Exhibit 10.1


 


DIVERSIFIED HEALTHCARE TRUST


 


Diversified Healthcare Trust hereby adopts the
Diversified Healthcare Trust Amended and Restated 2012 Equity Compensation Plan, effective as of the Restatement Effective Date (as defined
in Section VIII).


 


		I.	PURPOSE



 


The Plan is intended to advance the interests of
the Company and its subsidiaries by providing a means of rewarding selected officers and Trustees of the Company, employees of the Manager,
and others rendering valuable services to the Company, its subsidiaries or to the Manager, through grants of the Company’s Shares.


 


		II.	DEFINITIONS



 


Terms that are capitalized in the text of the Plan
have the meanings set forth below:


 


		(a)	“Board” means the Board of Trustees of the Company.



 


		(b)	“Company” means Diversified Healthcare Trust, a Maryland real estate investment trust.



 


		(c)	“Exchange Act” means the Securities Exchange Act of 1934, as amended.



 


		(d)	“Key Person” means an employee, consultant, advisor, Trustee, director, officer or other person providing services to
the Company, to a subsidiary of the Company, or to the Manager.



 


		(e)	“Manager” means a person or entity providing management or administrative services to the Company.



 


		(f)	“Participant” means a person to whom Shares have been granted, or any other person who becomes owner of the shares by
reason of such person’s death or incapacity.



 


		(g)	“Plan” means this Diversified Healthcare Trust Amended and Restated 2012 Equity Compensation Plan, as it may be amended
from time to time.



 


		(h)	“Securities Act” means the Securities Act of 1933, as amended.



 


		(i)	“Share Agreement” means an agreement between the Company and a Participant regarding Shares issued to the Participant
pursuant to the Plan.



 


		(j)	“Shares” means the Company’s common shares of beneficial interest, par value $.01 per share.



 


		(k)	“Trustee” means a member of the Board.



 


		III.	SHARES SUBJECT TO THE PLAN



 


Subject to the provisions of Article VII, the maximum
number of Shares which may be granted under the Plan is 5,250,000, subject to adjustment as set forth herein. If any Shares subject to
an award under the Plan (including prior to the Restatement Effective Date) are forfeited, cancelled, repurchased or surrendered (including
in satisfaction of tax obligations), the Shares with respect to such award shall, to the extent of any such forfeiture, cancellation,
repurchase or surrender, again be available for awards under the Plan.


 






     


     


    

 


Subject to the terms of any Share Agreement, a
holder of Shares granted under the Plan, whether or not vested, shall have all of the rights of a shareholder of the Company, including
the right to vote the Shares and the right to receive any distributions, unless the Board shall otherwise determine. Certificates representing
Shares may be imprinted with a legend to the effect that the Shares represented may not be sold, exchanged, transferred, pledged, hypothecated
or otherwise disposed of except in accordance with the terms of the Securities Act and the applicable Share Agreement, if any. In the
event that the Shares are not represented by a certificate, the Company shall direct the Company's registrar and transfer agent to make
an appropriate notation of the restrictions on transfer to which the Shares are subject in the stock books and records of the Company.
In addition, the Company may hold the certificates representing Shares pending lapse of any applicable vesting, forfeiture, repurchase,
transfer or similar restrictions.


 


		IV.	METHOD OF GRANTING SHARES



 


Grants of Shares to any Key Person shall be made
by action of the Board, which shall have the sole discretion to select persons to whom Shares are to be granted, the amount and timing
of each such grant, the extent, if any, to which vesting restrictions or other conditions (which may include repurchase rights) shall
apply to the award and all other terms and conditions of any award (which terms and conditions need not be the same as between recipients
or awards). If a person to whom such a grant of Shares has been made fails to execute and deliver to the Company a Share Agreement within
ten (10) days after it is submitted to him or her, the grant of Shares related to such Share Agreement may be cancelled by the Company,
acting by the Board, at its option and in its discretion without further notice to the Participant. No Trustee or officer of the Company
may be granted more than 1,000,000 Shares under the Plan after the Restatement Effective Date. Nothing in this Section IV shall prevent
the Board from delegating its authority to make grants to a committee pursuant to Section V. No agreement is required to be executed in
respect of awards of vested Shares.


 


		V.	ADMINISTRATION OF THE PLAN



 


The Plan shall be administered by the Board or,
in the discretion of the Board, a committee designated by the Board and composed of at least two (2) members of the Board. All references
in the Plan to the Board shall be understood to refer to such committee or the Board, whichever shall be administering the Plan from time
to time. All questions of interpretation and application of the Plan and of grants of Shares shall be determined by the Board in its sole
discretion and the Board shall have the authority to do all things necessary to carry out the purposes of the Plan, and its determinations
shall be final and binding upon all persons, including the Company and all Participants. Without limiting the generality of the foregoing,
the Board is authorized to (i) adopt and approve from time to time the forms and, subject to the terms of the Plan, the terms and conditions
of any Share Agreement; (ii) make adjustments to awards in response to changes in applicable laws, regulations, or accounting principles;
and (iii) prescribe, amend and rescind rules and regulations relating to the Plan. If it determines to do so, the Board may grant shares
under this Plan which are not subject to vesting, forfeiture, repurchase and transfer restrictions ("Unrestricted Shares");
provided that no more than 25% of any individual award may consist of Unrestricted Shares at grant, other than awards of Common
Shares to our Trustees that may constitute Unrestricted Shares in their entirety.


 


For so long as Section 16 of the Exchange Act is
applicable to the Company, each member of any committee designated to administer the Plan shall qualify as a “non-employee director”
within the meaning of Rule 16b-3 under the Exchange Act, and shall meet such other requirements as the Board may determine to be necessary
or appropriate.


 


With respect to persons subject to Section 16 of
the Exchange Act (“Insiders”) with respect to the Company, transactions under the Plan are intended to comply with all applicable
conditions of Rule 16b-3 or its successor under the Exchange Act.


 


		VI.	ELIGIBLE PERSONS



 


The persons eligible to receive grants of Shares
shall be those persons selected by the Board in its discretion from among Key Persons who contribute to the business of the Company and
its subsidiaries.


 






     


     


    

 


		VII.	CHANGES IN CAPITAL STRUCTURE



 


In the event of any stock dividend or other similar
distribution (whether in the form of stock or other securities), stock split or combination of shares (including a reverse stock split),
conversion, reorganization, consolidation, split-up, spin-off, combination, merger, exchange of stock, extraordinary cash dividend or
other similar transaction or event, the Board shall make adjustments to the maximum number of Shares that may be issued under the Plan
under Article III and Article IV and shall also make appropriate adjustments to the number and kind of shares of stock, securities or
other property (including cash) subject to awards then outstanding under the Plan affected by such change and to the other terms and conditions
of such awards. No fractional Shares shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment
shall be eliminated in each case by rounding downward to the nearest whole Share.


 


		VIII.	RESTATEMENT EFFECTIVE DATE, DURATION, AMENDMENT AND TERMINATION OF PLAN



 


The Plan shall be effective at the close of business
on June 2, 2022 (the “Restatement Effective Date”), subject to its approval by the Company’s shareholders. Shares may
be granted under the Plan from time to time until the close of business on the tenth anniversary of the Restatement Effective Date. Awards
outstanding at Plan termination shall remain in effect according to their terms and the provisions of the Plan. The Board hereafter may
at any time amend or terminate the terms of an award or the Plan in any respect, provided that (without limiting Article VII hereof) the
Board may not, without the affected Participant’s consent, amend or terminate the terms of an award or the Plan so as to affect
adversely the Participant’s rights under an outstanding award. Any amendments to the Plan shall be conditioned upon shareholder
approval only to the extent, if any, such approval is required by applicable law or listing requirement.


 


		IX.	MISCELLANEOUS



 


		A.	Nonassignability of Shares. Shares subject to a Share Agreement shall not be assignable or transferable by a Participant except in
accordance with the terms of the applicable Share Agreement or as may be permitted by the Board.



 


		B.	No Guarantee of Employment. Neither the award of Shares nor a Share Agreement shall give any person the right to continue in the employment
or service of, or to continue to act as an officer or, Trustee of, or to serve in any other capacity with, the Company, any subsidiary
or the Manager.



 


		C.	Tax Withholding; Section 409A. To the extent required by law, the Company shall withhold or cause to be withheld income and other
taxes incurred by a Participant by reason of a grant of Shares, and, as a condition to the receipt of any grant of Shares, a Participant
agrees that if the amount payable to him or her by the Company in the ordinary course is insufficient to pay such taxes, he or she shall,
upon request of the Company, pay the Company an amount sufficient to satisfy its tax withholding obligations.



 


Without limiting the foregoing, the Board may in its discretion
permit any Participant’s withholding obligation to be paid in whole or in part in the form of Shares, by withholding from the Shares
to be issued to such Participant or by accepting delivery of Shares already owned by him or her. The fair market value of the Shares for
this purpose shall be the closing price of the Shares on the principal securities exchange on which the Shares are listed on the date
such Shares are repurchased by the Company, unless otherwise determined by the Board in its discretion.


 


If payment of withholding taxes is made in whole or in
part in Shares, the Participant shall deliver to the Company share certificates registered in his or her name or other evidence of
legal and beneficial ownership of Shares owned by him or her, fully vested and free of all liens, claims and encumbrances of every
kind, duly endorsed or accompanied by stock powers duly endorsed by the record holder of the Shares represented by such share
certificates. The Compensation Committee may approve comparable procedures to those set forth
in the preceding sentence in the event of shares held in book-entry form. If the Participant is subject to Section 16(a) of
the Exchange Act, his or her ability to pay the withholding obligation in the form of Shares shall be subject to such additional
restrictions as may be necessary to avoid any transaction that might give rise to liability under Section 16(b) of the Exchange
Act.


 






     


     


    

 


It is intended that awards granted under the Plan be exempt
from the application of Section 409A of the Internal Revenue Code of 1986, as amended from time to time, and the Plan and such awards
shall be construed in accordance with that intention.


 


		D.	Conditions to Issuance. The issuance of Shares under the Plan is subject to compliance with (1) the laws, rules and regulations of
all public agencies and authorities applicable to the issuance and distribution of Shares and (2) the listing rules of any stock exchange
or national market system on which the Shares are listed.



 


		E.	No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan. The Board shall determine whether cash,
other Awards, or other property shall be issued or paid in lieu of such fractional Shares or whether such fractional shares or any rights
thereto shall be forfeited or otherwise eliminated.



 


		F.	Governing Law. The Plan shall be governed by and construed and enforced in accordance with the laws of the State of Maryland applicable
to contracts made and to be performed therein, without reference to the conflicts of law principles thereof.



 


		G.	Change in Control. Each unvested Share under the Plan immediately prior to the occurrence of a “Change in Control” or
a “Termination Event” shall become fully vested upon the occurrence of the Change in Control or Termination Event, as each
term is defined below.



 


A “Change in Control” shall be deemed to have occurred
if any of the events set forth in any one of the following paragraphs shall have occurred:


 


(a) any Person is or becomes the Beneficial Owner, directly
or indirectly, of securities of the Company representing 50% or more of either the then outstanding common shares of beneficial interest
of the Company or the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such
a Beneficial Owner in connection with a transaction described in paragraph (c)(i) below;


 


(b) the following individuals cease for any reason to constitute
a majority of the number of Trustees then serving: individuals who, on the Restatement Effective Date, constitute the Board and any new
Trustee (other than a Trustee whose initial assumption of office is in connection with an actual or threatened election contest, including
but not limited to a consent solicitation, relating to the election of Trustees) whose appointment or election by the Board or nomination
for election by the Company’s shareholders was approved or recommended by a vote of at least two-thirds (2/3) of the Trustees then
in office who either were Trustees on the Restatement Effective Date or whose appointment, election or nomination for election was previously
so approved or recommended;


 






     


     


    

 


(c) there is consummated a merger or consolidation of the Company
or any direct or indirect subsidiary of the Company with any other entity, other than (i) a merger or consolidation which would result
in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either
by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 50% of the
combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such
merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction)
in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more of the
combined voting power of the Company’s then outstanding securities; or


 


(d) the shareholders of the Company approve a plan of complete
liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially
all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s
assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Company
in substantially the same proportions as their ownership of the Company immediately prior to such sale.


 


Notwithstanding anything to the contrary set forth herein,
a transaction involving the Company and an Excluded Entity (or Affiliate) in which the award of Shares is to be assumed by the successor
(or replaced by a substantially equivalent award) shall not constitute a Change in Control.


 


A “Termination Event” shall occur if The RMR Group
LLC (or any entity controlled by, under common control with or controlling The RMR Group LLC) ceases to be the manager or shared services
provider to the Company.


 


For purposes of the defined terms used in this Section IX G.,
but not previously defined in the Plan, the following definitions shall apply:


 


“Affiliate” shall have the meaning set forth in
Rule 12b-2 promulgated under Section 12 of the Exchange Act.


 


“Beneficial Owner” shall have the meaning set forth
in Rule 13d-3 under the Exchange Act.


 


“Excluded Entity” shall mean any entity to which
The RMR Group LLC (or any entity controlled by, under common control with or controlling The RMR Group LLC) provides management, advisory
or shared services.


 


“Person” shall have the meaning given in Section
3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the
Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company
or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities and (iv) a corporation
owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of shares of
the Company.