatically, by operation of law, Employee shall be deemed to hereby
unconditionally and irrevocably assign to Employer all rights to such work and Employee shall
cooperate fully with Employer’s efforts to establish and protect its rights to such work.

3. Employee Loyalty and Non-solicitation. Employee understands that Employee owes a duty
of loyalty to Employer and, while in Employer’s employ, shall devote Employee’s entire business
time and best good faith efforts to the furtherance of Employer’s legitimate business interests;
provided, however, that, as previously
disclosed to Employer/Willis, Employee is currently an advisor to certain businesses that do not
compete with Employer/Willis, but Employee will resign from such roles as soon as practicable
following the Effective Date, and in no event more than thirty (30) days

 

			
	1	 	All references in this Employment Agreement
to “Employer/Willis” shall be understood to refer to Employer and/or Employer’s
parent companies and other affiliates, as well as their successors and assigns.

Page 1 of 4

 

following the Effective
Date. All business activity participated in by Employee as an employee of Employer shall be
undertaken solely for the benefit of Employer. Employee shall have no right to share in any
commission or fee resulting from such business activity other than the compensation referred to in
paragraph 1. While this Agreement is in effect and for a period of one year following termination
of Employee’s employment with Employer, Employee shall not, within the “Territories” described
below:

a. directly or indirectly (i) solicit any employee of Employer/Willis (“Protected
Employees”) to work for Employee or any third party, including any competitor (whether an
individual or a competing company) of Employer/Willis or (ii) induce any such employee of
Employer/Willis to leave the employ of Employer/Willis.

For purposes of this paragraph 3, “Territories” shall refer to those counties where the Protected
Employees of Employer/Willis are present and available for solicitation.

4. Term and Termination. This Agreement shall commence upon the Effective Date and shall
continue until terminated (i) by either party, with or without cause, upon thirty (30) calendar
days prior written notice, (ii) immediately by Employer upon any willful misconduct or material
breach by Employee of this Agreement, or (iii) immediately upon the Employee’s death or disability
(as disability is defined in Employer’s Long Term Disability Benefits Plan). Should Employer give
Employee thirty (30) days notice of termination, (i) Employee will not, thereafter, be entitled to
access to the office premises of Employer and (ii) said thirty (30) calendar days shall be treated
as four weeks’ pay for purposes of severance arrangements and/or calculating pay in lieu of prior
notice. Paragraphs 2, 3, 5 and 7 shall survive termination of this Agreement.

5. Mandatory Binding Arbitration. Except for a claim beginning with a request for
injunctive relief brought by Employer or Employee, Employer and Employee agree that any dispute
arising either under this Agreement or from the employment relationship shall be resolved by
arbitration — it is understood that disputes arising either under this Agreement or from the
employment relationship shall be understood to include, but not be limited to, any and all disputes
concerning any claim by the Employee against the Employer/Willis concerning or relating to (i)
alleged illegal discrimination against the Employee in the terms and conditions of employment
(including but not limited to any claim of alleged illegal discrimination on the basis of race,
color, religion, sex, gender, national origin, age, physical disability and/or mental disability),
(ii) alleged public policy violations, (iii) alleged wrongful employment termination and/or (iv)
any other disputes arising from or in connection with the employment relationship. Each party
expressly waives any right, whether pursuant to any applicable federal, state, or local statute, to
a jury trial and/or to have a court of law determine rights and award damages with respect to any
such dispute. The party invoking arbitration shall notify the other party in writing (the “Written
Notice”). The parties shall exercise their best efforts, in good faith, to agree upon selection of
a single arbitrator. If the parties are unable to agree upon
selection of a single arbitrator, they shall so notify the American Arbitration Association (“AAA”)
or another agreed upon arbitration administrator and request that the arbitration provider work
with the parties to select a single arbitrator. The arbitration shall be (i) conducted in
accordance with the American Arbitration Association’s National Rules for the Resolution of
Employment Disputes, (ii) held at a location reasonably convenient to that office of the Employer
at which the Employee had most recently been assigned and (iii) completed within six months (or
within such other time as the parties may mutually

Page 2 of 4

 

agree) of the receipt of Written Notice by the
party being notified. The arbitrator shall have no authority to assess punitive or exemplary
damages as to any dispute arising out of or concerning the provisions of this Agreement or
otherwise arising out of the employment relationship, except as and unless such damages are
expressly authorized by otherwise applicable and controlling statutes. The arbitrator’s decision
shall be final and binding and enforceable in any court of competent jurisdiction. To the extent
permitted by applicable law, each party shall bear its own costs, including attorneys’ fees, and
share all costs of the arbitration equally. Nothing provided herein shall interfere with either
party’s right to seek or receive damages or costs as may be allowed by applicable statutory law.

6. Representations and Warranties. Employee represents and warrants:

     a. except as specifically previously disclosed by Employee to Employer, Employee is not
subject to either an agreement with any former employer or otherwise or any court order, judgment
or decree which places restrictions on Employee’s business activities and that if employee is
subject to any of the foregoing, Employee will, by the earlier of the commencement date of
employment or execution of the Agreement provide Employer with a copy of such agreement, order,
judgment, or decree; and

     b. Employee has reviewed and will abide by the Employer/Willis Code of Ethics.

7. Miscellaneous. This Agreement, together with the Offer Letter, sets forth the entire
agreement between the parties and supersedes any and all prior agreements and understandings
regarding the subject matter herein. This Agreement may only be modified by a written instrument
signed by both parties. If any term of this Agreement is rendered invalid or unenforceable by
judicial, legislative or administrative action, the remaining provisions hereof shall remain in
full force and effect and shall in no way be affected, impaired or invalidated. Except for notices
by Employer to Employee which Employer chooses to hand deliver to Employee, any notices given
pursuant to this Agreement shall be sent by first class US postal service or overnight courier
service to the addresses set forth below (or, to the then current address of a party, with both
parties agreeing to promptly provide the other party with written notice of any change in address).
This Agreement shall be governed by the laws of the State of New York, without giving effect to its
conflicts of law principles. The waiver by either party of any breach of this Agreement shall not
operate or be construed as a waiver of that party’s rights upon any subsequent breach. This
Agreement shall inure to the benefit of and be binding upon and enforceable against the heirs,
legal representatives and assigns of Employee and the successors and assigns of Employer. Should
Employee be transferred or reassigned from Employer to a parent company or affiliate of Employer,
this Agreement shall be deemed to be automatically assigned by Employer to such new employer.
Employee’s acceptance of Employee’s first payment of compensation from
such new employer shall be deemed as Employee’s acknowledgement of (i) such assignment and (ii) the
continuation of Employee’s employment pursuant to the terms and conditions of this Agreement.
Monetary damages may not be an adequate remedy for Employee’s breach of paragraphs 2 or 3 of this
Agreement and Employer may, in addition to recovering legal damages (including lost commissions and
fees), proceed in equity to enjoin Employee from violating any of the provisions.

Page 3 of 4

 

     IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement to become
effective as of the date first above written.

EMPLOYEE: Martin J. Sullivan

	 	 	 	 	 

	/s/ Martin J. Sullivan	 	 
	 	 	 
	Date:

	 	September 1, 2010	 	 
	Address:

	 	276 Quaker Road	 	 
	 

	 	Chappaqua, NY 10541	 	 

EMPLOYER: Willis North America Inc.

One World Financial Center

200 Liberty Street

New York, NY 10281-1003

BY:
          /s/
Adam Ciongoli

TITLE:     Secretary

Page 4 of 4

 

Exhibit A

Joseph J. Plumeri

Chairman & Chief Executive Officer

September 1, 2010

Strictly Personal & Confidential

Martin J. Sullivan

Dear Martin:

We are delighted to offer you the positions of Deputy Chairman of Willis Group Holdings Public
Limited Company (the “Company”) and Chairman and Chief Executive Officer of Global Solutions. In
your capacity as Deputy Chairman of the Company, you will be a member of the Company’s Executive
Committee, to the extent the Committee continues to exists, and you will be eligible for the same
equity grants which are periodically made available to the members of the Executive Committee, in
accordance with and subject to the normal terms and conditions of the equity grants at issue.

All terms and conditions contained within this offer of employment are subject to the approval of
the Company’s Board of Directors and such Board’s Compensation Committee (the “Compensation
Committee”). In the roles set forth above, you will (i) report to the Company’s Chairman and Chief
Executive Officer and (ii) work closely with the Company’s Group President. Your employing entity
will be Willis North America Inc. (which is referred to hereafter as “Willis”) and your physical
office will be located in New York, New York. Unless otherwise mutually agreed, your employment
will commence on September 7, 2010. To accept this offer, please sign this letter where indicated
below and return one copy of this letter at your earliest convenience.

This offer is contingent upon satisfactory results with respect to:

	•	 	An executive officer background check; and
	 
	•	 	A standard drug screening test (arrangement details to be provided separately).

This offer is also conditioned upon your execution of a Willis Employment Agreement. For your
convenience, a copy of the agreement you will be asked to sign is enclosed for your review. This
document does not promise employment for a specified period — either you or Willis may terminate
the relationship at any time, subject to the notice requirements of the Employment Agreement.

 

 

Compensation and benefits: While in Willis’ employ and provided that you sign and return
this letter and your Willis Employment Agreement on or before date of hire, you will receive
compensation and benefits as described below:

	1.	 	Base Salary: Your salary will be $62,500 per month (less applicable withholdings),
which is equivalent to $750,000 on a per annum basis, payable [semi-monthly] in accordance
with Willis’ normal payroll practices applicable to similarly situated executives. You will
be eligible for an annual salary review to be performed at the time Willis normally conducts
annual salary reviews. Your compensation and benefits may be adjusted, in accordance with
Willis’ normal compensation and benefits administration procedures, upon your annual review or
from time to time; provided, however, that in no event may Willis reduce your
base salary.
	 
	2.	 	Annual Incentive Plan (“AIP”):

	 	A.	 	AIP — General Terms: You will participate in the Willis AIP under which you
may become eligible to receive an annual AIP award. At Willis’ discretion, any AIP award
to you may be made, in whole or in part, in the form of (i) restricted stock units of
Willis Group Holdings Public Limited Company stock or other instruments (including, but not
limited to, other forms of security instruments), any and/or all of which may be a form of
deferred compensation and/or subject to vesting schedules and/or (ii) a restricted cash
payment that is subject to a vesting schedule and/or repayment obligation under such
circumstances as Willis may specify. Each of the foregoing forms of compensation will be
subject to such other terms and conditions as Willis specifies, in accordance with Willis’
usual compensation practices and procedures (as may be modified from time to time). Subject
to the terms and conditions of section 2.B below (regarding the amount of any AIP Award for
year 2011), your participation in the AIP shall be subject to the AIP’s usual terms and
conditions (as may be modified from time to time), including: (i) any distributions to you
under the AIP shall rest in the discretion of Willis; (ii) you must be in the active employ
of Willis at the time that any AIP award is normally paid in order to be eligible to
receive such AIP award; and (iii) AIP distributions (including, but not limited to, those
described below) are subject to being issued less legally required and applicable
withholdings. Please be advised that your prorated AIP award for year 2010 (the “2010 AIP
Award”) will be in an amount that is (a) no less than Two Hundred and Fifty
Thousand Dollars ($250,000) and (b) no more than Three Hundred and Seventy Five
Thousand Dollars ($375,000). The 2010 AIP Award will be issued to you no later than March
15, 2011, provided that you are in the active employ of Willis at the time your 2010 AIP
Award is distributed.
	 
	 	B.	 	AIP Award — Calendar Year 2011: Subject to the other terms and conditions
herein and provided you sign this letter agreement and your Willis Employment Agreement,
your minimum AIP award for year 2011 (the “2011 AIP Award”) will be equal in value to (a)
no less than Seven Hundred Fifty Thousand Dollars ($750,000) and (b) no more
than One Million One Hundred Twenty Five Thousand Dollars ($1,125, 000). The 2011 AIP
Award will be issued to you no later than March 15, 2012, provided that you are in the
active employ of Willis at the time your 2011 AIP Award is distributed. Further provided
that, at Willis’ discretion, the 2011 AIP Award may be issued, in whole or in part, in the
form of (i) restricted stock units of Willis Group Holdings Public Limited Company stock or
other instruments (including, but not limited to, other forms of security instruments), any
and/or all of which may be a form of deferred

 

 

	 	 	 	compensation and/or subject to vesting schedules and/or (ii) a restricted cash payment
that is subject to a vesting schedule and/or repayment obligation under such
circumstances, and pursuant to such terms and conditions, as Willis may specify, which
will in no event be less favorable in terms of mix of pay and terms and conditions than
those applicable to similarly situated executives, and will reflect any more favorable
terms of this offer letter. Each of the foregoing forms of compensation will be subject
to such other terms and conditions as Willis specifies, in accordance with Willis’ usual
compensation practices and procedures applicable to similarly situated executives (as
may be modified from time to time).
	 
	 	C.	 	AIP Award Years 2012 and beyond: For calendar years 2012 and beyond, you will
participate in the AIP pursuant to the terms and conditions of the AIP as described and
contemplated in paragraph 2.A. above, with the actual amount of any AIP Award awarded to
you resting in the discretion of Willis1.

	3.	 	Sign On Equity Award: Subject to the approval of the Company’s Compensation
Committee, on the first trading day in that month which immediately follows the Compensation
Committee’s next meeting following your date of hire (the “Grant Date”), you will be granted
an equity award of 75,000 time vested restricted stock units (the “Sign On Equity Award”).
Provided you are employed by Willis on each of the anniversary dates set forth below, the Sign
On Equity Award will vest as follows:

	 	•	 	33% on the 1st anniversary of the Grant Date;
	 
	 	•	 	33% on the 2nd anniversary of the Grant Date;
	 
	 	•	 	34% on the 3rd anniversary of the Grant Date.

	 	 	Additional materials describing terms and conditions of the Sign On Equity Award will be
provided to you under separate cover following the Grant Date — such materials will include (i)
acceptance forms which you will need to execute to accept the Sign On Equity Award and (ii) a
restrictive covenant agreement in such form as the Company typically requires in connection with
such equity awards and such additional materials will provide that in the event of the
termination of your employment by Willis without Cause (as defined below), all unvested Sign On
Equity Awards will immediately become fully vested. If you do not sign and return the
acceptance forms within the prescribed time limit, Willis and/or the Company may, in their
respective discretion, cancel the Sign On Equity Award. Further, you cannot sell or otherwise
dispose of the Sign On Equity Award for a period ending three (3) years from the Sign On Equity
grant date without the prior consent of Willis and/or the Company. Notwithstanding the
foregoing, you may sell or otherwise dispose of shares of Company stock acquired as a result of
the vesting of Sign On Equity Awards in order to meet withholding obligations arising from the
vesting of such awards, subject to prior written approval by the Company.
	 
	4.	 	Performance Equity Grant: Subject to the approval of the Company’s Compensation
Committee, you will be entitled to receive 50,000 performance-based restricted stock units
that will be earned subject to the achievement of performance targets established by

 

			
	1	 	Nothing in this letter agreement shall be
understood to imply or specify employment for any particular period of time.
Employment shall be on an at-will basis, which means that either you or Willis
may terminate the employment relationship at any time.

 

 

	 	 	the Compensation Committee for the year 2011 (the “Performance-Based RSUs”). The actual
performance targets (which shall be consistent with performance targets established for other
executive officers), the grant date of the Performance-Based RSUs and the determination of
whether such targets have been achieved, will be made by the Company’s Compensation Committee in
accordance with its customary practices and procedures followed with respect to
performance-based awards for the Company’s executive officers. Provided you are employed by
Willis on each of the anniversary dates set forth below and subject to the applicable
performance targets being achieved, the Performance-Based RSUs will vest as follows:

	 	•	 	33% on the 1st anniversary of the grant date;
	 
	 	•	 	33% on the 2nd anniversary of the grant date;
	 
	 	•	 	34% on the 3rd anniversary of the grant date.

	 	 	Additional materials describing terms and conditions of the Performance-Based RSUs will be
provided to you under separate cover following the grant of the Performance-Based RSUs— such
materials will include (i) acceptance forms which you will need to execute to accept the
Performance-Based RSUs and (ii) a restrictive covenant agreement in such form as the Company
requires in connection with such equity awards. If you do not sign and return the acceptance
forms within the prescribed time limit, Willis and/or the Company may, in their respective
discretion, cancel the Performance-Based RSUs. Further, you cannot sell or otherwise dispose of
the Performance-Based RSUs for a period ending three (3) years from the vesting date of the
first tranche of the Performance-Based RSUs without the prior consent of Willis and/or the
Company. Notwithstanding the foregoing, you may sell or otherwise dispose of shares of Company
stock acquired as a result of the vesting of Performance-Based RSUs in order to meet withholding
obligations arising from the vesting of such awards, subject to prior written approval by the
Company.
	 
	5.	 	General Benefits: You will be allowed to participate in those employee benefit
programs which are generally made available by Willis to its associates, in accordance with
and subject to the normal terms and conditions of those programs. A summary of Willis’
employee benefit programs will be provided for your review.
	 
	6.	 	Vacation: You will be allowed to accrue (in accordance with and subject to Willis’
vacation accrual policy) five (5) weeks of vacation per year, until such time as Willis’
policy allows you to accrue more than that number of weeks’ vacation per year.
	 
	7.	 	Prior Restrictive Agreements; Hold Harmless:
	 
	 	 	To the extent that you may have entered into an agreement with any prior employer that purports
to place (or seeks to place) restrictions on your professional and business activities following
your separation of employment from such prior employer (any such prior agreement, if any, being
referred to below as a “Prior Restrictive Agreement”), you hereby represent and warrant that you
have disclosed any and all such Prior Restrictive Agreements to Willis.
	 
	 	 	You agree and understand that if, in connection with any claimed violation of the terms of a
Prior Restrictive Agreement, you incur liability or forfeit compensation or benefits that would
otherwise have been paid or provided by a prior employer, neither Willis nor any of it affiliates

 

 

	 	 	(nor any of their officers, directors, employees, attorneys, partners and agents) will have any
obligation to make you whole or defend or indemnify you in connection with any such liability or
forfeiture and you agree to hold harmless Willis and its affiliates for and from any losses or
costs of any type that you may suffer and/or incur in connection with any claimed violation of
the terms of a Prior Restrictive Agreement.
	 
	8.	 	Termination without Cause: If your employment is terminated by Willis without
“Cause” (as defined below), you may be eligible, as determined in Willis’ sole discretion, to
receive severance pay equivalent to twelve (12) months’ base salary (less applicable
withholdings) to be paid over twelve (12) months, in semi-monthly installments, and the cost
of COBRA Medical coverage premiums for the same period. To the extent Willis agrees to
provide you with this severance pay, you will be required to sign a Severance Agreement and
Release and contained within that Severance Agreement and Release, among other terms and
conditions, will be a twelve (12) month restriction prohibiting you from soliciting,
accepting, or performing insurance brokerage services, insurance agency, risk management for
an insurance brokerage business, claims administration for an insurance brokerage business,
consulting services for an insurance brokerage business performed by Willis from or with
respect to certain clients and prospective clients of Willis and/or the Company.
Notwithstanding anything to the contrary contained herein or in any other agreement between
you and Willis and/or the Company, including without limitation any covenants contained in or
entered into in connection with receipt of any equity or other incentive award or severance
arrangement, in no event shall the restrictions contained herein or in any such other
agreement restrict or limit your ability to provide services in any capacity in the insurance
services industry, including without limitation the insurance and/or reinsurance underwriting
businesses, other than the brokerage business and for all purposes the term “competitor” (or
any similar term or concept) shall be limited to the insurance brokerage businesses (as
described above) performed by Willis and/or the Company. If Willis determines not to provide
you with the severance pay, you will not be subject to any restrictive covenants, other than
your obligations with respect to confidential information.
	 
	 	 	Provided that Willis agrees to provide you with this severance pay, all other compensation and
other benefits shall cease following such employment termination (except for any accrued salary
due with respect to service provided prior to employment termination and except for any vested
equity awards, including, without limitation, equity awards that vest upon your termination of
employment, and accrued and vested incentive awards, if any, or other vested benefits, if any,
payable in the future). If you ever become eligible to receive any severance payments described
in this offer letter, you agree that (i) such severance payments will be subject to
discontinuance at the Company’s and/or Willis’ discretion if you should violate the terms of
any surviving restrictive covenants as set forth in the Severance Agreement and Release and
(ii) your acceptance of any such payments shall constitute your knowing and voluntary waiver of
any right or claim to receive severance benefits from Willis (or any of its affiliates)
pursuant to any severance benefit plan (if any) that Willis (or any of its affiliates) may, at
the time of your employment termination, maintain.
	 
	 	 	“Cause” for purposes of employment termination by Willis is defined as (i) your gross and/or
chronic neglect of your duties, (ii) your conviction of a felony or misdemeanor involving moral
turpitude, (iii) material willful dishonesty, embezzlement, fraud or other material willful
misconduct by you in connection with your employment, (iv) the issuance of any final order for

 

 

	 	 	your removal as an associate of Willis by any state or federal regulatory agency, (v) your
violation of the restrictive covenant provisions contained in your Employment Agreement with
Willis or other agreement with the Company and/or Willis, (vi) your material breach of any
material duty owed to the Company and/or Willis, including, without limitation, the duty of
loyalty, (vii) your material breach of any of your other material obligations under your
Employment Agreement with Willis or other agreement with the Company and/or Willis, (viii) any
material breach of the Company’s/Willis’ Code of Ethics by you, (ix) your failure to achieve
reasonable performance goals as specified by Willis or the Company, or (x) your failure to
maintain any insurance or other license necessary to the performance of the duties of your
position. Cause will not exist unless Willis first provides you with written notice of such
alleged Cause, including specifying with particularity the conduct that is the basis for such
alleged Cause, and will have provided you a period of no less than 30 days in which to cure such
Cause, if curable. Cause will not include an immaterial, isolated instance of ordinary
negligence or failure to act, whether due to an error in judgment or otherwise, if you have
exercised substantial efforts in good faith to perform the duties reasonably assigned or
appropriate to your position. You will not be entitled to severance pay of any type from Willis
following employment termination for Cause.

It is Willis’ strict policy that no associate bring or use any confidential materials, proprietary
materials or property (including, but not limited to, files, computer diskettes or other
documentation or property) belonging to that person’s prior employer(s). By signing below, you
acknowledge that you understand this policy and will comply with it.

Willis has assembled some of the best professionals in the insurance brokerage industry. We are
convinced that your experience and expertise will help us maintain and enhance our reputation. We
look forward to having you join the Willis team!

Sincerely,

/s/ Joseph Plumeri

Joseph Plumeri

Chairman and Chief Executive Officer

 

 

I, Martin J. Sullivan, hereby agree to accept employment with Willis North America Inc., as set
forth above, and sign below with intent to be bound by the terms and conditions set forth above:

	 	 	 	 	 

	 

	 	/s/ Martin J. Sullivan
 

	 	 
	 

	 	SIGNATURE	 	 
	 
	 	 	 	 
	 

	 	Date: September 1, 2010

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