Document:

ex_358882.htm

Exhibit 10.22

 

_____ PPIH

 

Employee Restricted Stock Unit Grant

 

Restricted Stock Unit Agreement

under the

2021 Omnibus Stock Incentive Plan

 

This Agreement (the “Agreement”) evidences the award of restricted stock units (each, a “Award Unit,” and collectively, the “Award Units”), entitling the grantee to receive one share of Common Stock (a “Share”) on a future date, that Perma-Pipe International Holdings, Inc., a Delaware corporation (the “Company”), has granted to you effective as of________ (the “Grant Date”), pursuant to the 2021 Omnibus Stock Incentive Plan (the “Plan”) and conditioned upon your agreement to the terms described below. This award is contingent on your acceptance of this Agreement within ninety (90) days after you receive notice of the award by signing where indicated below. If you do not accept this Agreement within ninety (90) days, this award will be void and you will not be entitled to any benefits under this Agreement. All of the provisions of the Plan are expressly incorporated into this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

 

1.    Terminology. Unless otherwise provided in this Agreement, capitalized words used herein are defined in the Glossary at the end of this Agreement, or, if no definition is provided in this Agreement or the Glossary, such capitalized words shall have the same definitions as in the Plan.

 

2.    Vesting.

 

(a)    All of the Award Units are nonvested and forfeitable as of the Grant Date.

 

(b)    So long as your Service is continuous from the Grant Date through the applicable date upon which vesting is scheduled to occur,

 

	 	
			■

				
			 Award Units will vest and become nonforfeitable on: _____; _____, ______, _____, and _____.

			

 

(c)    Notwithstanding Section 2(b), one hundred percent of the Award Units will become vested and nonforfeitable as of immediately before and contingent upon the occurrence of a Change in Control, so long as your Service is continuous from the Grant Date, through the date of the Change in Control.

 

(d)    If your Service ceases by reason of your permanent disability (as defined in Section 22(e)(3) of the Code) or death, then for one year after the date you become permanently disabled or your death, the Award Units will continue to vest and become nonforfeitable as set forth in Section 2(b) as though your Service was continuous through the one year anniversary of your date of disability or death, as applicable, and any Units that do not vest in accordance with this subsection shall be forfeited; provided, however, if the Company (or an Affiliate) reasonably determines following your termination due to death or disability that you could have been terminated for Cause had all the facts been known to the Company (or an Affiliate) at the time of your death or disability, as applicable, then you shall forfeit all rights with respect to any unvested Award Units.

 

(e)    Except as otherwise specified in this Section 2, unless otherwise determined by the Administrator in its sole discretion, none of the Award Units will become vested and nonforfeitable after your Service ceases.

 

3.    Settlement of Units. The Company shall deliver to you (or a designated broker) a whole number of Shares equal to the number of Units (if any) that vest pursuant to this Agreement, subject to withholding of any taxes (as provided in Section 7 below). Such delivery shall take place as soon as administratively practicable following the vesting date, but in no event more than thirty (30) days after the applicable vesting date.

 

4.    Effect of Termination of Employment or Service. If your Service ceases for any reason except as otherwise specified in Section 2, all Award Units that are not then vested and nonforfeitable will be immediately forfeited by you.

 

5.    Restrictions on Transfer.

 

(a)    Your Award Units may not be sold, assigned, transferred, pledged, hypothecated or disposed of in any way (whether by operation of law or otherwise), except by will or the laws of descent and distribution, and shall not be subject to execution, attachment or similar process.

 

(b)    You hereby represent and warrant to the Company as follows:

 

(i)    You will hold any Shares transferred to you upon the vesting of the Award Units for your own account for investment only and not with a view to, or for resale in connection with, any “distribution” of the Shares within the meaning of the Securities Act.

 

(ii)    You understand that the Company may, in its discretion, impose restrictions on the sale, pledge or other transfer of the Shares transferred to you upon the vesting of the Award Units (including the placement of appropriate legends on stock certificates and the issue of stop transfer instructions to the Company’s Transfer Agents) if, in the judgment of the Company, such restrictions are necessary or desirable to comply with the Securities Act, the securities laws of any State or any other law.

 

(iii)    You are aware that your investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss.

 

 

 

 

(c)    Any attempt to dispose of the Award Units or Shares received upon settlement of the Award Units in contravention of the restrictions set forth in this Section 5 shall be null and void and without effect. The Company shall not be required to (i) transfer on its books any Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of the Shares, or otherwise accord voting, dividend, or liquidation rights to any transferee to whom the Shares have been transferred in contravention of this Agreement.

 

6.    Stockholder Rights and Dividend Equivalents. You shall not have any rights of a stockholder with respect to the Shares underlying the Award Units (including, without limitation, any voting rights or any right to dividends), until the Shares have been issued hereunder. If, however, a cash dividend record date occurs after the Grant Date and prior to the settlement date, then on the date that such dividend is paid to Company stockholders, you shall be credited with “dividend equivalents” in an amount equal to the dividends that would have been paid to you if you had owned a number of Shares equal to the number of Award Units that are outstanding hereunder as of such record date. Such dividend equivalents will accrue and be paid to you in cash at the same time and to the same extent that the related Award Units vest. If you forfeit any Award Units, then you will also forfeit any related accrued dividend equivalents.

 

7.    Tax Withholding.

 

(a)    You hereby agree to make adequate provision for foreign, federal, state and local taxes required by law to be withheld, if any, which arise in connection with the grant, vesting, or settlement, of the Award Units. By accepting this Agreement, you are also electing, unless you expressly indicate otherwise by informing the Company in writing prior to your acceptance, to satisfy your tax withholding obligations by delivering proceeds from the sale of Shares that are issued under this Agreement on the market pursuant to the Irrevocable Standing Order Election attached as Exhibit A to this Agreement. By accepting this Agreement, you are representing that you meet all of the requirements set forth in the Irrevocable Standing Order Election attached as Exhibit A to this Agreement. If you expressly indicate by informing the Company in writing that you do not desire to satisfy your tax withholding obligations through the sale of Shares pursuant to Exhibit A prior to your acceptance of this Agreement, or if such sales cannot occur or do not occur in a timely manner pursuant to Exhibit A, then you shall, immediately upon notification of the amount of withholding taxes due, if any, pay to the Company in cash or by check the amount necessary to satisfy any withholding obligations. The Company (and its Affiliates) shall also have the right to deduct from any compensation or any other payment of any kind due you (including withholding the issuance or delivery of Shares hereunder) the amount of any federal, state, local or foreign taxes required by law to be withheld as a result of the grant, vesting or settlement of the Award Units in whole or in part; provided, however, that the value of the Shares withheld or redeemed may not exceed the maximum statutory rate associated with the transaction to the extent necessary for the Company to avoid an accounting charge. If you do not pay the amount necessary to satisfy any withholding obligations when requested, the Company may refuse to issue any Shares under this Agreement.

 

(b)    You hereby acknowledge that you have been advised by the Company to seek independent tax advice from your own advisors regarding the tax consequences of this Award. You may not rely on the Company, its Affiliates, or any of their officers, directors or employees for tax or legal advice regarding this Award. You acknowledge that you have sought tax and legal advice from your own advisors regarding this Award or have voluntarily and knowingly foregone such consultation.

 

8.    Adjustments for Corporate Transactions and Other Events.

 

(a)    Stock Dividend, Stock Split and Reverse Stock Split. Upon a stock dividend of, or stock split or reverse stock split affecting, the Common Stock, the number of outstanding Award Units shall, without further action of the Administrator, be adjusted to reflect such event. The Administrator shall make adjustments, in its discretion, to address the treatment of fractional Shares with respect to the Award Units as a result of the stock dividend, stock split or reverse stock split; provided that such adjustments do not result in the issuance of fractional Shares. Adjustments under this Section 8 will be made by the Administrator, whose determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

 

(b)    Non-Change in Control Transactions. Upon any change affecting the Common Stock, the Company or its capitalization, by reason of a spin-off, split-up, dividend, recapitalization, merger, consolidation or share exchange, other than any such change that is part of a transaction resulting in a Change in Control, the Administrator shall make any adjustments with respect to the Award Units as the Administrator determines to be appropriate and equitable. The Administrator’s determination as to what adjustments, if any, will be made and the extent thereof will be final, binding and conclusive.

 

(c)    Unusual or Nonrecurring Events. The Administrator shall make, in its discretion, adjustments in the terms and conditions of, and the criteria included in, Award Units in recognition of unusual or nonrecurring events affecting the Company, or the financial statements of the Company or any Affiliate, or of changes in applicable laws, regulations, or accounting principles, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan; provided that no such adjustment shall be made in contravention of Section 409A of the Code (“Code Section 409A”) with respect to any Award that constitutes a deferred compensation arrangement within the meaning of Code Section 409A.

 

(d)    Binding Nature of Agreement. The terms and conditions of this Agreement shall apply with equal force to any additional and/or substitute securities received by you in exchange for, or by virtue of your ownership of, the Award Units, to the same extent as the Award Units with respect to which such additional and/or substitute securities are distributed, whether as a result of any spin-off, stock split-up, stock dividend, stock distribution, other reclassification of the Common Stock of the Company, or similar event, except as otherwise determined by the Administrator. If the Award Units are converted into or exchanged for, or stockholders of the Company receive by reason of any distribution in total or partial liquidation or pursuant to any merger of the Company or acquisition of its assets, securities of another entity, or other property (including cash), then the rights of the Company under this Agreement shall inure to the benefit of the Company’s successor, and this Agreement shall apply to the securities or other property (including cash) received upon such conversion, exchange or distribution in the same manner and to the same extent as the Award Units.

 

 

 

 

9.    Non-Guarantee of Employment or Service Relationship. Nothing in the Plan or this Agreement shall alter your at-will or other employment status or other service relationship with the Company (or an Affiliate), nor be construed as a contract of employment or service relationship between the Company (or an Affiliate) and you, or as a contractual right of you to continue in the employ of, or in a service relationship with, the Company (or an Affiliate) for any period of time, or as a limitation of the right of the Company (or an Affiliate) to discharge you at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any Award Units or any other adverse effect on your interests under the Plan.

 

10.    The Company’s Rights. The existence of the Award Units shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or other stocks with preference ahead of or convertible into, or otherwise affecting the Common Stock or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the Company’s assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise.

 

11.    Notices. All notices and other communications made or given pursuant to this Agreement shall be in writing and shall be sufficiently made or given if hand delivered or mailed by certified mail, addressed to you at the address contained in the records of the Company, or addressed to the Administrator, care of the Company for the attention of its Corporate Secretary at its principal executive office or, if the receiving party consents in advance, transmitted and received via telecopy or via such other electronic transmission mechanism as may be available to the parties.

 

12.    Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the Award Units granted hereunder. Any oral or written agreements, representations, warranties, written inducements, or other communications made prior to the execution of this Agreement with respect to the Award Units granted hereunder shall be void and ineffective for all purposes. In the event a court of competent jurisdiction deems any provision hereof to be unreasonable, void, or unenforceable, such provision(s) shall be deemed severed from the remainder of the Agreement, which shall continue in all other respects to be valid and enforceable. It is the intent of the parties that any such provision(s) of this Agreement declared void, unreasonable, or unenforceable shall be deemed by a court of competent jurisdiction revised to the minimum amount necessary in order to be valid and enforceable.

 

13.    Amendment. This Agreement may be amended from time to time by the Administrator in its discretion; provided, however, that this Agreement may not be modified in a manner that would have a material adverse effect on your rights with respect to the Award Units as determined in the discretion of the Administrator, except as otherwise provided in (a) Section 8 of this Agreement, (b) the Plan or (c) a written document signed by each of the parties hereto.

 

14.    Conformity with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in this Agreement or any matters as to which this Agreement is silent, the Plan shall govern. A copy of the Plan is provided to you with this Agreement.

 

15.    Governing Law. The validity, construction and effect of this Agreement, and of any determinations or decisions made by the Administrator relating to this Agreement, and the rights of any and all persons having or claiming to have any interest under this Agreement, shall be determined exclusively in accordance with the laws of the State of Delaware, without regard to its provisions concerning the applicability of laws of other jurisdictions. As a condition of this Agreement, you agree that you will not bring any action arising under, as a result of, pursuant to or relating to, this Agreement in any court other than a federal or state court in the districts which include Niles, Illinois, and you hereby agree and submit to the personal jurisdiction of any federal court located in the district which includes Niles, Illinois or any state court in the district which includes Niles, Illinois. You further agree that you will not deny or attempt to defeat such personal jurisdiction or object to venue by motion or other request for leave from any such court.

 

16.    Resolution of Disputes. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to or relating to, this Agreement shall be determined by the Administrator in good faith in its absolute and uncontrolled discretion, and any such determination or any other determination by the Administrator under or pursuant to this Agreement and any interpretation by the Administrator of the terms of this Agreement, will be final, binding and conclusive on all persons affected thereby. You agree that before you may bring any legal action arising under, as a result of, pursuant to or relating to, this Agreement you will first exhaust your administrative remedies before the Administrator. You further agree that in the event that the Administrator does not resolve any dispute or disagreement arising under, as a result of, pursuant to or relating to, this Agreement to your satisfaction, no legal action may be commenced or maintained relating to this Agreement more than twenty-four (24) months after the Administrator’s decision.

 

17.    Headings. The headings in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

 

18.    Counterparts. This Agreement may be executed in multiple counterparts, each of which is deemed to be an original, but all of which taken together constitute one and the same Agreement and shall become effective when all counterparts have been executed by each of the parties hereto and delivered to the other. Facsimile and other electronic transmissions (including in portable document format) of any originally executed document (including this Agreement) shall be deemed to be the same as a delivered, executed original.

 

 

 

 

19.    Electronic Delivery of Documents. By your signing this Agreement, you (i) consent to the electronic delivery of this Agreement, all information with respect to the Plan and the Award Units and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost to you by contacting the Company by telephone or in writing; (iii) further acknowledge that you may revoke your consent to the electronic delivery of documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledge that you understand that you are not required to consent to electronic delivery of documents.

 

20.    No Future Entitlement. By your signing this Agreement, you acknowledge and agree that: (i) the grant of these Award Units is a one-time benefit which does not create any contractual or other right to receive future grants of stock, or compensation in lieu of stock grants, even if stock grants have been granted repeatedly in the past; (ii) all determinations with respect to any such future grants, including, but not limited to, the times when stock grants shall be granted, the maximum number of Shares subject to each stock grant, and the times or conditions under which restrictions on such stock grants shall lapse, will be at the sole discretion of the Administrator; (iii) the value of this stock grant is an extraordinary item of compensation which is outside the scope of your employment contract, if any; (iv) the value of this stock grant is not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any termination, severance, resignation, redundancy, end of service payments or similar payments, or bonuses, long-service awards, pension or retirement benefits; (v) the vesting of these Award Units ceases upon termination of employment with the Company or transfer of employment from the Company, or other cessation of eligibility for any reason, except as may otherwise be explicitly provided in this Agreement; (vi) the Company does not guarantee any future value of these Award Units; and (vii) no claim or entitlement to compensation or damages arises if these Award Units do not increase in value and you irrevocably release the Company from any such claim that does arise.

 

21.    Personal Data. For purposes of the implementation, administration and management of this Award or the effectuation of any acquisition, equity or debt financing, joint venture, merger, reorganization, consolidation, recapitalization, business combination, liquidation, dissolution, share exchange, sale of stock, sale of material assets or other similar corporate transaction involving the Company (a “Corporate Transaction”), you consent, by execution of this Agreement, to the collection, receipt, use, retention and transfer, in electronic or other form, of your personal data by and among the Company and its third party vendors or any potential party to a potential Corporate Transaction. You understand that personal data (including but not limited to, name, home address, telephone number, employee number, employment status, social security number, tax identification number, date of birth, nationality, job and payroll location, data for tax withholding purposes and Shares awarded, cancelled, vested and unvested) may be transferred to third parties assisting in the implementation, administration and management of the stock grant or the effectuation of a Corporate Transaction and you expressly authorize such transfer as well as the retention, use, and the subsequent transfer of the data by the recipient(s). You understand that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country. You understand that data will be held only as long as is necessary to implement, administer and manage the stock grant or effect a Corporate Transaction. You understand that you may, at any time, request a list with the names and addresses of any potential recipients of the personal data, view data, request additional information about the storage and processing of data, require any necessary amendments to data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Company’s Secretary. You understand, however, that refusing or withdrawing your consent may affect your ability to accept a stock grant.

 

22.    Consideration for Shares. To ensure compliance with applicable state corporate law, the Company may require you to furnish consideration in the form of cash or cash equivalents equal to the par value of the Shares issued to you upon settlement of the Award Units, and you hereby authorize the Company to withhold such amount from remuneration otherwise due you from the Company.

 

23.    Recoupment. The Award Units (and any compensation paid or Shares issued upon settlement of the Award Units) are subject to recoupment in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder, any clawback policy adopted by the Company and any compensation recovery policy or practice otherwise required by applicable law. 

 

 

 

 

 

GLOSSARY

 

(a)“    Administrator” means the Board of Directors of Perma-Pipe International Holdings, Inc. and/or the committee(s) or officer(s) appointed by the Board that have authority to administer the Plan.

 

(b)“    Affiliate” means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with the Company (including but not limited to joint ventures, limited liability companies and partnerships). For this purpose, “control” shall mean ownership of 25% or more of the total combined voting power or value of all classes of stock or interests of the entity, or the power to direct the management and policies of the entity, by contract or otherwise.

 

(c)“    Cause” means termination in whole or substantial part, for gross negligence or willful misconduct in the execution of your duties, for conviction of, or entry of a plea of guilty or nolo contendere to, any felony or any act of fraud, embezzlement, misappropriation, or a crime involving moral turpitude, or for commission of any act which causes or may reasonably be expected to cause substantial damage to the Company

 

(d)“    Company” means Perma-Pipe International Holdings, Inc.

 

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

 

(f)“    Service” means your employment or other service relationship with the Company and its Affiliates. Your Service will be considered to have ceased with the Company and its Affiliates if, immediately after a sale, merger or other corporate transaction, the trade, business or entity with which you are employed or otherwise have a service relationship is not Perma-Pipe International Holdings, Inc. or its successor, or an Affiliate of Perma-Pipe International Holdings, Inc. or its successor.

 

(g)“    You”; “Your”; “Employee”, means the recipient of the Award Units as reflected in the first paragraph of this Agreement. Whenever the word “Employee”, “you” or “your” is used in any provision of this Agreement under circumstances where the provision should logically be construed, as determined by the Administrator, to apply to the estate, personal representative, or beneficiary to whom the Award Units may be transferred by will or by the laws of descent and distribution, the words “Employee”, “you” and “your” shall be deemed to include such person.

 

 

 

 

 

Exhibit A

 

Standing Order Election

 

 

By accepting the Agreement to which this Exhibit A is attached, you are agreeing to this Irrevocable Standing Order Election (this “Standing Order”), which sets forth your election to satisfy any withholding taxes due in connection with each and every vesting date for the Award Units by applying proceeds from a market sale of Company securities issuable as a result of such vesting date. I understand that, if I do not wish to satisfy any such taxes by applying proceeds from a market sale of such Company securities, then I must, prior to accepting the Agreement to which this Exhibit A is attached, expressly indicate that fact to the Company, and the Company will require that I pay my withholding obligations by cash or check, or the Company will deduct the amount of any withholding obligations from other payments due to me. 

 

 

	
			IMPORTANT NOTES:

			●         You may not enter into this Standing Order by accepting the Agreement to which this Exhibit A is attached if you are in possession of material non-public information. If you are in possession of material non-public information, then you must wait to accept the Agreement until such time as you no longer possess material non-public information.

			●         No sales may be made pursuant to this Standing Order for 30 calendar days following your acceptance of the Agreement to which this Exhibit A is attached. To ensure that you can satisfy your withholding obligations by selling Shares in the market, you should return this form to the Company as soon as possible, but in no event later than 30 days before the first vesting date of your Award Units listed in the Agreement.

			

 

 

By accepting the Agreement to which this Exhibit A is attached, I understand that I am agreeing to the following provisions:

 

 

1.    I am authorizing the Company and any broker the Company designates (the “Broker”) to take the actions described in this Paragraph 1. I authorize the Company to transfer the Shares issued to me upon settlement of the Award Units to the Broker to be held in an account for my benefit (the “Brokerage Account”), and I irrevocably authorize the Broker to sell, at the market price and on the date the Shares are issued by the Company (or, if all or a portion of the sale cannot be completed on such date because of insufficient demand or a market disruption, then on the next following business day on which the sale can be made) the number of Shares necessary to obtain proceeds sufficient to satisfy the amount of any withholding obligations associated with my Award Units indicated by the Company to the Broker. I understand and agree that the number of Shares that the Broker will sell will be based on the Company’s estimate (or Broker’s estimate if it provides such service) of the Shares required to satisfy the withholding obligations, using the closing price of a Share of the Company’s common stock on the trading day immediately prior to vesting date (or such other date as any withholding obligations become due). I agree to execute and deliver such documents, instruments and certificates as may reasonably be required in connection with the sale of the Shares pursuant to this Standing Order.

 

 

2.     I agree that the proceeds received from the sale of Shares pursuant to Paragraph 1 will be used to satisfy any withholding obligations associated with my Award Units and, accordingly, I hereby authorize the Broker to pay such proceeds to the Company for such purpose. I understand that, to the extent that the proceeds obtained by such sale exceed the amount necessary to satisfy the withholding obligations, such excess proceeds shall be deposited into the Brokerage Account and, if a shortfall occurs, the Broker may sell additional Shares held in my Brokerage Account, the Company may deduct any remaining withholding obligations from any compensation or other payment of any kind due to me, or the Company may require that I pay any remaining withholding obligations to by cash or check. I further understand that any Shares that are issuable to me as a result of the vesting of my Award Units that are not sold to satisfy withholding obligations will be deposited into the Brokerage Account.

 

 

3.    I have reviewed with my own tax advisors the federal, state, local and foreign tax consequences of this grant and the actions contemplated by the Agreement and this Standing Order. I am relying solely on such advisors and not on any statements or representations of the Company or any of its agents. I understand that I (and not the Company) will be responsible for my own tax liability that may arise as a result of this Standing Order.

 

 

4.    I represent to the Company that, as of the date hereof, (i) I am not aware of any material nonpublic information about the Company or its Common Stock, (ii) the Company is not in a black out period (as defined in the Company’s Insider Trading Policy), (iii) sales will not be commenced within 30 calendar days of adoption of this Standing Order, (iv) I am not subject to any legal, regulatory or contractual restriction or undertaking that would prevent the sales of Shares contemplated by this Standing Order, and (v) I am entering into this Standing Order in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1. The Company and I have structured this Agreement to comply with the affirmative defense to liability under Section 10(b) of the Securities Exchange Act of 1934, as amended, under Rule 10b5-1(c)(1) issued under such Act, and this Standing Order shall be interpreted to comply with such requirements.EX-10.1

 Exhibit 10.1 

EXECUTIVE EMPLOYMENTAGREEMENT 

THIS EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made as of May 1, 2022 (the “Effective
Date”), by and between Sonida Senior Living Corporation, a Delaware Corporation (“SSL” or the “Company”), and Kevin Detz (“Executive”). 

WHEREAS, the Company wishes to employ Executive on the terms and conditions described herein, and Executive wishes to be so employed by the
Company. 
 NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Employment. The Company agrees to
employ Executive on an at-will basis on the terms and conditions described herein. Executive’s employment will begin on the Effective Date and continue until terminated pursuant to the termination
provisions contained in Section 6 herein (the “Employment Period”). 
 2. Position(s) and Duties. 

(a) Position(s); Reporting. During the Employment Period, Executive will serve as Executive Vice President and Chief Financial Officer
of the Company (“CFO”), and he will report to the President and Chief Executive Officer of the Company (“CEO”). Executive will have and perform the customary duties, responsibilities, functions and authority
associated with the role of CFO as may be reasonably specified from time to time by the CEO to the extent typical of and consistent with such titles and positions. 

(b) Best Efforts; Exclusivity. During the Employment Period, Executive shall devote his best efforts and full business time and
attention to the business and affairs of the Company. Executive shall perform his duties, responsibilities and functions for the Company hereunder to the best of his abilities in a diligent, trustworthy, professional and efficient manner and shall
comply with applicable policies and procedures. In performing his duties and exercising his authority under this Agreement, Executive shall support and implement the business and strategic plans approved from time to time by the Board. During the
Employment Period, Executive shall have no other employment and, without the prior written consent of the Board, no outside business activities or other activities that conflict with his obligations to the Company. The Company acknowledges that
Executive may engage in personal legal and financial affairs and serve as a board member of other entities, businesses and enterprises, up to and not to exceed two (2) boards, provided that such activities do not materially interfere with the
performance of Executive’s duties and responsibilities hereunder and are consented to in writing by the CEO. 
 (c) Compliance with
Policies. The employment relationship between the parties shall be subject to the Company’s policies and procedures as they may be reasonably interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion.
Executive will abide by all policies of the Company, as in effect from time to time. In the event of a conflict between the terms of this Agreement and any such policy or procedure, the terms of this Agreement will control. 

  
 EA-1 

 3. Salary, Bonus and Benefits. During the Term of this Agreement: 

(a) Base Salary. SSL shall pay to Executive a base salary (the “Base Salary”) at a rate of not less than Four Hundred
Thousand Dollars ($400,000.00) per annum, paid pursuant to SSL’s normal payroll policies in approximately equal installments no less frequently than semi-monthly. 

(b) Annual Bonus. Executive will be eligible for an annual bonus (the “Annual Bonus”). The Annual Bonus shall be
targeted at seventy percent (70%) of the Base Salary (the “Target Bonus”); provided, that the actual Annual Bonus shall be based on performance and may exceed the Target Bonus. Executive’s Target Bonus will be reviewed annually
and may be increased but not decreased from time to time in the Board’s (or the Compensation Committee of the Board) sole discretion. Annual incentive payments will be based on achievement against goals established for the senior executive
officer group (including Executive) by the Board, in consultation with Executive. Except as stated herein, Executive must be actively employed by the Company on the bonus pay-out date in order to be eligible
for an Annual Bonus in any given year. Any Annual Bonus payable with respect to any fiscal year pursuant to this Section shall be payable by March 15 following the end of such fiscal year. Except as stated herein, Executive will not be eligible
to earn a prorated Annual Bonus based on a partial year of service or quantum meruit theories. The Company shall deduct from Executive’s compensation, including Base Salary and Annual Bonus all applicable local, state, Federal or foreign
taxes, including, but not limited to, income tax, withholding tax, social security tax and pension contributions (if any), and required deductions. 

(c) Benefits. Executive shall be eligible to participate in all health, retirement, Company-paid insurance, disability, expense
reimbursement and other benefit programs, if any, which SSL makes available, in its sole discretion, to its senior executives; however, nothing herein shall be construed to obligate the Company to establish or maintain any Executive benefit program.
The Company may purchase and maintain in force a death and disability insurance policy in an amount at all times equal to not less than an amount equal to Executive’s annual Base Salary. The Company shall be the beneficiary of said policy.
Reimbursement of Executive’s reasonable and necessary business expenses incurred in the pursuit of the business of the Company or any of its affiliates shall be made to Executive upon his presentation to the Company of itemized bills, vouchers
or accountings prepared in conformance with applicable regulations of the Internal Revenue Service and the policies and guidelines of the Company. 

(d) Vacation. Executive shall be entitled to reasonable vacation time in an amount of
one-hundred and sixty (160) hours paid time off (PTO) per year with a maximum accrued cap of two-hundred and forty (240) hours PTO pursuant to the
Company’s policies applicable to all Executives, and provided that not more than eighty (80) hours of PTO may be taken consecutively without prior notice to, and the consent of, CEO. 

4. Annual Equity Awards. Executive shall be eligible to be granted equity awards under the Company’s annual equity
incentive award program in effect for other senior executives of the Company. The terms and conditions of such equity awards (including, without limitation, the form of award(s), the number of shares covered by such awards, the vesting schedule,
performance conditions, restrictive provisions, etc.) shall be determined by the Compensation Committee of the Board in its sole discretion. 

  
 EA-2 

 5. Certain Terms Defined. For purposes of this Agreement: 

(a) Executive shall be deemed to be “Disabled” if a physical or mental condition shall occur and persist which, in the
written opinion of two (2) licensed physicians, has rendered Executive unable to perform his assigned duties for a period of ninety (90) calendar days or more, and which condition, in the opinion of such physicians, is likely to continue
for an indefinite period of time, rendering Executive unable to return to his duties for SSL. One (1) of the two (2) physicians shall be selected in good faith by the Company, and the other of the two (2) physicians shall be selected
in good faith by Executive. In the event that the two (2) physicians selected do not agree as to whether Executive is disabled, as described above, then said two (2) physicians shall mutually agree upon a third (3rd) physician whose
written opinion as to Executive’s condition shall be conclusive upon SSL and Executive for purposes of this Agreement. 
 (b) A
termination of Executive’s employment by SSL shall be deemed to be “for Cause” if Executive has (i) been indicted for any felony, or convicted of a misdemeanor involving personal dishonesty, (ii) committed an act of
disloyalty pertaining to Executive’s fiduciary duties to the Company or its affiliates, including but not limited to embezzlement, misuse or diversion of funds, (iii) committed a willful breach of any material employment policy of the
Company, including, but not limited to, conduct relating to falsification of business records, violation of the Company’s code of business conduct and ethics, harassment, creation of a hostile work environment, excessive absenteeism,
insubordination, violation of the Company’s policy on drug and alcohol use, or violent acts or threats of violence, (iv) materially breached a covenant, representation, warranty or obligation of Executive under this Agreement,
(v) materially failed to perform his job duties, or failed to follow or comply with the lawful and reasonable directives of the Board, in the case of this subsection (v) after Executive shall have been informed, in writing, of such
performance issues and given a period of thirty (30) days to remedy the same, to the extent curable. “Cause” shall not include or be predicated upon any act or omission by Executive which is taken or made either (a) at the
direction of the Board or CEO; (b) pursuant to the good faith reliance of the advice of the Company’s legal counsel pertaining to the implementation or effectuating of any Company policy; or (c) to comply with a lawful court order,
directive from a federal, state or local government agency or industry regulatory authority, or subpoena. 
 (c) A resignation by Executive
shall not be deemed to be voluntary, and shall be deemed to be a resignation for “Good Reason” if it is based upon (i) a material diminution in Executive’s Base Salary, (ii) a material diminution in or other
substantial adverse alteration in (A) the nature or scope of Executive’s responsibilities with Company or (B) the reporting lines between Executive and the CEO, (iii) the Company requiring Executive to be based at a location in
excess of fifty (50) miles from the location of the Company’s principal executive office as of the effective date of this Agreement, except for required travel on Company business; or (iv) a material breach by SSL of the
Company’s obligations to Executive under this Agreement. Notwithstanding the foregoing, Executive shall not have the right to terminate the Executive’s employment hereunder for Good Reason unless (A) within sixty (60) days of the
initial existence of the condition or conditions giving rise to such right, Executive provides written notice to the Company of the existence of such condition or conditions, and (B) the Company fails to remedy such condition or conditions
within thirty (30) days following the receipt of such written notice. If any such condition is not remedied within such thirty (30)-day period, Executive may provide a notice of his resignation for Good
Reason within five (5) business days thereafter. 

  
 EA-3 

 (d) “Change in Control” shall mean the first to occur of (i) the
consummation of a merger, consolidation, statutory share exchange or sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company that requires the consent
or vote of the holders of the Parent’s Common Stock, other than a consolidation, merger or share exchange of the Parent in which the holders of the Parent’s Common Stock immediately prior to such transaction have the same proportionate
ownership of common stock of the surviving corporation immediately after such transaction (provided that, for the avoidance of doubt, a Change in Control shall only be deemed to occur upon the consummation of such merger, consolidation, statutory
share exchange or sale, lease, exchange or other asset transfer and not upon any shareholder approval related to such event); (ii) the shareholders of the Parent approve any plan or proposal for the liquidation or dissolution of the Company;
(iii) the cessation of control (by virtue of their not constituting a majority of Directors) of the Board of Directors of the Parent by the individuals (the “Continuing Directors”) who (x) on the Plan Effective Date were
Directors, or (y) become Directors after the date of the Plan Effective Date and whose election or nomination for election by the Parent’s shareholders was approved by a vote of at least two-thirds
of the Directors then in office who were Directors at the Plan Effective Date or whose election or nomination for election was previously so approved; (iv) the acquisition of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of an aggregate of 20% or more of the voting power of the Parent’s outstanding voting securities by any person or group (as such term is used in Rule
13d-5 under the Exchange Act) who beneficially owned less than 15% of the voting power of the Parent’s outstanding voting securities on the Plan Effective Date, or the acquisition of beneficial ownership
of an additional 5% of the voting power of the Parent’s outstanding voting securities by any person or group who beneficially owned at least 15% of the voting power of the Parent’s outstanding voting securities on the Plan Effective Date;
provided, however, that notwithstanding the foregoing, an acquisition shall not be described hereunder if the acquirer is (x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company and acting in
such capacity, (y) a wholly-owned subsidiary of the Parent or a corporation owned, directly or indirectly, by the shareholders of the Parent in the same proportions as their ownership of voting securities of the Parent, or (z) any other
person whose acquisition of shares of voting securities is approved in advance by a majority of the Continuing Directors; or (v) in a Title 11 bankruptcy proceeding, the appointment of a trustee or the conversion of a case involving the Company
to a case under Chapter 7. 
 (e) ”Parent” shall mean Sonida Senior Living Corporation, a Delaware
corporation 
 (f) ”Exchange Act” shall mean the Securities Exchange Act of 1934, as amended 

(g) ”Plan Effective Date” shall mean May 14, 2019. 

(h) ”Common Stock” shall mean the common stock, par value $0.01 per share, of the Parent. 

6. Certain Benefits and Obligations Upon Termination. The employment of the Executive hereunder may be terminated by the Company
at any time, subject to the Company providing the compensation and benefits in accordance with the terms of this Section 6. 

  
 EA-4 

 (a) Termination Due To Death Or Disability. In the event of the Executive’s
death, Executive’s employment shall automatically cease and terminate as of the date of death. If Executive becomes Disabled, the Company may terminate Executive’s employment upon thirty (30) days written notice to Executive. In the
event of the termination of employment due to Executive’s death or Disability, Executive or his estate or legal representatives shall be entitled to receive the following amounts within thirty (30) days of Executive’s death or the
expiration of the thirty (30)-day notice period in the event of Executive’s Disability, as applicable (unless otherwise specifically noted herein): 

(i) payment for all accrued but unpaid Base Salary as of the date of Executive’s termination of employment; 

(ii) reimbursement for expenses incurred by the Executive pursuant to Sections 3 hereof up to and including the date on which
employment is terminated; 
 (iii) any earned benefits (including but not limited to accrued but unpaid or unused PTO pay to
which the Executive may be entitled as of the date of termination pursuant to the terms of any compensation or benefit plans to the extent permitted by such plans; (with the payments described in subsections (i) through this subsection
(iii) collectively called the “Accrued Payments”); and 
 (iv) any unpaid annual incentive bonuses, including,
without limitation, the Annual Bonus described in Section 3(b), for any completed full fiscal year immediately preceding the employment termination date. 

(b) Termination For Cause. The Company may at any time, by providing written notice to Executive setting forth in reasonable detail the
facts that are the basis therefor, terminate Executive’s employment for Cause. In the event of the termination of Executive’s employment hereunder by the Company for Cause, then Executive shall be entitled to receive payment of the Accrued
Payments within thirty (30) days after such termination. 
 (c) Termination without Cause or for Good Reason. The Company may
terminate Executive’s employment hereunder without Cause at any time, by providing Executive thirty (30) days’ prior written notice of such termination. Such notice shall specify the effective date of the termination of
Executive’s employment. The Executive may terminate his employment for Good Reason by providing thirty (30) days’ prior written notice to the Company pursuant to Section 5(c). In the event of the termination of Executive’s
employment under this Section 6(c) without Cause or by the Executive for Good Reason, in each case prior to or more than twelve (12) months following a
Change-in-Control, then Executive shall be entitled to payment of the Executive’s Accrued Payments within thirty (30) days after such termination and, subject
to the Executive’s compliance with Section 6(g), the payments and benefits described below: 
 (i) a separation
allowance, payable in equal installments in accordance with normal payroll practices over an eighteen (18) month period beginning immediately following the date of termination, equal to one and one half (1.5) times the sum of
(x) Executive’s then Base Salary and (y) the Executive’s then Target Bonus; 

  
 EA-5 

 (ii) any annual incentive bonuses earned but not yet paid for any completed
full fiscal year immediately preceding the employment termination date, due and payable in lump sum within seventy-five (75) days after the termination date; 

(iii) if employment termination occurs prior to the end of any fiscal year, a pro rata annual incentive bonus for such fiscal
year in which employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided by the total annual business days in such fiscal year) determined and paid based on actual performance
achieved for such fiscal year against the performance goals for that fiscal year no later than March 15 of the fiscal year following the fiscal year in which Executive’s termination occurred; 

(iv) the Company shall arrange for the Executive to continue to participate (through COBRA or otherwise), on substantially the
same terms and conditions as in effect for the Executive (including any required contribution) immediately prior to such termination, in the medical, dental, disability and life insurance programs provided to the Executive pursuant to
Section 3(c) hereof until the earlier of (i) the end of the 18 month period beginning on the effective date of the termination of Executive’s employment hereunder, or (ii) such time as the Executive is eligible to be covered by
comparable benefit(s) of a subsequent employer. The foregoing of this Section 6(c)(iv) is referred to as “Benefits Continuation”. The Executive agrees to notify the Company promptly if and when he begins employment with another
employer and if and when he becomes eligible to participate in any welfare plans, programs or arrangements of another employer; and 

(v) upon the sixtieth (60th) day following the date on which Executive’s employment pursuant to this Agreement is
terminated (the “Termination Date”), a portion of any unvested stock option, restricted stock shares, granted to Executive pursuant to Section 4 herein shall vest, which portion shall be the number of shares equal to the number
of shares that would have vested per the applicable award as of the one-year anniversary of the Termination Date had Executive remained continuously employed by Company through such date. 

(d) Termination of Employment without Cause or for Good Reason following a
Change-in-Control. If the Company terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason in each case within 12
months following a Change-in-Control, then Executive shall be entitled to payment of the Executive’s Accrued Payments and, subject to the Executive’s
compliance with Section 6(g), the payments and benefits described below: 
 (i) a lump sum separation allowance equal to
two (2) times the sum of (x) Executive’s then Base Salary and (y) Executive’s then Target Bonus, due and payable in lump sum within seventy-five (75) days after such termination; 

(ii) any annual incentive bonuses earned but not yet paid for any completed full fiscal year immediately preceding the
employment termination date, due and payable in lump sum within seventy-five (75) days after such termination; 

  
 EA-6 

 (iii) if employment termination occurs prior to the end of any fiscal year,
a pro rata annual incentive bonus for such fiscal year in which employment termination occurs (based on actual business days in such fiscal year prior to such employment termination, divided by the total annual business days) determined and paid
based on actual performance achieved for such fiscal year against the performance goals for that fiscal year no later than March 15 of the fiscal year following the fiscal year in which Executive’s termination occurred; and 

(iv) Benefit Continuation until the earlier of eighteen (18) months after termination of employment or such time as
Executive is eligible to be covered by comparable benefit(s) of a subsequent employer. The Executive agrees to notify the Company promptly if and when he begins employment with another employer and if and when he becomes eligible to participate in
any benefit or other welfare plans, programs or arrangements of another employer. 
 (e) Voluntary Termination by the Executive without
Good Reason. In the event Executive terminates his employment without Good Reason, he shall provide thirty (30) days’ prior written notice of such termination to the Company. Upon such voluntary termination, the Executive will be
entitled to the Accrued Payments. 
 (f) Resignation from all Boards. Upon any termination or cessation of Executive’s
employment with the Company, for any reason, Executive agrees immediately to resign, and any notice of termination or actual termination or cessation of employment shall act automatically to effect such resignation, from any position on the Board
and on any board of directors of any subsidiary or affiliate of the Company. 
 (g) Release of Claims as Condition. The
Company’s obligation to pay the separation allowance and provide all other benefits and rights referred to in Section 6(c) or (d) shall be conditioned upon the Executive having delivered to the Company within sixty (60) days
after the Termination Date (the “Release Period”) an executed full and unconditional release that is in substantially the same form as the “Release and Waiver” attached hereto as Exhibit A and that Executive does
not revoke within the Release Period, provided that if the Release Period begins in one taxable year of the Executive and ends in another taxable year of the Executive, payments under Section 6(c) or (d) shall not begin until the beginning
of the second taxable year of the Executive. If Executive fails to satisfy the requirements set forth in the immediately preceding sentence, the Executive shall forfeit his right to any separation allowance and any other benefits and rights set
forth under Section 6(c) or (d) and SSL shall be relieved of any obligation to pay the Executive any amounts or provide the Executive any benefits under Section 6(c) or (d) other than the Accrued Payments. The foregoing
notwithstanding, the Benefits Continuation shall be provided to Executive from and after the Termination Date, but shall discontinue in the event that the Release and Waiver is not delivered within the Release Period or if the Release and Waiver is
revoked by Executive. 
 (h) No Mitigation. In no event shall Executive be obligated to seek other employment or take any other
action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned by Executive as a result of subsequent employment.

  
 EA-7 

 (i) Board Approval. Any determination required to be made by the Company or the Board
in this Section 6 must be approved by the Board by an affirmative vote of no less than two-thirds majority of the entire Board. 

7. Confidentiality. Executive hereby acknowledges his understanding that as a result of his employment by SSL, in order to
assist Executive with his duties, the Company and its affiliates will provide Executive with, and Executive will develop on behalf of the Company and its affiliates, valuable and important confidential or proprietary data, documents and information
concerning SSL and its affiliates, their operations and their future plans. Executive hereby agrees that he will not, either during the term of his employment with SSL, or at any time after the term of his employment with SSL, divulge or communicate
to any person or entity, or direct any Executive or agent of SSL or its affiliates or of his to divulge or communicate to any person or entity, or use to the detriment of SSL or its affiliates or for the benefit of any other person or entity, or
make or remove any copies of, such confidential information or proprietary data or information, whether or not marked or otherwise identified as confidential or secret. Upon any termination of this Agreement for any reason whatsoever, Executive
shall surrender to SSL any and all materials, including but not limited to drawings, manuals, reports, documents, lists, photographs, maps, surveys, plans, specifications, accountings and any and all other materials relating to the Company, its
affiliates or any of its or their business, including all copies thereof, that Executive has in his possession, whether or not such material was created or compiled by Executive, but excluding, however, personal memorabilia belonging to Executive.
With the exception of such excluded items, materials, etc., Executive acknowledges that all such material is solely the property of SSL or its affiliates, and that Executive has no right, title or interest in or to such materials. Notwithstanding
anything to the contrary set forth in this Section 8, the provisions of this Section 8 shall not apply to information which: (i) is or becomes generally available to the public other than as a result of improper disclosure by
Executive, or (ii) is already known to Executive as of the date of this Agreement from sources other than SSL or its affiliates, (iii) is required to be disclosed by law or by regulatory or judicial process, or (iv) is used or
disclosed by or on behalf of Executive in connection with the enforcement of any claim against, or defense of any claim by or on behalf of, the Company or any of its affiliates. Executive acknowledges that an individual shall not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that—(A) is made (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and
(y) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

8. Non-Competition. In order to protect the Company’s and its affiliates’
confidential information and good will, Executive agrees that for a period of eighteen (18) months after any termination for any reason whatsoever of Executive’s employment, Executive will not, directly or indirectly, commence doing
business, in any manner whatsoever, which is in competition with all or any portion of the business of SSL or its affiliates in any state in which SSL or its affiliates then operates, owns, or is in the process of developing more than three
(3) facilities. SSL hereby acknowledges and agrees that Executive’s ownership of a class of securities listed on a stock exchange or traded on the
over-the-counter market that represents five percent (5%) or less of the number of shares of such class of securities then issued and outstanding shall not constitute a
violation of this Section 8. 

  
 EA-8 

 9. Work Product. The Executive agrees that all innovations, improvements,
developments, methods, designs, analyses, reports and all similar or related information which relates to the Company’s or any of its affiliates’ actual or anticipated business, or existing or future products or services and which are
conceived, developed or made by the Executive while employed by the Company (“Work Product”) belong to the Company or such affiliate. The Executive will promptly disclose such Work Product to the CEO and perform all actions reasonably
requested by the CEO (whether during or after the Employment Period) to establish and to confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments). 

10. Non-Solicitation of Employees and Consultants. During the Employment Period and for
a period of twenty-four (24) months after the termination, the Executive will not directly or indirectly through any other person or entity (a) induce or attempt to induce any employee or independent contractor of the Company to leave the
employ or service, as applicable, of the Company, or in any way interfere with the relationship between the Company, on the one hand, and any employee or independent contractor thereof, on the other hand, or (b) hire any person who was an
employee of the Company, in each case, until six (6) months after such individual’s employment relationship with the Company has been terminated; provided, however, that clause (a) shall not restrict general soliciting activity not
specifically targeted at the Company or its subsidiaries (including the placement of general advertisements in trade media and the engagement of search firms that are not instructed to target the Company or its subsidiaries); provided, however, that
the foregoing provision shall not allow the hiring of such persons. 
 11. Non-Solicitation of
Customers. During the period of employment and for a period of twenty-four (24) months after the termination or Expiration date, the Executive will not directly or indirectly through any other person or entity influence or attempt to
influence customers, vendors, suppliers, licensors, lessors, joint ventures, ceding companies, associates, consultants, agents, or partners of the Company to divert their business away from the Company, and the Executive will not otherwise interfere
with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Company, on the one hand, and any of its or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers,
executives, consultants, managers, partners, members or investors, on the other hand. 
 12. Legal Action. 

(a) In the event that any action or proceeding is brought to enforce the terms and provisions of this Agreement, the prevailing party shall be
entitled to recover reasonable attorneys’ fees and costs. In the event of a breach or threatened breach by Executive of the provisions of Sections 7, 8, 9, 10, or 11, Executive and the Company agree that the Company shall, in addition to any
other available remedies, be entitled to an injunction restraining Executive from violating the terms of the applicable Section and that said injunction is appropriate and proper relief for such violation. Moreover, in addition for the Executive to
be required to repay the Company any of the payments received pursuant to the terms of Section 6 herein, the Executive will be required to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other
benefits derived from or received as a result of any transactions constituting a breach of these Sections 7, 8, 9, 10, or 11, if and when final judgment of a court of competent jurisdiction is so entered against the Executive. 

  
 EA-9 

 (b) Executive represents to the Company that the enforcement of the restrictions contained
in Sections 7, 8, 9, 10, or 11 would not be unduly burdensome to Executive. Further, during any period in which Executive is in breach of Section 9, the time period of such provisions shall be extended for an amount of time that Executive is in
breach thereof. 
 (c) The representations and covenants contained in Sections 7, 8, 9, 10, and 11 on the part of Executive will be
construed as ancillary to and independent of any other provision of this Agreement, and the existence of any claim or cause of action of Executive against the Company or any member, owner, employee, director, manager, officer or affiliate of the
Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants of Executive contained in Sections 7, 8, 9, 10, and 11. In addition, the provisions of Sections 7, 8, 9,
10, and 11 shall continue to be binding upon Executive in accordance with their terms, notwithstanding the termination of Executive’s employment hereunder for any reason. 

(d) The parties to this Agreement agree that the limitations contained in Sections 7, 8, 9, 10, and 11 are reasonable. However, if any court
shall determine that any restriction contained in Sections 7, 8, 9, 10, and 11 is unenforceable, it is the intention of the parties that such restriction set forth herein shall not thereby be terminated but shall be deemed amended to the extent
required to render it valid and enforceable and the parties expressly authorize any court to so amend this Agreement. 
 13.
Cooperation. During Executive’s employment and for a period of two (2) years thereafter, Executive shall, upon reasonable notice, and at reasonably mutually convenient times that do not unduly interfere with any future
employment or business activity of Executive, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any legal proceeding in which the Company or any of its affiliates is, or may
become, a party. The Company shall reimburse Executive for all reasonable out-of-pocket expenses, including reasonable attorneys’ fees and expenses, incurred by
Executive in rendering such assistance no later than thirty (30) business days after submission by Executive of an invoice. The provisions of this Section 13 shall continue in effect notwithstanding termination of Executive’s
employment hereunder for any reason. 
 14. Protected Rights. Executive understands that nothing contained in this Agreement
limits Executive’s ability to communicate with any government agencies or otherwise participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information. This
Agreement does not limit Executive’s right to receive an award for information provided to any government agencies. 
 15.
Notices. All notices and other communications provided to either party hereto under this Agreement shall be in writing and delivered by hand delivery, overnight courier service or certified mail, return receipt requested, to the party
being notified at said party’s address set forth adjacent to said party’s signature on this Agreement, or at such other address as may be designated by a party in a notice to the other party given in accordance with this Agreement. Notices
given by hand delivery or overnight courier service shall be deemed received on the date of delivery shown on the courier’s delivery receipt or log. Notices given by certified mail shall be deemed received three (3) days after deposit in
the U.S. Mail. 

  
 EA-10 

 16. Construction. In construing this Agreement, if any portion of this
Agreement shall be found to be invalid or unenforceable, the remaining terms and provisions of this Agreement shall be given effect to the maximum extent permitted without considering the void, invalid or unenforceable provision. In construing this
Agreement, the singular shall include the plural, the masculine shall include the feminine and neuter genders, as appropriate, and no meaning or effect shall be given to the captions of the paragraphs in this Agreement, which are inserted for
convenience of reference only. 
 17. Choice of Law; Survival. This Agreement shall be governed and construed in accordance
with the internal laws of the State of Texas without resort to choice of law principles. The provisions of Sections 6, 7, 8, 9, 10, 11, 12, 13, 14 and 18 shall survive the termination of this Agreement for any reason whatsoever. 

18. Jurisdiction. (i) In any suit, action or proceeding seeking to enforce any provision of this Agreement or for purposes
of resolving any dispute arising out of or related to this Agreement, the Company and the Executive each hereby irrevocably consents to the exclusive jurisdiction of any federal court located in the State of Texas, Dallas County, or any of the state
courts of the State of Texas located in Dallas County; (ii) the Company and the Executive each hereby waives, to the fullest extent permitted by applicable law, any objection which it or he may now or hereafter have to the laying of venue of
any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum; (iii) process in any such suit, action or proceeding may be served on either
party anywhere in the world, whether within or without the jurisdiction of such court, and, without limiting the foregoing, each of the Company and the Executive irrevocably agrees that service of process on such party, in the same manner as
provided for notices in Section 15 above, shall be deemed effective service of process on such party in any such suit; action or proceeding; and (iv) WAIVER OF JURY TRIAL: EACH OF THE COMP ANY AND THE EXECUTIVE HEREBY IRREVOCABLY WAIVE ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT; and (v) Limitation on Damages: the parties agree that there will be no punitive damages
payable as a result of or in connection with any claim, matter or breach under or related to this Agreement or the transactions contemplated by this Agreement, and each of the parties agrees not to request punitive damages. Notwithstanding the
foregoing of this Section, each of the parties agrees that prior to commencing any claims for breach of this Agreement (except to pursue injunctive relief) to submit, for a period of sixty (60) days, to voluntary mediation before a jointly
selected neutral third party mediator under the auspices of JAMS, Dallas, Texas, Resolutions Center (or any successor location), pursuant to the procedures of JAMS Mediation Rules conducted in the State of Texas (however, such mediation or
obligation to mediate shall not suspend or otherwise delay any termination or other action of the Company or affect the Company’s other rights). 

19. Integration; Amendments. This is an integrated Agreement that supersedes and replaces the Prior Employment Agreement in its
entirety. This Agreement constitutes and is intended as a final expression and a complete and exclusive statement of the understanding and agreement of the parties hereto with respect to the subject matter of this Agreement. All negotiations,
discussions and writings between the parties hereto relating to the subject matter of this Agreement are merged into this Agreement, and there are no rights conferred, nor promises, agreements, conditions, undertakings, warranties or
representations, oral or written, expressed or implied, between the undersigned parties as to such matters other than as specifically set forth herein. No amendment or modification of or addendum to, this Agreement shall be valid unless the same
shall be in writing and signed by the parties hereto. No waiver of any of the provisions of this Agreement shall be valid unless in writing and signed by the party against whom it is sought to be enforced. 

  
 EA-11 

 20. Binding Effect. This Agreement is binding upon and shall inure to the
benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns; provided, however, that Executive shall not be entitled to assign his interest in this Agreement (except for an assignment by operation of
law to her estate), or any portion hereof, or any rights hereunder, to any party. Any attempted assignment by Executive in violation of this Section 20 shall be null, void, ab initio and of no effect of any kind or nature whatsoever. 

21. Waiver. Any term or condition of this Agreement may be waived at any time by the party hereto which is entitled to have the
benefit thereof, but such waiver shall only be effective if evidenced by a writing signed by such party, and a waiver on one occasion shall not be deemed to be a waiver of the same or any other type of breach on a future occasion. No failure or
delay by a party hereto in exercising any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right or power. 

22. Taxes. 

(a) All payments to be made to and on behalf of the Executive under this Agreement will be subject to required withholding of federal,
employment and excise taxes, and to related reporting requirements. 
 (b) Limitation on Parachute Payments. In the event that the
payment and other benefits provided for in this Agreement or otherwise payable to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 11 (b), would
be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s payments and benefits will be either: 

(i) delivered in full, or 

(ii) delivered as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax
under Section 4999 of the Code, 
 whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the
excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding that all or some portion of such severance
benefits may be taxable under Section 4999 of the Code. 
 If a reduction in severance and other payments and benefits constituting “parachute
payments” is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent on a change in ownership or
control” (within the meaning of Code Section 280G), (iii) cancellation of accelerated vesting of equity awards, and (iv) reduction of employee benefits. Within any such category of payments and benefits (that is, (i), (ii), (iii) or
(iv)), a reduction shall occur first with respect to amounts that are not Deferred Payments and then with respect to amounts that are. In the event that acceleration of vesting of equity award compensation is to be reduced, such acceleration of
vesting will be cancelled in the reverse order of the date of grant of Executive’s equity awards. 

  
 EA-12 

 Any determination required under this Section 22(b) will be made in writing by the Company’s
independent public accountants engaged by the Company for general audit purposes immediately prior to the Change in Control (the “Accountants”), whose good faith determination will be conclusive and binding upon Executive and the Company
for all purposes. If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, or if such firm otherwise cannot perform the
calculations, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. For purposes of making the calculations required by this Section 22(b), the Accountants
may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the
Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations
contemplated by this section. 
 23. 409A. This Agreement is intended to provide payments that are exempt from and/or that
comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and related regulations and Treasury pronouncements (“Section 409A”), and this Agreement shall be interpreted
accordingly (it being understood that the payment of any reimbursement hereunder shall be made in a manner exempt from, or in compliance with, Section 409A). If any provision of this Agreement would cause Executive to incur any additional tax
under Section 409A, this Agreement shall be deemed amended to reform, and/or the parties hereto will in good faith attempt to reform, the provision in a manner that maintains, to the extent possible, the original intent of the applicable
provision without violating the provisions of Section 409A. For purposes of Section 409A, each payment made under this Agreement shall be designated as a “separate payment” within the meaning of the Section 409A. All
references herein to Executive’s “termination of employment” or other similar term shall refer to Executive’s “separation from service” within the meaning of Section 409A and Treas. Reg. Section 1.409A-l(h). 
 Notwithstanding anything herein to the contrary, if on the date of
Executive’s separation from service Executive is a “specified employee,” as defined in Section 409A, then any portion of any payments, benefits or other consideration under this Agreement that are determined to be subject to the
additional tax provided by Section 409A(a)(1)(B) of the Code if not delayed as required by Section 409A(a)(2)(B)(i) of the Code shall be delayed until the first (1st) business day of the seventh (7th) month following Executive’s
separation from service date (or, if earlier, Executive’s date of death), and the total of such delayed amounts shall be paid as a lump sum on such date. For purposes of clarification, any portion of any separation allowance or other payment
due to Executive under this Agreement that is not considered deferred compensation under Section 409A through either the “short-term deferral” exception pursuant to Treasury Reg. 1.409A-l(b)(4)
or the “separation pay” exception pursuant to Treasury Reg. 1.409A-l(b)(9) will not be subject to the 6 month delay described in this paragraph as provided under Section 409A. 

  
 EA-13 

 With respect to any expense, reimbursement or
in-kind benefit provided pursuant to this Agreement that constitutes a “deferral of compensation” within the meaning of Section 409A, (i) the expenses eligible for reimbursement or in-kind benefits provided to Executive must be incurred during the Employment Period (or applicable survival period), (ii) the amount of expenses eligible for reimbursement or
in-kind benefits provided to Executive during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to
Executive in any other calendar year, (iii) the reimbursements for expenses for which Executive is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable
expense is incurred, and (iv) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit. 

Executive acknowledges and agrees that Executive has obtained no advice from the Company or any of its affiliates, or any of their respective
officers, directors, employees, subsidiaries, affiliates, agents, attorneys or other representatives, and that none of such persons or entities have made any representation regarding the tax consequences, if any, of Executive’s receipt of the
payments, benefits and other consideration provided for in this Agreement. Executive further acknowledges and agrees that Executive is personally responsible for the payment of all federal, state and local taxes that are due, or may be due, for any
payments and other consideration received by Executive under this Agreement. Executive agrees to hold the Company harmless for any and all taxes, penalties or other assessments that Executive is, or may become, obligated to pay on account of any
payments made and other consideration provided to Executive under this Agreement. 
 IN WITNESS WHEREOF, the parties have executed
this Agreement on the date set forth above in the preamble of this Agreement. 
  

			
		  	SONIDA SENIOR LIVING CORPORATION
		
	Address:	  	A Delaware Corporation
	16301 Quorum Drive, Suite 160A	  	
	Addison, TX 75001	  	By: /s/ Kimberly
Lody                                    
		  	 Kimberly Lody

		  	 President and Chief Executive Officer

		
		  	EXECUTIVE
	Address:	  	
	[Most recent address on the	  	
	Company’s records]	  	By: /s/ Kevin
Detz                                         
   
		  	 Kevin Detz

  
 EA-14 

 EXHIBIT A—RELEASE AND WAIVER 

This Release and Waiver (this “Release”) is entered into by Sonida Senior Living Corporation (the “Company”), and Kevin
Detz (“Executive”) as of the date this Release is signed by Executive. The Company and Executive are referred to as the “Parties.” This Release cancels and supersedes all prior agreements relating to Executive’s employment
with the Company except as provided in this Release. 
 WHEREAS, the Company and Executive entered into an Executive Employment Agreement as
of May 1, 2022 (the “Employment Agreement”). This Release is entered into by and between Executive and the Company, pursuant to the Employment Agreement; 

WHEREAS, because of Executive’s employment as an Executive of the Company, Executive has obtained intimate and unique knowledge of all
aspects of the Company’s business operations, current and future plans, financial plans and other confidential and proprietary information; 

WHEREAS, Executive’s employment, with the Company and all other positions, if any, held by Executive in the Company or any of its
subsidiaries or affiliates, including officer positions, terminated effective as of [DATE] (the “Separation Date”); and 

WHEREAS, except as otherwise provided herein, the Parties desire to finally, fully and completely resolve all disputes that now or may exist
between them, including, but not limited to those concerning the Employment Agreement (except for the post-termination obligations contained in the Employment Agreement), Executive’s job performance and activities while employed by the Company
and Executive’s hiring, employment and separation from the Company, and all disputes over benefits and compensation connected with such employment; 

NOW, THEREFORE, in consideration of the premises and mutual covenants and agreements hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 
 1. Termination of
Executive’s Employment. Executive’s employment with the Company terminated on the Separation Date. 
 2. Certain Payments and
Benefits. 
 (a) Accrued Obligations. In accordance with the Company’s customary payroll practices, the Company shall pay
Executive the Accrued Payments (as defined in the Employment Agreement), including, without limitation, all unpaid salary, unreimbursed business expenses, and any accrued but unused vacation through the Separation Date (“Accrued
Obligations”). 
 (b) Separation Benefits. Subject to Executive’s consent to and fulfillment of Executive’s
obligations in this Release and Executive’s post-termination obligations in the Employment Agreement, and provided that Executive does not revoke this Release, the Company shall pay Executive the amount of $[AMOUNT] pursuant to
Section 6 of the Employment Agreement, minus normal payroll withholdings and taxes (“Separation Benefit”), payable as provided in the Employment Agreement. 

(c) Waiver of Additional Compensation or Benefits. Other than the compensation and payments provided for in this Release, the
post-termination benefits provided for in the Employment Agreement (including Section 6 of the Employment Agreement) and any right or benefit provided upon termination under any outstanding equity awards, Executive shall not be entitled to any
additional compensation, benefits, payments or grants under any agreement, benefit plan, severance plan or bonus or incentive program established by the Company. Executive agrees that the waiver and release in Section 3 below covers any claims
Executive might have regarding Executive’s compensation and any benefits Executive may or may not have received during Executive’s employment with the Company, other than the post-termination benefits provided for in the Employment
Agreement (including Section 6 of the Employment Agreement) and any right or benefit provided upon termination under any outstanding equity awards. 

  
 EA-15 

 3. General Release and Waiver. In consideration of the payments and other
consideration provided for in this Release, that being good and valuable consideration, the receipt, adequacy and sufficiency of which are acknowledged by Executive, Executive, on Executive’s own behalf and on behalf of Executive’s agents,
administrators, representatives, executors, successors, heirs, devisees and assigns (collectively, the “Releasing Parties”) hereby fully releases, remises, acquits and forever discharges the Company, and all of its affiliates, and each of
their respective past, present and future officers, directors, shareholders, equity holders, members, partners, agents, employees, consultants, independent contractors, attorneys, advisers, successors and assigns (collectively, the “Released
Parties”), jointly and severally, from any and all claims, rights, demands, debts, obligations, losses, causes of action, suits, controversies, setoffs, affirmative defenses, counterclaims, third party actions, damages, penalties, costs,
expenses, attorneys’ fees, and liabilities of any kind or nature whatsoever (collectively, the “Claims”), whether known or unknown, suspected or unsuspected, accrued or unaccrued, whether at law, equity, administrative, statutory or
otherwise, and whether for injunctive relief, back pay, fringe benefits, reinstatement, reemployment, or compensatory, punitive or any other kind of damages, which any of the Releasing Parties ever have had in the past or presently have against the
Released Parties, and each of them, arising from or relating to Executive’s employment with the Company or its affiliates or the termination of that employment or any circumstances related thereto, or (except as otherwise provided below) any
other matter, cause or thing whatsoever, including without limitation all claims arising under or relating to employment, employment contracts, employee benefits or purported employment discrimination or violations of civil rights of whatever kind
or nature, including without limitation all claims arising under the Age Discrimination in Employment Act (“ADEA’’), the Americans with Disabilities Act, as amended, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963,
the Rehabilitation Act of 1973, Title VII of the United States Civil Rights Act of 1964, 42 U.S.C. § 1981, the Executive Retirement Income Security Act, the Civil Rights Act of 1991, the Civil Rights Acts of 1866 and/or 1871, the Genetic
Information Nondiscrimination Act, Chapter 21 of the Texas Labor Code, the Texas Payday Law, the Texas Labor Code or any other applicable federal, state or local employment statute, law or ordinance, including, without limitation, any disability
claims under any such laws, claims for wrongful discharge, claims arising under state law, contract claims including breach of express or implied contract, alleged tortious conduct, claims relating to alleged fraud, breach of fiduciary duty or
reliance, breach of implied covenant of good faith and fair dealing, and any other claims arising under state or federal law, as well as any expenses, costs or attorneys’ fees. Executive further agrees that Executive will not file or permit to
be filed on Executive’s behalf any such claim. Notwithstanding the preceding sentence or any other provision of this Release, this Release is not intended to interfere with Executive’s right to file a charge with the Equal Employment
Opportunity Commission (the “EEOC”), or other governmental agency, in connection with any claim Executive believes Executive may have against the Company or its affiliates. However, by executing this Release, Executive hereby waives the
right to recover in any proceeding Executive may bring before the EEOC or any other governmental agency or in any proceeding brought by the EEOC or other governmental agency on Executive’s behalf. This Release shall not apply to any of the
Company’s obligations under this Release or post-termination obligations under the Employment Agreement, including Section 6 thereof. Executive acknowledges that certain of the payments and benefits provided for in Section 2 of this
Release constitute good and valuable 

  
 EA-16 

 
consideration for the release contained in this Section 3. Anything to the contrary contained in this Release notwithstanding, nothing in this Release shall release or adversely affect
(i) rights to indemnification and advancement of expenses the Executive has or may have under the bylaws or certificate of incorporation or other governing documents of the Company or any subsidiary or affiliate of the Company or any separate
indemnification or similar agreement, or as an insured under any director’s and officer’s liability insurance policy now or previously in force; 

(ii) any matters which expressly survive the execution of this Release as set forth in the Employment Agreement, the terms and conditions of which are
incorporated herein by reference; 
 (iii) vested rights under benefit plans, which rights shall be governed by the terms of such plans; or (iv) rights
granted to Executive related to or arising out of the purchase or ownership of equity of the Company and any related award or similar agreement. 

4. Return of Company Property. As soon as possible, Executive shall, to the extent not previously returned or delivered:
(a) return all equipment, records, files, programs or other materials and properly in Executive’s possession which belongs to the Company or any of its affiliates, including, without limitation, all computers, printers, laptops, personal
data assistants, cell phones, credit cards, keys and access cards; and (b) deliver all original and copies of confidential and proprietary information (as described in Section 8 of the Employment Agreement) in Executive’s possession
and notes, materials, records, plans, technical data or other documents, files or programs (whether stored in paper form, computer form, digital form, electronically or otherwise) in Executive’s possession that contain Proprietary Information.
By signing this Release, Executive represents and warrants that Executive has not retained and has or will timely return and deliver all the items described or referenced in subsections (a) or (b) above; and, that should Executive later
discover additional items described or referenced in subsections (a) or (b) above, Executive will promptly notify the Company and return/deliver such items to the Company. 

5. Non-Disparagement. Executive agrees that Executive will not, directly or indirectly,
disclose, communicate, or publish any disparaging information concerning the Company or the Released Parties, or cause others to disclose, communicate, or publish any disparaging information concerning the same. Notwithstanding the foregoing, the
provisions of this Section shall not apply with respect to (i) any charge filed by Executive with the EEOC or other comparable agency or in connection with any proceeding with respect to any claim not released by this Release or (ii) any
disclosure or communication that is made by or on behalf of Executive in connection with the enforcement of any claim against, or defense of any claim by or on behalf of, the Company or any of its affiliates. 

6. Protected Rights. Executive understands that nothing contained in this Release limits Executive’s ability to file a charge or
complaint with the EEOC, the NLRB, OSHA, the SEC or any other federal, state or local governmental agency or commission (“Government Agencies”). Executive further understands that this Release does not limit Executive’s ability to
communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Release does
not limit Executive’s right to receive an award for information provided to any Government Agencies. 
 7. Not An Admission of
Wrongdoing. This Release shall not in any way be construed as an admission by either Party of any acts of wrongdoing, violation of any statute, law or legal or contractual right. 

8. Voluntary Execution of the Release. Executive and the Company represent and agree that they have had an opportunity to review all
aspects of this Release, and that they fully understand all the provisions of this Release and are voluntarily entering into this Release. Executive further represents that Executive has not transferred or assigned to any person or entity any claim
involving the Company or any portion thereof or interest therein. 

  
 EA-17 

 9. Continuing Obligations. Executive reaffirms and understands his continuing
obligations in the Employment Agreement, including Sections 7, 8, 9, 10, and 11. 
 10. Binding Effect. This Release shall be binding
upon the Company and upon Executive and Executive’s heirs, administrators, representatives, executors, successors and assigns and the Company’s representatives, successors and assigns. In the event of Executive’s death, this Release
shall operate in favor of Executive’s estate and all payments, obligations and consideration will continue to be performed in favor of Executive’s estate. 

11. Severability. Should any provision of this Release be declared or determined to be illegal or invalid by any government agency or
court of competent jurisdiction, the validity of the remaining parts, terms or provisions of this Release shall not be affected and such provisions shall remain in full force and effect. 

12. Entire Agreement. Except for the post-termination obligations in the Employment Agreement, this Release sets forth the entire
agreement between the Parties, and fully supersedes any and all prior agreements, understandings, or representations between the Parties pertaining to Executive’s employment with the Company, the subject matter of this Release or any other term
or condition of the employment relationship between the Company and Executive. Executive represents and acknowledges that in executing this Release, Executive does not rely, and has not relied, upon any representation(s) by the Company or its agents
except as expressly contained in this Release or the Employment Agreement. Executive and the Company agree that they have each used their own judgment in entering into this Release. 

13. Consideration and Revocation Periods. Executive, by Executive’s free and voluntary act of signing below, (a) acknowledges
that Executive has been given a period of twenty-one (21) days to consider whether to agree to the terms contained herein, (b) acknowledges that Executive has been advised to consult with an attorney
prior to executing this Release, (c) acknowledges that Executive understands that this Release specifically releases and waives all rights and claims Executive may have under the ADEA, prior to the date on which Executive signs this Release,
and ( d) agrees to all of the terms of this Release and intends to be legally bound thereby. The Parties acknowledge and agree that each Party has reviewed and negotiated the terms and provisions of this Release and has contributed to its
preparation (with advice of counsel). Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Release. Rather, the terms of this Release shall
be construed fairly as to both Patties and not in favor of or against either Party, regardless of which Party generally was responsible for the preparation of this Release. 

This Release will become effective, enforceable and irrevocable on the eighth day after the date on which it is executed by Executive (the “Effective
Date”). During the seven-day period prior to the Effective Date, Executive may revoke Executive’s agreement to accept the terms hereof by giving notice to the Company of Executive’s intention to
revoke. If Executive exercises Executive’s right to revoke hereunder, Executive shall not be entitled, except as required by applicable wage payment laws, including but not limited to the Accrued Obligations, to any payment hereunder until
Executive executes and does not revoke a comparable release of claims, at1d to the extent such payments or benefits have already been made, Executive agrees that Executive will immediately reimburse the Company for the amounts of such payments and
benefits to which he is not entitled. 

  
 EA-18 

 14. Notices. All notices and other communications hereunder will be in writing. Any
notice or other communication hereunder shall be deemed duly given if it is delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set forth: 

If to Executive: 
 [EXECUTIVE]

 [EXECUTIVE ADDRESS] 
 [CITY
STATE ZIP] 
 If to the Company: 

[COMPANY] 
 [COMP ANY ADDRESS]

 [CITY STATE ZIP] 
 Attention:
[NAME] 
 Any Party may change the address to which notices and other communications are to be delivered by giving the other Party notice. 

15. Governing Law. This Release shall be governed by the laws of the State of Texas. 

16. Counterparts. This Release may be executed in counterparts, each of which when executed and delivered (which deliveries may be by
facsimile or other electronic method of delivery) shall be deemed an original and all of which together shall constitute one and the same instrument. 

17. No Assignment of Claims. Executive represents and agrees that Executive has not transferred or assigned, to any person or entity,
any claim involving the Company, or any portion thereof or interest therein. 
 18. No Waiver. This Release may not be waived,
modified, amended, supplemented, canceled or discharged, except by written agreement of the Parties. Failure to exercise and/or delay in exercising any right, power or privilege in this Release shall not operate as a waiver. No waiver of any breach
of any provision shall be deemed to be a waiver of any preceding or succeeding breach of the same or any other provision, nor shall any waiver be implied from any course of dealing between or among the Parties. 

  
 EA-19 

 I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING RELEASE, THAT I UNDERSTAND ALL OF ITS TERMS AND THAT
I AM RELEASING CLAIMS AND THAT I AM ENTERING INTO IT VOLUNTARILY. 
  

	
	EXECUTIVE
	
	[EXAMPLE]____________________
	
	Name:_ [EXAMPLE]_____________
	Address:_ [EXAMPLE]___________
	
	                                      
                      
	Date:_ [EXAMPLE]______________

  
 EA-20

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]