Exhibit 10.3


 


THIRD AMENDED AND RESTATED PROPERTY MANAGEMENT
AGREEMENT





 


THIS
THIRD AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as
of June 9, 2021, by and among The RMR Group LLC, a Maryland limited liability company (“Managing Agent”),
and Diversified Healthcare Trust, a Maryland real estate investment trust (the “Company”), on behalf of itself and
those of its subsidiaries as may from time to time own properties subject to this Agreement (each, an “Owner” and,
collectively, “Owners”).


 


W 
I  T   N   E   S  S  E  T  H:





 


WHEREAS,
Owners and Managing Agent are parties to a Second Amended and Restated Property Management Agreement, dated as of June 5, 2015 (as
so amended, the “Original Agreement”), pursuant to which Owners have engaged Managing Agent to manage certain of their
properties as described therein; and


 


WHEREAS,
Owners and Managing Agent wish to continue the Original Agreement in force and effect with respect to services performed and fees due
with respect to such services, on and prior to the date of this Agreement, but wish to amend and restate the Original Agreement as hereinafter
provided, effective with respect to services performed and fees due with respect to such services after the date of this Agreement;


 


NOW,
THEREFORE, in consideration of the premises and the agreements herein contained, Owners and Managing Agent hereby agree that
the Original Agreement is hereby amended and restated to read in its entirety as follows:


 


1.             Engagement.


 


(a)           Subject
to the terms and conditions hereinafter set forth, Owners hereby continue to engage Managing Agent to provide the property management
and administrative services with respect to the Managed Premises as contemplated by this Agreement. Managing Agent hereby accepts such
continued engagement as managing agent and agrees to devote such time, attention and effort as may be appropriate to operate and manage
the Managed Premises in a diligent, orderly and efficient manner.


 


As used in this Agreement, “Managed
Premises” shall mean all properties of Owners that Owners shall from time to time designate as subject to this Agreement, including,
without limitation, all of Owners’ office properties.


 


(b)           Managing
Agent may subcontract out some or all of its obligations under this Agreement to third parties; provided, however, that,
in any such event, Managing Agent shall be and remain primarily liable to Owners for performance hereunder.


 


(c)           Notwithstanding
anything to the contrary set forth in this Agreement, the services to be provided by Managing Agent hereunder shall exclude all services
(including, without limitation, any garage management or cafeteria management services) whose performance by a manager to any Owner could
give rise to an Owner’s receipt of “impermissible tenant service income” as defined in §856(d)(7) of the Internal
Revenue Code of 1986 (as amended or superseded hereafter, the “Code”) or could in any other way jeopardize an Owner’s
federal or state tax qualification as a real estate investment trust.


 






     


     


    

 


2.             General
Parameters. Any or all services may be performed or goods purchased by Managing Agent under arrangements jointly with or for other
properties owned or managed by Managing Agent and the costs shall be reasonably apportioned. Managing Agent may employ personnel who are
assigned to work exclusively at the Managed Premises or partly at the Managed Premises and other properties owned and/or managed by Managing
Agent. Wages, benefits and other related costs of centralized accounting personnel and employees employed by Managing Agent and assigned
to work exclusively or partly at the Managed Premises shall be fairly apportioned and reimbursed, pro rata, by Owners in addition
to the Fee, Construction Supervision Fee and Major Renovation Fee (each as defined in Section 6).


 


3.             Duties.
Without limitation, Managing Agent agrees to perform the following specific duties:


 


(a)           To
seek tenants for the Managed Premises in accordance with market rents and to negotiate leases, including renewals thereof, and to lease
space to tenants, at rentals, and for periods of occupancy all on market terms. To employ appropriate means in order that the availability
of rental space is made known to potential tenants, including, but not limited to, the employment of brokers. The brokerage and legal
expenses of negotiating such leases and leasing such space shall be paid by the applicable Owner.


 


(b)           To
collect all rents and other income from the Managed Premises and to give receipts therefor, both on behalf of Owners, and deposit such
funds in such banks and such accounts as are named, from time to time, by Owners, in agency accounts for and under the name of Owners.
Managing Agent shall be empowered to sign disbursement checks on these accounts. Managing Agent may also use pooled bank accounts for
the benefit of Owners and other owners for whom the Managing Agent provides services, provided separate records and accountings of such
funds are maintained.


 


(c)           To
make contracts for and to supervise any repairs and/or alterations to the Managed Premises, including tenant improvements on reasonable
commercial terms.


 


(d)           For
Owners’ account and at its expense, to hire, supervise and discharge employees as required for the efficient operation and maintenance
of the Managed Premises.


 


(e)           To
obtain, at Owners’ expense, appropriate insurance for the Managed Premises protecting Owners and Managing Agent while acting on
behalf of Owners against all normally insurable risks relating to the Managed Premises and complying with the requirements of Owners’
mortgagee, if any, and to cause the same to be provided and maintained by all tenants with respect to the Managed Premises to the extent
required by the terms of such tenants’ leases. Notwithstanding the foregoing, Owners may determine to purchase insurance directly
for their own account.


 






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(f)            To
promptly notify the applicable Owner’s insurance carriers, as required by the applicable policies, of any casualty or injury to
person or property at the Managed Premises, and complete customary reports in connection therewith.


 


(g)           To
procure all supplies, other materials and services as may be necessary for the proper operation of the Managed Premises, at Owners’
expense.


 


(h)           To
pay promptly from rental receipts, other income derived from the Managed Premises, or other monies made available by Owners for such purpose,
all costs incurred in the operation of the Managed Premises which are expenses of Owners hereunder, including wages or other payments
for services rendered, invoices for supplies or other items furnished in relation to the Managed Premises, and pay over forthwith the
balance of such rental receipts, income and monies to Owners or as Owners shall from time to time direct. In the event that the sum of
the expenses to operate and the compensation due Managing Agent exceeds gross receipts in any month and no excess funds from prior months
are available for payment of such excess, Owners shall pay promptly the amount of the deficiency thereof to Managing Agent upon receipt
of statements therefor.


 


(i)            To
keep Owners apprised of any material developments in the operation of the Managed Premises.


 


(j)            To
establish reasonable rules and regulations for tenants of the Managed Premises.


 


(k)           On
behalf of and in the name of Owner, to institute or defend, as the case may be, any and all legal actions or proceedings relating to the
operation of the Managed Premises.


 


(l)            To
maintain the books and records of Owners reflecting the management and operation of the Managed Premises, making available for reasonable
inspection and examination by Owners or their representatives all books, records and other financial data relating to the Managed Premises
at the place where the same are maintained.


 


(m)          To
prepare and deliver seasonably to tenants of the Managed Premises such statements of expenses or other information as shall be required
on the landlord’s part to be delivered to such tenants for computation of rent, additional rent, or any other reason.


 


(n)           To
aid, assist and cooperate with Owners in matters relating to taxes and assessments and insurance loss adjustments, notify Owners of any
tax increase or special assessments relating to the Managed Premises and to enter into contracts for tax abatements services.


 






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(o)           To
provide such emergency services as may be required for the efficient management and operation of the Managed Premises on a twenty-four
(24)-hour basis.


 


(p)           To
enter into contracts on commercially reasonable terms for utilities (including, without limitation, water, fuel, electricity and telephone)
and for building services (including, without limitation, cleaning of windows, common areas and tenant space, ash, rubbish and garbage
hauling, snow plowing, landscaping, carpet cleaning and vermin extermination), and for other services as are appropriate to the Managed
Premises.


 


(q)           To
seek market terms for all items purchased or services contracted by it under this Agreement.


 


(r)            To
take such action generally consistent with the provisions of this Agreement as Owners might with respect to the Managed Premises if personally
present.


 


(s)           To,
from time to time, or at any time requested by the Board of Trustees of the Company (the “Trustees”), make reports
of its performance of the foregoing services to the Company.


 


In addition, with respect to the senior
living communities owned by Owners and managed by third party operators, including, but not limited to, Five Star Senior Living Inc. or
certain of its subsidiaries, if requested by Owners, Manager shall oversee major capital projects and repositionings as requested by Owners
from time to time (“Major SL Capital Projects”).


  


4.             Authority.
Owners give to Managing Agent the authority and powers to perform the foregoing duties on behalf of Owners and authorize Managing Agent
to incur such reasonable expenses, as contemplated in Sections 2, 3 and 5 on behalf of Owners as are necessary in
the performance of those duties.


 


5.             Special
Authority of Managing Agent. In addition to, and not in limitation of, the duties and authority of Managing Agent contained herein,
Managing Agent shall perform the following duties:


 


(a)           Terminate
tenancies and sign and serve in the name of Owners such notices therefor as may be required for the proper management of the Managed Premises.


 


(b)           At
Owners’ expense, institute and prosecute actions to evict tenants and recover possession of rental space, and recover rents and
other sums due; and when expedient, settle, compromise and release such actions or suits or reinstate such tenancies.


 






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6.             Compensation.


 


(a)           In
consideration of the services to be rendered by Managing Agent hereunder, Owners agree to pay and Managing Agent agrees to accept as its
compensation (i) a management fee (the “Fee”) equal to three percent (3%) of the gross collected rents actually
received by Owners from the Managed Premises, such gross rents to include all fixed rents, percentage rents, additional rents, operating
expense and tax escalations, and any other charges paid to Owners in connection with occupancy of the Managed Premises, but excluding
any amounts collected from tenants to reimburse Owners for the cost of capital improvements or for expenses incurred in curing any tenant
default or in enforcing any remedy against any tenant; (ii) a construction supervision fee (the “Construction Supervision
Fee”) in connection with all interior and exterior construction renovation or repair activities at the Managed Premises, including,
without limitation, all tenant and capital improvements in, on or about the Managed Premises, undertaken during the term of this Agreement,
other than ordinary maintenance and repair, equal to five percent (5%) of the cost of such construction which shall include the costs
of all related professional services and the cost of general conditions; and (iii) a renovation and repositioning fee (the “Major
Renovation Fee”) in connection with all Major SL Capital Projects equal to three percent (3%) of the cost of such Major SL Capital
Projects which shall include the costs of all related professional services and the cost of general conditions.


 


(b)           Unless
otherwise agreed, the Fee shall be due and payable monthly, in arrears based on a reasonable annual estimate or budget with an annual
reconciliation within thirty (30) days after the end of each calendar year. The Construction Supervision Fee and the Major Renovation
Fee shall each be due and payable periodically, as agreed by Managing Agent and Owners, based on actual costs incurred to date.


 


(c)           Notwithstanding
anything herein to the contrary, Owners shall reimburse Managing Agent for reasonable travel expenses incurred when traveling to and from
the Managed Premises while performing its duties in accordance with this Agreement; provided, however, that reasonable travel
expenses shall not include expenses incurred for travel to and from the Managed Premises by personnel assigned to work exclusively at
the Managed Premises.


 


(d)           Managing
Agent shall be entitled to no other additional compensation, whether in the form of commission, bonus or the like for its services under
this Agreement. Except as otherwise specifically provided herein with respect to payment by Owners of legal fees, accounting fees, salaries,
wages, fees and charges of parties hired by Managing Agent on behalf of Owners to perform operating and maintenance functions in the Managed
Premises, and the like, if Managing Agent hires third parties to perform services required to be performed hereunder by Managing Agent
without additional charge to Owners, Managing Agent shall (except to the extent the same are reasonably attributable to an emergency at
the Managed Premises) be responsible for the charges of such third parties.


 


7.             Term
of Agreement. This Agreement shall continue in force and effect until December 31, 2041, and, on December 31 of each
year after the effective date of this Agreement (each, an “Extension Date”), the term of this Agreement shall be automatically
extended an additional year so that the term of this Agreement thereafter ends on the twentieth anniversary of such Extension Date.


 






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Notwithstanding any other provision of this Agreement
to the contrary, this Agreement, or any extension thereof, may be terminated prior to the expiration of the term:


 


(a)           by
the Company (on behalf of itself and Owners), (i) upon sixty (60) days’ prior written notice to Managing Agent (such termination,
a “Termination for Convenience”), (ii) for Cause, immediately upon written notice to Managing Agent (such termination,
a “Termination for Cause”), (iii) for a Performance Reason, upon written notice to Managing Agent given within
sixty (60) days after the end of the calendar year giving rise to such Performance Reason (such termination, a “Termination for
Performance”), or (iv) by written notice at any time during the twelve (12) month period immediately following the date
a Managing Agent Change of Control occurred; or


 


(b)           by
Managing Agent, for Good Reason, upon sixty (60) days’ prior written notice to the Company (or ninety (90) days if the Company takes
steps to cure any relevant default within thirty (30) days of written notice to the Company).


 


Any notice of termination shall include the reason for such termination.


 


In the event of a Termination for Convenience by
the Company or a termination by Managing Agent pursuant to Section 7(b), the Company shall pay Managing Agent an amount in
cash (the “Full Termination Fee”) equal to the sum of the present values of Monthly Future Fees payable for the Remaining
Term, determined by assuming that a Monthly Future Fee is payable for each month in the Remaining Term on the thirtieth (30th) day after
the end of that month and calculating for each Monthly Future Fee the present value of that fee by applying a discount rate to that fee
equal to one-twelfth (1/12) the sum of the applicable Treasury Rate plus 300 basis points, with monthly periods for discounting.


 


In the event of a Termination for Performance,
the Company shall pay Managing Agent an amount in cash (the “Performance Termination Fee”) equal to the sum of the
present values of Monthly Future Fees payable for the first one hundred twenty (120) months of the Remaining Term, determined by assuming
that a Monthly Future Fee is payable for each of the first one hundred twenty (120) months in the Remaining Term on the thirtieth (30th)
day after the end of that month and calculating for each Monthly Future Fee the present value of that fee by applying a discount rate
to that fee equal to one-twelfth (1/12) the sum of the applicable Treasury Rate plus 300 basis points, with monthly periods for discounting.
It is expressly understood and agreed that a Termination for Performance and payment of the Performance Termination Fee is the Company’s
intended remedy for a Performance Reason.


 


No Full Termination Fee or Performance Termination
Fee shall be payable in the event of termination by the Company pursuant to Section 7(a)(ii) (Termination For Cause)
or Section 7(a)(iv) (following a Managing Agent Change of Control).


 


The provisions of this Section 7 shall
not apply as a limitation on the amount which may be paid by agreement of the Company and Managing Agent in connection with a transaction
pursuant to which any assets or going business values of Managing Agent are acquired by the Company in association with termination of
this Agreement and the Full Termination Fee or the Performance Termination Fee, as applicable, is in addition to any amounts otherwise
payable to Managing Agent under this Agreement as compensation for services and for expenses of or reimbursement due to Managing Agent
through the date of termination.


 






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8.             Termination.
Upon termination of this Agreement with respect to any of the Managed Premises for any reason whatsoever, Managing Agent shall as soon
as practicable turn over to Owners all books, papers, funds, records, keys and other items relating to the management and operation of
such Managed Premises, including, without limitation, all leases in the possession of Managing Agent and shall render to Owners a final
accounting with respect thereto through the date of termination. Owners shall be obligated to pay all compensation for services rendered
by Managing Agent hereunder prior and up to the effective time of such termination, including, without limitation, any Fees, Construction
Supervision Fees and Major Renovation Fees, as applicable, and shall pay and reimburse to Managing Agent all expenses and costs incurred
by Managing Agent prior and up to the effective time of such termination which are otherwise payable or reimbursable to Managing Agent
pursuant to the terms of this Agreement (collectively, “Accrued Fees”). The amount of such fees paid as compensation
pursuant to the foregoing sentence shall be subject to adjustment in accordance with the annual reconciliation contemplated by Section 6(b) and
consistent with past practices in performing such reconciliation.


  


A computation of all Accrued Fees and of the Termination
Fee, if any, due upon termination shall be delivered by Managing Agent to the Company within thirty (30) days following the effective
date of termination. The Accrued Fees and, to the extent applicable, the Full Termination Fee or Performance Termination Fee, due upon
termination shall be payable within ten (10) business days following the delivery to the Company of such computation.


 


In addition to other actions on termination of
this Agreement, for up to one hundred twenty (120) days following the date of notice of a termination of this Agreement, Managing Agent
shall cooperate with the Company and the Owners and use commercially reasonable efforts to facilitate the orderly transfer of (i) management
of the Managed Premises and (ii) Major SL Capital Projects. In connection therewith Managing Agent shall assign to the Company, to
one or more Owners, or to their designee(s), as directed by the Company, and the Company, such Owner(s) or their designee(s) shall
assume, all contracts entered into by Managing Agent pursuant to this Agreement, but excluding all insurance contracts, and multi-property
contracts not limited in scope to the Managed Premises and all contracts with affiliates of Managing Agent. Managing Agent shall also
transfer to the Company all proprietary information with respect to the Company and/or the Owners. Additionally, the Company, one or more
Owners, or their designee(s) shall have the right to offer employment to any employee of Managing Agent whom Managing Agent proposes
to terminate in connection with a Covered Termination and Managing Agent shall cooperate with the Company, such Owners, or their designee(s) in
connection therewith.


 






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9.             Assignment
of Rights and Obligations.


 


(a)           Without
Owners’ prior written consent, Managing Agent shall not sell, transfer, assign or otherwise dispose of or mortgage, hypothecate
or otherwise encumber or permit or suffer any encumbrance of all or any part of its rights and obligations hereunder, and any transfer,
encumbrance or other disposition of an interest herein made or attempted in violation of this paragraph shall be void and ineffective,
and shall not be binding upon Owners. Notwithstanding the foregoing, Managing Agent may assign its rights and delegate its obligations
under this Agreement to any subsidiary of Parent so long as such subsidiary is then and remains Controlled by Parent.


  


(b)           Owners,
without Managing Agent’s consent, may not assign their respective rights or delegate their respective obligations hereunder.


 


(c)           Any
assignment permitted hereunder shall not release the assignor hereunder.


 


10.           Indemnification
and Insurance.


 


(a)           Owners
agree to defend, indemnify and hold harmless Managing Agent from and against all costs, claims, expenses and liabilities (including reasonable
attorneys’ fees) arising out of Managing Agent’s performance of its duties in accordance with this Agreement including, without
limitation, injury or damage to persons or property occurring in, on or about the Managed Premises and violations or alleged violations
of any law, ordinance, regulation or order of any governmental authority regarding the Managed Premises except any injury, damage or violation
resulting from Managing Agent’s fraud, gross negligence or willful misconduct in the performance of its duties hereunder.


 


(b)           Owners
and Managing Agent shall maintain such commercially reasonable insurance as shall from time to time be mutually agreed by Owners and Managing
Agent.


 


11.           Notices.
Any notice, report or other communication required or permitted to be given hereunder shall be in writing and shall be deemed given on
the date of actual delivery, if delivered personally, or on the date of receipt, if sent by overnight courier (providing proof of delivery)
to the parties or if sent by email of a .pdf attachment (providing confirmation of transmission) at the following street addresses or
email addresses, as applicable (or at such other United States street address or email address for a party as shall be specified by like
notice):


 


If to the Company or the Owners:


 


Diversified Healthcare Trust

Two Newton Place 


255
Washington Street, Suite 300

Newton, Massachusetts 02458

Attn: President

Email: jfrancis@rmrgroup.com 


Attn: Secretary 


Email:
jclark@rmrgroup.com


 






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with copies (which shall not constitute notice) to:


 


Sullivan &
Worcester LLP

One Post Office Square

Boston, MA 02109

Attn: Lindsey A. Getz

Email: lgetz@sullivanlaw.com


 


If to Managing Agent:


 


The RMR Group LLC

Two Newton Place 


255
Washington Street, Suite 300

Newton, Massachusetts 02458

Attn: Chief Financial Officer and Treasurer

Email: mjordan@rmrgroup.com


 


with copies (which shall not constitute notice) to:


 


Skadden, Arps, Slate, Meagher & Flom LLP

One Rodney Square 


920 N. King Street 


Wilmington, Delaware 19801 


Attn: Faiz Ahmad 


Email: faiz.ahmad@skadden.com


 


12.           Limitation
of Liability. The Declarations of Trust establishing certain Owners, a copy of each, together with all amendments thereto (the
 “Declarations”), are duly filed with the State Department of Assessments and Taxation of Maryland, provide that the
names of such Owners refers to the trustees under such Declarations collectively as trustees, but not individually or personally. No trustee,
officer, shareholder, employee or agent of such Owners shall be held to any personal liability, jointly or severally, for any obligation
of, or claim against, such Owners. All persons and entities dealing with such Owners, in any way, shall look only to the respective assets
of such Owners for the payment of any sum or the performance of any obligation of such Owners. In any event, all liability of such Owners
hereunder is limited to the interest of such Owners in the Managed Premises and, in the case of Managing Agent, to its interest hereunder.


 


13.           Acquisitions
and Dispositions of Properties. Unless Owners and Managing Agent otherwise agree in writing, all properties from time to time
acquired by Owners or their affiliates shall automatically become subject to this Agreement without amendment hereof. Similarly, this
Agreement shall automatically terminate with respect to all properties disposed of by Owners in the ordinary course of business, effective
upon such disposition.


 


14.           Modification
of Agreement. This Agreement may not be modified, altered or amended in any manner except by an amendment in writing, duly executed
by the parties hereto.


 






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15.           Independent
Contractor. This Agreement is not one of general agency by Managing Agent for Owners, but Managing Agent is being engaged as an
independent contractor. Nothing in this Agreement is intended to create a joint venture, partnership, tenancy-in-common or other similar
relationship between Owners and Managing Agent for any purposes whatsoever, and, without limiting the generality of the foregoing, neither
the terms of this Agreement nor the fact that Owners and Managing Agent have joint interests in any one or more investments, ownership
or other interests in any one or more entities or may have common officers or employees or a tenancy relationship shall be construed so
as to make them such partners or joint venturers or impose any liability as such on either of them.


 


16.           Governing
Law. The provisions of this Agreement and any Dispute (as defined below), whether in contract, tort or otherwise, shall be governed
by and construed in accordance with the laws of the State of Maryland without regard to principles of conflicts of law.


 


17.           Successors
and Assigns. This Agreement shall be binding upon, and inure to the benefit of, any successors or permitted assigns of the parties
hereto as provided herein.


 


18.           No
Third Party Beneficiary. Except as otherwise provided in Section 21(i), no person or entity other than the parties
hereto and their successors and permitted assigns is intended to be a beneficiary of this Agreement.


 


19.           Severability.
If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable
in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair
the benefits of the remaining provisions hereof.


 


20.           Survival.
Except for Sections 1 through 5 and Section 13, all other provisions of this Agreement shall survive the termination
hereof. Any termination of this Agreement shall be without prejudice to the rights of the parties hereto accrued prior to the termination
or upon termination.


 






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21.           Arbitration.


 


(a)           Any
disputes, claims or controversies arising out of or relating to this Agreement, the provision of services by Managing Agent pursuant to
this Agreement or the transactions contemplated hereby, including any disputes, claims or controversies brought by or on behalf of Company,
any Owner, Parent, Managing Agent or any holder of equity interests (which, for purposes of this Section 21, shall mean any
holder of record or any beneficial owner of equity interests or any former holder of record or beneficial owner of equity interests) of
Company, any Owner, Parent or Managing Agent, either on his, her or its own behalf, on behalf of Company, any Owner, Parent or Managing
Agent or on behalf of any series or class of equity interests of Company, any Owner, Parent or Managing Agent or holders of any equity
interests of Company, any Owner, Parent or Managing Agent against Company, any Owner, Parent or Managing Agent or any of their respective
trustees, directors, members, officers, managers (including Managing Agent or its successor), agents or employees, including any disputes,
claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of this Agreement, including
this arbitration agreement or the governing documents of Company, any Owner, Parent or Managing Agent (all of which are referred to as
 “Disputes”), or relating in any way to such a Dispute or Disputes shall, on the demand of any party to such Dispute
or Disputes, be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”)
of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this
Section 21. For the avoidance of doubt, Disputes are intended to include derivative actions against the trustees, directors,
officers or managers of Company, any Owner, Parent or Managing Agent and class actions by a holder of equity interests against those individuals
or entities and Company, any Owner, Parent or Managing Agent. For the avoidance of doubt, and not as a limitation, a Dispute shall include
a Dispute made derivatively on behalf of one party against another party. For purposes of this Section 21, the term “equity
interest” shall mean, (i) in respect of the Company, shares of beneficial interest of the Company, (ii) in respect of
any other Owner, equity interests in that Owner, (iii) in respect of Managing Agent, “membership interest” in Managing
Agent as defined in the Maryland Limited Liability Companies Act and (iv) in respect of Parent, shares of capital stock of Parent.


 


(b)           There
shall be three (3) arbitrators. If there are only two (2) parties to the Dispute, each party shall select one (1) arbitrator
within fifteen (15) days after receipt by respondent of a copy of the demand for arbitration. The arbitrators may be affiliated or interested
persons of the parties. The arbitrators may be affiliated or interested persons of the parties. If there are more than two (2) parties
to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of
the claimants or the respondents, as the case may be, one (1) arbitrator within fifteen (15) days after receipt of the demand for
arbitration. The arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be. If either
a claimant (or all claimants) or a respondent (or all respondents) fail(s) to timely select an arbitrator then the party (or parties)
who has selected an arbitrator may request AAA to provide a list of three (3) proposed arbitrators in accordance with the Rules (each
of whom shall be neutral, impartial and unaffiliated with any party) and the party (or parties) that failed to timely appoint an arbitrator
shall have ten (10) days from the date AAA provides the list to select one (1) of the three (3) arbitrators proposed by
AAA. If the party (or parties) fail(s) to select the second (2nd) arbitrator by that time, the party (or parties) who have appointed
the first (1st) arbitrator shall then have ten (10) days to select one (1) of the three (3) arbitrators proposed by AAA
to be the second (2nd) arbitrator; and, if he/they should fail to select the second (2nd) arbitrator by such time, AAA shall select, within
fifteen (15) days thereafter, one (1) of the three (3) arbitrators it had proposed as the second (2nd) arbitrator. The two (2) arbitrators
so appointed shall jointly appoint the third (3rd) and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any
party) within fifteen (15) days of the appointment of the second (2nd) arbitrator. If the third (3rd) arbitrator has not been appointed
within the time limit specified herein, then AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator
shall be appointed by AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes,
excluding strikes for cause.


 






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(c)           The
place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.


 


(d)           There
shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.
For the avoidance of doubt, it is intended that there shall be no depositions and no other discovery other than limited documentary discovery
as described in the preceding sentence.


 


(e)           In
rendering an award or decision (the “Award”), the arbitrators shall be required to follow the laws of the State of
Maryland without regard to principles of conflicts of law. Any arbitration proceedings or award rendered hereunder and the validity, effect
and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq. The Award
shall be in writing and shall state the findings of fact and conclusions of law on which it is based. Any monetary award shall be made
and payable in U.S. dollars free of any tax, deduction or offset. Subject to Section 21(g), each party against which the Award
assesses a monetary obligation shall pay that obligation on or before the thirtieth (30th) day following the date of the Award or such
other date as the Award may provide.


 


(f)            Except
to the extent expressly provided by this Agreement or as otherwise agreed by the parties thereto, each party involved in a Dispute shall
bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting
of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award any portion of the Company’s,
Parent’s or Managing Agent’s, as applicable, award to the claimant or the claimant’s attorneys. Each party (or, if there
are more than two (2) parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively)
shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two (2) parties
to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the
third (3rd) appointed arbitrator.


 


(g)           Notwithstanding
any language to the contrary in this Agreement, the Award, including but not limited to, any interim Award, may be appealed pursuant to
the AAA’s Optional Appellate Arbitration Rules (“Appellate Rules”). The Award shall not be considered final
until after the time for filing the notice of appeal pursuant to the Appellate Rules has expired. Appeals must be initiated within
thirty (30) days of receipt of the Award by filing a notice of appeal with any AAA office. Following the appeal process, the decision
rendered by the appeal tribunal may be entered in any court having jurisdiction thereof. For the avoidance of doubt, and despite any contrary
provision of the Appellate Rules, Section 21(f) hereof shall apply to any appeal pursuant to this Section and the
appeal tribunal shall not render an award that would include shifting of any costs or expenses (including attorneys’ fees) of any
party.


 






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(h)            Following
the expiration of the time for filing the notice of appeal, or the conclusion of the appeal process set forth in Section 21(g),
the Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between those parties relating
to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators. Judgment upon the Award may be
entered in any court having jurisdiction. To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction
may be made in connection with any question of law arising in the course of arbitration or with respect to any award made except for actions
relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or
other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.


 


(i)            This
Section 21 is intended to benefit and be enforceable by the Company, Owners, Managing Agent, Parent and their respective holders
of equity interests, trustees, directors, officers, managers (including Managing Agent or its successor), agents or employees, and their
respective successors and assigns and shall be binding upon the Company, Owners, Managing Agent, Parent and their respective holders of
equity interests, and be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals
or entities may have by contract or otherwise.


 


22.            Consent
to Jurisdiction and Forum. The exclusive jurisdiction and venue in any action brought by any party hereto pursuant to this Agreement
shall lie in any federal or state court located in Baltimore, Maryland. By execution and delivery of this Agreement, each party hereto
irrevocably submits to the jurisdiction of such courts for itself and in respect of its property with respect to such action. The parties
irrevocably agree that venue would be proper in such court, and hereby waive any objection that such court is an improper or inconvenient
forum for the resolution of such action. The parties further agree and consent to the service of any process required by any such court
by delivery of a copy thereof in accordance with Section 11 and that any such delivery shall constitute valid and lawful service
of process against it, without necessity for service by any other means provided by statute or rule of court. EACH PARTY HERETO IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, the
provision of services by Managing Agent pursuant to this Agreement OR THE TRANSACTIONS CONTEMPLATED HEREBY. Notwithstanding anything
herein to the contrary, if a demand for arbitration of a Dispute is made pursuant to Section 21, this Section 22
shall not pre-empt resolution of the Dispute pursuant to Section 21.


 


23.            Entire
Agreement. This Agreement constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and
supersedes any pre-existing agreements with respect to such subject matter.


 


24.            Other
Agreements. The Company and Managing Agent are also parties to a Business Management Agreement, dated as of the date hereof, as
in effect from time to time (the “Business Management Agreement”). The parties agree that this Agreement does not include
or otherwise address the rights and obligations of the parties under the Business Management Agreement and that the Business Management
Agreement provides for its own separate rights and obligations of the parties thereto, including, without limitation separate compensation
payable by the Company to Managing Agent thereunder for services to be provided by the Managing Agent pursuant to the Business Management
Agreement.


 


[Signature Page To Follow.]


 






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IN
WITNESS WHEREOF, the parties hereto have executed this Third Amended and Restated Property Management Agreement as a sealed
instrument as of the date above first written.


 


	 	MANAGING AGENT:
	 	 
	 	THE RMR GROUP LLC
	 	 
	 	By:	/s/ Matthew P. Jordan
	 	 	Name: Matthew P. Jordan
	 	 	Title: Executive Vice President, Chief Financial Officer and Treasurer




 


	 	OWNERS:
	 	 
	 	DIVERSIFIED HEALTHCARE TRUST, on its

 own behalf and on behalf of its subsidiaries
	 	 
	 	By:	/s/ Jennifer F. Francis      
	 	 	Name: Jennifer F. Francis
	 	 	Title: President and Chief Executive Officer




 


SOLELY IN RESPECT OF


SECTION 21, PARENT:


 


	 	THE RMR GROUP INC.
	 	 
	 	By:	/s/ Matthew P. Jordan
	 	 	Name: Matthew P. Jordan
	 	 	Title: Executive Vice President, Chief Financial Officer and Treasurer




 


[Signature Page to Third Amended and Restated
Property Management Agreement]


 






    


     


    

 


Exhibit A


 


Definitions


 


The following definitions shall be applied to the
terms used in the Agreement for all purposes, unless otherwise clearly indicated to the contrary. All capitalized terms used in this Exhibit A
but not defined in this Exhibit A shall have the respective meanings given to those terms in the Agreement. Unless otherwise
noted, all section references in this Exhibit A refer to sections in the Agreement.


 


(1)            “Affiliate”
shall mean, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, the first Person.


 


(2)            “Cause”
shall mean: (i) Managing Agent engages in any act that constitutes bad faith, fraud, willful misconduct or gross negligence in the
performance of its obligations under this Agreement; (ii) a default by Managing Agent in the performance or observance of any material
term, condition or covenant contained in this Agreement to be performed by Managing Agent, the consequence of which is a Material Adverse
Effect; (iii) Managing Agent is convicted of a felony; (iv) any executive officer or senior manager of Managing Agent is convicted
of a felony or other crime, whether or not a felony, involving his or her duties as an employee of Managing Agent and who is not promptly
discharged and any actual loss suffered by the Company as a result of such felony or crime is not promptly reimbursed; (v) any involuntary
proceeding is commenced against Managing Agent seeking liquidation, reorganization or other relief with respect to Managing Agent or its
debts under bankruptcy, insolvency or similar law and such proceeding is not dismissed in one hundred twenty (120) days; or (vi) Managing
Agent authorizes the commencement of a voluntary proceeding seeking liquidation, reorganization or other relief with respect to Managing
Agent or its debts under bankruptcy, insolvency or similar law or the appointment of a trustee, receiver, liquidator, custodian or similar
official of Managing Agent or any substantial part of its property.


 


(3)            “Charitable
Organization” shall mean an organization that is described in section 501(c)(3) of the Code (or any corresponding provision
of a future United States Internal Revenue law) which is exempt from income taxation under section 501(a) thereof.


 


(4)            “Continuing
Parent Directors” shall mean, as of any date of determination, any member of the Board of Directors of Parent, who was (i) a
member of the Board of Directors of Parent as of the date of this Agreement or (ii) nominated for election or elected to the Board
of Directors of Parent by, or whose election to the Board of Directors of Parent was made or approved by, (x) the affirmative vote
of a majority of Continuing Parent Directors who were members of the Board of Directors of Parent at the time of such nomination or election
(and not including a director whose initial assumption of office is in connection with an actual or threatened contested solicitation,
including, without limitation, a consent or proxy solicitation, relating to the election of directors of Parent or an unsolicited tender
offer or exchange offer for Parent’s voting securities) or (y) so long as Parent is Controlled by one or both Founders, by
one or both Founders.


 






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(5)            “Control”
of an entity, shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies
of such entity, whether through ownership of voting securities, by contract or otherwise and the participles “Controls” and
 “Controlled” have parallel meanings.


 


(6)            “Covered
Termination” shall mean a Termination for Convenience, a Termination for Performance or a termination by Managing Agent pursuant
to Section 7(b).


 


(7)            “Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.


 


(8)            “Founder”
shall mean each of Barry M. Portnoy and Adam D. Portnoy.


 


(9)            “Good
Reason” shall mean: (i) a default by the Company in the performance or observance of any material term, condition or covenant
contained in this Agreement to be performed by the Company, the consequence of which was materially adverse to Managing Agent and which
did not result from and was not attributable to any action, or failure to act, of Managing Agent, and such default shall continue for
a period of sixty (60) days (or ninety (90) days if the Company takes steps to cure such default within thirty (30) days of written notice
to the Company) after written notice thereof by Managing Agent specifying such default and requesting that the same be remedied in such
sixty (60) day period; (ii) the Company materially reduces the duties and responsibilities historically performed by Managing Agent
or materially reduces the scope of the authority of Managing Agent as historically exercised by Managing Agent under this Agreement, including,
without limitation, the Company appoints or engages a Person or personnel to perform material services historically provided by Managing
Agent or its personnel; or (iii) the consummation of any direct or indirect sale, lease, transfer, conveyance or other disposition,
in one or a series of related transactions, of all or substantially all of the assets of the Company (including securities of the Company’s
subsidiaries) on a consolidated basis, other than a sale, lease, transfer, conveyance or other disposition to a subsidiary of the Company
Controlled by the Company, an RMR Managed Company or another entity to which Managing Agent has agreed to provide management services.


 


(10)            “Immediate
Family Member” as used to indicate a relationship with any individual, shall mean (x) any child, stepchild, parent, stepparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, and any other individual
(other than a tenant or employee), which individual is sharing the household of that individual or (y) a trust, the beneficiaries
of which are the individual and/or any Immediate Family Member of such individual.


 


(11)            “Law”
means any law, statute, ordinance, rule, regulation, directive, code or order enacted, issued, promulgated, enforced or entered by any
governmental entity.


 






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(12)           “Managing
Agent Change of Control” shall be deemed to have occurred upon any of the following events:


 


(i)            any
 “person” or “group” (as such terms are used in Sections 13(d) of the Exchange Act), other than a Permitted
Managing Agent Transferee or a Person to whom Managing Agent would be permitted to assign this Agreement pursuant to Section 24
of this Agreement, becomes the “beneficial owner” (as defined in Rule 13d-3 and Rule 13d-5 promulgated under the
Exchange Act, except that any person shall be deemed to beneficially own securities such person has a right to acquire whether such right
is exercisable immediately or only after the passage of time), directly or indirectly, of fifty percent (50%) or more of the then outstanding
voting power of the voting securities of Managing Agent and/or Parent, as applicable;


 


(ii)            the
consummation of any direct or indirect sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions,
of all or substantially all of the assets of Managing Agent (including securities of Managing Agent's subsidiaries) on a consolidated
basis, except the transfer of outstanding voting power of the voting securities of Managing Agent or Parent to a Permitted Managing Agent
Transferee or if the transaction constitutes a permissible assignment under Section 9 of this Agreement; or


 


(iii)            at
any time, the Continuing Parent Directors cease for any reason to constitute the majority of the Board of Directors of Parent;


 


provided,
however, that if Managing Agent is no longer a subsidiary of Parent as a result of a transaction not constituting a Managing Agent
Change of Control, then a Managing Agent Change of Control shall be deemed to have occurred upon any of the foregoing events that affect
Managing Agent only (and no Managing Agent Change of Control shall be deemed to have occurred if such event affects Parent).


 


(13)            “Material
Adverse Effect” means any fact, circumstance, event, change, effect or occurrence that, individually or in the aggregate with
all other facts, circumstances, events, changes, effects and occurrences, has had a material adverse effect on the business, results of
operations or financial condition of the Company and its subsidiaries, taken as a whole, but will not include facts, circumstances, events,
changes, effects or occurrences to the extent attributable to: (i) any changes in general United States or global economic conditions;
(ii) any changes in conditions generally affecting any of the industry(ies) in which the Company and its subsidiaries operate; (iii) any
Performance Reason or any decline in the market price, credit rating or trading volume of the Company’s securities (it being understood
that the facts or occurrences giving rise to or contributing to such Performance Reason or decline may be taken into account in determining
whether there has been a Material Adverse Effect); (iv) regulatory, legislative or political conditions or securities, credit, financial
or other capital markets conditions, in each case in the United States or any foreign jurisdiction; (v) any failure by the Company
to meet any internal or published projections, forecasts, estimates or predictions in respect of revenues, earnings or other financial
or operating metrics for any period (it being understood that the facts or occurrences giving rise to or contributing to such failure
may be taken into account in determining whether there has been a Material Adverse Effect); (vi) any actions that were not recommended
by Managing Agent that are approved by the Independent Trustees, as defined in the Company’s Bylaws, as in effect from time to time,
or the consequences thereof; (vii) any change in applicable Law or United States generally accepted accounting principles (or authoritative
interpretations thereof); (viii) geopolitical conditions, the outbreak or escalation of hostilities, any acts of war, sabotage or
terrorism; or (ix) any hurricane, tornado, flood, earthquake or other natural disaster.


 






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(14)            “Monthly
Future Fee” shall mean (i) the sum of the total Fee, the total Construction Supervision Fee and the total Major Renovation
Fee earned by Managing Agent under this Agreement for the twelve (12)-month period immediately preceding the effective date of a Covered
Termination, divided by (ii) twelve (12), and rounded upward to the nearest whole number.


 


If there is a Covered Termination following a merger
between the Company and another real estate investment trust to which Managing Agent is providing property management services (an “RMR
Managed Company”), the Monthly Future Fee shall be calculated by reference to the sum of (i) the aggregate of the total
Fee paid by the Company to Managing Agent and the total similar fee payable by the other RMR Managed Company to Managing Agent for the
applicable period, (ii) the aggregate of the total Construction Supervision Fee payable by the Company to Managing Agent and the
total construction supervision fee payable by the other RMR Managed Company to Managing Agent for the applicable period and (iii) the
aggregate of the total Major Renovation Fee payable by the Company to Managing Agent and the total renovation fee, if applicable, payable
by the other RMR Managed Company to Managing Agent for the applicable period.


 


If there is a Covered Termination following the
spin-off of a subsidiary of the Company (by sale in whole or part to the public or distribution to the Company’s shareholders) to
which the Company contributed properties (the “Contributed Properties”) and which was an RMR Managed Company both at
the time of the spin-off and on the date of the Covered Termination, in determining the Monthly Future Fee, if any portion of the period
with respect to which the Monthly Future Fee is calculated is prior to the spin-off, the monthly installments of the Fee shall be reduced
to the extent they are based upon the gross collected rents of the Contributed Properties for such period, the monthly installments of
the Construction Supervision Fees shall be reduced to the extent they are based upon the construction renovation or repair activities
at the Contributed Properties for such period and the monthly installments of the Major Renovation Fees shall be reduced to the extent
they are based upon the major renovation or repositioning activities at the Contributed Properties for such period.


 


(15)            “Parent”
shall mean The RMR Group Inc., a Maryland corporation.


 


(16)            “Performance
Reason” shall mean, for any period of three (3) consecutive calendar years beginning with the 2016 calendar year: (i) for
each calendar year in such period, the TSR of the Company is less than (A) the percentage total shareholder return of the SNL Index
(as defined in the Business Management Agreement) for the year, minus (B) five percent (5%) (for illustrative purposes and the avoidance
of doubt, if the percentage total shareholder return of the SNL Index for a year is positive fifteen percent (15%), the TSR for the year
must be less than ten percent (10%) in the same year to count as one of the three (3) consecutive years that may be included within
a Performance Reason), and (ii) for each calendar year in such period, the TSR of the Company is less than the TSR (determined for
each company separately) of sixty-six percent (66%) of the member companies in the SNL Index (for illustrative purposes and the avoidance
of doubt, if there are ninety (90) member companies in the SNL Index, the Company’s TSR for a year must be less than the TSR of
sixty (60) member companies in the SNL Index). For purposes of the calculation of TSR and percentage total shareholder return of the SNL
Index in clauses (i) and (ii) of the preceding sentence, each such calendar year shall be treated as a measurement period (a
 “Measurement Period”).


 






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(17)            “Permitted
Managing Agent Transferee” shall mean: (A) Parent or any of its Controlled subsidiaries; (B) any employee benefit
plan of Managing Agent, Parent or any of their respective Controlled subsidiaries; (C) any Founder or any of a Founder’s lineal
descendants; (D) any Immediate Family Member of a Founder or any of an Immediate Family Member’s lineal descendants; (E) any
Qualifying Employee, any Immediate Family Member of a Qualifying Employee or any of the Qualifying Employee’s or Immediate Family
Member’s lineal descendants; (F) a Person described in clause (C), (D) or (E) to whom securities are transferred
by will or pursuant to the laws of descent and distribution by a Person described in clause (C), (D) or (E) of this definition;
(G) any entity Controlled by any Person or Persons described in clause (B), (C), (D), (E) or (F) of this definition; (H) a
Charitable Organization Controlled by any Person or Persons described in clause (C), (D), (E) or (F) of this definition; (I) an
entity owned, directly or indirectly, by shareholders (or equivalent) of Managing Agent or Parent in substantially the same proportions
as their ownership of Managing Agent or Parent, as applicable, immediately prior to the acquisition of beneficial ownership; (J) any
Person approved by the Company in writing; or (K) an underwriter temporarily holding securities of Managing Agent or Parent, as
applicable, pursuant to an offering of such securities; provided, however, that “lineal descendants” shall
not include Persons adopted after attaining the age of eighteen (18) years and any such adopted Person’s descendants, and further
provided that any subsidiary described in clause (A) or (B), any entity described in clause (G) and Charitable Organization
described in clause (H), shall only be a Permitted Managing Agent Transferee so long as it remains Controlled as provided in clause (A),
(B), (G) or (H).


 


(18)            “Person”
shall mean an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association,
joint venture or any other organization or entity, whether or not a legal entity.


 


(19)            “Qualifying
Employee” means any employee of Managing Agent or Parent or any of their respective subsidiaries who is and has been an employee
of Managing Agent or Parent or any of their respective subsidiaries for at least thirty-six (36) months.


 


(20)            “Remaining
Term” shall mean the remaining period in the term of this Agreement had the Agreement not been terminated (rounded to nearest
month), up to a maximum of twenty (20) years.


 






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(21)            “Treasury
Rate” shall mean, for the calculation of the present value of a Monthly Future Fee, the arithmetic mean of the yields under
the heading “Week Ending” published in the most recent Federal Reserve Statistical Release H.15 under the caption “Treasury
Constant Maturities” for the maturity corresponding to the date that is the thirtieth (30th) day after the end of the month for
which the Monthly Future Fee is assumed to be payable. If no maturity exactly corresponds to such maturity, yields for the two published
maturities most closely corresponding to such period shall be calculated pursuant to the immediately preceding sentence and the Treasury
Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the
nearest month. For purposes of calculating the applicable Treasury Rates, the most recent Federal Reserve Statistical Release H.15 (or
any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United
States government securities adjusted to constant maturities) published prior to the required date of payment of the Termination Fee will
be used. If such statistical release is not published at the time of any determination under this Agreement, then any publicly available
source of similar market data which shall be selected by Managing Agent, will be used.


 


(22)            “TSR”
of a company shall be determined by (i) subtracting, for the relevant Measurement Period, (A) the closing price of the common
shares of the company on the principal national securities exchange (as defined in the Exchange Act) on which the shares are traded, on
the last trading day immediately prior to the beginning of the Measurement Period (the “Initial Price”) from (B) the
sum of the average closing price of the common shares on the ten (10) consecutive trading days having the highest average closing
prices during the final thirty (30) trading days of the Measurement Period, plus the aggregate amount of dividends declared in respect
of a common share during the Measurement Period, and (ii) dividing the result by the Initial Price.


 






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