Document:

Exhibit 10.1

 

[FORM OF]

AMENDMENT

TO   EMPLOYMENT
AGREEMENT

 

THIS
AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is made effective March 17, 2016, among OHI Asset Management
LLC (the “Company”), Omega Healthcare Investors, Inc. (the “Parent”), and ________________
(the “Executive”).

 

INTRODUCTION

 

The Company, the Parent
and the Executive are parties to an employment agreement (the “Employment Agreement”) generally effective as
of________, 2015 (the “Effective Date”). The parties now desire to amend the Employment
Agreement to extend the term of the Employment Agreement by one year to December 31, 2018 (subject to earlier termination as provided
in the Employment Agreement), update the annual base salary payable to the Executive, update the definition of “Competing
Business” and update Exhibit B.

 

NOW, THEREFORE, in
consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereto agree that the Employment Agreement is amended, effective as of the date first
set forth above, as follows:

 

1.            By
substituting the following for the first sentence of Section 2(a):

 

“The
Company shall pay the Executive base salary of $___,___ per annum effective January 1, 2016, which base salary will be subject
to review effective as of January 1, 2017, and at least annually thereafter by the Compensation Committee of the Board of Directors
of the Parent (the “Compensation Committee”) for possible increases.”

 

2.            By
substituting in the first sentence of Section 2(b)(ii) the year “2016” for the year “2015”.

 

3.            By
substituting in the second sentence of Section 2(b)(iii), in Section 3(a), in Section 3(c)(ii) and in Section 5(f) the year “2018”
for the year “2017” wherever it appears.

 

4.            By
substituting the following for Section 9(f):

 

“(f)         ‘Competing
Business’ means the entities listed below and
any person, firm, corporation, joint venture, or other business that is engaged in the Business of the Company:

 

		(i)	Care Capital Properties, Inc.,

		(ii)	CareTrust REIT, Inc.,

		(iii)	Formation Capital, LLC,

		(iv)	HCP, Inc.,

		(v)	Healthcare Realty Trust Incorporated,

		(vi)	Healthcare Trust of America, Inc.,

 

     

     

    

 

		(vii)	LTC Properties, Inc.,

		(viii)	Medical Properties Trust, Inc.,

		(ix)	National Health Investors, Inc.,

		(x)	New Senior Investment Group Inc.,

		(xi)	Northstar Realty Finance Corp.,

		(xii)	Physicians Realty Trust,

		(xiii)	Sabra Health Care REIT, Inc.,

		(xiv)	Senior Housing Properties Trust,

		(xv)	Ventas, Inc., and

		(xvi)	Welltower Inc.

 

5.            By
substituting the attached Exhibit B for the existing Exhibit B:

 

In all remaining respects,
the terms of the Employment Agreement shall remain in full force and effect as prior to this Amendment.

 

IN WITNESS WHEREOF, the Company,
the Parent and the Executive have each executed and delivered this Amendment to Employment Agreement as of the date first shown
above.

 

	 	THE COMPANY:
	 	 
	 	OHI ASSET MANAGEMENT LLC
	 	 	 
	 	By:	 
	 	 	 
	 	THE PARENT
	 	 
	 	OMEGA HEALTHCARE INVESTORS, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	THE EXECUTIVE:
	 	 
	 	 

 

    	-2-

     

    

 

Exhibit 10.1

 

EXHIBIT B

 

STATES, AREAS AND COUNTRIES

 

	 	Alabama
	 	Arkansas
	 	Arizona
	 	California
	 	Colorado
	 	Connecticut
	 	Florida
	 	Georgia
	 	Hawaii
	 	Idaho
	 	Illinois
	 	Indiana
	 	Iowa
	 	Kansas
	 	Kentucky
	 	Louisiana
	 	Maryland
	 	Massachusetts
	 	Michigan
	 	Minnesota
	 	Mississippi
	 	Missouri
	 	Montana
	 	Nebraska
	 	Nevada
	 	New Hampshire
	 	New Mexico
	 	New York
	 	North Carolina
	 	Ohio
	 	Oklahoma
	 	Oregon
	 	Pennsylvania
	 	Rhode Island
	 	South Carolina
	 	Tennessee
	 	Texas
	 	Utah
	 	Vermont
	 	Virginia
	 	Washington
	 	West Virginia
	 	Wisconsin
	 	 
	 	EnglandExhibit 10.2

 

RESTRICTED STOCK UNITS AGREEMENT

PURSUANT TO THE OMEGA HEALTHCARE INVESTORS,
INC.

2013 STOCK INCENTIVE PLAN

 

THIS AGREEMENT is made
as of the Grant Date, by Omega Healthcare Investors, Inc. (the “Company”) to _______________ (the “Recipient”).

 

Upon and subject to the
Terms and Conditions attached hereto and incorporated herein by reference as part of this Agreement, the Company hereby awards
as of the Grant Date to the Recipient the number of Restricted Stock Units set forth below (the “Restricted Stock Units
Grant” or the “Award”). Underlined and capitalized captions in Items A through G below shall have
the meanings therein ascribed to them.

 

		A.	Grant Date: March 17, 2016.

 

		B.	Plan: (under which Restricted Stock Units Grant is granted): Omega Healthcare Investors,
Inc. 2013 Stock Incentive Plan.

 

		C.	Restricted Stock Units: _________ Restricted Stock Units, which represents the right of
the Recipient to receive upon vesting the same number of shares of the Company’s common stock (“Common Stock”),
subject to adjustment as provided in the attached Terms and Conditions.

 

		D.	Dividend Equivalents: Each Restricted Stock Unit shall accrue Dividend Equivalents, an amount
equal to the dividends payable on one share of Common Stock to a shareholder of record on or after January 1, 2016 and until the
date that the shares of Common Stock attributable to the Vested Stock Units are issued or the Restricted Stock Units are forfeited.

 

		E.	Distribution Date of Common Stock: The shares of Common Stock attributable to the Vested
Stock Units (as defined below) shall be issued to the Recipient on the date the Restricted Stock Units become vested. Notwithstanding
the foregoing or any other provision hereof, distribution of the shares of Common Stock shall be delayed to the extent provided
in any deferral agreement between the Recipient and the Company as a result of the Recipient’s valid election to defer.

 

		F.	Distribution Date of Dividend Equivalents: The Dividend Equivalents shall be paid to the
Recipient on the same date that the related dividends are paid to shareholders of record, subject to required tax withholding;
provided, however that any Dividend Equivalents that are accrued and owing as of the Grant Date shall be paid within ten (10) days
after the Grant Date. Notwithstanding the foregoing or any other provision hereof, distribution of Dividend Equivalents shall be
delayed to the extent provided in any deferral agreement between the Recipient and the Company as a result of the Recipient’s
valid election to defer and shall be paid in the form provided in such agreement.

 

     

     

    

 

		G.	Vesting Schedule: The Restricted Stock Units shall vest according to the Vesting Schedule
attached hereto as Exhibit 1 (the “Vesting Schedule”). The Restricted Stock Units which have become vested
pursuant to the Vesting Schedule are herein referred to as the “Vested Stock Units.”

 

IN WITNESS WHEREOF, the
Company has executed this Agreement as of the Grant Date set forth above.

 

	 	OMEGA HEALTHCARE INVESTORS, INC.
	 	 	 
	 	By: 	 
	 	 	 
	 	Title: 	 

 

    	 	2	 

     

    

 

TERMS AND CONDITIONS TO THE

RESTRICTED STOCK UNITS AGREEMENT

PURSUANT TO THE OMEGA HEALTHCARE INVESTORS,
INC.

2013 STOCK INCENTIVE PLAN

 

1.           Vested Stock Units. Upon vesting,
the Company shall cause the shares of Common Stock attributable to the Vested Stock Units to be issued in book-entry form in the
name of the Recipient.

 

2.           Tax Withholding,
Dividends Equivalents. Payment of Dividend Equivalents is subject to required tax withholding.

 

3.           Tax Withholding,
Shares.

 

(a)           The minimum
amount of the required tax obligations imposed on the Company by reason of the issuance of the shares of Common Stock attributable
to Vested Stock Units shall be satisfied by reducing the actual number of shares of Common Stock by the number of whole shares
of Common Stock which, when multiplied by the Fair Market Value of the Common Stock on the Distribution Date of Common Stock, is
sufficient, together with cash in lieu of any fractional share, to satisfy such tax withholding, assuming that (i) the Recipient
does not make a valid election to satisfy tax withholding in cash pursuant to Subsection (b), and (ii) the Committee does not determine
that tax withholding will be required to be satisfied in another manner.

 

(b)           However,
the Recipient may elect in writing by notice to the Company received at least ten (10) days before the earliest Distribution Date
of Common Stock to satisfy such tax withholding obligation in cash by the earliest Distribution Date of Common Stock, as provided
in Subsection (a)(i). If the Recipient fails to timely satisfy payment of the cash amount, then Subsection (a) shall apply.

 

(c)           To the
extent that the Recipient is required to satisfy the tax withholding obligation in this Section in cash, the Company shall withhold
the cash from any cash payments then owed to the Recipient, or if none, the Recipient shall timely remit the cash amount.

 

(d)           If the
Recipient does not timely satisfy payment of the tax withholding obligation, the Recipient will forfeit the Vested Stock Units.

 

4.           Restrictions
on Transfer of Restricted Stock Units. Except for the transfer of any Restricted Stock Units by bequest or inheritance, the
Recipient shall not have the right to make or permit to exist any transfer or hypothecation, whether outright or as security, with
or without consideration, voluntary or involuntary, of all or any part of any right, title or interest in or to any Restricted
Stock Units. Any such disposition not made in accordance with this Agreement shall be deemed null and void. Any permitted transferee
under this Section shall be bound by the terms of this Agreement.

 

    	 	3	 

     

    

 

5.           Change
in Capitalization.

 

(a)           The number
and kind of shares issuable under this Agreement shall be proportionately adjusted for nonreciprocal transactions between the Company
and the holders of Common Stock that cause the per share value of the shares of Common Stock subject to this Award to change, such
as a stock dividend, stock split, spinoff, or rights offering (each an “Equity Restructuring”). No fractional
shares shall be issued in making such adjustment.

 

(b)           In the event
of a merger, consolidation, extraordinary dividend, sale of substantially all of the Company’s assets or other material change
in the capital structure of the Company, or a tender offer for shares of Common Stock, or other reorganization of the Company,
in each case that does not result in an Equity Restructuring or a Change in Control, the Compensation Committee shall take such
action to make such adjustments with respect to the Restricted Stock Units as the Compensation Committee, in its sole discretion,
determines in good faith is necessary or appropriate, including, without limitation, adjusting the number and class of securities
subject to the Award, substituting cash, other securities, or other property to replace the Award, or removing of restrictions.

 

(c)           All determinations
and adjustments made by the Compensation Committee pursuant to this Section will be final and binding on the Recipient. Any action
taken by the Compensation Committee need not treat all recipients of awards under the Plan equally.

 

(d)           The existence
of the Plan and the Restricted Stock Units Grant shall not affect the right or power of the Company to make or authorize any adjustment,
reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of the Company,
any issue of debt or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution
or liquidation of the Company, any sale or transfer of all or part of its business or assets, or any other corporate act or proceeding.

 

6.           Governing Laws. This Award
shall be construed, administered and enforced according to the laws of the State of Maryland; provided, however, no shares of Common
Stock shall be issued except, in the reasonable judgment of the Compensation Committee, in compliance with exemptions under applicable
state securities laws of the state in which Recipient resides, and/or any other applicable securities laws.

 

7.           Successors. This Agreement
shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties.

 

    	 	4	 

     

    

 

8.           Notice. Except as otherwise
specified herein, all notices and other communications under this Agreement shall be in writing and shall be deemed to have been
given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid,
addressed to the proposed recipient at the last known address of the Recipient. Any party may designate any other address to which
notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein.

 

9.           Severability. In the event
that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to be invalid,
illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement,
and this Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained
herein.

 

10.         Entire Agreement. This Agreement, together with
the terms and conditions set forth in the Plan, expresses the entire understanding and agreement of the parties with respect to
the subject matter. In the event of a conflict between the terms of the Plan and this Agreement, the Plan shall govern.

 

11.         Specific Performance. In
the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement,
the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and
all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.

 

12.         No
Right to Continued Retention. Neither the establishment of the Plan nor the award of Restricted Stock Units hereunder shall
be construed as giving Recipient the right to continued service with the Company or an Affiliate.

 

13.         Tax Effects under 409A. It
is intended that the Award under this Agreement be exempt from Section 409A of the Internal Revenue Code (the “Code”)
to the maximum extent possible, and to the extent that it is subject to Code Section 409A, that it comply with Code Section 409A.
All provisions of this Agreement shall be construed consistent with that intent. More specifically, the Award under this Agreement
is intended to be exempt from Code Section 409A as a short-term deferral pursuant to Treas. Regs. Section 1.409A-1(b)(4) (except
to the extent payment is delayed as provided in any deferral agreement between the Recipient and the Company as a result of the
Recipient’s valid election to defer as provided in Item E or F on the cover page of this Agreement). But if and to the extent
that the Award does not qualify as a short-term deferral, notwithstanding any other provision of this Agreement, payment shall
be made only in accordance with Code Section 409A, such that if payment is being made as a result of the Recipient’s termination
of employment, that shall be construed to require a “separation from service” as defined under Code Section 409A and
payment will be delayed for any “specified employee” as defined under Code Section 409A to the extent required to comply
with Code Section 409A(a)(2)(B)(i). The Company does not guarantee to the Recipient that the Award will not be subject to tax under
409A, and if it is, the Recipient shall be solely responsible for such tax.

 

    	 	5	 

     

    

 

14.         Headings and Capitalized Terms.
Except as otherwise provided in this Agreement, section headings used herein are for convenience of reference only and shall not
be considered in construing this Award. Capitalized terms used, but not defined, in this Agreement shall be given the meaning ascribed
to them in the Plan.

 

15.         Definitions. As used
in these Terms and Conditions and this Agreement:

 

“Cause”
shall have the meaning set forth in the employment agreement then in effect between the Recipient and the Company or an Affiliate,
or, if there is none, then Cause shall mean the occurrence of any of the following events:

 

(a)          willful
refusal by the Recipient to follow a lawful direction of the person to whom the Recipient reports or the Board of Directors of
the Company (the “Board”), provided the direction is not materially inconsistent with the duties or responsibilities
of the Recipient’s position with the Company or an Affiliate, which refusal continues after the Board has again given the
direction in writing;

 

(b)          willful
misconduct or reckless disregard by the Recipient of the Recipient’s duties or with respect to the interest or material property
of the Company or an Affiliate;

 

(c)          intentional
disclosure by the Recipient to an unauthorized person of Confidential Information or Trade Secrets, which causes material harm
to the Company or an Affiliate;

 

(d)          any act
by the Recipient of fraud against, material misappropriation from or significant dishonesty to either the Company or an Affiliate,
or any other party, but in the latter case only if in the reasonable opinion of at least two-thirds of the members of the Board
(excluding the Recipient), such fraud, material misappropriation, or significant dishonesty could reasonably be expected to have
a material adverse impact on the Company or its Affiliates; or

 

(e)          commission
by the Recipient of a felony as reasonably determined by at least two-thirds of the members of the Board (excluding the Recipient).

 

“Change
in Control” means any one of the following events which occurs following the Grant Date:

 

(a)           the acquisition
within a twelve (12) month period, directly or indirectly, by any “person” or “persons” (as such terms
are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than the Company or any employee
benefit plan of the Company or an Affiliate, or any corporation pursuant to a reorganization, merger or consolidation, of equity
securities of the Company that in the aggregate represent thirty percent (30%) or more of the total voting power of the Company’s
then outstanding equity securities;

 

    	 	6	 

     

    

 

(b)           the acquisition,
directly or indirectly, by any “person” or “persons” (as such terms are used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934, as amended), other than the Company or any employee benefit plan of the Company or an Affiliate,
or any corporation pursuant to a reorganization, merger or consolidation of equity securities of the Company, resulting in such
person or persons holding equity securities of the Company that, together with equity securities already held by such person or
persons, in the aggregate represent more than fifty percent (50%) of the total fair market value or total voting power of the Company’s
then outstanding equity securities;

 

(c)           individuals
who as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election,
or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds of the directors
then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents
by or on behalf of a person other than the Board;

 

(d)           a reorganization,
merger or consolidation, with respect to which persons who were the holders of equity securities of the Company immediately prior
to such reorganization, merger or consolidation, immediately thereafter, own equity securities of the surviving entity representing
less than fifty percent (50%) of the combined ordinary voting power of the then outstanding voting securities of the surviving
entity; or

 

(e)           the acquisition
within a twelve (12) month period, directly or indirectly, by any “person” or “persons” (as such terms
are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than any corporation pursuant to
a reorganization, merger or consolidation, of assets of the Company that have a total gross fair market value equal to or more
than eighty-five percent (85%) of the total gross fair market value of all of the assets of the Company immediately before such
acquisition.

 

Notwithstanding the foregoing,
no Change in Control shall be deemed to have occurred for purposes of this Agreement (a) unless the event also constitutes a “change
in the ownership or effective control of the corporation or in the ownership of a substantial portion of the assets of the corporation”
within the meaning of Code Section 409A(a)(2)(v), or (b) by reason of any actions or events in which the Recipient participates
in a capacity other than in his capacity as an officer, employee, or director of the Company or an Affiliate.

 

    	 	7	 

     

    

 

“Confidential
Information” means data and information relating to the business of the Company or an Affiliate (which does not rise
to the status of a Trade Secret) which is or has been disclosed to the Recipient or of which the Recipient became aware as a consequence
of or through his relationship to the Company or an Affiliate and which has value to the Company or an Affiliate and is not generally
known to its competitors. Confidential Information shall not include any data or information that has been voluntarily disclosed
to the public by the Company or an Affiliate (except where such public disclosure has been made by the Recipient without authorization)
or that has been independently developed and disclosed by others, or that otherwise enters the public domain through lawful means
without breach of any obligations of confidentiality owed to the Company or any of its Affiliates.

 

“Good Reason”
shall have the meaning set forth in the employment agreement then in effect between the Recipient and the Company or an Affiliate,
or, if there is none, then Good Reason shall mean the occurrence of an event listed in (a) through (c) below:

 

(a)          the Recipient
experiences a material diminution of the Recipient’s responsibilities of the Recipient’s position, as reasonably modified
by the person to whom the Recipient reports or the Board from time to time, such that the Recipient would no longer have responsibilities
substantially equivalent to those of other executives holding equivalent positions at companies with similar revenues and market
capitalization;

 

(b)          the Company
or the Affiliate which employs the Recipient reduces the Recipient’s annual base salary or annual bonus opportunity at high,
target or threshold performance as a percentage of annual base salary; or

 

(c)          the Company
or the Affiliate which employs the Recipient requires the Recipient to relocate the Recipient’s primary place of employment
to a new location that is more than fifty (50) miles from its current location (determined using the most direct driving route),
without the Recipient’s consent;

 

provided however,
as to each event in Subsection (a) through (c),

 

(i)           the Recipient
gives written notice to the Company within ten (10) days following the event or receipt of notice of the event of the Recipient’s
objection to the event;

 

(ii)          the Company
or the Affiliate which employs the Recipient fails to remedy the event within ten (10) days following the Recipient’s written
notice; and

 

(iii)         the
Recipient terminates his employment within thirty (30) days following the Company’s and the Affiliate’s failure to
remedy the event.

 

“Trade Secrets”
means information including, but not limited to, technical or nontechnical data, formulae, patterns, compilations, programs, devices,
methods, techniques, drawings, processes, financial data, financial plans, product plans or lists of actual or potential customers
or suppliers which (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable
by proper means by, other persons who can obtain economic value from its disclosure or use, and (ii) is the subject of efforts
that are reasonable under the circumstances to maintain its secrecy.

 

    	 	8	 

     

    

 

EXHIBIT
1

 

VESTING SCHEDULE

 

		A.	Except as provided in Items B and C below, the Restricted Stock Units shall become Vested Stock
Units in accordance with the schedule below:

 

	Date	 	Percentage of Restricted

Stock Units which are Vested Stock Units
	 	 	 
	December 31, 2018	 	100%

 

; provided the Recipient must
remain an employee, director or consultant of the Company or an Affiliate through the indicated date set forth above to vest in
accordance with the schedule above.

 

		B.	Except as provided in Item C below, if the Recipient ceases services as an employee, director or
consultant of the Company and all Affiliates due to the Recipient’s death or Disability, the Recipient resigns from the Company
and all Affiliates for Good Reason, or the Company and all Affiliates terminate the Recipient’s employment without Cause,
(each such event referred to as a “Qualifying Termination”) in the year set forth in the schedule below, then
the percentage of the Restricted Stock Units in the schedule set forth below shall become Vested Stock Units as of the date of
the Qualifying Termination if they have not been previously forfeited:

 

	Year of Qualifying Termination	 	Percentage of Restricted

Stock Units which are Vested Stock Units
	 	 	 
	2016	 	331/3%
	2017	 	662/3%
	2018	 	100%

 

		C.	Notwithstanding Item B above, if a Change in Control occurs on or after the Grant Date and before
January 1, 2019, and within (i) sixty (60) days before a Change in Control or (ii) after a Change in Control, the Recipient incurs
a Qualifying Termination, then all Restricted Stock Units which have not previously become Vested Stock Units pursuant to Item
B above shall become Vested Stock Units as of the later of the date of the Change in Control or the date of the Qualifying Termination,
if they have not been previously forfeited.

 

		D.	Restricted Stock Units which have not become Vested Stock Units as of the earlier of December 31,
2018 or, except as provided in Item C above, the Recipient’s cessation of services as an employee, director, or consultant
of the Company and all Affiliates shall be forfeited.

 

    	 	Exhibit 1 – Page 1

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