Document:

Exhibit 10.1

 Exhibit 10.1 
 TREX COMPANY, INC. 
 2005 STOCK INCENTIVE PLAN 

 TABLE OF CONTENTS 
  

			
	  	  	Page
	 1.      PURPOSE
	  	1
	 2.      DEFINITIONS
	  	1
	 3.      ADMINISTRATION OF THE PLAN
	  	3
	 3.1.       Board
	  	3
	 3.2.       Committee
	  	3
	 3.3.       Grants
	  	3
	 3.4.       No Liability
	  	4
	 3.5.       Applicability of Rule 16b-3
	  	4
	 3.6.       Termination of Employment or Other Relationship
	  	4
	 4.      STOCK SUBJECT TO THE PLAN
	  	4
	 4.1.       Aggregate Limitation
	  	4
	 4.2.       Application of Aggregate Limitation
	  	5
	 4.3.       Per-Grantee Limitation
	  	5
	 5.      EFFECTIVE DATE AND TERM OF THE PLAN
	  	6
	 5.1.       Effective Date
	  	6
	 5.2.       Term
	  	6
	 6.      PERMISSIBLE GRANTEES
	  	6
	 6.1.       Employees and Service Providers
	  	6
	 6.2.       Multiple Grants
	  	6
	 6.3.       LIMITATIONS ON GRANTS OF INCENTIVE STOCK OPTIONS
	  	6
	 7.      AWARD AGREEMENT
	  	6
	 8.      OPTIONS
	  	7
	 8.1.       Option Price
	  	7
	 8.2.       Vesting
	  	7
	 8.3.       Option Term
	  	7
	 8.4.       Termination of Employment or Other Relationship for a Reason Other than Retirement,
Death or Disability
	  	7
	 8.5.       Rights in the Event of Death
	  	8
	 8.6.       Rights in the Event of Disability
	  	8
	 8.7.       Rights in the Event of Retirement
	  	8
	 8.8.       Limitations on Exercise of Option
	  	8
	 8.9.       Method of Exercise
	  	8
	 8.10.     Rights as a Stockholder; Dividend Equivalents
	  	9
	 8.11.     Delivery of Stock Certificates
	  	9
	 9.      STOCK APPRECIATION RIGHTS
	  	9
	 9.1.       SAR Price
	  	9
	 9.2.       Vesting, and Terms and Conditions Governing SARs
	  	9
	 9.3.       SAR Term
	  	9
	 9.4.       Termination of Employment or Other Relationship for a Reason Other than Retirement,
Death or Disability
	  	9
	 9.5.       Rights in the Event of Death
	  	10
	 9.6.       Rights in the Event of Disability
	  	10
	 9.7.       Rights in the Event of Retirement
	  	10
	 9.8.       Limitations on Exercise of SAR
	  	10
	 10.    TRANSFERABILITY OF OPTIONS AND SARS
	  	10
	 10.1.     General Rule
	  	10
	 10.2.     Family Transfers
	  	10

  

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	 11.    RESTRICTED STOCK
	  	11
	 11.1.     Grant of Restricted Stock or Restricted Stock Units
	  	11
	 11.2.     Restrictions
	  	11
	 11.3.     Restricted Stock Certificates
	  	11
	 11.4.     Rights of Holders of Restricted Stock
	  	12
	 11.5.     Rights of Holders of Restricted Stock Units
	  	12
	 11.6.     Termination of Employment or Other Relationship for a Reason Other than Death,
Disability or Retirement
	  	12
	 11.7.     Rights in the Event of Death
	  	12
	 11.8.     Rights in the Event of Disability
	  	12
	 11.9.     Rights in the Event of Retirement
	  	13
	 11.10.  Delivery of Shares and Payment Therefor
	  	13
	 12.    UNRESTRICTED STOCK
	  	13
	 13.    PARACHUTE LIMITATIONS
	  	13
	 14.    REQUIREMENTS OF LAW
	  	13
	 14.1.     General
	  	13
	 14.2.     Rule 16b-3
	  	14
	 15.    AMENDMENT AND TERMINATION OF THE PLAN
	  	14
	 16.    EFFECT OF CHANGES IN CAPITALIZATION
	  	14
	 16.1.     Changes in Stock
	  	14
	 16.2.     Reorganization, Sale of Assets or Sale of Stock
	  	15
	 16.3.     Adjustments
	  	16
	 16.4.     No Limitations on Company
	  	16
	 17.    DISCLAIMER OF RIGHTS
	  	16
	 18.    NONEXCLUSIVITY OF THE PLAN
	  	16
	 19.    WITHHOLDING TAXES
	  	16
	 20.    CAPTIONS
	  	17
	 21.    OTHER PROVISIONS
	  	17
	 22.    NUMBER AND GENDER
	  	17
	 23.    SEVERABILITY
	  	17
	 24.    GOVERNING LAW
	  	17
	 25.    SECTION 409A
	  	17

  

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 TREX COMPANY, INC. 2005 STOCK INCENTIVE PLAN 
 Trex Company, Inc., a Delaware corporation (the “Company”), sets forth herein the terms of the Trex Company, Inc. 2005 Stock Incentive Plan
(the “Plan”), formerly known as the Trex Company, Inc. Amended and Restated 1999 Stock Option and Incentive Plan, as follows: 
  

	1.	PURPOSE 

 The Plan is intended to enhance the
Company’s ability to attract and retain highly qualified officers, key employees, outside directors and other persons, and to motivate such officers, key employees, outside directors and other persons to serve the Company and its affiliates (as
defined herein) and to expend maximum effort to improve the business results and earnings of the Company, by providing to such officers, key employees, outside directors and other persons an opportunity to acquire or increase a direct proprietary
interest in the operations and future success of the Company. To this end, the Plan provides for the grant of stock options, restricted stock, restricted stock units, unrestricted stock and stock appreciation rights in accordance with the terms
hereof. Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as provided herein, except that stock options granted to outside directors and all Service Providers shall in all cases be non-qualified
stock options. 
  

	2.	DEFINITIONS 

 For purposes of interpreting the Plan
and related documents (including Award Agreements), the following definitions shall apply: 
  

	2.1.	“Affiliate” of, or person “affiliated” with, a person means any company or other trade or business that controls, is controlled by or is under common control
with such person within the meaning of Rule 405 of Regulation C under the Securities Act. 

  

	2.2.	“Amendment and Restatement Date” means the date on which the Plan, as herein amended and restated and adopted by the Board on March 8, 2005, is approved by the
Company’s stockholders. 

  

	2.3.	“Award Agreement” means the stock option agreement, restricted stock agreement, restricted stock unit agreement, stock appreciation right agreement or other written
agreement between the Company and a Grantee that evidences and sets out the terms and conditions of a Grant. 

  

	2.4.	“Board” means the Board of Directors of the Company. 

  

	2.5.	“Code” means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. 

  

	2.6.	“Committee” means a committee of, and designated from time to time by resolution of, the Board, which shall consist of no fewer than two members of the Board, none of whom
shall be an officer or other salaried employee of the Company or any affiliate of the Company. 

  

	2.7.	“Company” means Trex Company, Inc., a Delaware corporation. 

  

	2.8.	“Effective Date” means the date designated by the Board in its resolution adopting the Plan. 

  

	2.9.	“Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended. 

  

	2.10.	 “Fair Market Value” means the closing price of a share of Stock reported on the New York Stock Exchange (“NYSE”) on the date Fair Market Value
is being determined, provided that if there should be no closing price reported on such date, the Fair Market Value of a share of Stock on such date shall be deemed equal to the closing price as reported by the NYSE for the last preceding date on
which sales of shares were reported. Notwithstanding the foregoing, in the event that the shares of Stock are listed upon more than one established stock exchange, Fair Market Value means the closing price of a share of Stock reported on the
exchange that trades the largest volume of shares on such date. If the Stock is not at the 

  

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time listed or admitted to trading on a stock exchange, Fair Market Value means the mean between the lowest reported bid price and highest reported asked
price of the Stock on the date in question in the over-the-counter market, as such prices are reported in a publication of general circulation selected by the Board and regularly reporting the market price of Stock in such market. If the Stock is
not listed or admitted to trading on any stock exchange or traded in the over-the-counter market, Fair Market Value shall be as determined in good faith by the Board. 

  

	2.11.	“Grant” means an award of an Option, Restricted Stock, Restricted Stock Unit, Unrestricted Stock, or Stock Appreciation Right under the Plan. 

  

	2.12.	“Grant Date” means, as determined by the Board or authorized Committee, (i) the date as of which the Board or such Committee approves a Grant or (ii) such other
date as may be specified by the Board or such Committee. 

  

	2.13.	“Grantee” means a person who receives or holds an Option, Restricted Stock, Restricted Stock Unit, Stock Appreciation Right or Unrestricted Stock under the Plan.

  

	2.14.	“Immediate Family Members” means the spouse, children, grandchildren, parents and siblings of the Grantee. 

  

	2.15.	“Incentive Stock Option” means an “incentive stock option” within the meaning of Section 422 of the Code. 

  

	2.16.	“Option” means an option to purchase one or more shares of Stock pursuant to the Plan. 

  

	2.17.	“Option Price” means the purchase price for each share of Stock subject to an Option. 

  

	2.18.	“Outside Director” means a member of the Board who is not an officer or employee of the Company or any Subsidiary. 

  

	2.19.	“Plan” means this Trex Company, Inc. 2005 Stock Incentive Plan (formerly known as the Trex Company, Inc. Amended and Restated 1999 Stock Option and Incentive Plan), as
amended from time to time. 

  

	2.20.	“Reporting Person” means a person who is required to file reports under Section 16(a) of the Exchange Act. 

  

	2.21.	“Restricted Period” means the period during which Restricted Stock or Restricted Stock Units are subject to restrictions or conditions pursuant to Section 11.2
hereof. 

  

	2.22.	“Restricted Stock” means shares of Stock, awarded to a Grantee pursuant to Section 11 hereof, that are subject to restrictions and to a risk of forfeiture.

  

	2.23.	“Restricted Stock Unit” means a unit awarded to a Grantee pursuant to Section 11 hereof, which represents a conditional right to receive a share of Stock in
the future, and which is subject to restrictions and to a risk of forfeiture. 

  

	2.24.	“Retirement” means termination of employment with the Company and its Subsidiaries on or after age 65. 

  

	2.25.	“Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended. 

  

	2.26.	“Service Provider” means a consultant or adviser to the Company, a manager of the Company’s properties or affairs, or other similar service provider or Affiliate of
the Company, and employees of any of the foregoing, as such persons may be designated from time to time by the Board pursuant to Section 6 hereof. 

  

	2.27.	“Stock” means the common stock, par value $0.01 per share, of the Company. 

  

	2.28.	“Stock Appreciation Right” or “SAR” means a right granted to a Grantee pursuant to Section 9 hereof. 

  

	2.29.	“Subsidiary” means any “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code. 

  

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	2.30.	“Termination Date” means the date upon which an Option shall terminate or expire, as set forth in Section 8.3 hereof. 

  

	2.31.	“Unrestricted Stock” means an award of Stock granted to a Grantee pursuant to Section 12 hereof. 

  

	3.	ADMINISTRATION OF THE PLAN 

  

	 	3.1.	Board 

 The Board shall have such powers and
authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation, bylaws and applicable law. The Board shall have full power and authority to take all actions and to make all determinations
required or provided for under the Plan, any Grant or any Award Agreement, and shall have full power and authority to take all such other actions and make all such other determinations not inconsistent with the specific terms and provisions of the
Plan that the Board deems to be necessary or appropriate to the administration of the Plan, any Grant or any Award Agreement. All such actions and determinations shall be by the affirmative vote of a majority of the members of the Board present at a
meeting or by unanimous consent of the Board executed in writing in accordance with the Company’s certificate of incorporation, bylaws and applicable law. The interpretation and construction by the Board of any provision of the Plan, any Grant
or any Award Agreement shall be final and conclusive. As permitted by law, the Board may delegate its authority under the Plan to a member of the Board or an executive officer of the Company; provided, however, that, unless otherwise provided by
resolution of the Board, only the Board or the Committee may make a Grant to an executive officer of the Company and establish the number of shares of Stock that may be subject to Grants with respect to any fiscal period. 
  

	 	3.2.	Committee. 

 The Board from time to time may
delegate to a Committee such powers and authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 hereof and in other applicable provisions of the Plan, as the Board shall determine, consistent
with the Company’s certificate of incorporation, bylaws and applicable law. In the event that the Plan, any Grant or any Award Agreement provides for any action to be taken or determination to be made by the Board, such action may be taken by
or such determination may be made by the Committee if the power and authority to do so has been delegated to the Committee by the Board as provided for in this Section 3.2. Unless otherwise expressly determined by the Board, any such
action or determination by the Committee shall be final, binding and conclusive. As permitted by law, the Committee may delegate the authority delegated to it under the Plan to a member of the Board of Directors or an executive officer of the
Company; provided, however, that, unless otherwise provided by the Board, only the Board or the Committee may make a Grant to a Reporting Person of the Company and establish the number of shares of Stock that may be subject to Grants during any
fiscal period. 
  

	 	3.3.	Grants. 

 Subject to the other terms and conditions
of the Plan, the Board shall have full and final authority (i) to designate Grantees, (ii) to determine the types of Grants to be made to a Grantee, (iii) to determine the number of shares of Stock to be subject to a Grant,
(iv) to establish the terms and conditions of each Grant, including, but not limited to, the Option Price of any Option, the nature and duration of any restriction or condition (or provision for lapse thereof, including lapse relating to a
change in control of the Company) relating to the vesting, exercise, transfer or forfeiture of a Grant or the shares of Stock subject thereto, and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options,
(v) to prescribe the form of each Award Agreement evidencing a Grant, and (vi) to make Grants alone, in addition to, in tandem with, or in substitution or exchange for any other Grant or any other award granted under another plan of the
Company or a Subsidiary. Such authority specifically includes the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to modify Grants to eligible individuals who are foreign nationals or are individuals who are
employed outside the United States to recognize differences in local law, tax policy or custom. As a 

  

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condition to any subsequent Grant, the Board shall have the right, at its discretion, to require Grantees to return to the Company any Grants previously
awarded under the Plan. Subject to the terms and conditions of the Plan, any such subsequent Grant shall be upon such terms and conditions as are specified by the Board at the time the subsequent Grant is made. 
 The Company may retain the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee on account of actions taken by the Grantee
in violation or breach of or in conflict with any non-competition agreement, any agreement prohibiting solicitation of employees or clients of the Company or any affiliate thereof or any confidentiality obligation with respect to the Company or any
affiliate thereof or otherwise in competition with the Company, to the extent specified in such Award Agreement applicable to the Grantee. Furthermore, the Company may annul a Grant if the Grantee is an employee of the Company or an affiliate
thereof and is terminated “for cause” as defined in the applicable Award Agreement. The Board may permit or require the deferral of any award payment, subject to such rules and procedures as it may establish, which may include provisions
for the payment or crediting of interest or dividend equivalents, including converting such credits into deferred Stock equivalents. 
 Without the approval of the stockholders of the Company, no amendment or modification may be made to an outstanding Option or SAR which reduces the Option Price or SAR grant price, either by lowering the Option Price or SAR grant price or
by canceling the outstanding Option or SAR and granting a replacement Option or SAR with a lower Option Price or SAR grant price, as the case may be, provided, that, appropriate adjustments may be made to outstanding Options and SARs pursuant to
Section 16 hereof. 
  

	 	3.4.	No Liability. 

 No member of the Board or of the
Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Grant or Award Agreement. 
  

	 	3.5.	Applicability of Rule 16b-3. 

 Those provisions of
the Plan that make express reference to Rule 16b-3 under the Exchange Act shall apply only to Reporting Persons. 
  

	 	3.6.	Termination of Employment or Other Relationship. 

 (i) Whether a termination of a Grantee’s employment or other relationship with the Company and its Subsidiaries shall have occurred and whether such termination is by reason of “permanent and total
disability” (within the meaning of Section 22(c)(3) of the Code) shall be determined by the Board, whose determination shall be final and conclusive. 
 (ii) Whether a leave of absence or leave on military or government service shall constitute a termination of employment or other
relationship for purposes of the Plan shall be determined by the Board, whose determination shall be final and conclusive. 
 (iii) For purposes of the Plan, a termination of employment or other relationship shall not be deemed to occur if the Grantee is immediately thereafter employed with the Company, a Subsidiary or a Service Provider, or is engaged as a
Service Provider or an Outside Director. 
  

	4.	STOCK SUBJECT TO THE PLAN 

  

	 	4.1.	Aggregate Limitation. 

 (i) Subject
to adjustment as provided in Section 16 hereof, the aggregate number of shares of Stock available for issuance under the Plan pursuant to Options or other Grants shall be three million one hundred and fifty thousand
(3,150,000) Shares. Shares may be authorized but unissued shares, treasury shares or issued and outstanding shares that are purchased in the open market. 
  

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 (ii) Any shares of Stock granted under the Plan which are forfeited to the Company
because of the failure to meet an award contingency or condition shall again be available for issuance pursuant to new awards granted under the Plan. Any shares of Stock covered by an award (or portion of an award) granted under the Plan which is
forfeited or canceled, expires or is settled in cash shall be deemed not to have been issued for purposes of determining the maximum number of shares of Stock available for issuance under the Plan. 
 (iii) If any Option is exercised by tendering shares of Stock, by withholding shares of Stock subject to the Option being exercised, by
tendering or withholding shares of Stock, either actually or by attestation, to the Company as full or partial payment in connection with the exercise of an Option or a stock option under any prior plan of the Company as hereinabove described, only
the number of shares of Stock issued net of the shares of Stock tendered or withheld shall be deemed issued for purposes of determining the maximum number of shares of Stock available for issuance under the Plan. In the case of a SAR, only the
actual number of shares of Stock issued upon exercise of the SAR shall be deemed issued for purposes of determining the maximum number of shares of Stock available for issuance under the Plan. Shares of Stock issued under the Plan through the
settlement, assumption or substitution of outstanding awards or obligations to grant future awards resulting from the acquisition of another entity shall not reduce the maximum number of shares available for issuance under the Plan. 
 (iv) The number of shares of Stock reserved under this Section 4 shall be increased by the number of any shares of Stock that
are repurchased by the Company with Option Proceeds (as defined herein) in respect of the exercise of an Option; provided, however, that the number of shares of Stock contributed to the number of shares of Stock reserved under this
Section 4 in respect of the use of Option Proceeds for repurchase shall not be greater than the number obtained by dividing the amount of such Option Proceeds by the Fair Market Value on the date of exercise of the applicable Option.
“Option Proceeds” means, with respect to an Option, the sum of (x) the Option Price paid in cash, if any, to purchase shares of Stock under such Option, plus (y) the value of all federal, state and local tax deductions to which
the Company is entitled with respect to the exercise of such Option, determined using the highest Federal tax rate applicable to corporations and a blended tax rate for state and local taxes based on the jurisdictions in which the Company does
business and giving effect to the deduction of state and local taxes for Federal tax purposes. 
 (v) The number of shares of
Stock available for grant as incentive stock options shall not exceed three million one hundred and fifty thousand (3,150,000), subject to adjustment as provided in Section 16 hereof, and shall not be increased by reason of the
application of subsection (iii) or (iv) of this Section 4.1. 
  

	 	4.2.	Application of Aggregate Limitation. 

 The Board may
adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of shares of Stock actually delivered differs from the number
of shares of Stock previously counted in connection with a Grant. 
  

	 	4.3.	Per-Grantee Limitation. 

 During any time when the
Company has a class of equity security registered under Section 12 of the Exchange Act: 
 (i) no person eligible for a
Grant under Section 6 hereof may be awarded Options and SARs under the Plan exercisable for greater than one hundred and fifty thousand (150,000) shares of Stock in any single calendar year, except that in the case of a newly hired
employee, such limit shall be three hundred thousand (300,000) shares of Stock (in each case, subject to adjustment as provided in Section 16 hereof); and 
  

 5 

 (ii) the maximum number of shares of Restricted Stock or Unrestricted Stock that are
earned based on achievement of performance objectives that may be awarded under the Plan (including for this purpose any shares of Stock represented by Restricted Stock Units) to any person eligible for a Grant under Section 11 hereof is
seventy five thousand (75,000) shares of Stock in any single calendar year, except that in the case of a newly hired employee, such limit shall be one hundred and fifty thousand (150,000) shares of Stock (in each case, subject to
adjustment as provided in Section 16 hereof). 
  

	5.	EFFECTIVE DATE AND TERM OF THE PLAN 

  

	 	5.1.	Effective Date. 

 The Plan prior to its amendment
and restatement herein was originally effective as of the Effective Date. The Plan as herein amended and restated was approved by the Board on March 8, 2005 and shall be effective as of date the Plan is approved by the Company’s
stockholders. If the stockholders of the Company fail to approve the Plan as herein amended and restated within one year after the date the Plan as herein amended and restated was approved by the Board, any Awards made hereunder in excess of the
number of shares available for Awards under the Plan prior to its amendment and restatement shall be null and void and of no effect, and the applicable terms of the Plan shall be the terms in effect immediately prior to the Plan’s amendment and
restatement. The amendment and restatement of the Plan shall have no effect on Grants made under the Plan prior to the Amendment and Restatement Date. 
  

	 	5.2.	Term. 

 The Plan shall expire on the tenth
anniversary of the Amendment and Restatement Date. 
  

	6.	PERMISSIBLE GRANTEES 

  

	 	6.1.	Employees and Service Providers. 

 Subject to the
provisions of Section 6.3 hereof, Grants may be made under the Plan to any employee of the Company or any Subsidiary, including any such employee who is an officer or director of the Company, to an Outside Director, to a Service Provider
or employee of a Service Provider providing, or who has provided, services to the Company or any Subsidiary, and to any other individual whose participation in the Plan is determined by the Board to be in the best interests of the Company, as the
Board shall determine and designate from time to time. 
  

	 	6.2.	Multiple Grants. 

 An eligible person may receive
more than one Grant, subject to such restrictions as are provided herein. 
  

	 	6.3.	LIMITATIONS ON GRANTS OF INCENTIVE STOCK OPTIONS 

 An Option shall constitute an Incentive Stock Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically provided in the related Award Agreement;
and (iii) to the extent that the aggregate Fair Market Value (determined at the time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by such Grantee become exercisable for the first time
during any calendar year (under the Plan and all other plans of the Grantee’s employer and its affiliates) does not exceed $100,000. This limitation shall be applied by taking Options into account in the order in which they were granted.

  

	7.	AWARD AGREEMENT 

 Each Grant pursuant to the Plan
shall be evidenced by an Award Agreement, in such form or forms as the Board shall from time to time determine. Award Agreements issued from time to time or at the same time need 

  

 6 

 
not contain similar provisions but shall be consistent with the terms of the Plan. Each Award Agreement evidencing a Grant of Options shall specify whether
such Options are intended to be non-qualified stock options or Incentive Stock Options, and in the absence of such specification such options shall be deemed non-qualified stock options. 
  

	8.	OPTIONS 

  

	 	8.1.	Option Price. 

 The Option Price of each Option
shall be no less than the Fair Market Value of a share of Stock on the date of grant and stated in the Award Agreement evidencing such Option; provided, however, that in the event that a Grantee would otherwise be ineligible to receive an Incentive
Stock Option by reason of the provisions of Sections 422(b)(6) and 424(d) of the Code (relating to ownership of more than ten percent (10%) of the Company’s outstanding shares of Stock), the Option Price of an Option granted to such
Grantee that is intended to be an Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of a share of Stock on the Grant Date. In no case shall the Option Price of any Option be less than the par
value of a share of Stock. 
  

	 	8.2.	Vesting. 

 Subject to Sections 8.3 and
16 hereof, each Option granted under the Plan shall become exercisable at such times and under such conditions as shall be determined by the Board and stated in the Award Agreement, provided, however, that subject to earlier vesting as
otherwise provided herein, the vesting period shall be a minimum of three (3) years. For purposes of this Section 8.2, fractional numbers of shares of Stock subject to an Option shall be rounded down to the next nearest whole
number. 
  

	 	8.3.	Option Term. 

 Each Option granted under the Plan
shall terminate, and all rights to purchase shares of Stock thereunder shall cease, upon the expiration of ten years (eleven years if the Grantee shall terminate employment or other service due to death in the tenth year of the Option term) from the
date such Option is granted, or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and thereafter stated in the Award Agreement relating to such Option; provided, however, that in the
event that the Grantee would otherwise be ineligible to receive an Incentive Stock Option by reason of the provisions of Sections 422(b)(6) and 424(d) of the Code (relating to ownership of more than ten percent (10%) of the outstanding shares
of Stock), an Option granted to such Grantee that is intended to be an Incentive Stock Option shall not be exercisable after the expiration of five years from its date of grant. 
  

	 	8.4.	Termination of Employment or Other Relationship for a Reason Other than Retirement, Death or Disability. 

 Unless otherwise provided by the Board, upon the termination of a Grantee’s employment or other relationship with the Company and its Subsidiaries
other than by reason of death, “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) or Retirement, any Option or portion thereof held by such Grantee that has not vested in accordance with the
provisions of Section 8.2 hereof shall terminate immediately, and any Option or portion thereof that has vested in accordance with the provisions of Section 8.2 hereof but has not been exercised shall terminate at the close
of business on the 90th day following the Grantee’s termination of employment or other relationship (or, if such 90th day is a Saturday, Sunday or holiday, at the close of business on the next preceding day that is not a Saturday, Sunday or
holiday). Upon termination of an Option or portion thereof, the Grantee shall have no further right to purchase shares of Stock pursuant to such Option or portion thereof. 
  

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	 	8.5.	Rights in the Event of Death. 

 Unless otherwise
provided by the Board, if a Grantee dies while employed by or providing services to the Company or its Subsidiaries, all Options granted to such Grantee that have not previously terminated shall fully vest on the date of death, and the executors or
administrators or legatees or distributees of such Grantee’s estate shall have the right, at any time within five years after the date of such Grantee’s death and prior to termination of the Option pursuant to Section 8.3
hereof, to exercise any Option held by such Grantee at the date of such Grantee’s death. 
  

	 	8.6.	Rights in the Event of Disability. 

 Unless
otherwise provided by the Board, if a Grantee’s employment or other relationship with the Company or its Subsidiaries is terminated by reason of the “permanent and total disability” (within the meaning of Section 22(e)(3) of the
Code) of such Grantee, such Grantee’s Options that have not previously terminated shall fully vest, and shall be exercisable for a period of five years after such termination of employment or other relationship, subject to earlier termination
of the Option as provided in Section 8.3 hereof. 
  

	 	8.7.	Rights in the Event of Retirement. 

 Unless
otherwise provided by the Board, if a Grantee’s employment or other relationship with the Company is terminated by reason of the Grantee’s Retirement, all Options granted to such Grantee that have not previously terminated shall fully vest
on the date of Retirement, and the Grantee shall have the right, at any time within five years after the date of such Grantee’s Retirement and prior to termination of the Option pursuant to Section 8.3 hereof, to exercise any Option
held by such Grantee at the date of such Grantee’s Retirement. 
  

	 	8.8.	Limitations on Exercise of Option. 

 Notwithstanding
any other provision of the Plan, in no event may any Option be exercised, in whole or in part, prior to the date the Plan is approved by the stockholders of the Company as provided herein, or after ten years following the date upon which the Option
is granted (except as provided in Section 8.3 hereof in the case of death of the Grantee), or after the occurrence of an event referred to in Section 16 hereof which results in termination of the Option. 
  

	 	8.9.	Method of Exercise. 

 An Option that is exercisable
may be exercised by the Grantee’s delivery to the Company of written notice of exercise on any business day, at the Company’s principal office, addressed to the attention of the Board. Such notice shall specify the number of shares of
Stock with respect to which the Option is being exercised and shall be accompanied by payment in full of the Option Price of the shares of Stock for which the Option is being exercised. The minimum number of shares of Stock with respect to which an
Option may be exercised, in whole or in part, at any time shall be the lesser of (i) 100 shares or such lesser number set forth in the applicable Award Agreement and (ii) the maximum number of shares of Stock available for purchase under
the Option at the time of exercise. Payment of the Option Price for the shares of Stock purchased pursuant to the exercise of an Option shall be made (i) in cash or in cash equivalents acceptable to the Company; (ii) to the extent
permitted by law and at the Board’s discretion, through the actual or constructive tender to the Company of shares of Stock, which shares of Stock, if acquired from the Company, shall have been held for at least six months prior to such tender
if necessary to avoid negative accounting treatment (or such shorter period as the Board may approve) and which shall be valued, for purposes of determining the extent to which the Option Price has been paid thereby, at their Fair Market Value on
the date of exercise; or (iii) to the extent permitted by law and at the Board’s discretion, by a combination of the methods described in clauses (i) and (ii) or any other method permitted by law that is approved by the Board. An
attempt to exercise any Option granted hereunder other than as set forth above shall be invalid and of no force and effect. 
  

 8 

	 	8.10.	Rights as a Stockholder; Dividend Equivalents. 

 Unless otherwise stated in the applicable Award Agreement, an individual holding or exercising an Option shall have none of the rights of a stockholder (for example, the right to receive cash or dividend payments or distributions
attributable to the subject shares of Stock or to direct the voting of the subject shares of Stock) until the shares of Stock covered thereby are fully paid and issued to such individual. Except as provided in Section 16 hereof, no
adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date of such issuance. However, the Board may, on such conditions as it deems appropriate, provide that a Grantee will receive a benefit
in lieu of cash dividends that would have been payable on any or all shares of Stock subject to the Grant if such shares of Stock had been outstanding. Without limitation, the Board may provide for payment to the Grantee of amounts representing such
dividends, either currently or in the future, or for the investment of such amounts on behalf of the Grantee. 
  

	 	8.11.	Delivery of Stock Certificates. 

 Promptly after the
exercise of an Option by a Grantee and the payment in full of the Option Price, such Grantee shall be entitled to the issuance of a Stock certificate or certificates evidencing such Grantee’s ownership of the shares of Stock subject to the
Option. Notwithstanding any other provision of this Plan to the contrary, the Company may elect to satisfy any requirement under this Plan for the delivery of stock certificates through the use of book-entry. 
  

	9.	STOCK APPRECIATION RIGHTS 

  

	 	9.1.	SAR Price. 

 A SAR shall confer on the Grantee a
right to receive, upon exercise thereof, the excess of (x) the Fair Market Value of one share of Stock on the date of exercise over (y) the grant price of the SAR, as determined by the Board. The grant price of a SAR shall not be less than
the Fair Market Value of a share of Stock on the Grant Date. 
  

	 	9.2.	Vesting, and Terms and Conditions Governing SARs. 

 The Board shall determine the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including exercise based on achievement of performance objectives or future service requirements), the time
or times at which and the circumstances under which a SAR shall cease to be exercisable, the method of exercise, the method of settlement, the form of consideration payable in settlement, whether or not a SAR shall be in tandem or in combination
with any other Grant, and any other terms and conditions of any SAR provided, however, that subject to earlier vesting as otherwise provided herein, the vesting period shall be minimum of three (3) years. 
  

	 	9.3.	SAR Term 

 Each SAR granted under the Plan shall
terminate upon the expiration of ten years (eleven years if the Grantee shall terminate employment or other service due to death in the tenth year of the SAR term) from the date such SAR is granted, or under such circumstances and on such date prior
thereto as is set forth in the Plan or as may be fixed by the Board and thereafter stated in the Award Agreement relating to such SAR. 
  

	 	9.4.	Termination of Employment or Other Relationship for a Reason Other than Retirement, Death or Disability. 

 Unless otherwise provided by the Board, upon the termination of a Grantee’s employment or other relationship with the Company and its Subsidiaries
other than by reason of death, “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) or Retirement, any SAR or portion thereof held by such Grantee that has not vested shall terminate immediately, and
any SAR or portion thereof that has vested 

  

 9 

 
but has not been exercised shall terminate at the close of business on the 90th day following the Grantee’s termination of employment or other relationship (or, if such 90th day is a
Saturday, Sunday or holiday, at the close of business on the next preceding day that is not a Saturday, Sunday or holiday). 
  

	 	9.5.	Rights in the Event of Death. 

 Unless otherwise
provided by the Board, if a Grantee dies while employed by or providing services to the Company or its Subsidiaries, all SARs granted to such Grantee that have not previously terminated shall fully vest on the date of death, and the executors or
administrators or legatees or distributees of such Grantee’s estate shall have the right, at any time within five years after the date of such Grantee’s death and prior to termination of the SAR pursuant to Section 9.2 hereof,
to exercise any SAR held by such Grantee at the date of such Grantee’s death. 
  

	 	9.6.	Rights in the Event of Disability. 

 Unless
otherwise provided by the Board, if a Grantee’s employment or other relationship with the Company is terminated by reason of the “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) of such
Grantee, such Grantee’s SARs that have not previously terminated shall fully vest, and shall be exercisable for a period of five years after such termination of employment or other relationship, subject to earlier termination of the SAR as
provided in Section 9.2 hereof. Whether a termination of employment or other relationship is considered to be by reason of “permanent and total disability” for purposes of the Plan shall be determined by the Board, whose
determination shall be final and conclusive. 
  

	 	9.7.	Rights in the Event of Retirement. 

 Unless
otherwise provided by the Board, if a Grantee’s employment or other relationship with the Company or its Subsidiaries is terminated by reason of the Grantee’s Retirement, all SARs granted to such Grantee that have not previously terminated
shall fully vest on the date of Retirement, and the Grantee shall have the right, at any time within five years after the date of such Grantee’s Retirement and prior to termination of the SAR pursuant to Section 9.2 hereof, to
exercise any SAR held by such Grantee at the date of such Grantee’s Retirement. 
  

	 	9.8.	Limitations on Exercise of SAR. 

 Notwithstanding
any other provision of the Plan, in no event may any SAR be exercised, in whole or in part, prior to the date the Plan is approved by the stockholders of the Company as provided herein, or after ten years following the date upon which the SAR is
granted (except as provided in Section 9.3 hereof in the case of death of the Grantee), or after the occurrence of an event referred to in Section 16 hereof which results in termination of the SAR. 
  

	10.	TRANSFERABILITY OF OPTIONS AND SARS 

  

	 	10.1.	General Rule 

 Except as provided in
Section 10.2 hereof, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise a SAR or Option. Except as provided in
Section 10.2 hereof, no Option or SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 
  

	 	10.2.	Family Transfers. 

 To the extent permitted by the
Board and under such rules and conditions as may be imposed by the Board, a Grantee may transfer all or part of an Option that is not an Incentive Stock Option or a SAR to (i) any Immediate Family Member, (ii) a trust or trusts for the
exclusive benefit of any Immediate Family Member or 

  

 10 

 
(iii) a partnership or limited liability company in which Immediate Family Members are the only partners or members, provided that (x) there may be
no consideration for any such transfer, and (y) subsequent transfers of transferred Options or SARs or transfers of an interest in a trust, partnership, or limited liability company to which an Option or SAR has been transferred are prohibited
except those in accordance with this Section 10.2 or by will or the laws of descent and distribution. Following such transfer, any such Option or SAR shall continue to be subject to the same terms and conditions as were applicable
immediately prior to the transfer, provided that, for purposes of this Section 10.2, the term “Grantee” shall be deemed to refer to the transferee. The events of termination of employment or other relationship referred to in
Section 8.4 and Section 9.4 hereof shall continue to be applied with respect to the original Grantee, following which the Option or SAR shall be exercisable by the transferee only to the extent and for the periods specified
in Section 8.4, 8.5, 8.6 or 8.7 hereof in the case of Options and Section 9.4, 9.5, 9.6 or 9.7 hereof in the case of SARs. 
  

	11.	RESTRICTED STOCK 

  

	 	11.1.	Grant of Restricted Stock or Restricted Stock Units. 

 The Board from time to time may grant Restricted Stock or Restricted Stock Units to persons eligible to receive Grants under Section 6 hereof, subject to such restrictions, conditions and other terms as the Board may determine.

  

	 	11.2.	Restrictions. 

 At the time a Grant of Restricted Stock or Restricted Stock Units is made, the Board shall establish a period of time (the “Restricted Period”) applicable to such Restricted Stock or Restricted Stock Units.
Unless the Grant is being made in consideration of compensation due under another plan, or unless vesting is subject to performance, the Restricted Period will be a minimum of three years (subject to the accelerated vesting provisions of
Section 16 hereof). Each Grant of Restricted Stock or Restricted Stock Units may be subject to a different Restricted Period. At the time a Grant of Restricted Stock or Restricted Stock Units is made, the Board may, in its sole
discretion, prescribe restrictions in addition to or other than the expiration of the Restricted Period, including the satisfaction of corporate or individual performance objectives, which may be applicable to all or any portion of the Restricted
Stock or Restricted Stock Units. Such performance objectives shall be established in writing by the Board by not later than the 90th day of the
period of service to which such performance objectives relate and while the outcome is substantially uncertain. Performance objectives may be stated either on an absolute or relative basis and may be based on any of the following criteria: earnings
per share, total stockholder return, operating earnings, growth in assets, return on equity, return on capital, market share, stock price, net income, cash flow, sales growth (in general, by type of product and by type of customer), retained
earnings, completion of acquisitions, completion of divestitures and asset sales, cost or expense reductions, introduction or conversion of product brands, achievement of specified management information systems objectives, and any combination of
the foregoing performance objectives (e.g., cash flow return on capital), provided that the performance period may be no less than one year. Performance objectives may include positive results, maintaining the status quo or limiting economic losses.
Neither Restricted Stock nor Restricted Stock Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of any other restrictions prescribed by the Board with
respect to such Restricted Stock or Restricted Stock Units. 
  

	 	11.3.	Restricted Stock Certificates. 

 The Company shall
issue, in the name of each Grantee to whom Restricted Stock has been granted, Stock certificates representing the total number of shares of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board
may provide in an Award Agreement that either (i) the Secretary of the Company shall hold such certificates for the Grantee’s benefit until such time as the Restricted Stock is forfeited to the Company or the restrictions lapse, or
(ii) such certificates shall be delivered to the 

  

 11 

 
Grantee, provided, however, that such certificates shall bear a legend or legends complying with the applicable securities laws and regulations and making
appropriate reference to the restrictions imposed under the Plan and the Award Agreement. 
  

	 	11.4.	Rights of Holders of Restricted Stock. 

 Unless the
Board otherwise provides in an Award Agreement, holders of Restricted Stock shall have the right to vote such shares of Stock and the right to receive any dividends declared or paid with respect to such shares of Stock. The Board may provide that
any dividends paid on Restricted Stock must be reinvested in shares of Stock, which may or may not be subject to the same vesting conditions and restrictions applicable to such Restricted Stock. All distributions, if any, received by a Grantee with
respect to Restricted Stock as a result of any stock split, stock dividend, combination of shares or other similar transaction shall be subject to the restrictions applicable to the original Grant. 
  

	 	11.5.	Rights of Holders of Restricted Stock Units. 

 Unless the Board otherwise provides in an Award Agreement, holders of Restricted Stock Units shall have no rights as stockholders of the Company. The Board may provide in an Award Agreement evidencing a Grant of Restricted Stock Units that
the holder of such Restricted Stock Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding shares of Stock, a cash payment for each Restricted Stock Unit held equal to the per-share dividend paid on
the shares of Stock. Such Award Agreement may also provide that such cash payment will be deemed reinvested in additional Restricted Stock Units at a price per unit equal to the Fair Market Value of a share on the date that such dividend is paid.

  

	 	11.6.	Termination of Employment or Other Relationship for a Reason Other than Death, Disability or Retirement. 

 Unless otherwise provided by the Board, upon the termination of a Grantee’s employment or other relationship with the Company and its Subsidiaries,
in either case other than, in the case of individuals, by reason of death, “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code), or Retirement, any Restricted Stock or Restricted Stock Units held by
such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Restricted Stock or Restricted Stock Units, the Grantee shall have no
further rights with respect to such Grant, including, but not limited to, any right to vote Restricted Stock or any right to receive dividends with respect to Restricted Stock or Restricted Stock Units. 
  

	 	11.7.	Rights in the Event of Death. 

 Unless otherwise
provided by the Board, if a Grantee dies while employed by the Company or its Subsidiaries or while serving as a Service Provider, all Restricted Stock or Restricted Stock Units granted to such Grantee shall, if vesting is based solely on continued
service, fully vest on the date of death, or if vesting is based in whole or part on performance, shall be immediately forfeited to the extent not yet vested. Upon such vesting, the shares of Stock represented thereby shall be deliverable in
accordance with the terms of the Plan to the executors, administrators, legatees or distributees of the Grantee’s estate. 
  

	 	11.8.	Rights in the Event of Disability. 

 Unless
otherwise provided by the Board, if a Grantee’s employment or other relationship with the Company or its Subsidiaries or a Service Provider, or service as a Service Provider, is terminated by reason of the “permanent and total
disability” (within the meaning of Section 22(e)(3) of the Code) of such Grantee, such Grantee’s then unvested Restricted Stock or Restricted Stock Units shall, if vesting is based solely on continued service, fully vest and be paid
on the date of termination, or if vesting is based in whole or part on performance, shall be immediately forfeited to the extent not yet vested. 
  

 12 

	 	11.9.	Rights in the Event of Retirement. 

 Unless
otherwise provided by the Board, if a Grantee’s employment with the Company or its Subsidiaries is terminated by reason of Retirement, all Restricted Stock or Restricted Stock Units granted to such Grantee shall, if vesting is based solely on
continued service, fully vest and be paid on the date of termination, or if vesting is based in whole or part on performance, shall be immediately forfeited to the extent not yet vested. 
  

	 	11.10.	Delivery of Shares and Payment Therefor. 

 Upon the
expiration or termination of the Restricted Period and the satisfaction of any other conditions prescribed by the Board, the restrictions applicable to Restricted Stock or Restricted Stock Units shall lapse, and, unless otherwise provided in the
Award Agreement, upon payment by the Grantee to the Company, in cash or by check, of the greater of (i) the aggregate par value of the shares of Stock represented by such Restricted Stock or Restricted Stock Units or (ii) the purchase
price, if any, specified in the Award Agreement relating to such Restricted Stock or Restricted Stock Units, a certificate for such shares shall be delivered, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate,
as the case may be. 
  

	12.	UNRESTRICTED STOCK 

 The Board may, in its sole
discretion, grant Stock (or sell Stock at par value or such other higher purchase price determined by the Board) free of restrictions other than those required under federal or state securities laws (“Unrestricted Stock”) to persons
eligible to receive grants under Section 6 hereof. Unrestricted Stock may be granted or sold as described in the preceding sentence in respect of past services or other valid consideration in lieu of any cash compensation due to
such Grantee, or in satisfaction of a performance share award payable in Stock and earned based on the satisfaction of one or more of the performance objectives enumerated in Section 11.2 hereof with respect to Restricted Stock and
Restricted Stock Units. 
  

	13.	PARACHUTE LIMITATIONS 

 If the Grantee is a
“disqualified individual” (as defined in Section 280G(c) of the Code), any Option, Restricted Stock, Restricted Stock Unit or SAR and any other right to receive any payment or benefit under the Plan shall not vest or become
exercisable (i) to the extent that the right to vest or any other right to any payment or benefit, taking into account all other rights, payments or benefits to or for the Grantee, would cause any payment or benefit to the Grantee under the
Plan to be considered a “parachute payment” within the meaning of Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”) and (ii) if, as a result of receiving a Parachute Payment, the aggregate
after-tax amounts received by the Grantee from the Company under any Award Agreements, the Plan, and all other rights, payments or benefits to or for the Grantee would be less than the maximum after-tax amount that could be received by the Grantee
without causing the payment or benefit to be considered a Parachute Payment. In the event that, but for the provisions of this Section 13, the Grantee would be considered to have received a Parachute Payment under any Award Agreements
that would have the effect of decreasing the after-tax amount received by the Grantee as described in clause (ii) of the preceding sentence, then the Grantee shall have the right, in the Grantee’s sole discretion, to designate any rights,
payments or benefits under any Award Agreements, the Plan, any other agreements and any benefit arrangements to be reduced or eliminated so as to avoid having the payment or benefit to the Grantee under any Award Agreements be deemed to be a
Parachute Payment. The Award Agreement, or any agreement entered into by the Grantee with the Company before or after the date of grant, may provide for different treatment of Grants than is set forth in this Section 13 in the event that
the Grantee is a disqualified individual. 
  

	14.	REQUIREMENTS OF LAW 

  

	 	14.1.	General. 

 The Company shall not be required to sell
or issue any shares of Stock under any Grant if the sale or issuance of such shares of Stock would constitute a violation by the Grantee, any other person exercising a right 

  

 13 

 
emanating from such Grant, or the Company of any provision of any law or regulation of any governmental authority, including, without limitation, any federal
or state securities laws or regulations. If at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any shares of Stock subject to a Grant upon any securities exchange or under any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the issuance or purchase of shares of Stock hereunder, no shares of Stock may be issued or sold to the Grantee or any other person exercising a right emanating from
such Grant unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the date of termination
of the Grant. Without limiting the generality of the foregoing, upon the exercise of any Option or any SAR that may be settled in shares of Stock or the delivery of any Restricted Stock or shares of Stock underlying Restricted Stock Units, unless a
registration statement under the Securities Act is in effect with respect to the shares of Stock covered by such Grant, the Company shall not be required to sell or issue such shares of Stock unless the Board has received evidence satisfactory to it
that the Grantee or any other person exercising a right emanating from such Grant may acquire such shares of Stock pursuant to an exemption from registration under the Securities Act. Any such determination by the Board shall be final, binding and
conclusive. The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated to take any affirmative action in order to cause the exercise of an Option
or a SAR or the issuance of shares of Stock pursuant to the Plan to comply with any law or regulation of any governmental authority. As to any jurisdiction that expressly imposes the requirement that an Option (or SAR that may be settled in shares
of Stock) shall not be exercisable until the shares of Stock covered by such Option (or SAR) are registered or are exempt from registration, the exercise of such Option (or SAR) under circumstances in which the laws of such jurisdiction apply shall
be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 
  

	 	14.2.	Rule 16b-3. 

 During any time when the Company has a
class of equity security registered under Section 12 of the Exchange Act, it is the intent of the Company that Grants pursuant to the Plan and the exercise of Options and SARs granted hereunder will qualify for the exemption provided by Rule
16b-3 under the Exchange Act. To the extent that any provision of the Plan or action by the Board does not comply with the requirements of Rule 16b-3, such provision or action shall be deemed inoperative to the extent permitted by law and deemed
advisable by the Board, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary to satisfy the requirements of, or to take
advantage of any features of, the revised exemption or its replacement. 
  

	15.	AMENDMENT AND TERMINATION OF THE PLAN 

 The Board
may, at any time and from time to time, amend, suspend or terminate the Plan as to any shares of Stock as to which Grants have not been made; provided, that, any amendment that materially increases the benefits available under the Plan or which is
required to be submitted for stockholder approval by applicable law, rule or regulation (including, without limitation, rules of the NYSE) shall be adopted subject to stockholder approval. Except as permitted under this Section 15 or
Section 16 hereof, no amendment, suspension or termination of the Plan shall, without the consent of the Grantee, alter or impair rights or obligations under any Grant theretofore awarded under the Plan. 
  

	16.	EFFECT OF CHANGES IN CAPITALIZATION 

  

	 	16.1.	Changes in Stock. 

 Subject to
Section 16.2 hereof, in the event of any merger, reorganization, consolidation, recapitalization, separation, liquidation, stock dividend, spin-off, split-up, share combination or other change in the corporate structure of the Company
affecting the shares of Stock, (a) such adjustment shall be made in the number and class of shares which may be delivered under Section 4 hereof and the Grant limits under Section 4 hereof, and in the 

  

 14 

 
number and class of or price of shares subject to outstanding Grants as may be determined to be appropriate and equitable by the Board, in its sole
discretion, to prevent dilution or enlargement of existing rights; and (b) the Board or, if another legal entity assumes the obligations of the Company hereunder, the board of directors, compensation committee or similar body of such other
legal entity shall either (i) make appropriate provision for the protection of outstanding Grants by the substitution on an equitable basis of appropriate equity interests or awards similar to the Grants, provided that the substitution neither
enlarges nor diminishes the value and rights under the Grants, or (ii) upon written notice to the Grantees, provide that Grants shall be exercised distributed, canceled or exchanged for value pursuant to such terms and conditions (including the
waiver of any existing terms or conditions) as shall be specified in the notice. Any adjustment of an Incentive Stock Option under this Section 16.1 shall be made in such a manner so as not to constitute a “modification” within
the meaning of Section 424(h)(3) of the Code. The conversion of any convertible securities of the Company shall not be treated as a change in the corporate structure of the Company affecting the shares of Stock. Subject to any contrary language
in an Award Agreement evidencing a Grant of Restricted Stock, any restrictions applicable to such Restricted Stock shall apply as well to any replacement shares received by the Grantee as a result of the merger, reorganization or other transaction
referred to in this Section 16.1. 
  

	 	16.2.	Reorganization, Sale of Assets or Sale of Stock. 

 Upon the dissolution or liquidation of the Company or upon a merger, consolidation or reorganization of the Company with one or more other entities in which the Company is not the surviving entity, or upon a sale of substantially all of the
assets of the Company to another entity, or upon any transaction (including, without limitation, a merger or reorganization in which the Company is the surviving entity) approved by the Board that results in any person or entity (or person or
entities acting as a group or otherwise in concert) owning eighty percent (80%) or more of the combined voting power of all classes of securities of the Company, (i) all outstanding Restricted Stock and Restricted Stock Units shall be
deemed to have vested, and all restrictions and conditions applicable to such Restricted Stock and Restricted Stock Units shall be deemed to have lapsed, immediately prior to the occurrence of such transaction, and (ii) all Options and SARs
outstanding hereunder shall become immediately exercisable for a period of fifteen days immediately prior to the scheduled consummation of such transaction. Any exercise of an Option or SAR during such fifteen-day period shall be conditioned upon
the consummation of the transaction and shall be effective only immediately before the consummation of the transaction. 
 This
Section 16.2 shall not apply to any transaction to the extent that (A) provision is made in writing in connection with such transaction for the continuation of the Plan or the assumption of the Options, SARs, Restricted Stock and
Restricted Stock Units theretofore granted, or for the substitution for such Options, SARs, Restricted Stock and Restricted Stock Units of new options, stock appreciation rights, restricted stock and restricted stock units covering the stock of a
successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kinds of shares or units and exercise prices, in which event the Plan and Options, SARs, Restricted Stock and Restricted Stock Units theretofore
granted shall continue in the manner and under the terms so provided or (B) a majority of the full Board determines that such transaction shall not trigger application of the provisions of this Section 16.2 and limited by any
“change in control” provision in any employment agreement or Award Agreement applicable to the Grantee. Upon consummation of any such transaction, the Plan and all outstanding but unexercised Options and SARs shall terminate, except to the
extent provision is made in writing in connection with such transaction for the continuation of the Plan or the assumption of such Options and SARs theretofore granted, or for the substitution for such Options and SARs of new options and stock
appreciation rights covering the shares of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kinds of shares or units and exercise prices, in which event the Plan and Options and SARs
theretofore granted shall continue in the manner and under the terms so provided. The Board shall send written notice of an event that will result in such a termination to all individuals who hold Options and SARs not later than the time at which
the Company gives notice thereof to its stockholders. 
  

 15 

	 	16.3.	Adjustments. 

 Adjustments under this
Section 16 related to shares of Stock or securities of the Company shall be made by the Board, whose determination in that respect shall be final and conclusive. No fractional shares or other securities shall be issued pursuant to any
such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by rounding downward to the nearest whole share. 
  

	 	16.4.	No Limitations on Company. 

 The making of Grants
pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure or to merge, consolidate, dissolve or liquidate, or
to sell or transfer all or any part of its business or assets. 
  

	17.	DISCLAIMER OF RIGHTS 

 No provision in the Plan or
in any Grant or Award Agreement shall be construed to confer upon any individual the right to remain in the employ or service of the Company or any affiliate thereof, or to interfere in any way with any contractual or other right or authority of the
Company or Service Provider either to increase or decrease the compensation or other payments to any individual at any time, or to terminate any employment or other relationship between any individual and the Company or any affiliate thereof. In
addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement or employment agreement, no Grant awarded under the Plan shall be affected by any change of duties or position of the
Grantee, so long as such Grantee continues to be a director, officer, consultant or employee of the Company. The obligation of the Company to pay any benefits pursuant to the Plan shall be interpreted as a contractual obligation to pay only those
amounts described herein, in the manner and under the conditions prescribed herein. The Plan shall in no way be interpreted to require the Company to transfer any amounts to a third party trustee or otherwise hold any amounts in trust or escrow for
payment to any participant or beneficiary under the terms of the Plan. No Grantee shall have any of the rights of a stockholder with respect to the shares of Stock subject to an Option or SAR except to the extent such shares of Stock shall have been
issued upon the exercise of the Option or SAR. 
  

	18.	NONEXCLUSIVITY OF THE PLAN 

 Neither the adoption of
the Plan nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which
arrangements may be applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable, including, without limitation, the
granting of Stock options otherwise than under the Plan. 
  

	19.	WITHHOLDING TAXES 

 The Company or a Subsidiary, as
the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions
applicable to Restricted Stock or Restricted Stock Units or upon the exercise of an Option or SAR or the grant of Unrestricted Stock. At the time of such vesting, lapse or exercise, the Grantee shall pay to the Company or the Subsidiary, as the case
may be, any amount that the Company or the Subsidiary may reasonably determine to be necessary to satisfy such withholding obligation. Subject to the prior approval of the Company or the Subsidiary, which may be withheld by the Company or the
Subsidiary, as the case may be, in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Company or the Subsidiary to withhold shares of Stock otherwise issuable to the Grantee or
(ii) by delivering to the Company or the Subsidiary shares of Stock already owned by the Grantee. The shares of Stock so delivered or withheld shall have an aggregate Fair Market Value equal to such 

  

 16 

 
withholding obligations. The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Company or the
Subsidiary as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this Section 19 may satisfy such Grantee’s withholding obligation only with shares of Stock that are
not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirement. 
  

	20.	CAPTIONS 

 The use of captions in the Plan or any
Award Agreement is for convenience of reference only and shall not affect the meaning of any provision of the Plan or such Award Agreement. 
  

	21.	OTHER PROVISIONS 

 Each Grant awarded under the Plan
may contain such other terms and conditions not inconsistent with the Plan as may be determined by the Board, in its sole discretion. 
  

	22.	NUMBER AND GENDER 

 With respect to words used in
this Plan, the singular form shall include the plural form and, the masculine gender shall include the feminine gender, as the context requires. 
  

	23.	SEVERABILITY 

 If any provision of the Plan or any
Award Agreement shall be finally determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions
shall remain enforceable in any other jurisdiction. 
  

	24.	GOVERNING LAW 

 The validity and construction of
this Plan and the instruments evidencing the Grants awarded hereunder shall be governed by the laws of the State of Delaware (without giving effect to the choice of law provisions thereof). 
  

	25.	SECTION 409A 

 To the extent that the Board
determines that a Grantee would be subject to the additional 20% tax imposed on certain deferred compensation arrangements pursuant to Section 409A of Code as a result of any provision of any Grant, such provision shall be deemed amended to the
minimum extent necessary to avoid application of such additional tax. The Board shall determine the nature and scope of any such amendment. 
 * * * * 
 The Plan prior to its amendment and restatement herein was duly
adopted and approved by the Board of Directors of the Company as of the 12th day of March, 1999 and by the stockholders of the Company on the
7th day of April, 1999. The Plan, as amended and restated herein, was approved by the Board of Directors of the Company as of the 8th day of March, 2005 and by the stockholders of the Company as of the 21st day of April, 2005. The Plan was subsequently amended by the Board of Directors of the Company on the 12th day of
September, 2005, the 13th day of March, 2008, and the 7th day of May, 2008, and approved by the stockholders of the Company on the 7th day of May, 2008. 
  

 17Second Amendment dated as of March 13, 2008 to Credit and Guaranty Agreement

 Exhibit 10.1 
 [EXECUTION COPY] 
 SECOND AMENDMENT 
 THIS SECOND AMENDMENT dated as of March 13, 2008 (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 “Borrowers”), the
Guarantors, the lenders identified on the signature pages hereto as Existing Lenders (the “Existing Lenders”), the Persons identified on the signature pages hereto as New Lenders (the “New Lenders”, and together
with the Existing Lenders, 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 Existing 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 (as further amended, restated, extended, supplemented, renewed, replaced or otherwise modified from time to time, the “Existing Credit Agreement”); 
 WHEREAS, the Parent Borrower has requested to (i) add the Additional Borrowers as “Borrowers” under the Existing Credit Agreement;
(ii) increase the Total Revolving Committed Amount using the “accordion option” from $600,000,000 to $700,000,000; (iii) re-set the “accordion option” set forth in Section 2.1(d) of the Existing Credit Agreement to
$150,000,000, (iv) amend the definition of “Borrowing Base” in the Existing Credit Agreement to account for certain additional Indebtedness of the Borrower and to provide that the Borrowing Base shall not be applicable so long as the
Parent Borrower maintains an investment grade debt rating from either S&P or Moody’s, (v) amend certain other related provisions of the Existing Credit Agreement; 
 WHEREAS, the foregoing requested amendments require the consent of the Required Lenders; and 
 WHEREAS, the Required 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 Second
Amendment Effective Date (as defined in Subpart 3.1), the Existing Credit Agreement is hereby amended in accordance with this Part 2. 
 SUBPART 2.1 Amendments to Introductory Paragraphs. The first three introductory paragraphs of the Existing Credit Agreement are hereby amended in their entireties to read as follows: 
 CREDIT AND GUARANTY AGREEMENT, dated as of April 26, 2006 (as amended, restated, extended, supplemented, renewed, replaced or
otherwise modified from time to time, this “Credit Agreement”), among VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership (the “Parent Borrower”), SZR US INVESTMENTS, INC. a Delaware corporation,
VENTAS SSL HOLDINGS, INC., a Delaware corporation, EC LEBANON REALTY, LLC, a Delaware limited liability company, EC HAMILTON PLACE REALTY, LLC, a Delaware limited liability company, KINGSPORT NOMINEE, LP, a Delaware limited partnership, KNOXVILLE
NOMINEE, LP a Delaware limited partnership and HENDERSONVILLE NOMINEE, LP a Delaware limited partnership (collectively, the “Additional Borrowers”, and together with the Parent Borrower, the “Borrowers”), VENTAS,
INC., a Delaware corporation (“Ventas”), and certain Subsidiaries of Ventas identified herein, as Guarantors, the Lenders identified herein, including Bank of America, N.A., as Issuing Bank for the Letters of Credit hereunder, Bank
of America, N.A. as Administrative Agent, Calyon New York Branch and Citicorp North America, Inc., as Co-Syndication Agents, and Merrill Lynch & Co. Inc. and UBS Securities LLC, as Co-Documentation Agents. 
 INTRODUCTORY STATEMENT 
 A
$300,000,000 revolving credit facility was established in favor of the Parent Borrower pursuant to the terms of that certain Third Amended and Restated Credit, Security and Guaranty Agreement dated as of September 8, 2004 among the Parent
Borrower, the guarantors identified therein and the lenders identified therein (as amended by that certain Amendment No. 1 dated as of May 6, 2005 and as otherwise modified or amended from time to time, the “Prior Credit
Agreement”). 
 The Parent Borrower has requested that the Administrative Agent, on behalf of the Lenders under the
Prior Credit Agreement, release all collateral previously pledged in connection with the Prior Credit Agreement, and has requested certain modifications to the Prior Credit Agreement and the Administrative Agent and the Lenders have agreed to such
modifications on the terms and conditions set forth herein. 
 SUBPART 2.2 Amendments to Section 1.1. 
 (a) Clause (b) of the definition of “Applicable Percentage” set forth in Section 1.1 of the Existing Credit Agreement is hereby
amended in its entirety to read as follows: 
 (b) In the event that the Parent Borrower achieves an investment grade Debt
Rating by S&P or Moody’s, the Parent Borrower may, upon written notice to the Administrative Agent, elect to convert to the ratings-based pricing grid set forth below; provided that the Parent Borrower shall automatically convert to
the ratings-based pricing grid set forth below to the 

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 
extent that the Parent Borrower has made an election to the ratings-based pricing grid under the Canadian Facility. Any such election to the ratings-based
pricing grid below may be made only one time after the Closing Date and shall be irrevocable. 
  

									
	 	  	 	  	Revolving Loans	 
	 Pricing Level
	  	Debt Rating
S&P/Moody’s	  	Applicable Percentage for
Eurodollar Rate Loans	 	 	Applicable
Percentage for
Base Rate
Loans	 
	        1	  	BBB-/Baa3	  	0.90	%	 	0.00	%
	        2	  	BBB/Baa2	  	0.80	%	 	0.00	%
	        3	  	BBB+/Baa1	  	0.65	%	 	0.00	%

 Initially, the Applicable Percentage shall be determined based upon the Debt Rating effective at
the time of the Parent Borrower’s election to convert to a ratings-based pricing grid. Thereafter, each change in the Applicable Percentage resulting from a publicly announced change in the Debt Rating shall be effective, in the case of an
upgrade, during the period commencing on the date of delivery by the Parent Borrower to the Administrative Agent of notice thereof and ending on the day immediately preceding the effective date of the next such change and, in the case of a
downgrade, during the period commencing on the date of the public announcement thereof and ending on the day immediately preceding the effective date of the next such change. If the Parent Borrower achieves an investment grade Debt Rating by both
S&P and Moody’s and the respective Debt Ratings issued by S&P and Moody’s differ by one level, then the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 3 being the highest and
the Debt Rating for Pricing Level 1 being the lowest). If the Parent Borrower achieves an investment grade Debt Rating by both S&P and Moody’s, but there is a split in Debt Ratings of more than one level, then the Pricing Level that is one
level higher than the Pricing Level of the lower Debt Rating shall apply. If the Parent Borrower has only one investment grade Debt Rating, then that Debt Rating shall apply. If the Parent Borrower has elected to convert to a ratings-based pricing
grid as provided above but the Parent Borrower fails to maintain an investment grade Debt Rating by at least one of S&P or Moody’s, then the Applicable Percentage shall be determined pursuant to clause (a) above during the
period commencing on the date of the public announcement thereof and ending on the Revolving Commitment Termination Date. 
 (b) The
definition of “Borrower” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Borrower” shall mean individually and collectively, as appropriate, the Parent Borrower and each Additional Borrower,
and their respective permitted successors. 
 (c) The definition of “Borrowing Base” set forth in Section 1.1 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Borrowing Base” shall
mean, at any time, an amount equal to sixty-five percent (65%) of the Consolidated UAP Property Value minus the aggregate principal amount of Revolving Obligations (as defined in the Canadian Facility) outstanding under the Canadian
Facility; provided, however, at all times during which the Parent Borrower maintains an investment grade Debt Rating from either S&P or Moody’s, the “Borrowing Base” shall equal the Total Revolving Committed Amount.

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 (d) The definition of “Change in Control” set forth in Section 1.1 of the Existing
Credit Agreement is hereby amended in its entirety to read as follows: 
 “Change in Control” shall mean
either (a) a Person or an Affiliated Group shall acquire thirty-five percent (35%) or more of any class of the voting stock of Ventas, and the Borrowers shall not have repaid all of the outstanding Obligations in full in cash, Cash
Collateralized all outstanding Letters of Credit in an amount equal to one hundred percent (100%) of the then current LOC Obligations and terminated the Commitments within forty-five (45) days after such Person or Affiliated Group shall
have acquired such percentage of such stock; or (b) Ventas shall cease to be the sole general partner of the Parent Borrower; or (c) Ventas shall cease to own sixty percent (60%) or more of the partnership interests in the Parent
Borrower. 
 (e) The definition of “Debt Rating” set forth in Section 1.1 of the Existing Credit Agreement is hereby
amended in its entirety to read as follows: 
 “Debt Rating” means, as of any date of determination, the
rating as determined by either S&P or Moody’s of the Parent Borrower or the Parent Borrower’s non-credit-enhanced, senior unsecured long-term debt. 
 (f) The definition of “Fee Letter” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 “Fee Letter” shall mean that certain letter agreement dated as of March 6, 2006 between the Parent Borrower and the
Administrative Agent, relating to the payment of certain fees, as such letter agreement may be amended, modified or supplemented from time to time by a written instrument executed by the parties thereto. 
 (g) The definition of “Guarantors” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended in its entirety to
read as follows: 
 “Guarantors” shall mean (a) Ventas and (b) any Subsidiary of Ventas that
guarantees the loans and obligations hereunder pursuant to the terms hereof, in each case with their successors and permitted assigns; provided, however, that any Person constituting a Guarantor as described above shall cease to
constitute a Guarantor when its obligations hereunder are released in accordance with the terms of this Credit Agreement and Ventas Capital Corporation is a guarantor only to the extent set forth in Section 9.1. 
 (h) The definition of “Permitted Liens” set forth in Section 1.1 of the Existing Credit Agreement is hereby amended to add the
following a new clause (h) immediately following the existing clause (g) and the word “and” at the end of subclause (f) shall be deleted and the “.” at the end of subclause (g) shall be replaced with “;
and”: 
 “and (h) any lease or sublease of a real Property in favor of Ventas Ontario SSL II, Inc. or a
third party subtenant.” 
 (i) Clause (d) of the definition of “UAP Property” set forth in Section 1.1 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (j) that is (i) leased to or managed
by Sunrise, Kindred, Brookdale or any other tenant or operator of any Property owned or leased by a Credit Party as of the Closing Date, (ii) leased to or managed by another acceptable third party operator or tenant on market terms or otherwise
acceptable to the Administrative Agent, or (iii) operated by a member of the Consolidated Group; 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 (k) The following new definitions are hereby added to Section 1.1 of the Existing Credit Agreement
in their appropriate alphabetical order: 
 “Additional Borrowers” shall have the meaning given to such term
in the initial paragraph of this Credit Agreement. 
 “Canadian Facility” shall mean, that certain Credit and
Guaranty Agreement dated as of March 13, 2008 among Ventas Realty, Limited Partnership, Ventas SSL Ontario II, Inc. and Ventas SSL Ontario III, Inc., each as a Borrower, the guarantors referred to therein, the lenders referred to therein and
Bank of America, N.A., as administrative agent, Banc of America Securities LLC and Calyon New York Branch, as joint lead arrangers and joint book managers. 
 “Parent Borrower” shall mean Ventas Realty, Limited Partnership, a Delaware limited partnership. 
 “Sunrise” shall mean Sunrise Senior Living, Inc. and its subsidiaries. 
 SUBPART 2.3
Amendments to Section 1.4(a). The parenthetical “(including any Organization Document)” set forth clause (i) of the fifth sentence of Section 1.4(a) of the Existing Credit Agreement is hereby amended to read
“(including any Organizational Document)”. 
 SUBPART 2.4 Amendments to Section 2.1(a). To reflect the terms of
that certain Modification Agreement dated as of March 30, 2007 by and among the Parent Borrower, the guarantors, the Lenders and the Administrative Agent, pursuant to which the Total Revolving Committed Amount was increased by $100 million from
$500 million to $600 million, and the request of the Parent Borrower to further increase the Total Revolving Committed Amount as permitted by Section 2.1(d) of the Existing Credit Agreement simultaneously with this Amendment the words
“FIVE HUNDRED MILLION DOLLARS ($500,000,000)” set forth in clause (i) of the proviso at the end of the first sentence of Section 2.1(a) of the Existing Credit Agreement are hereby amended to read “SEVEN HUNDRED MILLION
DOLLARS ($700,000,000)”. 
 SUBPART 2.5 Amendments to Section 2.1(b). To reflect the terms of that certain
Modification Agreement dated as of March 30, 2007 by and among the Parent Borrower, the guarantors, the Lenders and the Administrative Agent, and the request of the Parent Borrower to further increase the Total Revolving Committed Amount
simultaneously with this Amendment (and to reflect the terms of Section 2.1(d)(ix) of the Existing Credit Agreement) pursuant to which concurrently with the increase in the Total Revolving Committed Amount, the LOC Committed Amount shall be
increased proportionately such that the LOC Committed Amount equals $105 million, the words “SEVENTY-FIVE MILLION DOLLARS ($75,000,000)” set forth in clause (i) of the proviso at the end of the first sentence of Section 2.1(b) of
the Existing Credit Agreement are hereby amended to read “ONE HUNDRED FIVE MILLION DOLLARS ($105,000,000)”. 
 SUBPART 2.6
Amendments to Section 2.1(d). The introductory sentence of Section 2.1(d) and subclause (vi) of Section 2.1(d) of the Existing Credit Agreement are hereby amended in their entireties to read as follows: 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 (d) Increase in Total Revolving Committed Amount. Subject to the terms and
conditions set forth herein, the Borrower may at any time, or from time to time, upon notice to the Administrative Agent increase the Total Revolving Committed Amount by up to ONE HUNDRED FIFTY MILLION DOLLARS ($150,000,000) in the aggregate;
provided that: 
 ***** 
 (vi) after giving effect to any such increase, the aggregate amount of the Revolving Commitments shall not exceed EIGHT HUNDRED FIFTY MILLION DOLLARS ($850,000,000); 
 SUBPART 2.7 Amendments to Section 2.4(e). Section 2.4(e) of the Existing Credit Agreement is hereby amended in its entirety to
read as follows: 
 (e) Notes. To the extent requested by a Lender, the Revolving Loans shall be evidenced by the
Revolving Notes, and to the extent requested by the Swingline Lender, the Swingline Loans shall be evidenced by the Swingline Note. 
 SUBPART 2.8 Amendments to Section 2.5(a). The first sentence of Section 2.5(a) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 Section 2.5 Facility Fees, Letter of Credit Fees and Other Fees. 
 (a) The Borrowers agree to pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Revolving
Commitment Percentage, a facility fee at a per annum rate equal to twenty basis points (0.20%) of the actual daily amount of the Total Revolving Committed Amount (as such amount may be reduced pursuant to Section 2.6 below), regardless
of usage, or, if the Revolving Commitments have terminated, on the outstanding amount of all Revolving Loans, Swingline Loans and LOC Obligations, (the “Facility Fee” and collectively, for all the Revolving Lenders, the
“Facility Fees”); provided that during the period that the Applicable Percentage is determined by clause (b) of the definition of “Applicable Percentage”, the Facility Fee shall be fifteen basis points
(0.15%). 
 ***** 
 SUBPART
2.9 New Section 2.15. The following new Section 2.15 shall be added immediately following Section 2.14 of the Existing Credit Agreement and shall read as follows: 
 2.15 Joint and Several Liability of the Borrowers. 
 (a) Each of the Borrowers is accepting joint and several liability hereunder in consideration of the financial accommodation to be
provided by the Lenders under this Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration of the undertakings of each of the Borrowers to accept joint and several liability for the
obligations of each of them. 
 (b) Each of the Borrowers hereby irrevocably and unconditionally accepts, not merely as a
surety but also as a co-debtor, joint and several liability with the other Borrowers with respect to the payment and performance of all of the Obligations arising under this Credit Agreement and the other Fundamental Documents, it being the
intention of the parties hereto that all the Obligations shall be the joint and several obligations of each of the Borrowers without preferences or distinction among them. 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 (c) If and to the extent that any of the Borrowers shall fail to make any payment with
respect to any of the obligations hereunder as and when due or to perform any of such obligations in accordance with the terms thereof, then in each such event, the other Borrowers will make such payment with respect to, or perform, such obligation.

 (d) The obligations of each Borrower under the provisions of this Section 2.15 constitute full recourse
obligations of such Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Credit Agreement or any other circumstances whatsoever. 
 (e) Except as otherwise expressly provided herein, each Borrower hereby waives notice of acceptance of its joint and several liability,
notice of occurrence of any Default or Event of Default (except to the extent notice is expressly required to be given pursuant to the terms of this Credit Agreement), or of any demand for any payment under this Credit Agreement (except to the
extent demand is expressly required to be given pursuant to the terms of this Credit Agreement), notice of any action at any time taken or omitted by the Lender under or in respect of any of the Obligations hereunder, any requirement of diligence
and, generally, all demands, notices and other formalities of every kind in connection with this Credit Agreement. Each Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment of any of the
Obligations hereunder, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by the Lenders at any time or times in respect of any default by any Borrower in the performance or satisfaction of any term,
covenant, condition or provision of this Credit Agreement, any and all other indulgences whatsoever by the Lenders in respect of any of the Obligations hereunder, and the taking, addition, substitution or release, in whole or in part, at any time or
times, of any security for any of such Obligations or the addition, substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting or any
failure to act on the part of the Lender, including, without limitation, any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which might, but for the
provisions of this Section 2.15, afford grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its obligations under this Section 2.15, it being the intention of each Borrower that,
so long as any of the Obligations hereunder remain unsatisfied, the obligations of such Borrower under this Section 2.15 shall not be discharged except by performance and then only to the extent of such performance. The obligations of
each Borrower under this Section 2.15 shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any reconstruction or similar
proceeding with respect to any Borrower or any Lender. The joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the
name, membership, constitution or place of formation of any Borrower or any Lender. 
 (f) The provisions of this
Section 2.15 are made for the benefit of the Administrative Agent, Issuing Bank, Swingline Lender, the Lenders and their respective successors and assigns, and may be enforced by any such Person from time to time against any of the
Borrowers as often as occasion therefor may arise and without requirement on the part of any Lender first to marshal any of its claims or to exercise any of its rights against any of the other Borrowers or to exhaust any remedies available to it
against any of the other Borrowers or to resort to any other source or 

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 
means of obtaining payment of any of the Obligations or to elect any other remedy. The provisions of this Section 2.15 shall remain in effect
until all the Obligations hereunder shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by the
Lenders upon the insolvency, bankruptcy or reorganization of any of the Borrowers, or otherwise, the provisions of this Section 2.15 will forthwith be reinstated and in effect as though such payment had not been made. 
 (g) Notwithstanding any provision to the contrary contained herein or in any other Fundamental Document, the obligations of each Borrower
hereunder shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code or any comparable provisions of any applicable state
law. 
 (h) The Parent Borrower and the Additional Borrowers hereby agree as among themselves that, in connection with
payments made hereunder, each such Person shall have a right of contribution from each other Borrower in accordance with applicable Laws. Such contribution rights shall be subordinate and subject in right of payment to the Obligations until such
time as the Obligations have been irrevocably paid in full and the Commitments relating thereto shall have expired or been terminated, and none of the Parent Borrower or any Additional Borrower shall exercise any such contribution rights until the
Obligations have been irrevocably paid in full and the Commitments relating thereto shall have expired or been terminated. 
 SUBPART 2.10
New Section 2.16. The following new Section 2.16 shall be added immediately following Section 2.15 of the Existing Credit Agreement and shall read as follows: 
 Section 2.16 Appointment of Parent Borrower as Legal Representative for Credit Parties. 
 Each of the Credit Parties hereby appoints the Parent Borrower to act as its exclusive legal representative for all purposes under this
Credit Agreement and the other Fundamental Documents (including, without limitation, with respect to all matters related to Borrowings and the repayment of Loans and Letters of Credit as described in Article II and
Article III hereof). Each of the Credit Parties acknowledges and agrees that (a) the Parent Borrower may execute such documents on behalf of all the Credit Parties (whether as Borrowers or Guarantors) as the Parent Borrower deems
appropriate in its reasonable discretion and each Credit Party shall be bound by and obligated by all of the terms of any such document executed by the Parent Borrower on its behalf, (b) any notice or other communication delivered by the
Administrative Agent or any Lender hereunder to the Parent Borrower shall be deemed to have been delivered to each of the Credit Parties and (c) the Administrative Agent and each of the Lenders shall accept (and shall be permitted to rely on)
any document or agreement executed by the Parent Borrower on behalf of the Credit Parties (or any of them). Other than with respect to Borrowings, the Borrowers shall act through the Parent Borrower for all purposes under this Credit Agreement and
the other Credit Documents. Notwithstanding anything contained herein to the contrary, to the extent any provision in this Credit Agreement requires any Credit Party to interact in any manner with the Administrative Agent or the Lenders, such Credit
Party shall do so through the Parent Borrower. 
 SUBPART 2.11 Amendments to Section 4.1(a), (c) and (e).
Section 4.1(a), (c) and (e) of the Existing Credit Agreement are hereby amended in their entireties to read as follows:  
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 Section 4.1 Existence and Power. 
 (a) The Parent Borrower is a limited partnership duly organized, validly existing and in good standing under the laws of Delaware and is
qualified to do business and is in good standing in all jurisdictions where both (i) the nature of its properties or business so requires and (ii) the failure to be in good standing is reasonably likely to have a Material Adverse Effect.
Ventas is the sole general partner of the Parent Borrower. Schedule 4.1(a) hereto contains a true and complete list of all of the limited partners of the Parent Borrower as of the Closing Date. 
 ***** 
 (c) Each Credit Party
acquired or created after the Closing Date and each Additional Borrower shall be a corporation, limited liability company, limited partnership, general partnership or business trust duly organized, validly existing and in good standing under the
laws of its jurisdiction of organization and shall be qualified to do business and shall be in good standing in all jurisdictions where both (i) the nature of its properties or business so requires and (ii) the failure to be in good
standing is reasonably likely to have a Material Adverse Effect. 
 ***** 
 (e) (i) Ventas (or such other entity as the Parent Borrower has notified the Administrative Agent and each Lender) has the power and
authority, on behalf of the Parent Borrower, (ii) Ventas Provident, LLC (or such other entity as the Parent Borrower has notified the Administrative Agent and each Lender) has the power and authority, on behalf of Kingsport Nominee, LP,
Knoxville Nominee, LP and Hendersonville Nominee, LP and (iii) VSCRE Holdings, LLC (or such other entity as the Parent Borrower has notified the Administrative Agent and each Lender) has the power and authority, on behalf of EC Lebanon Realty,
LLC, EC Hamilton Place Realty, LLC, and (iv) each of SZR US Investments, Inc. and Ventas SSL Holdings, Inc. has the corporate power and authority, to execute, deliver and perform the obligations of a Borrower under the Fundamental Documents
(including this Credit Agreement and any notes evidencing any of the Loans hereunder) and any other documents contemplated hereby or thereby to which such Borrower is or will be a party, and to cause such Borrower to borrow hereunder. 
 SUBPART 2.12 Amendments to Section 4.2. Section 4.2 of the Existing Credit Agreement is hereby amended in its entirety to read as
follows: 
 Section 4.2 Authority and No Violation. 
 Except as set forth in Schedule 4.2 hereto, the execution, delivery and performance of this Credit Agreement and the other
Fundamental Documents to which it is a party, by each Credit Party and by each Borrower hereunder (or by the entity authorized to act on behalf of such Borrower) and, in the case of the Borrowers, the Borrowings hereunder and the execution, delivery
and performance of the Notes evidencing any of the Loans hereunder and, in the case of each Guarantor, the guaranty of the Obligations as contemplated in Article IX hereof, (i) have been duly authorized by all necessary company,
partnership or corporate (as applicable) action on the part of each such Credit Party, (ii) will not constitute a violation of any provision of applicable Laws or any order of any Governmental Authority applicable to such Credit Party or any of
its respective properties or assets, (iii) will not violate any provision of the Organizational Documents of any Credit Party or any Subsidiary of a Credit Party, or any provision of any material indenture, agreement, bond, note, mortgage, deed
of trust, or other similar instrument to 

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 
which such Credit Party is a party or by which such Credit Party or any of its respective properties or assets are bound or to which such Credit Party is
subject, (iv) will not be in conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under, or create any right to terminate, any such indenture, agreement, bond, note, mortgage, deed of trust,
or other instrument, and (v) will not result in the creation or imposition of (or the obligation to create or impose) any Lien whatsoever upon any of the properties or assets of any of the Credit Parties or any Subsidiary of a Credit Party
other than pursuant to this Credit Agreement or the other Fundamental Documents. 
 SUBPART 2.13 Amendments to
Section 4.3. Section 4.3 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 Section 4.3 Governmental Approval; Other Consents. 
 All authorizations, approvals, orders,
consents, licenses, registrations or filings from or with any Governmental Authority or any other Person necessary or required in connection with the execution, delivery and performance by or on behalf of any Credit Party or Ventas of this Credit
Agreement and the other Fundamental Documents to which it is a party, and the execution and delivery by or on behalf of any Borrower of any Notes evidencing any of the Loans hereunder, have been duly obtained or made, and are in full force and
effect. 
 SUBPART 2.14 Amendments to Section 4.8. Section 4.8 of the Existing Credit Agreement is hereby amended in
its entirety to read as follows: 
 Section 4.8 Litigation; Judgments. 
 Except for litigation for which a Credit Party or any Subsidiary of a Credit Party has been fully indemnified and such indemnity remains
in full force and effect and has not been cancelled or terminated, there are no actions, suits or other proceedings at law or in equity by or before any arbitrator or arbitration panel, or any Governmental Authority (including matters relating to
environmental liability) nor, to the best of each Credit Party’s knowledge, any investigation by any Governmental Authority of the affairs of, or threatened action, suit or other proceeding against or affecting, any Credit Party, any Subsidiary
of a Credit Party or of any of their respective properties or rights which either (A) could reasonably be expected to have a Material Adverse Effect, or (B) relate to this Credit Agreement, or any Loans hereunder. No Credit Party and no
Subsidiary of a Credit Party is in default, beyond any applicable cure period, with respect to any order, writ, injunction, decree, rule or regulation of any Governmental Authority binding upon such Person, which default could reasonably be expected
to have a Material Adverse Effect. 
 SUBPART 2.15 Amendments to Section 6.2(c), (d) and (e). Sections 6.2(c),
(d) and (e) of the Existing Credit Agreement are hereby amended in their entireties to read as follows: 
 Section 6.2
Certificates; Other Information. 
 ***** 
 (c) except during any period when the Parent Borrower maintains the rating set forth in the proviso to the definition of the term
“Borrowing Base”, simultaneously with the delivery of the statements referred to in subsections (a) and (b) of Section 6.1, a Borrowing Base Certificate duly completed and executed by an Authorized
Officer of Ventas; 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 (d) promptly after their becoming available, copies of any detailed audit reports,
management letters or recommendations submitted to the Board of Directors (or the audit committee of the Board of Directors) of Ventas by independent accountants in connection with the accounts or books of Ventas or any Subsidiary, or any audit of
any of them; 
 (e) promptly after the same are available, copies of each annual report, proxy or financial statement or other
report or communication sent to the stockholders of the Parent Borrower, and copies of all annual, regular, periodic and special reports and registration statements that Ventas may file or be required to file with the SEC under Section 13 or
15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto; 
 SUBPART 2.16 Amendments to Section 6.3. The last paragraph of Sections 6.3 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 Section 6.3 Notification. 
 ***** 
 Each notice pursuant to this Section shall be accompanied by a statement of an Authorized Officer of
the Parent Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to Section 6.3(a) shall describe with
particularity any and all provisions of this Credit Agreement and any other Fundamental Document that have been breached. 
 SUBPART 2.17
Amendments to Section 6.4. The phrase “in each case where failure to do so would not reasonably expected to have a Material Adverse Effect.” set forth in the last sentence of Section 6.4 of the Existing Credit
Agreement is hereby amended to read “except in each case where failure to do so would not reasonably be expected to have a Material Adverse Effect.” 
 SUBPART 2.18 Amendments to Section 6.6. Section 6.6 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 Section 6.6 Maintenance of Properties. 
 (a) Maintain, preserve and protect or make contractual or other provisions to maintain, preserve or protect all of its material Property and equipment necessary in the operation of its business in good working order
and condition, ordinary wear and tear excepted, in each case except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; (b) make, or make contractual or other provisions to cause to be made, all
necessary repairs thereto and renewals and replacements thereof, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; and (c) use or use reasonable efforts to cause the manager or tenant of its
facilities to use the standard of care typical in the industry in the operation and maintenance of its facilities. 
 SUBPART 2.19
Amendments to Section 6.7. Section 6.7 of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 Section 6.7 Maintenance of Insurance. 
 Maintain, or use reasonable efforts to cause the tenants
under all leases to which it is a party as landlord or the manager of its facilities to maintain, with financially sound and reputable insurance companies not Affiliates of any Borrower, insurance with respect to its properties and business against
loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such other Persons or as is otherwise permitted
in the applicable leases. 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 SUBPART 2.20 Amendments to Section 7.3(c). Clause (c) of Section 7.3 of the
Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (c) other Funded Debt of members of the
Consolidated Group secured by mortgage Liens; provided that such Funded Debt shall be non-recourse to members of the Consolidated Group except to the extent of the property pledged to secure such Funded Debt. 
 SUBPART 2.21 Amendments to Section 7.4. Section 7.4 of the Existing Credit Agreement is hereby amended in its entirety to read as
follows: 
 Section 7.4 Mergers and Dissolutions. 
 Merge, dissolve, liquidate, consolidate with or into another Person, except that, so long as no Default exists or would result therefrom,
any Subsidiary may merge with: (a) the Parent Borrower, provided that the Parent Borrower shall be the continuing or surviving Person, or (b) an Additional Borrower, provided that an Additional Borrower shall be the continuing or
surviving Person, or (c) any one or more Credit Parties or other Subsidiaries, provided that when any wholly-owned Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving Person.

 SUBPART 2.22 Amendments to Section 7.6. Section 7.6 of the Existing Credit Agreement is hereby amended by
replacing each instance of the term “Borrower” with the term “Parent Borrower.” 
 SUBPART 2.23 Amendments to
Article VIII. Clause (g), (i) and (l) of Article VIII of the Existing Credit Agreement are hereby amended in their entireties to read as follows: 
 (g) any Credit Party or any Subsidiary of a Credit Party which Subsidiary owns a UAP Property shall generally not pay its debts as they
become due or shall admit in writing its inability to pay its debts, or shall make a general assignment for the benefit of creditors; or any Credit Party or any Subsidiary of a Credit Party which Subsidiary owns a UAP Property shall commence any
case, proceeding or other action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or
its debts under any Debtor Relief Law or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property or shall file an answer or other pleading in any such case, proceeding
or other action admitting the material allegations of any petition, complaint or similar pleading filed against it or consenting to the relief sought therein; or any Credit Party or any Subsidiary of a Credit Party shall take any action to authorize
any of the foregoing; 
 ***** 
 (i) final, non-appealable judgment(s) for the payment of money in excess of $25,000,000 in the aggregate, if recourse in nature, or $50,000,000 in the aggregate, if non- 

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 
recourse in nature (excluding (i) a judgment as to which, and only to the extent, a reputable insurance company has acknowledged coverage of such claim
in writing or (ii) a judgment as to which the Credit Party or applicable Subsidiary has been indemnified provided such indemnity remains in full force and effect and has not been cancelled or terminated) shall be rendered against any
Credit Party or any Subsidiary of a Credit Party and either (A) within thirty (30) days from the entry of such judgment, shall not have been discharged or stayed pending appeal, or shall not have been discharged within thirty (30)
days from the entry of a final order of affirmance on appeal or (B) enforcement proceedings shall be commenced by any creditor on any such judgment; 
 ***** 
 (l) (x) non-payment, for more than sixty (60) days past its date due, of base
rent under Material Leases; or (y) termination of Material Leases without sufficient of the relevant real property assets, in replacement of the terminated Material Leases, being: (i) leased or managed by Sunrise, Kindred, Brookdale or any
other tenant or operator of any Property owned or leased by a Credit Party as of the Closing Date; (ii) leased to or managed by another acceptable third party operator or tenant on market terms or otherwise acceptable to the Administrative
Agent acting reasonably; or (iii) operated by a member of the Consolidated Group; 
 SUBPART 2.24 Amendments to
Section 9.1(b). Section 9.1(b) of the Existing Credit Agreement is hereby amended in its entirety to read as follows: 
 (b) Notwithstanding any provision to the contrary contained herein, in any of the other Fundamental Documents or other documents relating to the Obligations, (i) the obligations of each Guarantor under this Credit Agreement and the
other Fundamental Documents shall be limited to an aggregate amount equal to the largest amount that would not render such obligations subject to avoidance under the Debtor Relief Laws or any comparable provisions of any applicable state law and
(ii) with respect to Ventas Capital Corporation, the Guaranteed Obligations shall include only those Obligations for which the Parent Borrower is the primary obligor. 
 SUBPART 2.25 Amendments to Section 10.1. Section 10.1 of the Existing Credit Agreement is hereby amended in its entirety to read
as follows: 
 Section 10.1 Cash Collateral Account. 
 To the extent necessary, there shall be established with the Administrative Agent an account (the “Cash Collateral Account”) in the name
of the Administrative Agent (for the benefit of the Administrative Agent, the Issuing Bank, the Lenders and the Hedging Banks), into which the Borrower may from time to time deposit Dollars pursuant to, and in accordance with,
Section 2.7(f) hereof. Bank of America, in its capacity as the bank (within the meaning of Section 9-102 of the UCC) with respect to the Cash Collateral Account (the “Cash Collateral Bank”), hereby agrees to comply
with all orders and instructions of the Administrative Agent with regard to the Cash Collateral Account without the consent of any Credit Party. The documentation for and terms of the Cash Collateral Account shall be in form and substance
satisfactory to the Administrative Agent. 
 SUBPART 2.26 Amendments to Section 12.6(b)(i)(b) and 12.6(b)(iii)(A).
Section 12.6(b)(i)(B) and Section 12.6(b)(iiii)(A) of the Existing Credit Agreement are hereby amended by replacing the term “Borrower” with the term “Parent Borrower.” 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 SUBPART 2.27 Amendments to Section 12.16. Section 12.16 of the Existing Credit
Agreement is hereby amended in its entirety to read as follows: 
 Section 12.16 No Advisory or Fiduciary Responsibility. 

 In connection with all aspects of each transaction contemplated hereby, each Borrower and each other Credit Party acknowledges and agrees,
and acknowledges its Affiliates’ understanding, that: (i) the credit facility provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other
modification hereof or of any other Fundamental Document) are an arm’s-length commercial transaction between the Borrowers, the other Credit Parties and their respective Affiliates, on the one hand, and the Administrative Agent, the Lenders and
the Joint Lead Arrangers, on the other hand, and the Borrowers and the other Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the
other Fundamental Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the Administrative Agent, the Lenders and the Joint Lead Arrangers are and
have been acting solely as a principal and is not the financial advisor, agent or fiduciary, for any Borrower, any other Credit Parties or any of their respective Affiliates, stockholders, creditors or employees or any other Person;
(iii) neither the Administrative Agent, the Lenders nor the Joint Lead Arrangers have assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Borrower or any other Credit Party with respect to any of the
transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Fundamental Document (irrespective of whether the Administrative Agent, the Lenders or the
Joint Lead Arrangers have advised or are currently advising any Borrower, the other Credit Parties or their respective Affiliates on other matters) and neither the Administrative Agent, any Lender, nor either of the Joint Lead Arrangers has any
obligation to any of any Borrower, the other Credit Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Fundamental Documents; (iv) the
Administrative Agent, the Lenders, the Joint Lead Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrowers, the other Credit Parties and their respective
Affiliates, and neither the Administrative Agent, the Lenders nor the Joint Lead Arrangers have any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Administrative Agent, the
Lenders and the Joint Lead Arrangers have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or
of any other Fundamental Document) and each Borrower and each other Credit Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. Each Borrower and each other Credit Party hereby waives
and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent, the Lenders and the Joint Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty. 
 SUBPART 2.28 Amendments to Section 12.17. Section 12.17 of the Existing Credit Agreement is hereby amended by replacing the term
“Borrower” with the term “Credit Parties” 
 SUBPART 2.29 Replacement of Schedule 1.1. Schedule 1.1
of the Existing Credit Agreement is hereby deleted in its entirety and a new schedule in the form of Schedule 1.1 attached hereto is substituted therefor. 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 SUBPART 2.30 Replacement of Schedule 12.2. Schedule 12.2 of the Existing Credit
Agreement is hereby deleted in its entirety and a new schedule in the form of Schedule 12.2 attached hereto is substituted therefor. 
 SUBPART 2.31 Replacement of Exhibits. Exhibit 2.2, Exhibit 2.4(e)-1, Exhibit 2.4(e)-2 and Exhibit 12.6(6) of the Existing Credit Agreement are hereby deleted in their entireties and a new Exhibit
2.2, Exhibit 2.4(e)-1, Exhibit 2.4(e)-2 and Exhibit 12.6(6), are attached hereto and are substituted therefor. 
 PART 3 
 CONDITIONS TO EFFECTIVENESS 
 SUBPART 3.1 Second Amendment Effective Date. This Amendment shall be and become effective as of the date hereof (the “Second Amendment Effective Date”) when all of the following
conditions shall have been satisfied; provided, however, Subpart 2.6 of this Amendment shall be deemed to be retroactively effective as of February 5, 2008 on the Second Amendment Effective Date: 
 (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 (including, without limitation, the Additional Borrowers), the Existing Lenders representing “Required Lenders”, the New Lenders and the Administrative Agent. 
 (b) Supporting Credit Party Documents. The Administrative Agent shall have received: 
 (i) a copy of the certificate of incorporation, organization or formation for each of the Additional Borrowers, certified within the past
thirty (30) days by the Secretary of State (or other appropriate governmental official) of the jurisdiction of incorporation, organization or formation, together with a certification by an Authorized Officer that there have been no changes
since the date of such certification by such Secretary of State (or other appropriate governmental official) and such documents remain true, complete and in effect as of the date hereof; 
 (ii) a certificate of the Secretary or Authorized Officer of each Credit Party (other than the Additional Borrowers), dated as of the date
hereof, and certifying, respectively, that the Organizational Documents of such Credit Party previously delivered to the Administrative Agent have not been amended, supplemented or otherwise modified and are currently in full force and effect,
except as noted therein (in which case a complete copy of such Organizational Documents, including any amendments thereto shall be attached to such certificate); 
 (iii) a certificate or certificates of the Secretary or Authorized Officer of each of the Additional Borrowers, dated as of the date
hereof and certifying, respectively, (A) that attached thereto is a true and complete copy of resolutions adopted by the Board of Directors, Board of Managers or Board of Trustees, as applicable, of each of the Additional Borrowers or each
entity acting on behalf of each such Additional Borrower, as applicable, authorizing the Amendment and the Borrowings by each such Additional Borrower and the execution, delivery and performance by the Additional Borrower named therein in accordance
with, the respective terms of the Credit Agreement, as amended by this Amendment, the other Fundamental Documents to which it is or will be a party and any other documents required or contemplated hereunder or thereunder and further certifying that
such resolutions have not been amended, rescinded or supplemented and are currently in effect, and (B) as to the incumbency and specimen signature of 

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 
each officer of each Additional Borrower, or each entity acting on behalf of such Additional Borrower, executing this Amendment or any other document
delivered in connection with this Amendment, the Credit Agreement or the other Fundamental Documents; and 
 (iv) a
certificate or certificates of the Secretary or Authorized Officer of each Credit Party (other than the Additional Borrowers), dated as of the date hereof and certifying, respectively, (A) that attached thereto is a true and complete copy of
resolutions adopted by Ventas Inc.’s Board of Directors authorizing the Amendment (including the increase in the Total Revolving Committed Amount contemplated in this Amendment, the Guaranty of all Borrowings under the Credit Agreement (after
giving effect to the increase in the Total Revolving Committed Amount as evidenced by this Amendment)) by Ventas, Inc., the Parent Borrower and the other Guarantors and the execution and delivery hereof, and further certifying that such resolutions
have not been amended, rescinded or supplemented and are currently in effect and (B) that attached thereto is a true and complete copy of resolutions adopted by the Board of Directors, Board of Managers or Board of Trustees, as applicable, of
each Guarantor (other than those Guarantors whose resolutions are certified pursuant to clause (A) above), or each entity acting on behalf of such Guarantors, as applicable, authorizing the Guaranty of all borrowings under the Credit
Agreement (after giving effect to the increase in the Total Revolving Committed Amount as evidenced by this Amendment) by each such Guarantor to which such resolutions respectively relate and the execution and delivery hereof, and further certifying
that such resolutions have not been amended, rescinded or supplemented and are currently in effect and (C) as to the incumbency and specimen signature of each officer of Ventas, Inc. and each other Credit Party, or each entity acting on behalf
of such Credit Party, executing this Amendment or any other document delivered in connection herewith on behalf of Ventas, Inc. or on behalf of Ventas, Inc., as the Parent Borrower’s general partner, on behalf of the Parent Borrower (such
certificate to contain a certification by another officer of Ventas as to the incumbency and signature of the officer signing the certificate referred to in this subsection (iv)). 
 (c) Good Standing Certificates. The Administrative Agent shall have received certificates of good standing or the equivalent for each of the
Additional Borrowers, the Parent Borrower and Ventas, Inc. from (A) its jurisdiction of incorporation, organization or formation and (B) any other jurisdiction reasonably requested by the Administrative Agent. 
 (d) Legal Opinions. The Administrative Agent shall have received the written opinions of (i) T. Richard Riney, internal general counsel to
the Additional Borrowers and each of the other Credit Parties, with respect to the authorization, execution and delivery of this Amendment and (ii) Willkie Farr & Gallagher LLP, counsel to the Additional Borrowers and each of the other
Credit Parties, with respect to enforceability of this Amendment and certain other matters, each dated as of the date hereof and addressed to the Administrative Agent, the Issuing Bank, the Swingline Lender and the Lenders, which opinions shall be
in form and substance reasonably satisfactory to the Administrative Agent and to Moore & Van Allen PLLC, counsel to the Administrative Agent. 
 (e) 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. 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 PART 4 
 BORROWER JOINDER 
 Each Additional Borrower hereby acknowledges, agrees and confirms that, by its
execution of this Amendment, each such Additional Borrower will be deemed to be a party to the Existing Credit Agreement (as amended hereby) and a “Borrower” for all purposes of the Existing Credit Agreement (as amended hereby) and, and
shall have all of the obligations of a Borrower thereunder as if it had executed the Existing Credit Agreement. Each Additional Borrower hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions
applicable to the Borrowers contained in the Existing Credit Agreement (as amended hereby). Without limiting the generality of the foregoing terms of this Part 4, each Additional Borrower hereby jointly and severally together with the other
Borrowers, guarantees to each Lender and the Administrative Agent, the prompt payment and performance of the Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance
with the terms thereof. 
 The address of each Additional Borrower for purposes of all notices and other communications is described on
Schedule 12.2 of the Existing Credit Agreement. 
 PART 5 
 LENDER JOINDER 
 From and after the Second Amendment Effective Date, by
execution of this Amendment, each Person identified on the signature pages hereto as an Additional Revolving Lender (individually an “Additional Revolving Lender” and collectively, the “Additional Revolving
Lenders”) hereby acknowledges, agrees and confirms that, by its execution of this Amendment, such Person will be deemed to be a party to the Existing Credit Agreement (as amended hereby) and a “Lender” for all purposes of the
Credit Agreement (as amended hereby), and shall have all of the obligations of a Lender thereunder as if it had executed the Existing Credit Agreement as amended hereby. Such Person hereby ratifies, as of the date hereof, and agrees to be bound by,
all of the terms, provisions and conditions applicable to the Lenders contained in the Existing Credit Agreement (as amended hereby). 
 PART 6 
 REVOLVING COMMITMENTS/REVOLVING LOANS 
 ASSIGNMENTS AND ASSUMPTIONS 
 Each Existing Lender that is a Revolving Lender
(individually an “Existing Revolving Lender” and collectively, the “Existing Revolving Lenders”) hereby sells and assigns, without recourse, to the Additional Revolving Lenders, and each Additional Revolving Lender
hereby purchases and assumes, without recourse, from each such Existing Revolving Lender, effective as of the Second Amendment Effective Date, such interests in such Existing Revolving Lender’s rights and obligations under the Existing Credit
Agreement (including, without limitation, the Revolving Commitment of and Revolving Loans owed to such Existing Revolving Lender on the Second Amendment Effective Date) owing to each such Existing Revolving Lender which are outstanding on the Second
Amendment Effective Date) as shall be necessary in order to give effect to the reallocations of the Revolving Commitments and Revolving Commitment Percentages effected by the amendment to Schedule 1.1 to the Existing Credit Agreement pursuant
to Subpart 2.29 hereof. 
  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 PART 7 
 MISCELLANEOUS 
 SUBPART 7.1 Representations and Warranties. The Credit Parties affirm
that, 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 7.2 Guarantor Acknowledgment. Each Guarantor hereby
(a) acknowledges and consents to all of the terms and conditions of this Amendment, (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 Credit Agreement and (c) acknowledges and agrees that the such obligations will include any Obligations with respect to or resulting from the increase in the Total Revolving Committed Amount as provided hereunder.

 SUBPART 7.3 References in Other Credit Documents. On and after the date hereof, all references to the Existing Credit
Agreement in each of the Fundamental Documents shall hereafter 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 7.4 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 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. 

SUBPART 7.5 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. 
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 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 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 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 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 Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	  	 	 	 	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 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 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
		 		 	VENTAS MANAGEMENT, LLC
		 		 	VENTAS SUN LLC
		 		 	VENTAS CAL SUN, LLC
		 		 	VENTAS PROVIDENT, LLC
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	  	 	 	 	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

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	ELDERTRUST
		 		 	ET CAPITAL CORP
		 		 	ET SUB-LOPATCONG, L.L.C.
		 		 	ET PENNSBURG FINANCE, L.L.C.
		 		 	ET SUB-PLEASANT VIEW L.L.C.
		 		 	ET SUB-SMOB, L.L.C.
		 		 	ET WAYNE FINANCE, L.L.C.
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Secretary
			
		 		 	ELDERTRUST OPERATING LIMITED PARTNERSHIP
				
		 		 	By:	 	ElderTrust, its General Partner
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Secretary
			
		 		 	ET SUB-BERKSHIRE LIMITED PARTNERSHIP
				
		 		 	By:	 	ET Berkshire, LLC, its General Partner
				
		 		 	By:	 	ElderTrust, Operating Limited Partnership, its Sole Member
				
		 		 	By:	 	ElderTrust, its General Partner
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	ET BERKSHIRE, LLC
		 		 	CABOT ALF, L.L.C.
		 		 	CLEVELAND ALF, L.L.C.
		 		 	ET SUB-HERITAGE WOODS, L.L.C.
		 		 	ET GENPAR, L.L.C.
		 		 	ET SUB-LACEY I, L.L.C.
		 		 	ET LEHIGH, LLC
		 		 	ET SUB-PHILLIPSBURG I, L.L.C
		 		 	ET SANATOGA, LLC
		 		 	VERNON ALF, L.L.C.
				
		 		 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
		 		 	By:	 	ElderTrust, its General partner
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Secretary
			
		 		 	ET SUB-HIGHGATE, L.P.
		 		 	ET SUB-RITTENHOUSE LIMITED PARTNERSHIP, L.L.P.
		 		 	 ET SUB-RIVERVIEW RIDGE LIMITED PARTNERSHIP, L.L.P.

		 		 	ET SUB-WOODBRIDGE, L.P.
				
		 		 	By:	 	ET GENPAR, L.L.C., its General Partner
		 		 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
		 		 	By:	 	ElderTrust, its General Partner
				
		 		 	By:	 	 /s/ T. Richard Riney

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

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

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

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Secretary
			
		 		 	ET SUB-WAYNE 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:	 	Secretary
			
		 		 	ET WAYNE FINANCE, Inc.
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Chairman, Executive Vice President and 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 Corporate Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	PSLT OP, L.P.
				
		 		 	By:	 	PSLT GP, LLC, its General Partner
		 		 	By:	 	Vental Provident, LLC, its Sole Member
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Executive Vice President, General Counsel and Corporate 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 Corporate Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
		 		 	 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
INDIANA-OL, 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 Corporate 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 Corporate Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
		 		 	 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 Corporate Secretary
			
		 		 	PSLT-ALS PROPERTIES I, 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 Corporate Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	VSCRE HOLDINGS, LLC
		 		 	UNITED REHAB REALTY HOLDING, LLC
		 		 	BCC MARTINSBURG REALTY, LLC
		 		 	BCC ONTARIO REALTY, LLC
		 		 	BCC MEDINA REALTY, LLC
		 		 	BCC WASHINGTON TOWNSHIP, 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
		 		 	SOUTH BEAVER REALTY HOLDINGS, LLC
		 		 	BCC SOUTH BEAVER REALTY, LLC
		 		 	SHIPPENSBURG REALTY HOLDINGS, LLC
		 		 	BCC SHIPPENSBERG REALTY, LLC
		 		 	IPC (AP) HOLDING, LLC
		 		 	AL (AP) HOLDING, LLC
		 		 	ALLISON PARK NOMINEE, LLC
		 		 	IPC (HCN) HOLDING, LLC
		 		 	AL (HCN) HOLDING, LLC
		 		 	BLOOMSBERG 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 Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	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 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 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 Secretary
			
		 		 	BCC LEWISTOWN REALTY, LP
				
		 		 	By:	 	BCC Lewistown Realth GP, LLC, its General Partner
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Executive Vice President, General Counsel and Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	BCC STATE COLLEGE REALTY, LP
				
		 		 	By:	 	GCC State College Realty GP, LLC, its General Partner
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Executive Vice President, General Counsel and 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 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 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 Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	LEBANON NOMIEE, LP
				
		 		 	By:	 	Lebanon Nominee, LLC, its General Partner
				
		 		 	By:	 	 /s/ T. Richard Riney

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Executive Vice President, General Counsel and 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 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 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 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 Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	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 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 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 Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	VENTAS MOB HOLDINGS, LLC
		 		 	VENTAS UNIVERISTY MOB, LLC
		 		 	VENTAS NEXCORE HOLDINGS, LLC
		 		 	VENTAS BROADWAY MOB, LLC
		 		 	VENTAS CASPER HOLDINGS, LLC
		 		 	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.
		 		 	VENTAS GRANTOR TRUST #2
		 		 	SZR WINDSOR INC.
		 		 	SZR OAKVILLE INC.
		 		 	VENTAS SSL VANCOUVER, INC.
		 		 	VENTAS OF VANCOUVER LIMITED
		 		 	SZR BURLINGTON INC.
		 		 	VENTAS GRANTOR TRUST #1
		 		 	VENTAS SSL, INC.
		 		 	VENTAS SSL HOLDINGS, LLC
		 		 	VENTAS REIT US HOLDINGS, INC.
		 		 	SZR US UPREIT THREE, LLC
		 		 	SZR US FINANCE, INC.
				
		 		 	By:	 	 /s/ T. Richard Riney

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

		 		 	Name:	 	T. Richard Riney
		 		 	Title:	 	Executive Vice President and Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	 	 	 	 	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 Secretary

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	EXISTING LENDERS:	 	 	 	BANK OF AMERICA, N.A.,
		 		 	as Administrative Agent and as Cash Collateral Bank
				
		 		 	By:	 	 /s/ Alysa Trakas

		 		 	Name:	 	Alysa Trakas
		 		 	Title:	 	Vice President
			
		 		 	BANK OF AMERICA, N.A., individually as a Lender, as Issuing Bank and as Swingline Lender
				
		 		 	By:	 	 /s/ Alysa Trakas

		 		 	Name:	 	Alysa Trakas
		 		 	Title:	 	Vice President
			
		 		 	LASALLE BANK NATIONAL ASSOCIATION
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Alysa Trakas

		 		 	Name:	 	Alysa Trakas
		 		 	Title:	 	Vice President

			
	CITICORP NORTH AMERICA, INC.,
	as a Lender
		
	By:	 	 /s/ Ricardo James

	Name:	 	Ricardo James
	Title:	 	Director

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	CALYON NEW YORK BRANCH,
	as a Lender
		
	By:	 	 /s/ Thomas Randolph

	Name:	 	Thomas Randolph
	Title:	 	Managing Director
		
	By:	 	 /s/ Priya Vrat

	Name:	 	Priya Vrat
	Title:	 	Director

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	MERRILL LYNCH CAPITAL CORPORATION,
	as a Lender
		
	By:	 	 /s/ Michael E. O’Brien

	Name:	 	Michael E. O’Brien
	Title:	 	Vice President

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	UBS LOAN FINANCE LLC
	as a Lender
		
	By:	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	Director
		
	By:	 	 /s/ David B. Julie

	Name:	 	David B. Julie
	Title:	 	Associate Director

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	BANK OF MONTREAL,
	as a Lender
		
	By:	 	 /s/ David Mistic

	Name:	 	David Mistic
	Title:	 	Vice President

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	as a Lender
		
	By:	 	 /s/ Ming K. Chu

	Name:	 	Ming K. Chu
	Title:	 	Vice President
		
	By:	 	 /s/ Heidi Sandquist

	Name:	 	Heidi Sandquist
	Title:	 	Vice President

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	MORGAN STANLEY BANK,
	as a Lender
		
	By:	 	 /s/ Daniel Twenge

	Name:	 	Daniel Twenge
	Title:	 	Authorized Signatory

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	JPMORGAN CHASE BANK, N.A.
	as a Lender
		
	By:	 	 /s/ Marc E. Costantino

	Name:	 	Marc E. Costantino
	Title:	 	Executive Director

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	ALLIED IRISH BANKS, PLC,
	as a Lender
		
	By:	 	 /s/ Jim C. Dennehy

	Name:	 	Jim C. Dennehy
	Title:	 	Executive Vice President
		
	By:	 	 /s/ Denise Magyer

	Name:	 	Denise Magyer
	Title:	 	Vice President
	
	 AIB DEBT MANAGEMENT LIMITED,
 as a Lender

		
	By:	 	 /s/ Jim C. Dennehy

	Name:	 	Jim C. Dennehy
	Title:	 	 Investment Advisor to
 AIB Debt Management, Limited

		
	By:	 	 /s/ Denise Magyer

	Name:	 	Denise Magyer
	Title:	 	 Investment Advisor to
 AIB Debt Management,
Limited

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION,
	as a Lender
		
	By:	 	 /s/ Jeanette A. Griffin

	Name:	 	Jeanette A. Griffin
	Title:	 	Director

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

							
	NEW LENDERS	 		 	MERRILL LYNCH BANK USA
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Louis Alder

		 		 	Name:	 	Louis Alder
		 		 	Title:	 	First Vice President

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	GOLDMAN SACHS BANK USA
	as a Lender
		
	By:	 	 /s/ Mark Walton

	Name:	 	Mark Walton
	Title:	 	Assistant Vice President

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	BARCLAYS BANK PLC,
	as a lender
		
	By:	 	 /s/ Nicholas Bell

	Name:	 	Nicholas Bell
	Title:	 	Director

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	 EMIGRANT BANK,

	 as a Lender

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,

	 as a Lender

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	LEHMAN COMMERIAL PAPER INC.,
	as a Lender
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	 BANK OF THE WEST,

	 as a Lender

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	 CHEVY CHASE BANK FEDERAL SAVINGS BANK,

	 as a Lender

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

			
	 STATE BANK OF INDIA, NEW YORK BRANCH,

	 as a Lender

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 VENTAS REALTY, LIMITED PARTNERSHIP 
 SECOND AMENDMENT 

 Schedule 1.1 
 LENDERS AND COMMITMENTS 
  

							
	 Lender
	  	Revolving
Commitment	  	Revolving
Commitment
Percentage	 
	 Bank of America, N.A.
	  	$	16,000,000	  	2.285714286	%
	 LaSalle Bank National Association
	  	$	44,000,000	  	6.285714286	%
	 Citigroup North America, Inc.
	  	$	57,000,000	  	8.142857143	%
	 Calyon New York Branch
	  	$	55,000,000	  	7.857142857	%
	 Merrill Lynch Capital Corporation
	  	$	24,500,000	  	3.500000000	%
	 Merrill Lynch Bank USA
	  	$	25,000,000	  	3.571428571	%
	 UBS Loan Finance LLC
	  	$	53,000,000	  	7.571428571	%
	 Bank of Montreal
	  	$	53,000,000	  	7.571428571	%
	 KeyBank National Association
	  	$	53,000,000	  	7.571428571	%
	 Deutsche Bank Trust Company Americas
	  	$	44,000,000	  	6.285714286	%
	 Morgan Stanley Bank
	  	$	40,500,000	  	5.785714286	%
	 Goldman Sachs
	  	$	38,000,000	  	5.428571429	%
	 Barclays Bank PLC
	  	$	30,000,000	  	4.285714286	%
	 JP Morgan Chase, N.A.
	  	$	30,000,000	  	4.285714286	%
	 Allied Irish Banks, plc
	  	$	27,000,000	  	2.857142857	%
	 AIB Debt Management Limited
	  	$	7,000,000	  	1.000000000	%
	 Emigrant Realty Finance LLC
	  	$	25,000,000	  	3.571428571	%
	 Wachovia Bank, National Association
	  	$	25,000,000	  	3.571428571	%
	 Lehman Brothers
	  	$	20,000,000	  	2.857142857	%
	 Bank of the West
	  	$	15,000,000	  	2.142857143	%
	 Chevy Chase Bank Federal Savings Bank
	  	$	15,000,000	  	2.142857143	%
	 State Bank of India, New York Branch
	  	$	10,000,000	  	1.428571429	%
			
	 Total
	  	$	700,000,000	  	100.000000000	%

 Schedule 12.2 
 NOTICE ADDRESSES 
 Credit Parties: 
  

			
	Ventas Realty, Limited Partnership
	10350 Ormsby Park Place, Suite 300
	Louisville, KY 40223
	Attention:	  	General Counsel
	Telephone:	  	(502) 357-9020
	Facsimile:	  	(502) 357-9001
	Website:	  	www.ventasreit.com

 With a copy to: 
  

			
	Willkie Farr & Gallagher LLP
	787 Seventh Avenue
	New York, New York 10019
	Attention:	  	William E. Hiller
	Telephone:	  	(212) 728-8000
	Facsimile:	  	(312) 728-8111

 Administrative Agent: 
 For payments and requests for Extensions of Credit: 
  

			
	Bank of America, N.A.
	101 North Tryon Street, NC1-001-04-39
	Charlotte, NC 28255
	Attention:	  	Sally Bixby, Agency Services
	Telephone:	  	(704) 387-9482
	Facsimile:	  	(704) 719-8876
	Email:	  	sally.a.bixby@bankofamerica.com

 Wiring Instructions: 
 Bank of America NA 
 New York, NY 
 ABA # : 026009593

 Acct # : 1366212250600 
 Account Name: Credit Services

 Ref: Ventas Realty, Limited Partnership 

 For all other notices: 
  

			
	Bank of America, N.A., as Administrative Agent
	Mailcode CA5-701-05-19
	1455 Market Street, 5th Floor
	San Francisco, CA 94103
	Attention:	  	Charles D. Graber, Vice President
	Telephone:	  	(415) 436-3495
	Facsimile:	  	(415) 503-5006
	Email:	  	charles.graber@bankofamerica.com

 With a copy to: 
  

			
	Bank of America, N.A.
	 100 N. Tryon Street, NC1-007-17-11
 Charlotte, NC 28255

	Attention:	  	Amie Edwards
	Telephone:	  	(704) 387-1346
	Facsimile:	  	(704) 388-6002
	Email:	  	amie.l.edwards@bankofamerica.com

 Exhibit 2.2 
 FORM OF LOAN NOTICE 
 Date:
                     
  

	To:	Bank of America, N.A., as Administrative Agent 

  

	Re:	Credit and Guaranty Agreement, dated as of April 26, 2006 (as amended, restated, extended, supplemented, renewed, replaced or otherwise modified from time to time, the
“Credit Agreement”), by and among Ventas Realty, 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 “Borrowers”), the
Guarantors referred to therein, the lenders from time to time party thereto (together with their successors and assigns, the “Lenders”), and Bank of America, N.A., as administrative agent (the “Administrative
Agent”) for the Lenders, the Issuing Bank and the Swingline Lender. Capitalized terms used but not otherwise defined herein have the meanings provided in the Credit Agreement. 

 Ladies and Gentlemen: 
  

	1.	The undersigned Borrower [INSERT BORROWER NAME] hereby request the following: 

  

					
	 ̈	 	a Swingline Loan Borrowing	  	 ̈ a Revolving Loan Borrowing
			
	 ̈	 	a Revolving Loan continuation	  	 ̈ a Revolving Loan conversion

  

	2.	Date of Borrowing (which shall be a Business Day):
                                        
                                        
                                     

  

	3.	Amount and Currency of Borrowing:
                                        
                                        
                                        
                     

  

	4.	Type of Loan requested (select one): 

  

	 	 ̈	Base Rate Loan (required for Domestic Swingline) 

  

	 	 ̈	Eurodollar Rate Loan 

  

	5.	Interest Period for Eurodollar Rate Loans (select one): 

  

	 	 ̈    One Month        	 ̈    Two Months         ̈    Three Months         ̈    Six Months 

 The Borrowers hereby represent and warrant that (a) this request for Extension of Credit complies with the requirements of Section 2.1(a), with respect to
Revolving Loans, and Section 2.1(c), with respect to new Swingline Loans, and with the requirements of Section 2.2 of the Credit Agreement and (b) the representations and warranties contained in Section 5.2(b) and (c) of the
Credit Agreement will be satisfied on and as of the date of the requested Extension of Credit. 

					
	[APPLICABLE BORROWER:]	 	[                                      
                                        
              ]
		 	By:	 	[                                      
                                      ]
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Exhibit 2.4(e)-1 
 FORM OF REVOLVING NOTE 
             
    , 20     
 FOR VALUE RECEIVED, the undersigned (the “Borrowers”),
hereby promise to pay to
                                        ,
its successors or registered assigns (the “Revolving Lender”), the amount of the Revolving Lender’s Revolving Commitment, or if less, the aggregate unpaid principal amount of all Revolving Loans owing to the Revolving Lender by
the Borrowers under the Credit and Guaranty Agreement, dated as of April 26, 2006 (as amended, restated, extended, supplemented, renewed, replaced or otherwise modified from time to time, the “Credit Agreement”), by and among
Ventas Realty, 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 Henderson
Nominee, LP, in their capacities as additional borrowers (collectively, the “Additional Borrowers” and together with the Parent Borrower, the “Borrowers”), the Guarantors referred to therein, the lenders from time
to time party thereto (together with their successors and assigns, the “Lenders”), and Bank of America, N.A., as administrative agent (the “Administrative Agent”) for the Lenders, the Issuing Bank and the Swingline
Lender. Capitalized terms used but not otherwise defined herein have the meanings provided in the Credit Agreement. 
 The Borrowers promise
to pay interest on the unpaid principal amount of each Revolving Loan from the date of such Revolving Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of
principal and interest shall be made to the Administrative Agent for the account of the Revolving Lender, at the Administrative Agent’s Office, in Dollars in immediately available funds. If any amount is not paid in full when due hereunder,
such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (before as well as after judgment) computed at the applicable per annum rate set forth in the Credit Agreement. 
 This Revolving Note is one of the Notes referred to in the Credit Agreement and is entitled to the benefits thereof and may be prepaid in whole or in
part subject to the terms and conditions provided in the Credit Agreement. Revolving Loans made by the Revolving Lender may be evidenced by one or more loan accounts or records maintained by the Revolving Lender in the ordinary course of business.
The Revolving Lender may also attach schedules to this Revolving Note and endorse thereon the date, amount and maturity of its Revolving Loans and payments with respect thereto. 
 Upon the occurrence and continuation of an Event of Default, all amounts then remaining unpaid on this Revolving Note shall become, or may be declared to
be, immediately due and payable as provided in the Credit Agreement, without diligence, presentment, protest and demand or notice of protest, demand, dishonor and non-payment of this Revolving Note, all of which are hereby waived by the Borrower,
for itself and its successors and assigns. 
 THIS REVOLVING NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 
 [SIGNATURE ON FOLLOWING PAGE] 

					
	PARENT BORROWER:	 	VENTAS REALTY, LIMITED PARTNERSHIP
		 	By:	 	Ventas, Inc., its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	ADDITIONAL BORROWERS:	 	SZR US INVESTMENTS, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	VENTAS SSL HOLDINGS, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	EC LEBANON REALTY, LLC
		 	EC HAMILTON PLACE REALTY, LLC
			
		 	By:	 	VSCRE Holdings, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	KINGSPORT NOMINEE, LP
			
		 	By:	 	Kingsport Nominee, LLC, its General Partner
			
		 	By:	 	AL (MT) Holding, LLC, its sole member
			
		 	By:	 	IPC (MT) Holding, LLC, its sole member
			
		 	By:	 	PSLT OP, LP, its sole member
			
		 	By:	 	PSLIT GP, LLC, its general partner
			
		 	By:	 	Ventas Provident, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
		 	KNOXVILLE NOMINEE, LP
			
		 	By:	 	Knoxville Nominee, LLC, its General Partner
			
		 	By:	 	AL (MT) Holding, LLC, its sole member
			
		 	By:	 	IPC (MT) Holding, LLC, its sole member
			
		 	By:	 	PSLT OP, LP, its sole member
			
		 	By:	 	PSLIT GP, LLC, its general partner
			
		 	By:	 	Ventas Provident, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	HENDERSONVILLE NOMINEE, LP
			
		 	By:	 	Hendersonville Nominee, LLC, its General Partner
			
		 	By:	 	Kingsport Nominee, LLC, its General Partner
			
		 	By:	 	AL (MT) Holding, LLC, its sole member
			
		 	By:	 	IPC (MT) Holding, LLC, its sole member
			
		 	By:	 	PSLT OP, LP, its sole member
			
		 	By:	 	PSLIT GP, LLC, its general partner
			
		 	By:	 	Ventas Provident, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Exhibit 2.4(e)-2 
 FORM OF SWINGLINE NOTE 
             
    , 20     
 FOR VALUE RECEIVED, the undersigned (the “Borrowers”),
hereby promise to pay to
                                        ,
its successors or registered assigns (the “Swingline Lender”), the aggregate unpaid principal amount of all Swingline Loans owing by the Borrowers to the Swingline Lender under the Credit Agreement, dated as of April 26, 2006
(as amended, restated, extended, supplemented, renewed, replaced or otherwise modified from time to time, the “Credit Agreement”), by and among Ventas Realty, 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 Henderson Nominee, LP, in their capacities as additional borrowers (collectively, the
“Additional Borrowers” and together with the Parent Borrower, the “Borrowers”), the Guarantors referred to therein, the lenders from time to time party thereto (together with their successors and assigns, the
“Lenders”), and Bank of America, N.A., as administrative agent (the “Administrative Agent”) for the Lenders, the Issuing Bank and the Swingline Lender. Capitalized terms used but not otherwise defined herein have
the meanings provided in the Credit Agreement. 
 The Borrowers promise to pay interest on the unpaid principal amount of each Swingline Loan
from the date of such Swingline Loan until such principal amount is paid in full, at such interest rates and at such times as provided in the Credit Agreement. All payments of principal and interest shall be made to the Swingline Lender in Dollars
in immediately available funds. If any amount is not paid in full when due hereunder, such unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date of actual payment (before as well as after judgment)
computed at the applicable per annum rate set forth in the Credit Agreement. 
 This Swingline Note is one of the Notes referred to in the
Credit Agreement and is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and conditions provided in the Credit Agreement. Swingline Loans made by the Swingline Lender may be evidenced by one or more loan
accounts or records maintained by the Swingline Lender in the ordinary course of business. The Swingline Lender may also attach schedules to this Swingline Note and endorse thereon the date, amount and maturity of its Loans and payments with respect
thereto. 
 Upon the occurrence and continuation of an Event of Default, all amounts then remaining unpaid on this Swingline Note shall
become, or may be declared to be, immediately due and payable as provided in the Credit Agreement, without diligence, presentment, protest and demand or notice of protest, demand, dishonor and non-payment of this Swingline Note, all of which are
hereby waived by the Borrower, for itself and its successors and assigns. 
 THIS SWINGLINE NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 
 [SIGNATURE
ON FOLLOWING PAGE] 

					
	PARENT BORROWER:	 	VENTAS REALTY, LIMITED PARTNERSHIP
		 	By:	 	Ventas, Inc., its General Partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	ADDITIONAL BORROWERS:	 	SZR US INVESTMENTS, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	VENTAS SSL HOLDINGS, INC.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	EC LEBANON REALTY, LLC
		 	EC HAMILTON PLACE REALTY, LLC
			
		 	By:	 	VSCRE Holdings, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	KINGSPORT NOMINEE, LP
			
		 	By:	 	Kingsport Nominee, LLC, its General Partner
			
		 	By:	 	AL (MT) Holding, LLC, its sole member
			
		 	By:	 	IPC (MT) Holding, LLC, its sole member
			
		 	By:	 	PSLT OP, LP, its sole member
			
		 	By:	 	PSLIT GP, LLC, its general partner
			
		 	By:	 	Ventas Provident, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
		 	KNOXVILLE NOMINEE, LP
			
		 	By:	 	Knoxville Nominee, LLC, its General Partner
			
		 	By:	 	AL (MT) Holding, LLC, its sole member
			
		 	By:	 	IPC (MT) Holding, LLC, its sole member
			
		 	By:	 	PSLT OP, LP, its sole member
			
		 	By:	 	PSLIT GP, LLC, its general partner
			
		 	By:	 	Ventas Provident, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
		 	HENDERSONVILLE NOMINEE, LP
			
		 	By:	 	Hendersonville Nominee, LLC, its General Partner
			
		 	By:	 	Kingsport Nominee, LLC, its General Partner
			
		 	By:	 	AL (MT) Holding, LLC, its sole member
			
		 	By:	 	IPC (MT) Holding, LLC, its sole member
			
		 	By:	 	PSLT OP, LP, its sole member
			
		 	By:	 	PSLIT GP, LLC, its general partner
			
		 	By:	 	Ventas Provident, LLC, its sole member
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Exhibit 12.6(b) 
 FORM OF ASSIGNMENT AND ASSUMPTION 
 This Assignment and Assumption (this “Assignment and
Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified in item 1 below (the “Assignor”) and the Assignee identified in item 2 below (the
“Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified in item 5 below (the “Credit Agreement”), receipt of a copy of which is
hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in
full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of
such outstanding rights and obligations of the Assignor under the respective facilities identified below (including, without limitation, the Letters of Credit and the Swingline Loans included in such facilities) and (ii) to the extent permitted
to be assigned under applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory
claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to the Assignee pursuant to clauses
(i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Each such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and
Assumption, without representation or warranty by the Assignor. 
  

							
	1.	 	Assignor:	  	  
	  	
				
		 		  	  
	  	
				
	2.	 	Assignee:	  	  
	  	
				
		 		  	  
	  	
	 [indicate [Affiliate][Approved Fund] of [identify Lender]]

			
	3.	 	Borrowers:	  	VENTAS REALTY, LIMITED PARTNERSHIP
		 		  	SZR US INVESTMENTS, INC.
		 		  	VENTAS SSL HOLDINGS, INC.
		 		  	EC LEBANON REALTY, LLC
		 		  	EC HEMILTON PLACE REALTY, LLC
		 		  	KINGSPORT NOMINEE, LP
		 		  	KNOXVILLE NOMINEE, LP
		 		  	HENDERSONVILLE NOMINEE, LP

	4.	Administrative Agent: BANK OF AMERICA, N.A., as the administrative agent under the Credit Agreement 

  

	5.	Credit Agreement: Credit and Guaranty Agreement, dated as of April 26, 2006 (as amended, restated, extended, supplemented, renewed, replaced or otherwise modified from
time to time, the “Credit Agreement”), by and among Ventas Realty, 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 Henderson Nominee, LP, in their capacities as additional borrowers (collectively, the “Additional Borrowers” and together with the Parent Borrower, the
“Borrowers”), the Guarantors referred to therein, the lenders from time to time party thereto (together with their successors and assigns, the “Lenders”), and Bank of America, N.A., as administrative agent (the
“Administrative Agent”) for the Lenders, the Issuing Bank and the Swingline Lender. 

  

	6.	Assigned Interest: 

  

											
	 Assignor
	  	 Assignee
	  	Aggregate
Amount of
Commitment/Loans
for all Lenders1	  	Amount of
Commitment/Loans
Assigned	  	Percentage
Assigned of
Commitment/
Loans2	  	CUSIP
Number
		  		  		  		  		  	

  

	 [7.
	 Trade Date:
                    ]3

 Effective Date:
                    , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

	Title:	 	
	
	ASSIGNEE
	[NAME OF ASSIGNEE]
		
	By:	 	  

	Title:	 	

  

	 1
	 Amounts in this column and in the column immediately to the right to be adjusted by the counterparties to take into
account any payments or prepayments made between the Trade Date and the Effective Date. 

	 2
	 Set forth, to at least 9 decimals, as a percentage of the
Commitment/Loans of all Lenders thereunder. 

	 3
	 To be completed if the Assignor and the Assignee intend that the
minimum assignment amount is to be determined as of the Trade Date. 

  

 2 

			
	[Consented to and]4 Accepted:
	
	BANK OF AMERICA, N.A., as
Administrative Agent
		
	By:	 	  

	Title:	 	
	
	[Consented to:]5

  

			
	PARENT BORROWER:
	
	VENTAS REALTY, LIMITED PARTNERSHIP,
a Delaware limited partnership
		
	By:	 	VENTAS, INC., a Delaware corporation, its general partner
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[BANK OF AMERICA, N.A., as
	Issuing Bank and Swingline Lender
		
	By:	 	  

	Name:	 	
	Title:]6	 	

  

	 4
	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

	 5
	 To be added only if the consent of the Borrowers and/or other parties (e.g. Swingline Lender, Issuing Bank) is required
by the terms of the Credit Agreement. 

	 6
	 To be added only if the consent of other parties (i.e., the Borrowers, the Issuing Bank and/or the Swingline
Lender) is required by the terms of the Credit Agreement. 

  

 3 

 Annex 1 
 to Assignment and Assumption 
 STANDARD TERMS AND CONDITIONS 
 1. Representations and Warranties. 
 1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse
claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with
respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Fundamental Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of
the Fundamental Documents or any collateral thereunder, (iii) the financial condition of the Borrower, the Guarantors, any of their Subsidiaries or Affiliates or any other Person obligated in respect of any Fundamental Document or (iv) the
performance or observance by the Borrower or the Guarantors, any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Fundamental Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned
Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.1 thereof, as applicable,
and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and
decision independently and without reliance on the Administrative Agent or any other Lender, (v) if it is a Foreign Lender, it has delivered (or will promptly deliver) to the Administrative Agent and the Borrower any documentation required to
be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Fundamental Documents, and (ii) it will perform in accordance with
their terms all of the obligations which by the terms of the Fundamental Documents are required to be performed by it as a Lender. 
 2.
Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts that have
accrued to but excluding the Effective Date and to the Assignee for amounts that accrue from and after the Effective Date. 
 3. General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. THIS
ASSIGNMENT AND ASSUMPTION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 
  

 4

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