Document:

EX-10.12

Exhibit 10.12

SECOND AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

          THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated this 29th day of December, 2008
(the “Agreement”), is entered into by and between HEALTH CARE REIT, INC., a Delaware corporation,
(the “Corporation”), and DANIEL R. LOFTUS (the “Executive”).

          WHEREAS, the Corporation and the Executive entered into an Employment Agreement, effective as
of December 20, 2006;

          WHEREAS, the Corporation and the Executive entered into an Amended and Restated Employment
Agreement, effective as of June 18, 2008;

          WHEREAS, the Compensation Committee of the Corporation’s Board of Directors has approved
certain modifications to the terms of such Amended and Restated Employment Agreement solely for
purposes of compliance with the requirements of Section 409A of the Internal Revenue Code, as
amended (the “Code”), and the rules and regulations promulgated thereunder; and

          WHEREAS, the Corporation wishes to assure itself of the services of the Executive for the
period provided in this Agreement and the Executive is willing to serve in the employ of the
Corporation for such period upon the terms and conditions set forth in this Agreement, which is
effective as of January 1, 2009.

          NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties,
intending to be legally bound, hereby agree as follows:

     1. EMPLOYMENT

          The Corporation hereby agrees to employ the Executive as a Senior Vice President upon the
terms and conditions herein contained, and the Executive hereby agrees to accept such employment
and to serve in such position, and to perform the duties and functions customarily performed by a
Senior Vice President of a publicly traded corporation during the term of this Agreement. In such
capacity, the Executive shall report to the head of the Medical Facilities Group and to the
Corporation’s Chief Executive Officer (the “CEO”) and Board of Directors and shall have such powers
and responsibilities consistent with his position as may be assigned.

          Throughout the term of this Agreement, the Executive shall devote his best efforts and all of
his business time and services to the business and affairs of the Corporation.

     2. TERM OF AGREEMENT

          The current term of employment under this Agreement shall expire on January 31, 2011. Upon
the expiration of such term, the term of employment hereunder shall automatically be

 

 

extended without further action by the parties for successive two (2) year renewal terms, unless
either party shall give at least six (6) months advance written notice to the other of his or its
intention that this Agreement shall terminate upon the expiration of the current term or the then
current renewal term, as the case may be.

          Notwithstanding the foregoing, the Corporation shall be entitled to terminate this Agreement
immediately, subject to a continuing obligation to make any payments required under Section 5
below, if the Executive (i) becomes disabled as described in Section 5(b), (ii) is terminated for
Cause, as defined in Section 5(c), or (iii) voluntarily terminates his employment before the
current term of this Agreement expires, as described in Section 5(d).

     3. SALARY AND BONUS

          The Executive shall receive a base salary during the term of this Agreement at a rate of not
less than $267,800 per annum for 2008, and at a rate of not less than $267,800 per annum for
subsequent years, payable in substantially equal semi-monthly installments. The Compensation
Committee of the Board shall consult with the CEO and review the Executive’s base salary at annual
intervals, and may adjust the Executive’s annual base salary from time to time as the Committee
deems to be appropriate.

          The Executive shall also be eligible to receive an annual bonus from the Corporation each year
during the term of this Agreement, with the actual amount of such bonus to be determined by the
Compensation Committee of the Corporation’s Board, using such performance measures as the Committee
deems to be appropriate. Such bonus, if any, shall be paid to the Executive no later than sixty
(60) days after the end of the year to which the bonus relates.

     4. ADDITIONAL COMPENSATION AND BENEFITS

          The Executive shall receive the following additional compensation and welfare and fringe
benefits during the term of the Agreement:

     (a) Stock Options and Other Long-Term Incentives. The Executive has been
granted incentive stock options, nonstatutory stock options and shares of restricted stock
pursuant to the terms of the Corporation’s 2005 Long-Term Incentive Plan. During the
remaining term of the Agreement, any additional stock options, restricted stock or other
awards granted under the 2005 Long-Term Incentive Plan shall be at the discretion of the
Compensation Committee of the Corporation’s Board.

     (b) Health Insurance. The Corporation shall provide the Executive and his
dependents with health insurance, life insurance and disability coverage on terms no less
favorable than that from time to time made available to other key employees.

     (c) Vacation. The Executive shall be entitled to up to three (3) weeks of
vacation during each year during the term of this Agreement and any extensions thereof,
prorated for partial years.

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     (d) Business Expenses. The Corporation shall reimburse the Executive for all
reasonable expenses he incurs in promoting the Corporation’s business, including expenses
for travel and similar items, upon presentation by the Executive from time to time of an
itemized account of such expenditures.

          In addition to the benefits provided pursuant to the preceding paragraphs of this Section 4,
the Executive shall be eligible to participate in such other executive compensation and retirement
plans of the Corporation as are applicable generally to other officers, and in such welfare benefit
plans, programs, practices and policies of the Corporation as are generally applicable to other key
employees, unless such participation would duplicate, directly or indirectly, benefits already
accorded to the Executive.

     5. PAYMENTS UPON TERMINATION

          (a) Involuntary Termination. If the Executive’s employment is involuntarily
terminated by the Corporation during the term of this Agreement, the Executive shall be entitled to
receive his base salary accrued through the date of termination, any accrued but unpaid vacation
pay, plus any bonuses earned but unpaid with respect to fiscal years or other periods preceding the
termination date. Such payments shall be made to the Executive within sixty (60) days following
the date of involuntary termination. The Executive shall also receive any nonforfeitable benefits
payable to him under the terms of any deferred compensation, incentive or other benefit plans
maintained by the Corporation, payable in accordance with the terms of the applicable plan.

          If the termination is not a termination for Cause, as described in paragraph (c), a voluntary
termination by the Executive as described in paragraph (d), or a result of the Executive’s death or
disability, then the Corporation shall also be obligated to make a series of monthly severance
payments to the Executive for each month during the remaining term of this Agreement, but not less
than twelve (12) months. Each monthly payment shall be equal to one-twelfth (1/12th) of the sum of
(i) the Executive’s annual base salary, as in effect on the date of termination, and (ii) the
average of the annual bonuses paid to the Executive for the prior three fiscal years preceding the
termination date and shall be paid to the Executive beginning with the month following month in
which the termination occurs in accordance with the Corporation’s normal payroll practices. If the
Executive obtains a replacement position with any new employer (including a position as an officer,
employee, consultant, or agent, or self-employment as a partner or sole proprietor), the payments
shall be reduced by all amounts the Executive receives as compensation for services performed
during such period. The Executive shall be under no duty to mitigate the amounts owed to him under
this paragraph (a) by seeking such a replacement position.

          In addition, if the termination is not a termination for Cause as described in paragraph (c),
a voluntary termination by the Executive as described in paragraph (d), or a result of the
Executive’s death or disability, then:

     (i) Any stock options, restricted stock or other awards granted to the Executive under
the Corporation’s 2005 Long-Term Incentive Plan shall become fully vested and, in the case
of stock options, exercisable in full; and

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     (ii) The Executive shall be provided continued coverage at the Corporation’s expense
under any life, health and disability insurance programs maintained by the Corporation in
which the Executive participated at the time of his termination for the remaining term of
the Agreement (but not less than six (6) months and not more than the period during which
the Executive would be entitled to continuation coverage under Section 4980B of the Code, if
the Executive elected such coverage and paid the applicable premiums), or until, if earlier,
the date the Executive obtains comparable coverage under benefit plans maintained by a new
employer.

          (b) Disability. The Corporation shall be entitled to terminate the Executive’s
employment if the Board determines that the Executive has been unable to attend to his duties for
at least ninety (90) days because of a medically diagnosable physical or mental condition, and has
received a written opinion from a physician acceptable to the Board that such condition prevents
the Executive from resuming full performance of his duties and is likely to continue for an
indefinite period. Upon such involuntary termination, the Executive shall be entitled to receive
his base salary accrued through the date of termination, any accrued but unpaid vacation pay, plus
any bonuses earned but unpaid with respect to fiscal years or other periods preceding the
termination date. Such payments shall be made to the Executive within sixty (60) days following
the date of involuntary termination. In addition, the Corporation shall make a series of monthly
disability payments to Executive, each equal to one-twelfth (1/12th) of the sum of
(i) his annual base salary, as in effect at the time Executive became permanently disabled, and
(ii) the average of the annual bonuses paid to the Executive for the prior three fiscal years
preceding the date of disability. Payment of such disability benefit shall be paid in accordance
with the Corporation’s normal payroll practices, shall commence with the month following the month
in which the involuntary termination occurs and continue each month for the remaining current term
of this Agreement (but not less than twelve (12) months), but shall terminate at an earlier date if
the Executive returns to active employment, either with the Corporation or otherwise. Any amounts
payable under this Section 5(b) shall be reduced by any amounts paid to the Executive under any
long-term disability plan or other disability program or insurance policies maintained or provided
by the Corporation.

          (c) Termination for Cause. If the Executive’s employment is terminated by the
Corporation for Cause, the amount the Executive shall be entitled to receive from the Corporation
shall be limited to his base salary accrued through the date of termination, any accrued but unpaid
vacation pay, plus any bonuses earned but unpaid with respect to the fiscal year of the Corporation
most recently ended, and any nonforfeitable benefits payable to the Executive under the terms of
any deferred compensation, incentive or other benefit plans maintained by the Corporation. Such
payments shall be made to the Executive within sixty (60) days following the date of termination.

          For purposes of this Agreement, the term “Cause” shall be limited to (i) action by the
Executive involving willful disloyalty to the Corporation, such as embezzlement, fraud,
misappropriation of corporate assets or a breach of the covenants set forth in Sections 9 and 10
below; or (ii) the Executive being convicted of a felony; or (iii) the Executive being convicted of
any lesser crime or offense committed in connection with the performance of his duties hereunder or
involving moral turpitude; or (iv) the intentional and willful failure by the Executive to
substantially perform his duties hereunder as directed by the Corporation’s CEO or President (other
than any such

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failure resulting from the Executive’s incapacity due to physical or mental
disability) after a demand for substantial performance is made on the Executive by the Board of
Directors.

          (d) Voluntary Termination by the Executive. If the Executive resigns or otherwise
voluntarily terminates his employment before the end of the current term of this Agreement (other
than in connection with a Change in Corporate Control, as described in Section 6), the amount the
Executive shall be entitled to receive from the Corporation shall be limited to his base salary
accrued through the date of termination, any accrued but unpaid vacation pay, plus any bonuses
earned but unpaid with respect to any fiscal years or other periods preceding the termination date,
and any nonforfeitable benefits payable to the Executive under the terms of any deferred
compensation, incentive or other benefit plans of the Corporation. Such payment shall be made to
the Executive within sixty (60) days following the date of resignation or voluntary termination.

          For purposes of this paragraph, a resignation by the Executive shall not be deemed to be
voluntary if, without the Executive’s prior written consent, the Executive is (1) assigned to a
position other than the Senior Vice President of the Corporation (other than for Cause or by reason
of permanent disability) or assigned duties materially inconsistent with such position if either
such change in assignment constitutes a material diminution in the Executive’s authority, duties or
responsibilities, or (2) directed to report to anyone other than the head of the Medical Facilities
Group or the Corporation’s CEO or Board of Directors if such change in reporting duties constitutes
a material diminution in the authority, duties or responsibilities of the supervisor to whom the
Executive is required to report; provided that the Executive has notified the Corporation within
the first ninety (90) days following the initial date of such change in assignment or reporting
duties that the Executive regards such change in assignment or reporting duties as grounds
justifying resignation under this paragraph and the Corporation has failed to cure such change in
assignment or reporting duties within ninety (90) days following its receipt of such notice from
the Executive; and provided further that the Executive resigns under this paragraph within one (1)
year following the initial existence of a change in assignment or reporting duties described
herein.

     6. EFFECT OF CHANGE IN CORPORATE CONTROL

          (a) In the event of a Change in Corporate Control, the vesting of any stock options,
restricted stock or other awards granted to the Executive under the terms of the Corporation’s 2005
Long-Term Incentive Plan shall be accelerated (to the extent permitted by the terms of such plans)
and such awards shall become immediately vested in full and, in the case of stock options,
exercisable in full.

          (b) If, at any time during the period of twelve (12) consecutive months following the
occurrence of a Change in Corporate Control, and during the term of this Agreement, the Executive
is involuntarily terminated (other than for Cause), the Executive shall be entitled to receive a
lump sum severance payment equal to the present value of a series of monthly payments for
twenty-four (24) months, each in an amount equal to one-twelfth (1/12th) of the sum of (i) the
Executive’s annual base salary, as in effect at the time of the Change in Corporate Control, and
(ii) the average of the annual bonuses paid to the Executive for the prior three fiscal years of
the Corporation ending prior to the Change in Corporate Control. Such present value shall be
calculated

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using a discount rate equal to the interest rate on 90-day Treasury bills, as reported
in the Wall Street Journal (or similar publication) on the date of the Change in Corporate
Control. Such lump sum payment shall be made to the Executive within sixty (60) days following the
date of such involuntary termination.

          In addition, if the Executive is involuntarily terminated (other than for Cause) within twelve
(12) months after a Change in Corporate Control, he shall be entitled to continued coverage at the
Corporation’s expense under any life, health and disability insurance programs maintained by the
Corporation in which the Executive participated at the time of his termination, which coverage
shall be continued until the expiration of the current term of the Agreement (but not less than six
(6) months and not more than the period during which the Executive would be entitled to
continuation coverage under Section 4980B of the Code if the Executive elected such coverage and
paid the applicable premiums) or until, if earlier, the date the Executive obtains comparable
coverage under benefit plans maintained by a new employer.

          (c) For purposes of this Agreement, a “Change in Corporate Control” shall include any of the
following events:

(i) The acquisition in one or more transactions of more than twenty percent (20%) of the
Corporation’s outstanding Common Stock (or the equivalent in voting power of any class or
classes of securities of the Corporation entitled to vote in elections of directors) by any
corporation, or other person or group (within the meaning of Section 14(d)(3) of the
Securities Exchange Act of 1934, as amended);

(ii) Any transfer or sale of substantially all of the assets of the Corporation, or any
merger or consolidation of the Corporation into or with another corporation in which the
Corporation is not the surviving entity;

(iii) Any election of persons to the Board of Directors which causes a majority of the Board
of Directors to consist of persons other than “Continuing Directors”. For this purpose,
those persons who were members of the Board of Directors on May 1, 2008, shall be
“Continuing Directors”. Any person who is nominated for election as a member of the Board
after May 1, 2008, shall also be considered a “Continuing Director” for this purpose if, and
only if, his or her nomination for election to the Board of Directors is approved or
recommended by a majority of the members of the Board (or of the relevant Nominating
Committee) and at least five (5) members of the Board are themselves Continuing Directors at
the time of such nomination; or

(iv) Any person, or group of persons, announces a tender offer for at least twenty percent
(20%) of the Corporation’s Common Stock, and the Board of Directors appoints a special
committee of the Board to consider the Corporation’s response to such tender offer.

     (d)(i) If any payment, accelerated vesting or other benefit provided by the Corporation
to the Executive in connection with a Change in Corporate Control, whether paid or payable
pursuant to the terms of this Agreement or otherwise (a “Parachute Payment”) is determined
to be a parachute payment subject to the excise tax imposed by

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Section 4999 of the Code
(such excise tax, together with any interest and penalties incurred by the Executive with
respect to such excise tax, are referred to as the “Excise Tax”), the Corporation shall make
an additional payment (the “Gross-Up Payment”) to the Executive in an amount such that the
net amount of the Gross-Up Payment the Executive retains, after payment by the Executive of
all taxes imposed upon the Gross-Up Payment, including, without limitation, the Excise Tax
and any federal, state or local income taxes
(and any interest and penalties imposed with respect thereto) on the Gross-Up Payment, will
be equal to the Excise Tax liability imposed upon the Executive with respect to all
Parachute Payments (other than the Gross-Up Payment). The Gross-Up Payment shall be paid to
the Executive no later than the date the Executive is required to pay the Excise Tax.

     (ii) Notwithstanding the foregoing, if (1) any payments otherwise due to or on behalf
of the Executive (determined without regard to paragraph 6(d)(i)) are subject to Excise Tax,
and (2) a reduction in such payments otherwise subject to Excise Tax to an amount that is
not less than ninety percent (90%) of the value of the payments otherwise subject to the
Excise Tax would result in no Excise Tax being imposed with respect to any payments, then
the payments to which the Executive is or will become entitled under this Agreement or
otherwise shall be reduced to the extent required to avoid incurring the Excise Tax and no
payments shall be made to the Executive under paragraph 6(d)(i). If any payments pursuant
to this Agreement are required to be reduced pursuant to this Section 6(d)(ii) in order to
avoid an Excise Tax under Section 4999 of the Code, there shall be no discretion in the
ordering of the payments that are reduced, and instead such reductions shall be made in a
manner so as to get the best economic benefit for the Executive, and to the extent
economically equivalent, payments under this Agreement shall be reduced on a pro rata basis.

     7. DEATH

          If the Executive dies during the term of this Agreement, the Corporation shall pay to the
Executive’s estate a lump sum payment equal to the sum of the Executive’s base salary accrued
through the date of death, any accrued but unpaid vacation pay, plus any bonuses earned but unpaid
with respect to fiscal years or other periods preceding the date of death. In addition, the
Corporation shall pay to the Executive’s surviving spouse (or such other beneficiary as the
Executive may designate in writing) a lump sum payment equal to the present value of a series of
monthly payments for each month during the remaining term of the Agreement (but not less than
twelve (12) months), each in an amount equal to one-twelfth (1/12th) of the sum of
(i) the Executive’s annual base salary, as in effect on the date of death, and (ii) the average of
the annual bonuses paid to the Executive for the prior three fiscal years preceding the date of
death. Such present value shall be calculated using a discount rate equal to the interest rate on
90-day Treasury bills, as reported in the Wall Street Journal (or similar publication) for
the date of death. Both the lump sum payment to the Executive’s estate and the lump sum payment to
the Executive’s surviving spouse (or other designated beneficiary) shall be paid within sixty (60)
days following the date of the Executive’s death. In addition, the death benefits payable by
reason of the Executive’s death under any retirement, deferred compensation, life insurance or
other employee benefit plan maintained by the Corporation shall be paid to the beneficiary
designated by the Executive, and the stock options,

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restricted stock or other awards held by the
Executive under the Corporation’s stock plans shall become fully vested, and, in the case of stock
options, exercisable in full, in accordance with the terms of the applicable plan or plans.

     8. WITHHOLDING

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

     9. PROTECTION OF CONFIDENTIAL INFORMATION

          The Executive agrees that he will keep all confidential and proprietary information of the
Corporation or relating to its business confidential, and that he will not (except with the
Corporation’s prior written consent), while in the employ of the Corporation or thereafter,
disclose any such confidential information to any person, firm, corporation, association or other
entity, other than in furtherance of his duties hereunder, and then only to those with a “need to
know.” The Executive shall not make use of any such confidential information for his own purposes
or for the benefit of any person, firm, corporation, association or other entity (except the
Corporation) under any circumstances during or after the term of his employment. The foregoing
shall not apply to any information which is already in the public domain, or is generally disclosed
by the Corporation or is otherwise in the public domain at the time of disclosure.

          The Executive recognizes that because his work for the Corporation may bring him into contact
with confidential and proprietary information of the Corporation, the restrictions of this Section
9 are required for the reasonable protection of the Corporation and its investments and for the
Corporation’s reliance on and confidence in the Executive.

     10. COVENANT NOT TO COMPETE

          The Executive hereby agrees that he will not, either during the employment term or during the
period of one (1) year from the time the Executive’s employment under this Agreement ceases (for
whatever reason), engage in any business activities on behalf of any enterprise which competes with
the Corporation in the business of the passive ownership of senior housing or health care
facilities, or passive investing in or lending to health care-related enterprises, including,
without limitation, medical office buildings, hospitals of any kind, independent living facilities,
assisted living facilities, skilled nursing facilities, inpatient rehabilitation facilities,
ambulatory surgery centers, active adult projects or any similar types of facilities or projects.
The Executive will be deemed to be engaged in such competitive business activities if he
participates in such a business enterprise as an employee, officer, director, consultant, agent,
partner, proprietor, or other participant; provided that the ownership of no more than two percent
(2%) of the stock of a publicly traded corporation engaged in a competitive business shall not be
deemed to be engaging in competitive business activities. Notwithstanding the foregoing, nothing
in this section shall restrict the Executive from becoming associated with a private law firm.

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          The Executive agrees that he shall not, for a period of one year from the time his employment
under this Agreement ceases (for whatever reason), or, if later, during any period in which he is
receiving monthly severance payments under Section 5 of this Agreement, solicit any employee or
full-time consultant of the Corporation for the purposes of hiring or retaining such employee or
consultant. For this purpose, the Executive shall be considered to be receiving monthly severance
payments under Section 5 of this Agreement during any period for which he would have received such
severance payments had such payments not been offset by compensation received from a successor
employer.

     11. INJUNCTIVE RELIEF

          The Executive acknowledges and agrees that it would be difficult to fully compensate the
Corporation for damages resulting from the breach or threatened breach of the covenants set forth
in Sections 9 and 10 of this Agreement and accordingly agrees that the Corporation shall be
entitled to temporary and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, to enforce such provisions in any action or proceeding
instituted in the United States District Court for the Northern District of Ohio or in any court in
the State of Ohio having subject matter jurisdiction. This provision with respect to injunctive
relief shall not, however, diminish the Corporation’s right to claim and recover damages.

          It is expressly understood and agreed that although the parties consider the restrictions
contained in this Agreement to be reasonable, if a court determines that the time or territory or
any other restriction contained in this Agreement is an unenforceable restriction on the activities
of the Executive, no such provision of this Agreement shall be rendered void but shall be deemed
amended to apply as to such maximum time and territory and to such extent as such court may
judicially determine or indicate to be reasonable.

     12. NOTICES

          All notices or communications hereunder shall be in writing and sent certified or registered
mail, return receipt requested, postage prepaid, addressed as follows (or to such other address as
such party may designate in writing from time to time):

     If to the Corporation:

Health Care REIT, Inc.

One SeaGate, Suite 1500

Toledo, OH 43604

Attention: Senior Vice President-Administration and Corporate Secretary

     If to the Executive:

Daniel R. Loftus

5210 Heathrow Drive

Brentwood, TN 37027

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The actual date of receipt, as shown by the receipt therefor, shall determine the time at which
notice was given.

     13. SEPARABILITY

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

     14. ASSIGNMENT

          This Agreement shall be binding upon and inure to the benefit of the heirs and representatives
of the Executive and the assigns and successors of the Corporation, but neither this Agreement nor
any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive.

     15. ENTIRE AGREEMENT

          This Agreement represents the entire agreement of the parties and shall supersede any and all
previous contracts, arrangements or understandings between the Corporation and the Executive. The
Agreement may be amended at any time by mutual written agreement of the parties hereto.

     16. SECTION 409A COMPLIANCE

          This Agreement is intended to comply with the requirements of Section 409A of the Code, and
shall be interpreted and construed consistently with such intent. The payments to the Executive
pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the
maximum extent possible, under either the separation pay exemption pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury Regulation Section
1.409A-1(b)(4). Each payment and benefit hereunder shall constitute a “separately identified”
amount within the meaning of Treasury Regulation Section 1.409A-2(b)(2). In the event the terms of
this Agreement would subject the Executive to taxes or penalties under Section 409A of the Code
(“409A Penalties”), the Corporation and the Executive shall cooperate diligently to amend the terms
of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent any amounts
under this Agreement are payable by reference to Executive’s “termination,” “termination of
employment,” or similar phrases, such term shall be deemed to refer to the Executive’s “separation
from service” (as defined in Treasury Regulation Section 1.409A-1(h) (without regard to any
permissible alternative definition thereunder) with the Corporation and all entities treated as a
single employer with the Corporation under Sections 414(b) and (c) of the Code but substituting a
50% ownership level for the 80% ownership level set forth therein). Notwithstanding any other
provision in this Agreement, if the Executive is a “Specified Employee” (as defined Treasury
Regulation Section 1.409A-1(i) on December 31st of the prior calendar year), as of the
date of the Executive’s separation from service, then to the extent any amount payable under this
Agreement (i) constitutes the payment of nonqualified deferred compensation, within the meaning of
Section 409A of the Code, (ii) is payable upon the

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Executive’s separation from service and (iii)
under the terms of this Agreement would be payable prior to the six-month anniversary of the
Executive’s separation from service, such payment shall be delayed and paid to the Executive,
together with interest at an annual rate equal to the interest rate specified by KeyBank for a
six-month certificate of deposit, on the first day of the first calendar month beginning at least
six months following the date of termination, or, if earlier,
within ninety (90) days following the Executive’s death to the Executive’s surviving spouse (or
such other beneficiary as the Executive may designate in writing). Any reimbursement or
advancement payable to the Executive pursuant to this Agreement shall be conditioned on the
submission by the Executive of all expense reports reasonably required by the Corporation under any
applicable expense reimbursement policy, and shall be paid to the Executive within thirty (30) days
following receipt of such expense reports, but in no event later than the last day of the calendar
year following the calendar year in which the Executive incurred the reimbursable expense. Any
amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year
shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be
provided, during any other calendar year. The right to any reimbursement or in-kind benefit
pursuant to this Agreement shall not be subject to liquidation or exchange for any other benefit.

     17. GOVERNING LAW

          This Agreement shall be construed, interpreted, and governed in accordance with the laws of
the State of Ohio, other than the conflict of laws provisions of such laws.

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

	 	 	 	 	 	 	 
	Attest:	 	 	 	HEALTH CARE REIT, INC.
	 
	 	 	 	 	 	 
	/s/ Erin C. Ibele

	 	 	 	By:
	 	/s/ Jeffrey H. Miller
	 

	 	 	 	 	 	 
	Erin C. Ibele, Senior Vice President-
Administration and Corporate Secretary

	 	 	 	 	 	Jeffrey H. Miller, Executive Vice
President and General Counsel
	 
	 	 	 	 	 	 
	Witness:	 	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 
	/s/ Rita Rogge	 	 	 	/s/ Daniel R. Loftus
	 	 	 	 	 
	 	 	 	 	Daniel R. Loftus

11EX-10.14

Exhibit 10.14

AMENDED AND RESTATED

CONSULTING AGREEMENT

          THIS AMENDED AND RESTATED CONSULTING AGREEMENT (the “Agreement”), dated this 20th day
of December 2008, is entered into by and between HEALTH CARE REIT, INC., a Delaware corporation
(the “Corporation”), and FREDERICK L. FARRAR (the “Consultant”).

          WHEREAS, the Corporation and the Consultant entered into a Consulting Agreement, effective as
of December 20, 2006 (the “Original Consulting Agreement”);

          WHEREAS, the Compensation Committee of the Corporation’s Board of Directors has approved
certain modifications to the terms of such Consulting Agreement, including, without limitation, for
purposes of compliance with the requirements of Section 409A of the Internal Revenue Code, as
amended (the “Code”), and the rules and regulations promulgated thereunder;

          WHEREAS, the Corporation wishes to assure itself of the services of the Consultant for the
period provided in this Agreement and the Consultant is willing to provide services to the
Corporation for such period upon the terms and conditions set forth in this Agreement.

          NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties,
intending to be legally bound, agree as follows:

     1. CONSULTING SERVICES.

          The Corporation shall retain the Consultant as an Executive Vice President of the Corporation
and President of the Medical Properties Division (the “Division”) of the Corporation, and
the Consultant agrees to perform such services as the parties mutually agree that are customarily
performed by such officer in a publicly traded corporation, upon the terms and conditions herein
contained. In such capacity, the Consultant shall report to the Chairman and Chief Executive
Officer of the Corporation and to the President of the Corporation.

          Throughout the Term of this Agreement, the Consultant shall devote his best efforts to the
business and affairs of the Corporation and shall devote such time to the performance of the duties
described herein as the parties mutually agree. The Corporation acknowledges that the Consultant
has an ownership interest in, and management responsibilities with, Klipsch Group Inc., and may
have other positions, duties and responsibilities involving the Klipsch Group, Inc. that are
permissible in all respects hereunder.

     2. TERM OF AGREEMENT.

          The term of this Agreement (“Term”) shall begin on December 20, 2008 and expire on
December 19, 2009.

 

 

          Notwithstanding the foregoing, the Corporation or the Consultant shall be entitled to
terminate this Agreement before the Term expires, as described in Section 5, subject to a
continuing obligation to make any payments required under Section 5 below.

     3. COMPENSATION.

          (a) Base Fee. The Consultant shall receive a base consulting fee (“Base Fee”)
during the Term of $200,000, payable in equal semi-monthly installments in a manner consistent with
the Corporation’s customary practice for payroll payments.

          (b) Performance Bonus. The Consultant shall also be eligible to receive an annual
bonus (“Performance Bonus”) from the Corporation during the Term. The amount of the
Performance Bonus shall be determined by the Compensation Committee of the Corporation’s Board,
using such performance measures as the Compensation Committee deems to be appropriate; provided,
however, that the target amount of such Performance Bonus for 2009 shall be between $50,000 and
$150,000. Such bonus, if any, shall be paid to the Consultant no later than sixty (60) days after
the end of the year.

          (c) Long-Term Incentives. Any stock options and restricted stock granted to the
Consultant under the Corporation’s 2005 Long-Term Incentive Plan (the “Plan”) shall become fully
vested and, in the case of stock options, exercisable in full on December 20, 2008. Any stock
options and restricted stock to be granted to the Consultant in January 2009 under the Plan shall
become fully vested and, in the case of stock options, exercisable in full, on the date of grant.
Additionally, in the case of all stock options granted to the Consultant under the Plan, the
exercise period shall terminate 90 days after the date the Consultant’s services under this
Agreement cease (for whatever reason).

     4. BUSINESS EXPENSES.

          The Corporation shall reimburse the Consultant for all reasonable expenses he incurs in
promoting the Corporation’s business, including expenses for travel (including first class air
travel) and similar items, upon presentation by the Consultant from time to time of an itemized
account of such expenditures.

     5. PAYMENTS UPON TERMINATION.

          (a) Termination. If the Consultant’s services are terminated by the Corporation or
the Consultant terminates providing services to the Corporation before the end of the Term, for any
reason other than death or disability, the Consultant shall be entitled to receive his Base Fee
accrued through the date of termination, plus any Performance Bonuses earned but unpaid with
respect to fiscal years or other periods (including partial fiscal years) preceding the termination
date. Such payments shall be made to the Consultant within sixty (60) days following the date of
termination.

          The Corporation shall also be obligated to make a series of monthly severance payments to the
Consultant for each month during the remainder of the Term. Each monthly payment shall be equal to
the Consultant’s monthly Base Fee during the balance of the Term and

2

 

shall be paid to the Consultant at such time as the monthly Base Fee would otherwise be payable
(beginning with the month following the month in which the termination occurs).

          In addition, the Corporation shall make the eight consecutive quarterly payments to the
Consultant described in Section 7, with the first such payment commencing on the date of
termination.

          As used herein, “Cause” means (i) action by the Consultant involving willful disloyalty to the
Corporation, such as embezzlement, fraud, misappropriation of corporate assets or a breach of the
covenants set forth in Sections 6 and 7 below; or (ii) the Consultant being convicted of a felony;
or (iii) the Consultant being convicted of any lesser crime or offense committed in connection with
the performance of his duties hereunder or involving moral turpitude; or (iv) the intentional and
willful failure by the Consultant to substantially perform his duties hereunder as directed by the
Corporation’s Chairman, Vice Chairman, Chief Executive Officer or President (other than any such
failure resulting from the Consultant’s incapacity due to physical or mental disability); or
(v) the Consultant’s failure to obtain minimum performance goals to be determined by the
Compensation Committee of the Corporation’s Board, in its discretion. Notwithstanding the
foregoing, willful disloyalty shall not be deemed to include the refusal of the Consultant to
engage in any unlawful or unethical conduct or conduct in violation of the Corporation’s policies.

          (b) Disability. The Corporation shall be entitled to terminate Consultant’s services
if the Board determines that the Consultant has been unable to attend to his duties for at least
90 days because of a medically diagnosable physical or mental condition, and has received a written
opinion from a physician acceptable to the Board that such condition prevents the Consultant from
resuming full performance of his duties and is likely to continue for an indefinite period. Upon
such termination, the Consultant shall be entitled to receive his Base Fee accrued through the date
of termination, plus any Performance Bonuses earned but unpaid with respect to fiscal years or
other periods (including partial fiscal years) preceding the termination date. Such payments shall
be made to the Consultant within sixty (60) days following the date of termination. In addition,
the Corporation shall make a series of monthly disability payments to the Consultant, each equal to
his monthly Base Fee, during the balance of the Term (provided that in no event will the Consultant
fail to receive, in each month during the Term, an amount equal to the monthly Base Fee). Payment
of such disability benefit shall commence with the month following the month in which the
termination occurs and shall continue each month for the remainder of the Term, but shall terminate
at an earlier date if the Consultant returns to active service as a consultant to the Corporation.
Any amounts payable under this Section 5(b) shall be reduced by any amounts paid to the Consultant
under any long-term disability plan or other disability program or disability insurance policies
maintained or provided by the Corporation.

          (c) Death. If the Consultant dies during the Term, the Corporation shall pay to the
Consultant’s estate a lump sum payment equal to the sum of the Consultant’s Base Fee accrued
through the date of death, plus any Performance Bonus earned but unpaid with respect to fiscal
years or other periods (including partial fiscal years) preceding the date of death. In addition,
the Corporation shall pay to the Consultant’s surviving spouse (or such other beneficiary as the
Consultant may designate in writing) a lump sum payment equal to the present value of (i) the
monthly Base Fee that would have been paid during the remainder of the Term

3

 

plus (ii) the sum of the payments described in the third paragraph of Section 7 if the Consultant’s
services terminate for a reason other than death. Such present value shall be calculated using a
discount rate equal to the interest rate on 90-day Treasury bills, as reported in The Wall Street
Journal (or similar publication) for the date of death. Both the lump sum payment to the
Consultant’s estate and the lump sum payment to the Consultant’s surviving spouse (or other
designated beneficiary) shall be paid within sixty (60) days following the date of the Consultant’s
death. In addition, stock options, restricted stock or other awards held by the Consultant under
the Corporation’s stock plans shall become fully vested, and, in the case of stock options,
exercisable in full, in accordance with the terms of the applicable plan or plans.

          (d) Section 409A. This Section 5(d) applies if any benefit or payment under this
Agreement is subject to Section 409A of the Code. In the event the terms of this Agreement would
subject the Consultant to taxes or penalties under Section 409A of the Code (“409A
Penalties”), the Corporation and the Consultant shall cooperate diligently to amend the terms
of the Agreement to avoid such 409A Penalties, to the extent possible. To the extent any amounts
under this Agreement are payable by reference to Consultant’s “termination,” “termination of
services,” or similar phrases, such term shall be deemed to refer to the Executive’s “separation
from service” (as defined in Treasury Regulation Section 1.409A-1(h) (without regard to any
permissible alternative definition thereunder) with the Corporation and all entities treated as a
single employer with the Corporation under Sections 414(b) and (c) of the Code but substituting a
50% ownership level for the 80% ownership level set forth therein). Notwithstanding any other
provision in this Agreement, if the Consultant is a “Specified Employee” (as defined Treasury
Regulation Section 1.409A-1(i) on December 31st of the prior calendar year), as of the
date of the Consultant’s separation from service, then to the extent any amount payable under this
Agreement (i) constitutes the payment of nonqualified deferred compensation, within the meaning of
Section 409A of the Code, (ii) is payable upon the Consultant’s separation from service and (iii)
under the terms of this Agreement would be payable prior to the six-month anniversary of the
Consultant’s separation from service, such payment shall be delayed and paid to the Consultant,
together with interest at an annual rate equal to the interest rate specified by KeyBank for a
six-month certificate of deposit, on the first day of the first calendar month beginning at least
six months following the date of termination, or, if earlier, within ninety (90) days following the
Consultant’s death to the Consultant’s surviving spouse (or such other beneficiary as the
Consultant may designate in writing). Any reimbursement or advancement payable to the Consultant
pursuant to this Agreement shall be conditioned on the submission by the Consultant of all expense
reports reasonably required by the Corporation under any applicable expense reimbursement policy,
and shall be paid to the Consultant within thirty (30) days following receipt of such expense
reports, but in no event later than the last day of the calendar year following the calendar year
in which the Consultant incurred the reimbursable expense. Any amount of expenses eligible for
reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of
expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar
year. The right to any reimbursement or in-kind benefit pursuant to this Agreement shall not be
subject to liquidation or exchange for any other benefit.

4

 

     6. PROTECTION OF CONFIDENTIAL INFORMATION.

          The Consultant shall keep all confidential and proprietary information of the Corporation or
relating to its business confidential, and he will not (except with the Corporation’s prior written
consent), while providing services to the Corporation or thereafter, disclose any such confidential
information to any person, firm, corporation, association or other entity, other than in
furtherance of his duties hereunder, and then only to those with a “need to know.” The Consultant
shall not make use of any such confidential information for his own purposes or for the benefit of
any person, firm, corporation, association or other entity (except the Corporation) under any
circumstances during or after the Term. The foregoing shall not apply to any information which is
already in the public domain, or is generally disclosed by the Corporation or is otherwise in the
public domain at the time of disclosure.

          The Consultant recognizes that because his services to the Corporation may bring him into
contact with confidential and proprietary information of the Corporation, the restrictions of this
Section 6 are required for the reasonable protection of the Corporation and its investments and for
the Corporation’s reliance on and confidence in the Consultant.

     7. COVENANT NOT TO COMPETE.

          The Corporation and the Consultant acknowledge and agree that as a former executive officer of
Windrose Medical Properties Trust (the “Trust”) and a current executive officer of the
Corporation, the Consultant has knowledge and experience in the business of the Trust and the
Corporation and that the limitations on the Consultant’s activities and the payments described in
this Section 7 are reasonable and appropriate. The Consultant shall not, either during the Term or
during the period of two years from the time the Consultant’s services under this Agreement cease
(for whatever reason), engage in any business activities on behalf of any enterprise which competes
with the Corporation in the business of the passive ownership of senior housing or health care
facilities, or passive investing in or lending to senior housing or health care-related
enterprises, including, without limitation, medical office buildings, hospitals of any kind,
independent living facilities, assisted living facilities, skilled nursing facilities, inpatient
rehabilitation facilities, ambulatory surgery centers, active adult projects or any similar types
of facilities or projects. The Consultant will be deemed to be engaged in such competitive
business activities if he participates in such a business enterprise as an employee, officer,
director, trustee, consultant, agent, partner, proprietor or other participant; provided that the
ownership of no more than 2% of the stock of a publicly traded entity engaged in a competitive
business shall not be deemed to be engaging in competitive business activities.

          The Consultant shall not, for a period of two years from the time his services under this
Agreement cease (for whatever reason), solicit any employee or full-time consultant of the
Corporation for the purposes of hiring or retaining such employee or consultant other than
Daniel R. Loftus, in his capacity as an attorney. Notwithstanding the foregoing, the Consultant
may solicit, hire or retain either Daniel R. Loftus or Paula Conroy at any time after they cease to
be employed by the Corporation.

          In consideration for compliance with this covenant, the Consultant will receive a payment of
$37,500 each quarter with the first quarterly payment commencing on the date the

5

 

Consultant’s services are terminated under this Agreement for any reason, including expiration of
the Term or disability (but not death) and continuing for seven consecutive quarters thereafter,
for a total of eight consecutive quarterly payments. The quarterly payments (other than the first
quarterly payment) shall be made to the Consultant within sixty (60) days following the end of each
quarter. Any agreement by the Corporation to make similar payments under the Original Consulting
Agreement is null and void.

     8. INJUNCTIVE RELIEF.

          The Consultant acknowledges and agrees that it would be difficult to fully compensate the
Corporation for damages resulting from the breach or threatened breach of the covenants set forth
in Sections 6 and 7 of this Agreement. Accordingly, the Corporation shall be entitled to temporary
and injunctive relief, including temporary restraining orders, preliminary injunctions and
permanent injunctions, to enforce such provisions in any action or proceeding instituted in the
United States District Court for the Northern District of Ohio or in any court in the State of Ohio
having subject matter jurisdiction. This provision with respect to injunctive relief shall not,
however, diminish the Corporation’s right to claim and recover damages.

          It is expressly understood and agreed that although the parties consider the restrictions
contained in this Agreement to be reasonable, if a court determines that the time or territory or
any other restriction contained in this Agreement is an unenforceable restriction on the activities
of the Consultant, no such provision of this Agreement shall be rendered void but shall be deemed
amended to apply as to such maximum time and territory and to such extent as such court may
judicially determine or indicate to be reasonable.

     9. NOTICES.

          All notices or communications hereunder shall be in writing and sent by certified or
registered mail, return receipt requested, postage prepaid, addressed as follows (or to such other
address as such party may designate in writing from time to time):

     If to the Corporation:

Health Care REIT, Inc.

One SeaGate, Suite 1500

Toledo, Ohio 43604

Attention: Chief Executive Officer

     If to the Consultant:

Frederick L. Farrar

3502 Woodview Trace, Suite 210

Indianapolis, Indiana 46268

The actual date of receipt, as shown by the receipt therefor, shall determine the time at which
notice was given.

6

 

     10. SEPARABILITY.

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

     11. ASSIGNMENT.

          This Agreement shall be binding upon and inure to the benefit of the heirs and representatives
of the Consultant and the assigns and successors of the Corporation, but neither this Agreement nor
any rights hereunder shall be assignable or otherwise subject to hypothecation by the Consultant.
The Corporation may assign this Agreement with prior written notice to the Consultant, but such
assignment shall not release the Corporation from any liability hereunder.

     12. ENTIRE AGREEMENT.

          This Agreement represents the entire agreement of the parties and shall supersede any and all
previous contracts, arrangements or understandings between the Corporation and the Consultant.
This Agreement may be amended at any time by mutual written agreement of the parties hereto.

     13. GOVERNING LAW.

          This Agreement shall be construed, interpreted and governed in accordance with the laws of the
State of Ohio, other than the conflict of laws provisions of such laws.

     14. SURVIVAL.

          Sections 5, 6, 7, 8, 10, 12, 13 and 15 shall survive any expiration or termination of this
Agreement.

     15. EXCISE TAX INDEMNIFICATION.

          The Consultant shall be entitled to a payment or payments under this Section 15 if any payment
or benefit provided under this Agreement or any other plan, agreement or arrangement with the
Corporation, the Trust, Windrose Medical Properties L.P. (the “LP”) or any of their
affiliates constitutes an “excess parachute payment” (as defined in Section 280G(b)(1) of the Code,
but without regard to Section 280G(b)(2)(A)(ii) of the Code) and the Consultant incurs a liability
under Section 4999 of the Code. The amount payable to the Consultant under this Section 15 shall
be the amount required to indemnify the Consultant and hold him harmless from the application of
Sections 280G and 4999 of the Code, together with any interest or penalties related thereto, with
respect to benefits, payments, accelerated exercisability and vesting and other rights under this
Agreement or otherwise, and any income, employment, hospitalization, excise and other taxes and
penalties attributable to the indemnification payment. The benefit payable under this Section 15
shall be calculated and paid not later than the date (or extended filing date) on which the tax
return reflecting liability for the excise tax under Section 4999 of the Code is required to be
filed with the Internal Revenue

7

 

Service. To the extent that any other plan, agreement or arrangement requires that the
Consultant be indemnified and held harmless from the application of Sections 280G and 4999 of the
Code, any such indemnification and the amount required to be paid to the Executive under this
Section 15 shall be coordinated so that such indemnification is paid only once and the obligations
of the Corporation, the Trust, the LP or any of their affiliates shall be satisfied to the extent
of any such other payment (and vice versa).

          The Consultant and the Corporation agree that the application of Sections 280G and 4999 of the
Code may not be clear in all cases. The Consultant agrees that the Corporation may take the
position that all or part of a payment or payments are not “excess parachute payments” (as defined
above) and do not result in liability under Section 4999 of the Code. The Consultant agrees that
his individual tax returns will be prepared in a manner that is consistent with the Corporation’s
position on such matters if the Consultant’s professional tax preparer concludes, in his or her
professional opinion, that the Corporation’s position is reasonable based on published rulings,
regulations and other authority. If the Consultant’s individual income tax return is prepared in
accordance with the preceding sentence, i.e., in a manner consistent with the Corporation’s
position, then (in addition to any benefit payable under the preceding paragraph) the Corporation
shall indemnify the Consultant, and hold him harmless, from any liability for tax, penalty,
interest or otherwise arising from the position stated on the Consultant’s individual income tax
return related to the application of Section 280G or 4999 of the Code to payments from the
Corporation, the Trust, the LP or any of their affiliates. Indemnification payments required
pursuant to the preceding sentence shall be paid by the Corporation (i) by the end of the year
following the year in which the taxes are remitted to the taxing authority, or (ii) in cases where
no tax is remitted, by the end of the year following the year in which the tax audit is completed
or there is a final and nonappealable settlement or other resolution of the tax litigation. If the
Consultant’s professional tax preparer does not agree that the Corporation’s position is reasonable
based on published rulings, regulations and other authority, then the Consultant’s individual tax
return will reflect any liability under Section 4999 of the Code that such professional tax
preparer determines is appropriate and the Corporation shall indemnify the Consultant and hold him
harmless in accordance with the preceding paragraph.

     16. INDEMNIFICATION.

          From and after December 20, 2006, the Corporation hereby agrees to indemnify, defend and hold
harmless the Consultant from and against any claim, loss, damage, liability or expense to which the
Consultant shall become subject, under any agreement, common law or otherwise, arising out of or
based upon any guaranty executed by the Consultant in favor of Wells Fargo, as Trustee, in
connection with the Mount Vernon, Georgia facility.

8

 

          IN WITNESS WHEREOF, this Agreement is executed by the Corporation and the Consultant as of the
date set forth above.

	 	 	 	 	 	 	 
	Attest:	 	 	 	HEALTH CARE REIT, INC.
	 
	 	 	 	 	 	 
	/s/ Erin C. Ibele

	 	 	 	By:
	 	/s/ Jeffrey H. Miller
	 

	 	 	 	 	 	 
	Erin C. Ibele, Senior Vice President-
Administration and Corporate Secretary

	 	 	 	 	 	Jeffrey H. Miller, Executive Vice
President and General Counsel
	 
	 	 	 	 	 	 
	Witness:	 	 	 	CONSULTANT:
	 
	 	 	 	 	 	 
	/s/ Fred S. Klipsch

	 	 	 	By:
	 	/s/ Frederick L. Farrar
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Frederick L. Farrar

9

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