Document:

Number	 	OMEGA LOGO	 	Shares
	

THIS CERTIFICATE IS TRANSFERABLE IN CANTON, MA, JERSEY CITY, NJ OR NEW YORK, NY	
 	

 	
 	

THE SHARES EVIDENCED HEREBY ARE SUBJECT TO RESTRICTIONS ON OWNERSHIP AND TRANSFER AS ARE FULLY DESCRIBED ON THE REVERSE SIDE HEREOF.
	INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND	 	 	 	CUSIP 681936 40 7

OMEGA HEALTHCARE INVESTORS, INC.  

This
certifies that 

is
the record holder of 

8.375% SERIES D CUMULATIVE REDEEMABLE PREFERRED STOCK, LIQUIDATION PREFERENCE $25.00 PER SHARE OF  

Omega Healthcare Investors, Inc., transferable on the share register of the Corporation by the holder hereof in person or by a duly authorized
attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. Reference is made to the
statement on the reverse hereof with respect to the class or series of shares and certain restrictions in the transferability thereof.  

        Witness the facsimile signatures of its duly authorized officers.  

Dated:  

	/s/  DANIEL J. BOOTH      	 	/s/  C. TAYLOR PICKETT      
	SECRETARY	 	CHIEF EXECUTIVE OFFICER

CERTIFICATE OF STOCK  

 OMEGA HEALTHCARE INVESTORS, INC.  

        The Corporation has the authority to issue Preferred Stock. The Corporation will furnish to any stockholder on request and without charge a full statement of the
preferences, conversion and other rights, voting powers, limitations as to dividends, qualifications, terms and conditions of redemption of the stock of each Class the Corporation is authorized to
issue. The Preferred Stock is subject to redemption by the Corporation on and after February 10, 2009. The transfer of these shares to any person who would thereby hold beneficial interest of
more than 9.9% of the value of the outstanding capital stock of the Corporation may be prohibited or void or subject to other transfer restrictions of redemption rights as set forth in the Charter.
The Corporation will furnish information concerning such restrictions to any stockholder on request and without charge. 

        The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or
regulations: 

	TEN COM	—	 	as tenants in common	 	UNIF GIFT MIN ACT	 	 	 	Custodian	 	 
	 	 	 	 	 	 	 	
	 	 	 	

	 	 	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	TEN ENT	—	 	as tenants by the entireties	 	 	 	 	 	 	 	 
	JT TEN	—	 	as joint tenants with right of survivorship and not as tenants in common	 	Under Uniform Gifts to Minors Act	 	 	 	
 (State)
	 	 	 	 	 	UNIF TRF MIN ACT	 	 	 	Custodian until age	 	 
	 	 	 	 	 	 	 	
	 	 	 	

	 	 	 	 	 	 	 	(Cust)	 	 	 	 
	COM PROP	—	 	as community property	 	 	 	 	 	under Uniform Transfers to Minors Act	 	 
	 	 	 	 	 	 	 	
	 	 	 	

	 	 	 	 	 	 	 	(Minor)	 	 	 	(State)

Additional abbreviations may also be used though not set in the above list. 

For
Value Received, ________________________ hereby sell(s), assign(s) and transfer(s) unto 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE	 	 
	

	
 	

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE) 

shares of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint 

Attorney to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises. 

Dated: 

	 	 	X	 	 
	 	 	 	 	

	 	 	X	 	 
	 	 	 	 	

	Signature(s) Guaranteed	 	NOTICE:	 	THE SIGNATURE(S) TO THE ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.<Page>

                                                                  Exhibit 10.5.1

                        AMENDMENT TO EMPLOYMENT AGREEMENT

       This AMENDMENT TO EMPLOYMENT AGREEMENT (the "AMENDMENT") is entered into
as of the 19th day of June, 2000, by and between APCOA/STANDARD PARKING, INC., a
Delaware corporation (the "COMPANY"), and Michael K. Wolf (the "EXECUTIVE").

                                    RECITALS:

       A.     Standard Parking, L.P., a Delaware limited partnership ("SPLP")
              and the Executive are parties to a certain Employment Agreement
              dated as of March 26, 1998 (the "EMPLOYMENT AGREEMENT"). The
              Company is the successor to the rights and obligations of SPLP
              under the Employment Agreement. Pursuant to the Employment
              Agreement, Executive currently serves, among other things, as
              Associate General Counsel for the Company.

       B.     The parties intend that the Executive be indemnified and held
              harmless by the Company to the fullest extent permitted by law,
              and that the costs and expenses associated with the defense of any
              claim or action be advanced to Executive as incurred.

       C.     The Company and the Executive desire to amend the Employment
              Agreement to clearly evidence the Executive's right to
              indemnification for, inter alia, all past, present and future
              legal services provided for, and on behalf of, the Company
              pursuant to the Employment Agreement.

       NOW, THEREFORE, in consideration of the Recitals, the mutual promises
       herein contained, and the sum of Ten Dollars ($10.00) in hand paid, the
       receipt and sufficiency of which are hereby mutually acknowledged, the
       parties hereto agree as follows:

       1.     The following new section (f) shall be added to Paragraph 3 of the
              Employment Agreement:

              "(f) INDEMNIFICATION. The Company shall indemnify and hold the
              Executive harmless to the fullest extent permitted by law, as the
              same exists or may hereafter be amended (but in the case of any
              such amendment, only to the extent that such amendment permits the
              Company to provide broader indemnification rights than the law
              permitted the Company to provide prior to the amendment), against
              any and all expenses, costs, liabilities, losses, judgments,
              fines, attorney's fees, penalties, ERISA taxes, excise taxes, and
              amounts paid, or to be paid, in settlement, reasonably incurred or
              suffered by the Executive in connection with or arising out of any
              threatened, pending or contemplated action, suit or proceeding,
              whether civil or criminal, administrative or investigative, to
              which the Executive is a party or is threatened to be made a party
              by reason of his service at any time as an employee, agent,
              officer or director of the Company, including but not limited to
              in respect of all legal services the Executive provided for and on
              behalf of the Company. The Company shall, upon written request by
              the Executive, promptly advance to the Executive all such expenses
              and costs incurred, accrued or reasonably expected to be incurred
              in connection with the defense of the Executive in any such
              proceeding, as such expenses are incurred by the Executive,
              provided, however, that the Executive shall (i) reasonably
              cooperate with the Company concerning such action, suit or
              proceeding, and (ii)

<Page>

              repay such amounts if it is proved by clear and convincing
              evidence in a court of competent jurisdiction that his action or
              failure to act involved an act or omission undertaken with
              deliberate intent to cause injury to the Company or undertaken
              with reckless disregard for the best interest of the Company."

       2.     Except to the extent expressly modified above, the Employment
              Agreement shall remain unchanged and in full force and effect in
              accordance with its terms.

       IN WITNESS WHEREOF, the parties have executed this Amendment as of the
       day and year first above written.

       APCOA/STANDARD PARKING, INC.,
       a Delaware corporation

       By:      /s/ Myron Warshauer
          ------------------------------------
       Its:
           -----------------------------------

                /s/ Michael K. Wolf
       ---------------------------------------
                MICHAEL K. WOLF

                                     2<Page>

                                                                  Exhibit 10.5.4

                               FOURTH AMENDMENT OT
                              EMPLOYMENT AGREEMENT

       This FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT is made this 31st day of
December, 2003, by and between STANDARD PARKING CORPORATION, a Delaware
corporation (the "COMPANY") and Michael K. Wolf (the "EXECUTIVE").

                                    RECITALS

       A.     The Executive and Standard Parking, L.P., a Delaware limited
partnership ("SPLP"), previously executed a certain Employment Agreement dated
as of March 26, 1998 (the "ORIGINAL EMPLOYMENT AGREEMENT"). The Original
Employment Agreement was modified by that certain Amendment To Employment
Agreement dated as of June 19, 2000 by and between the APCOA/Standard Parking,
Inc. ("A/SP") and Executive (the "FIRST AMENDMENT"), that certain Second
Amendment To Employment Agreement dated as of December 6, 2000 by and between
A/SP and Executive (the "SECOND AMENDMENT"), and that certain Third Amendment To
Employment Agreement dated as of April 1, 2002 by and between A/SP and Executive
(the "THIRD AMENDMENT"). The Original Employment Agreement, as modified by the
First Amendment, Second Amendment and Third Amendment, is hereafter referred to
as the "EMPLOYMENT AGREEMENT". The Company is the successor-in-interest to all
of SPLP's and A/SP's rights, and has assumed all of SPLP's and A/SP's
obligations, under the Employment Agreement.

       B.     The Company and Executive have agreed to modify certain provisions
of the Employment Agreement as set forth below.

       NOW, THEREFORE, in consideration of the Recitals, the mutual promises and
undertakings herein set forth, and the sum of Ten Dollars in hand paid, the
receipt and sufficiency of which consideration are hereby acknowledged, the
parties hereby agree that the Employment Agreement shall be deemed modified and
amended, effective immediately, as follows:

       1.     Executive's annual base salary for calendar year 2004 shall be an
amount that is Nine Thousand Dollars ($9,000) less than Executive's 2003 base
salary.

       2.     Effective from and after January 1, 2004, the amount of the
aggregate "Annual Premiums" payable by the Company pursuant to subsection (d) of
paragraph 7 of the Employment Agreement (whether in payment of premiums or other
amounts due pursuant to (i) the existing Policies, and/or (ii) any additional or
substitute life insurance policies or any other investment vehicles hereafter
procured by Executive in his sole discretion) shall be Sixty-Two Thousand
Dollars ($62,000).

       3.     Except as expressly modified above, all of the remaining terms and
provisions of the Employment Agreement are hereby ratified and confirmed in all
respects, and shall remain in full force and effect in accordance with their
terms.

       IN WITNESS WHEREOF, the Company and Executive have executed this Fourth
Amendment to Employment Agreement as of the day and year first above written.

COMPANY:                                       EXECUTIVE:

STANDARD PARKING CORPORATION
a Delaware corporation                         /s/ Michael K. Wolf
                                               -------------------------
                                                   Michael K. Wolf
By:  /s/ James A. Wilhelm
     -------------------------------------
         James A. Wilhelm
         President and Chief Executive Officer

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