Document:

Exhibit 10.1 Supplemental Change of Control Employment Agr February 19, 2007

    

    

    

    

    SUPPLEMENTAL
      CHANGE OF CONTROL

    EMPLOYMENT
      AGREEMENT

    

    

    THIS
      AGREEMENT is made on the 20th day of February, 2007, between LANDAMERICA
      FINANCIAL GROUP, INC., a Virginia corporation (“Landamerica”) and JEFFREY C.
      SELBY (“Selby”).

    

    LandAmerica
      and Selby have entered into an Amended and Restated Commonwealth
      Land/TransAmerica Title Insurance Co. Supplemental Executive Retirement Plan
      Agreement dated May 4, 1994 and amended and restated March 15, 2001 (the “SERP”)
      under which Selby is entitled to certain supplemental retirement benefits.
      LandAmerica and Selby have also entered into a Change of Control Employment
      Agreement dated December 28, 2006 under which Selby is entitled to certain
      benefits in the event his employment is terminated under certain circumstances
      following a change of control of LandAmerica (the “Change of Control
      Agreement”). The Change of Control Agreement amended and replaced a Change of
      Control Employment Agreement between Selby and LandAmerica dated February 17,
      1999, as amended (the “Prior Change of Control Agreement”). 

    

    Additional
      retirement benefits that would have been provided to Selby in the Prior Change
      of Control Agreement were intentionally excluded from the Change of Control
      Agreement. LandAmerica and Selby wish to enter into this Agreement to provide
      such additional benefits to Selby.

    

    NOW,
      THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

    

    In
      the
      event Selby’s employment with LandAmerica is terminated under circumstances
      giving rise to a lump sum payment to Selby under Section 6(b)(i) of the Change
      of Control Agreement, such lump sum amount shall be increased by the excess
      of
      (1) the present value of the Normal Retirement Benefit (as defined in the SERP)
      Selby would receive if (a) his Career Average Annual Salary (as defined in
      the
      SERP) had been calculated assuming he had received his Annual Base Salary,
      as
      provided in Section 4(b)(i) of the Change of Control Agreement, for three (3)
      additional years and (b) his Service Percentage (as defined in the SERP) had
      been calculated giving Selby credit for three (3) additional Years of Service
      (as defined in the SERP) over (2) the present value of the actual Normal
      Retirement Benefit or Early Retirement Benefit Selby is entitled to under the
      SERP. The present value of the amounts in (1) and (2) shall be determined using
      the applicable mid-term federal rate in effect under Section 1274(d) of the
      Internal Revenue Code for the month before the month in which Selby’s employment
      is terminated. 

    

    
      
        
        

      

      
        
          

        

      

      
        
        

      

    

    SIGNATURE
      PAGE TO SUPPLEMENTAL CHANGE OF CONTROL

    EMPLOYMENT
      AGREEMENT

    

    

    IN
      WITNESS WHEREOF, the parties have executed the Agreement the day and year
      written above.

    

    

    LANDAMERICA
      FINANCIAL GROUP,

    INC.

    

    

    By: 
      /s/Theodore L. Chandler, Jr.      

    Theodore
      L. Chandler, Jr.

    Chairman
      and Chief Executive Officer

     

     

                                                    
 /s/Jeffrey
      C.
      Selby

    JEFFREY
      C. SELBY

    

    

    
      
        
        

      

      
        2Omega 1993 Stock Option Plan

     

    
      
        

      

    FIRST
      AMENDMENT TO THE

     

    OMEGA
      HEALTHCARE INVESTORS, INC.

     

    1993
      STOCK OPTION AND RESTRICTED STOCK PLAN

     

    AS
      AMENDED AND RESTATED DECEMBER 19,1997

     

    THIS
      FIRST AMENDMENT is made as of March 22, 2000, by Omega Healthcare Investors,
      Inc., a Maryland corporation (the “Corporation”).

     

    WHEREAS,
      the Corporation maintains the Omega Healthcare Investors, Inc. 1993 Stock Option
      and Restricted Stock Plan As Amended and Restated December 19, 1997 (the
“Plan”); and

     

    WHEREAS,
      the Corporation desires to amend the Plan to modify the definition of “change of
      control” and the vesting provisions for stock options and restricted stock
      awards.

     

    NOW,
      THEREFORE, BE IT RESOLVED, that the Corporation does hereby amend the Plan
      as
      follows:

     

    1. By
      adding
      the following new subsection (o) to Section 2 of the Plan:

     

    (o) “Performance-Based
      Restricted Stock.
      This
      term
      shall mean those shares of Restricted Stock granted to executive officers of
      the
      Company on February 10, 2000.”

     

    2. By
      deleting the existing Section 8(a) of the Plan and substituting therefor the
      following new Section 8(a):

     

    “(a) Certain
      Terms.
      Subject
      to Section 19 hereof, the shares of Restricted Stock granted to a Grantee shall
      be released to him in accordance with such schedule as the Plan Committee,
      in
      its sole discretion, shall determine at the time of grant. All shares of
      Restricted Stock shall be fully released not later than ten (10) years from
      the
      date of grant. Except for normal retirement, or pursuant to the terms of the
      written agreement with a non-employee director, the Grantee shall have no vested
      interest in the unreleased stock of any grant in the event of his termination
      with the Corporation for any reason (unless the Plan Committee, in its sole
      discretion, decides to terminate the forfeiture restriction following the
      termination of employment of such Grantee and accelerate the release of the
      shares of Restricted Stock in accordance with Section 19 of the Plan) and the
      unreleased stock certificates shall be canceled. During the Grantee’s continued
      employment or affiliation, however, he shall have the right to vote all shares
      and to receive all dividends as though all shares granted were his without
      restrictions.”

     

    3. By
      deleting the third paragraph of Section 19 of the Plan and substituting therefor
      the following new third paragraph:

     

    “Notwithstanding
      the preceding two paragraphs or any other provision of this Plan, in the event
      of a Change of Control, as hereinafter defined, all Restricted Stock granted
      under the Plan (other than Performance-Based Restricted Stock) which has not
      previously been forfeited shall immediately vest as of the effective date of
      the
      Change of Control and all Stock Options granted under the Plan which have not
      previously been forfeited shall be immediately vested and exercisable in full
      as
      of the effective date of the Change of Control, For purposes of this Plan,
      ‘Change of Control’ shall mean the occurrence of any of the following
      events:

     

    (a) a
      change
      in control of the Corporation of a nature that would be required to be reported
      in response to Item 6(e) of Schedule 14A, Regulation 240, 14a-101, promulgated
      under the Securities Exchange Act of 1934 (the “Exchange Act”) as in effect on
      the date hereof, or, if Item 6(e) is no longer in effect, any regulation issued
      by the Securities Exchange Commission pursuant to the Exchange Act which serves
      similar purposes;

     

    (b) any
      “Person” (as defined in Section 3(a)(9) of the Exchange Act as modified and used
      in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial
      owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly,
      of equity securities of the Corporation representing more than fifty percent
      (50%) of the combined voting power or value of the surviving entity’s then
      outstanding voting equity securities;

     

    (c) during
      any period of not more than two (2) consecutive years, not including any period
      prior to the Effective Date, individuals who at the beginning of such period
      constitute the Board (the “Incumbent Directors”), cease for any reason to
      constitute at least a majority thereof; provided,
      however,
      that
      any director who was not a director as of the Effective Date shall be deemed
      to
      be Incumbent Director if that director was elected to such board of directors
      on
      the recommendation of or with the approval of, at least two-thirds (2/3) of
      the
      directors who then qualified as Incumbent Directors; and provided
      further that
      no
      director whose initial assumption of office is in connection with an actual
      or
      threatened election contest relating to the election of directors shall be
      deemed to be an Incumbent Director;

     

    (d) the
      approval by the shareholders of the Corporation of a merger, consolidation,
      share exchange or other reorganization in which the shareholders of the
      Corporation immediately prior to the transaction do not own equity securities
      of
      the surviving entity representing at least fifty percent (50%) of the combined
      voting power or value of the surviving entity’s then outstanding voting
      securities immediately after the transaction;

     

    (e) the
      sale
      or transfer of more than fifty percent (50%) of the value of the assets of
      the
      Corporation, in a single transaction, in a series of related transactions,
      or in
      a series of transactions over any one year period; or

     

    (f) a
      dissolution or liquidation of the Corporation.

     

    Notwithstanding
      any other provision of the Plan or any applicable agreement documenting an
      award
      under the Plan, in the event of a termination of a Grantee’s or Optionee’s
      employment, other than a termination for cause (as defined in Section 15 of
      the
      Plan), the Plan Committee may accelerate the vesting of any shares of Restricted
      Stock or Stock Option granted under the Plan.”

     

    4. By
      deleting the existing second paragraph of Section 20 of the Plan in its
      entirety.

     

    Except
      as
      specifically amended hereby, the remaining provisions of the Plan shall remain
      in full force and effect as prior to the adoption of this First
      Amendment.

     

    IN
      WITNESS WHEREOF,
      the
      Corporation has caused this First Amendment to be executed, effective as of
      the
      date first above written.

     

    ATTEST:OMEGA
      HEALTHCARE INVESTORS, INC.

     

    By:                           
      By:
      

     

    Title:                         Title:
      

     

    

     

    

     

    OMEGA
      HEALTHCARE INVESTORS, INC.

     

    1993
      STOCK OPTION AND RESTRICTED STOCK PLAN

     

    AS
      AMENDED AND RESTATED DECEMBER 19, 1997

     

    
      	1.  	
              Purpose

            

    

     

    The
      purpose of the Omega Healthcare Investors, Inc. 1993 Stock Option and Restricted
      Stock Plan, as amended (the “Plan”), is to strengthen Omega Healthcare
      Investors, Inc. (the “Corporation”) and those corporations which are or
      hereafter become subsidiary corporations (the “Subsidiary” or “Subsidiaries”) by
      providing additional means of attracting and retaining competent managerial
      personnel and by providing to participating directors, officers, employees
      and
      certain consultants added incentive for high levels of performance and for
      unusual efforts to increase the earnings, value and distributions of the
      Corporation and any Subsidiaries. The Plan seeks to accomplish these purposes
      and achieve these results by providing a means whereby such directors, officers
      and employees may receive Stock Options and/or shares of Restricted Stock in
      accordance with this Plan.

     

    Stock
      Options granted pursuant to this Plan are intended to be Incentive Stock Options
      or Non-Qualified Stock Options, as shall be determined and designated by the
      Plan Committee upon the grant of each Stock Option hereunder.

     

    
      	2.  	
              Definitions

            

    

     

    For
      purposes of this Plan, the following terms shall have the following
      meanings:

     

    (a)  
      Common Stock. This
      term
      shall mean shares of the Corporations common stock, $.10 par value, subject
      to
      adjustment pursuant to Section 18 (Adjustment Upon Changes in Capitalization)
      thereunder.

     

    (b)  Corporation.
      This
      term
      shall mean Omega Healthcare Investors, Inc., a Maryland
      corporation.

     

    (c)  Eligible
      Participants.
      This
      term shall mean all directors of the Corporation or any Subsidiary, all officers
      or employees (whether or not they are also directors) of the Corporation or
      any
      Subsidiary and certain consultants to the Corporation or any Subsidiary, as
      determined by the Plan Committee.

     

    (d)  Fair
      Market Value. This
      term
      shall mean the fair market value of the Common Stock as determined in accordance
      with any reasonable valuation method selected by the Plan Committee, including
      the valuation methods described in Treasury Regulations Section 20.2031-2.
      Unless determined otherwise by the Plan Committee, “fair market value” shall be
      as applied to any date specified in the Plan, the closing price of a share
      of
      Common Stock on the New York Stock Exchanges composite tape on such date, or,
      if
      no such sales were made on such date, the closing price of such share on the
      New
      York Stock Exchange’s composite tape on the next preceding date on which there
      were such sales.

     

    (e)  Grantee.
      This
      term
      shall mean any Eligible Participant to whom Restricted Stock has been granted
      pursuant to this Plan.

     

    (f)  Incentive
      Stock Option. This
      term
      shall mean a Stock Option which is an “incentive stock option” within the
      meaning of Section 422 of the Internal Revenue Code of 1986, as
      amended.

     

    (g)  Non-Quaked
      Stock Option.
      This
      term shall mean a Stock Option which is not an Incentive Stock
      Option.

     

    (h)  Option
      Shares. This
      term
      shall mean Common Stock covered by and subject to any outstanding unexercised
      Stock Option granted pursuant to this Plan.

     

    (i)  Optionee.
      This
      term
      shall mean any Eligible Participant to whom a Stock Option has been granted
      pursuant to this Plan, provided that at least part of the Stock Option is
      outstanding and unexercised.

     

    (j)  Plan.
      This
      term
      shall mean the Omega Healthcare Investors, Inc. 1993 Stock Option and Restricted
      Stock Plan, as amended and restated, as embodied herein and as may be amended
      from time to time in accordance with the terms hereof and applicable
      law.

     

    (k)  Plan
      Committee.
      The
      Compensation Committee of the Board of Directors of the Corporation shall
      constitute the Plan Committee and have full authority to act in the matter.
      The
      Plan Committee shall consist at all times of a committee of two or more
      non-employee directors. All references in the Plan to the “Plan Committee” shall
      be deemed to refer to the Compensation Committee of the Board of Directors.
      The
      Board of Directors of the Corporation shall have the right, in its sole and
      absolute discretion, to remove or replace any person from or on the Compensation
      Committee at any time for any reason whatsoever.

     

    (l)  Restricted
      Stock. This
      term
      shall mean shares of Common Stock of the Company granted without cost to the
      Participant pursuant to Section 7, and. subject to the terms of Section
      8.

     

    (m)  Stock
      Option. This
      term
      shall mean the right to purchase Common Stock under this Plan in a specified
      number of shares, at a price and upon the terms and conditions as specified
      in
      this Plan or as determined by the Plan Committee.

     

    (n)  Subsidiary.
      This
      term
      shall mean each “subsidiary corporation” (treating the Corporation as the
      employer corporation) as defined in Section 425(f) of the Internal Revenue
      Code
      of 1986, as amended.

     

    
      	3.  	
              Administration

            

    

     

    (a)  Administration
      of the Plan. This
      Plan
      shall be administered by the Plan Committee. Any action of the Plan Committee
      with respect to the administration of the Plan shall be taken pursuant to a
      majority vote, or pursuant to the unanimous written consent, of its members.
      Any
      such action taken by the Plan Committee in the administration of this Plan
      shall
      be valid and binding, so long as the same is not inconsistent with the terms
      and
      conditions of this Plan. To the extent consistent with the availability to
      the
      Plan of Rule 16b-3 under the Securities Exchange Act of 1934 as amended, and
      subject to compliance with the terms, conditions and restrictions set forth
      in
      this Plan, the Plan Committee shall have the exclusive right, in its sole and
      absolute discretion, to establish the terms and conditions of all Stock Options
      and Restricted Stock granted under the Plan, including, without limitation,
      the
      power to determine the duration and purposes, if any, of leaves of absence
      which
      may be permitted to holders of unexercised, unexpired Stock Options without
      such
      constituting a termination under the Plan, and to prescribe and amend the terms,
      provisions and form of each instrument and agreement setting forth the terms
      and
      conditions of Stock Options and Restricted Stock granted hereunder.

     

    (b)  Decisions
      and Determinations.
      Subject
      to the express provisions of this Plan, the Plan Committee shall have the
      authority to construe and interpret this Plan, to define the terms used herein,
      to prescribe, amend, and rescind rules and regulations relating to the
      administration of the Plan, and to make all other determinations necessary
      or
      advisable for administration of the Plan. Determinations of the Plan Committee
      on matters referred to in this Section 3 shall be final and conclusive so long
      as the same are not inconsistent with the terms of this Plan.

     

    
      	4.  	
              Shares
                Subject to the Plan.

            

    

     

    Subject
      to adjustments as provided in Section 18 hereof, the maximum number of shares
      of
      Common Stock which may be issued as Restricted Stock or upon exercise of all
      Stock Options granted under this Plan is limited to one million one hundred
      thousand (1,100,000 shares in the aggregate.

     

    If
      for
      any reason, unreleased shares of Restricted Stock do not vest, said shares
      shall
      again be available for grants of Restricted Stock or Stock Options under this
      Plan. If any Stock Option shall be canceled, surrendered, or expire for any
      reason without having been exercised in full, the Shares represented thereby
      shall again be available for grants of Restricted Stock or Stock Options under
      this Plan.

     

    
      	5.  	
              Eligibility

            

    

     

    Only
      Eligible
      Participants shall be eligible to receive grants of Restricted Stock or Stock
      Options under this Plan.

     

    
      	6.  	
              Formula
                Awards of Stock Options to Non-employee
                Directors

            

    

     

    Initial
      Stock Option grants with respect to
      10,000
      shares shall be made to each non-employee director. Additional Stock Option
      grants with respect to 1,000 shares shall be made to each non-employee director
      on or after each anniversary of the initial grant.

     

    Non-employee
      directors are not eligible for further grants of Stock Options.

     

    
      	7.  	
              Discretionary
                Awards of Restricted Stock and Stock
                Options

            

    

     

    The
      Plan
      Committee, in its sole and absolute discretion, subject to the provisions of
      the
      Plan, may grant Restricted Stock to any Eligible Participant including a
      non-employee director. The Plan Committee, in its sole and absolute discretion,
      subject to the provisions
      of the Plan, may grant Stock Options to any Eligible Participant other than
      a
      non-employee director (whose Stock Option Awards are specifically provided
      in
      Section 6 hereof), at such time and in such amounts and on such terms and
      conditions as it deems advisable and specifies in the respective
      grants.

     

    
      	8.  	
              Restricted
                Stock and Forfeiture
                Restrictions

            

    

     

    (a)  Certain
      Terms.
      The
      shares of Restricted Stock granted to a Participant shall be released to him
      in
      accordance with such schedule as the Plan
      Committee,
      in its sole discretion shall determine at the time of grant but in
      no
      event
      less than six
      (6)
months
      from the date of the grant. All shares of Restricted Stock shall be fully
      released not later than ten years from the date of grant. Except for normal
      retirement, or pursuant to the terms of the written agreement with a
      non-employee director, the Grantee shall have no vested interest in the
      unreleased stock of any grant in the event of his termination with the
      Corporation for any reason (unless the Plan Committee in its sole discretion
      decides to terminate the forfeiture restrictions following the termination
      of
      such Grantee) and the unreleased stock certificates shall
      be
      canceled. During the Grantees continued employment or affiliation, however,
      he
      shall have the right to vote all shares and to receive all dividends as though
      all shares granted were his without restrictions.

     

    (b)  Written
      Agreement.
      The
      details of each grant regarding shares of Restricted Stock shall be evidenced
      by
      a written agreement covering terms and conditions, not inconsistent with the
      Plan, as the Plan Committee shall approve. Such agreement shall be promptly
      delivered by Management of the Corporation to each Grantee.

     

    
      	9.  	
              Stock
                Options

            

    

     

    (a)  Designation
      as Incentive or Nonqualified Options.
      The
      Plan Committee shall designate in each grant of a Stock Option whether the
      Stock
      Option is an Incentive Stock Option or a Non-Qualified Stock Option. The terms
      upon which and the times at which, or the periods within which, the Option
      Shares subject to such Stock Options may become acquired or such Stock Options
      may be acquired and exercised shall be as set forth in the Plan and the related
      Stock Option Agreements.

     

    (b)  Date
      of Grant and Rights of Optionees.
      The
      determination of the Plan Committee to grant a Stock Option shall not in any
      way
      constitute or be deemed to constitute an obligation of the Corporation, or a
      right of the Eligible Participant who is the proposed subject of the grant,
      and
      shall not constitute or be deemed to constitute the grant of a Stock Option
      hereunder unless and until both the Corporation and the Eligible Participant
      have executed and delivered to the other a Stock Option Agreement in the form
      then required by the Plan Committee as evidencing the grant of the Stock Option,
      together with such other instrument or instruments as may be required by the
      Plan Committee pursuant to this Plan; provided,
      however,
      that
      the Plan Committee may fix the date of grant as any date on or after the date
      of
      its final determination to grant the Stock Option (or if no such date is fixed,
      then the date of grant shall be the date on which the determination was finally
      made by the Plan Committee to grant the Stock Option); and such date shall
      be
      set forth in the Stock Option Agreement. The date of grant as so determined
      shall be deemed the date of grant of the Stock Option for purposes of this
      Plan.

     

    (c)  10%
      Shareholder.
      A Stock
      Option granted hereunder to an Eligible Participant who owns, directly or
      indirectly, at the date of the grant of the Stock Option, more than ten percent
      (10%) of the total combined voting power of all classes of capital stock of
      the
      Corporation or a Subsidiary shall not qualify as
      an
      Incentive Stock Option unless: (i) the purchase price of the Option Shares
      subject to said Stock Option is at least one hundred and ten percent (110%)
      of
      the Fair Market Value of the Option Shares, determined as of the date said
      Stock
      Option is granted; and (ii) the Stock Option by its terms is not exercisable
      after five (5) years from the date that it is granted. The attribution rules
      of
      Section 425(d) of the Internal Revenue Code of 1986, as amended, shall apply
      in
      the determination of indirect ownership of stock.

     

    (d)  Maximum
      Value of Stock Options.
      No
      grant of Incentive Stock Options hereunder may be made when the aggregate fair
      market value of Option Shares with respect to which Incentive Stock Options
      (pursuant to this Plan or any other Incentive Stock Option Plan of the
      Corporation or any Subsidiary), are exercisable for the first time by the
      Eligible Participant during any calendar year exceeds $100,000.

     

    (e)  Non-Qualified
      Stock Options.
      Stock
      Options granted by the Plan Committee shall be deemed Non-Qualified Stock
      Options under this Plan if they: (i) are designated at the time of grant as
      Incentive Stock Options but do not so qualify under the provisions of Section
      422 of the Code or any regulations or rulings issued by the Internal Revenue
      Service for any reason; (ii) are not granted in accordance with the provisions
      of Section 9(c); (iii) are in excess of the fair market value limitations set
      forth in Section 9(d); (iv) are granted to an Eligible Participant who is not
      an
      employee of the Corporation or any Subsidiary, or (v) are designated at the
      time
      of grant as Non-Qualified Stock Options. Non-Qualified Stock Options granted
      hereunder shall be so designated in
      the
      Stock
      Option Agreement entered into between the Corporation and the
      Optionee.

     

    
      	10.  	
              Stock
                Option Exercise Price

            

    

     

    The
      exercise price of Option Shares shall be determined by the Committee at the
      date
      of grant, except that the exercise price of any Option Shares designated as
      Incentive Stock Options shall be one hundred percent (100%) of the Fair Market
      Value of the Common Stock represented by the Option Shares on the date of
      grant.

     

    The
      exercise price of Option Shares granted to non-employee directors shall in
      all
      cases be one hundred percent (100%) of the Fair Market Value of the Common
      Stock
      represented by the Option Shares on the date of grant.

     

    
      	11.  	
              Exercise
                of Stock Options

            

    

     

    (a)  Exercise.
      Except
      as otherwise provided elsewhere herein, if an Optionee shall not in any given
      period exercise any part of a Stock Option which has become exercisable during
      that period, the Optionees right to exercise such part of the Stock Option
      shall
      continue until expiration of the Stock Option or any part thereof as may be
      provided in the related Stock Option Agreement. No Stock Option shall, except
      as
      provided in Section 19 hereof, become exercisable until one (1) year following
      the date of grant, and (i) as to non-employee directors, a Stock Option first
      becomes exercisable as to one third (1/3) of the Option Shares called for
      thereby during the second year following the date of the grant, as to an
      additional one-third (1/3) during the third year and as to the remaining one
      third (1/3) during the fourth year, and (ii) as to all other Eligible
      Participants, Stock Options shall be exercisable as set forth by the Committee.
      No Stock Option or part thereof shall be exercisable except with respect to
      whole shares of Common Stock, and fractional share interests shall be
      disregarded except that they may be accumulated.

     

    (b)  Prior
      Outstanding Incentive Stock Options.
      Incentive Stock Options granted to an Optionee under the Plan shall be
      exercisable even while such Optionee has outstanding and unexercised any
      Incentive Stock Option previously granted to him or her pursuant to this Plan
      or
      any other Incentive Stock Option Plan of the Corporation or any Subsidiary.
      An
      Incentive Stock Option shall be treated as
      outstanding
      until it is exercised in full or expires by reason of lapse of time, or is
      otherwise canceled by mutual action of the
      Optionee
      and the Corporation.

     

    (c)  Notice
      and Payment.
      Stock
      Options granted hereunder shall be exercised by written notice delivered to
      the
      Corporation specifying the number of Option Shares with respect to which the
      Stock Option is being exercised, together with concurrent payment in full of
      the
      exercise price as hereinafter provided. If the Stock Option is being exercised
      by any person or persons other than the Optionees, said notice shall be
      accompanied by proof, satisfactory to the counsel for the Corporation, of the
      right of such person or persons to exercise the Stock Option.

     

    (d)  Payment
      of Exercise Price.
      The
      exercise price of any Option Shares purchased upon the proper exercise of a
      Stock Option shall be paid in full at the time of each exercise of a Stock
      Option in cash or check and/or in Common Stock of the Corporation which, when
      added to the cash payment, if any, has an aggregate Fair Market Value equal
      to
      the full amount of the exercise price of the Stock Option, or part thereof,
      then
      being exercised. Payment by an Optionee as provided herein shall be made in
      full
      concurrently with the Optionees notification to the Corporation of his intention
      to exercise all or part of a Stock Option. If all or any part of a payment
      is
      made in shares of Common Stock as heretofore provided, such payment shall be
      deemed to have been made only upon receipt by the corporation of all required
      share certificates and all stock power and all other required transfer documents
      necessary to transfer the shares of Common Stock to the Corporation. In
      addition, Options may be exercised and payment made by delivering a properly
      executed exercise notice together with irrevocable instructions to a broker
      or
      bank to promptly deliver to the Corporation the amount of sale proceeds
      necessary to pay the exercise price and any applicable tax withholding. The
      date
      of exercise shall be deemed to be the date the Corporation receives the
      notice.

     

    
      	12.  	
              [Reserved]

            

    

     

    
      	13.  	
              Nontransferability.

            

    

     

    Except
      as
      otherwise provided herein each Stock Option and all unreleased shares of
      Restricted Stock shall, be their terms, be nontransferable by the Optionee
      other
      than by will or the laws of descent and distribution, or pursuant to a qualified
      domestic relations order as defined by the Internal Revenue Code of 1986, as
      amended, or Title I of the Employee Retirement Income Security Act, or the
      rules
      thereunder. Incentive Stock Options shall be exercisable during the lifetime
      of
      the Optionee only by the Optionee. Notwithstanding the above, a Non-Qualified
      Stock Option may be transferred to an inter vivos trust, provided the transferor
      of the Non-Qualified Stock Option is both a trustor and a trustee of the
      trust.

     

    
      	14.  	
              Affiliation

            

    

     

    Nothing
      contained in this Plan (or in any Stock Option or Restricted Stock Agreement)
      shall obligate the Corporation or any Subsidiary to employ or continue to employ
      or remain affiliated with any Participant for any period of time or interfere
      in
      any way with the right of the Corporation or a Subsidiary to reduce or increase
      the Participants compensation.

     

    Except
      as
      provided in Section 15 hereof, if, for any reason other than disability or
      death, an Optionee ceases to be affiliated with the Corporation or a Subsidiary,
      the Stock Options granted to such Optionee shall expire on the expiration dates
      specified for said Stock Options at the time of their grant, or three (3) months
      after the Optionee ceases to be so affiliated, whichever is earlier. During
      such
      period after cessation of affiliation, such Stock Options shall be exercisable
      only as to those increments, if any, which had become exercisable as of the
      date
      on which such Optionee ceased to be affiliated with the Corporation or the
      Subsidiary, and any Stock Options or increments which had not become exercisable
      as of such date shall expire automatically on such date.

     

    
      	15.  	
              Termination
                for Cause

            

    

     

    If
      the
      Stock Option Agreement so provides and if an Optionees employment by or
      affiliation with the Corporation or a Subsidiary is
      terminated
      for
      cause,
      the Stock Options granted to such Optionee shall automatically expire and
      terminate in their entirety immediately upon such termination; provided,
      however,
      that
      the Plan Committee may, in its sole discretion, within thirty (30) days of
      such
      termination, reinstate such Stock Options by giving written notice of such
      reinstatement to the Optionee. In the event of such reinstatement, the Optionee
      may exercise the Stock Options only to such extent, for such time, and upon
      such
      terms and conditions as if the Optionee had ceased to be employed by or
      affiliated with the Corporation or a Subsidiary upon the date of such
      termination for a reason other than cause, disability or death. Termination
      for
      cause shall include, but shall not be limited to termination for malfeasance
      or
      gross misfeasance in the performance of duties or conviction of illegal activity
      in connection therewith and, in any event, the determination of the Plan
      Committee with respect thereto shall be final and conclusive.

     

    
      	16.  	
              Death
                of Optionee

            

    

     

    If
      an
      Optionee dies while employed by or affiliated with the Corporation or a
      Subsidiary, or during the three-month period referred to in Section 14, hereof,
      the Stock Options granted to such Optionee shall expire on the expiration dates
      specified for said Stock Options at the time of their grant, or one (1) year
      after the date of such death, whichever is earlier. After such death, but before
      such expiration, subject to the terms and provisions of the Plan and the related
      Stock Option Agreement, the person or persons to whom such Optionees rights
      under the Stock Options shall have passed by will or by the applicable laws
      of
      descent and distribution, or the executor or administrator of the Optionee’s
      estate, shall have the right to exercise such Stock Options to the extent that
      increments, if any, had become exercisable as of the date on which the Optionee
      died.

     

    
      	17.  	
              Disability
                of Optionee

            

    

     

    If
      an
      Optionee is disabled while employed by or affiliated with the Corporation or
      a
      Subsidiary or during the three-month period referred to in Section 14 hereof,
      the Stock Options granted to such Optionee shall expire on the expiration dates
      specified for said Stock Options at the time of their grant, or one (1) year
      after the date such disability occurred, whichever is earlier. After such
      disability occurs, but before such expiration, the Optionee or the guardian
      or
      conservator of the Optionees estate, as duly appointed by a court of competent
      jurisdiction, shall have the right to exercise such Stock Options to the extent
      that increments, if any, had become exercisable as of the date on which the
      Optionee became disabled or ceased to be employed by or affiliated with the
      Corporation or a Subsidiary as a result of the disability. An Optionee shall
      be
      deemed to be “disabled” if it shall appear to the Plan Committee, upon written
      certification delivered to the Corporation of a qualified licensed physician,
      that the Optionee has become permanently and totally unable to engage in any
      substantial gainful activity by reason of a medically determinable physical
      or
      mental impairment which can be expected to result in the Optionees death, or
      which has lasted or can be expected to last for a continuous period of not
      less
      than 12 months.

     

    
      	18.  	
              Adjustment
                Upon Changes in
                Capitalization

            

    

     

    If
      the
      outstanding shares of Common Stock of the Corporation are increased, decreased,
      or changed into or exchanged for a different number of or kind of shares or
      securities of the Corporation, through a reorganization, merger,
      recapitalization, reclassification, stock split, stock dividend, stock
      consolidation, or otherwise, without consideration to the Corporation, or if
      there is a spin-off or other distribution of stock or property with respect
      to
      the holders of the Common Stock other than normal cash dividends, an appropriate
      and proportionate adjustment shall be made in the number and kind of shares
      as
      to which Stock Options may be granted. A corresponding adjustment changing
      the
      number or kind of Option Shares and the exercise prices per share allocated
      to
      unexercised Stock Options, or portions thereof, which shall have been granted
      prior to any such change, shall likewise be made. Such adjustments shall be
      made
      without change in the total price applicable to the unexercised portion of
      the
      Stock Option, but with a corresponding adjustment in the price of each share
      subject to the Stock Option. Adjustments under this Section shall be made by
      the
      Plan Committee, whose determination as to what adjustments shall be made, and
      the extent thereof, shall be final and conclusive. No fractional shares of
      stock
      shall be issued or made available under the Plan on account of such
      adjustments,
      and fractional share interests shall be disregarded, except that they may be
      accumulated.

     

    
      	19.  	
              Terminating
                Events

            

    

     

    Upon
      consummation
      of a plan of dissolution or liquidation of the Corporation, or upon consummation
      of a plan or
      reorganization,
      merger or consolidation of the Corporation with one or more corporations, as
      a
      result of which the Corporation is not the surviving entity or upon the sale
      of
      all or substantially all the assets of the Corporation to another corporation,
      the Plan shall automatically terminate and all unreleased shares of Restricted
      Stock shall be released (but in no event during the first six months after
      the
      date of grant of such shares of Restricted Stock if Rule 16b-3, or any successor
      thereto, so provides) under such circumstances, and all Stock Options
      theretofore granted shall be terminated, subject to provisions of the
      immediately following paragraph in this Section 19, unless provision is made
      in
      connection with such transaction for assumption of Stock Options theretofore
      granted, or substitution for such Stock Options with new options covering stock
      of a successor employer corporation, or a parent subsidiary corporation thereof,
      solely at the discretion of such successor corporation, or parent or subsidiary,
      corporation, with appropriate adjustments as to number and kind of shares and
      prices.

     

    Notwithstanding
      the immediately preceding paragraph and/or any provision in any Stock Option
      pertaining to the time of exercise of a Stock Option, or part thereof upon
      adoption by the requisite holders of the outstanding shares of Common Stock
      of
      any plan of dissolution, liquidation, reorganization, merger consolidation
      or
      sale of all or substantially all of the assets of the Corporation to another
      corporation which would, upon consummation, result in termination of a Stock
      Option, all Stock Options previously granted shall become immediately
      exercisable (but in no event shall be exercisable during the first six months
      after they are granted if Rule 16b-3, or any successor thereto, so provides)
      as
      to all unexercised Shares for such period of time as may be determined by the
      Plan Committee, but in any event not less than 30 days, on the conditions that
      the terminating event is consummated. If such terminating event is not
      consummated, Stock Options granted pursuant to the Plan shall be exercisable
      in
      accordance with the terms of their respective Stock Option
      Agreement.

     

    Notwithstanding
      any other provision of this Plan, in the event of a Change of Control as
      hereinafter defined, all shares of Restricted Stock shall immediately vest
      but
      not prior to six months after the date of grant, and all outstanding options
      shall be immediately exercisable in full but not prior to one year after the
      date of grant with respect to Incentive Stock Options, and not prior to six
      months after the date of grant with respect to nonqualified options. Change
      of
      Control shall mean a change in control of the Company of a nature that would
      be
      required to be reported in response to Item 6(e) of Schedule 14A, Regulation
      240, 14a-101, promulgated under the Securities Exchange Act of 1934, or, if
      Item
      6(e) is no longer in effect, any regulation issued by the Securities and
      Exchange Commission pursuant to the Securities Exchange Act of 1934 which serves
      similar purposes; provided that, without limitation, a Change of Control shall
      be deemed to have occurred if and when (a) any “person” (as such term is used in
      Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) is or
      becomes a beneficial owner, directly or indirectly, of securities of the Company
      representing fifty percent (50%) or more of the combined voting power of the
      Companys then outstanding securities, (b) individuals who are members of the
      Board immediately prior to a meeting of the shareholders of the Company
      involving a contest for the election of directors shall not constitute a
      majority of the Board following such election, or (c) a merger in which the
      Company is not the surviving corporation, and the shareholders of the Company
      immediately prior to the merger do not own at least a majority of the
      outstanding shares of the surviving corporation.

     

    
      	20.  	
              Amendment
                and Termination

            

    

     

    The
      Board
      of Directors of the Corporation may at any time and from time to time suspend,
      amend, or terminate the Plan. However, except as permitted under the provisions
      of Section 18 hereof, to the extent then required by Rule 16b-3 to secure
      benefits thereunder or to avoid liability under Section 16 of the Exchange
      Act
      (the Rules thereunder) or required under the provisions of the Internal Revenue
      Code for qualification of Incentive Stock Options, or as required by any
      applicable law, or deemed necessary or advisable by the Board, such amendment
      shall be subject to shareholder approval.

     

    The
      provisions of this Plan shall not be amended more than once every six months,
      other than to comport with changes in the Internal Revenue Code, the Employee
      Retirement income Security Act, or the rules thereunder.

     

    No
      Stock
      Option and no shares of Restricted Stock may be granted during any suspension
      of
      the Plan or after termination of the Plan. Amendment, suspension, or termination
      of the Plan shall not (except as otherwise provided in Section 19 hereof),
      without the consent of the Participant, alter or impair any rights or
      obligations theretofore granted.

     

    
      	21.  	
              Rights
                of Eligible Participants

            

    

     

    No
      Eligible Participant or other person shall have any claim or right to be granted
      Restricted Stock or Stock Options under this Plan, and neither this Plan nor
      any
      action taken hereunder shall be deemed to give or be construed as giving any
      Eligible Participant or other person any right to be retained in the employ
      of
      the Corporation or any subsidiary. Without limiting the generality of the
      foregoing, no person shall have any rights as a result of his or her
      classification as an Eligible Participant, such classification being made solely
      to describe, define and limit those persons who are eligible for consideration
      for privileges under the Plan.

     

    
      	22.  	
              Privileges
                of Stock Ownership; Regulatory Law Compliance; Notice of
                Sale

            

    

     

    No
      Optionee shall be entitled to the privileges of stock ownership as to any shares
      not actually issued and delivered. No shares may be purchased upon the exercise
      of a Stock Option unless and until all then applicable requirements of all
      regulatory agencies having jurisdiction and all applicable requirements of
      the
      securities exchanges upon which securities of the Corporation are listed (if
      any) shall have been fully complied with.

     

    
      	23.  	
              Effective
                Date of the Plan

            

    

     

    The
      Plan
      was adopted by the Board of Directors on March 2, 1993 and effective
      as of
      that
      date subject to the approval within twelve (12) months thereof, by the holders
      of at least a majority of the Corporation’s outstanding shares of Common
      Stock.

     

    
      	24.  	
              Termination

            

    

     

    Unless
      previously terminated as aforesaid, the Plan shall terminate on the date which
      is ten (10) years from the date of adoption of the Plan by the Board of
      Directors. No Stock Options or shares of Restricted Stock shall be granted
      under
      the Plan thereafter, but such termination shall not affect any Stock Option
      or
      grant of Restricted Stock theretofore granted.

     

    
      	25.  	
              Stock
                Option Period

            

    

     

    Each
      Stock Option and all rights and obligations thereunder shall expire on such
      date
      as the Plan Committee may determine, but not later than ten (10) years from
      the
      date such Stock Option is granted in the case of Incentive Stock Options and
      eleven (11) years from the date of grant in the case of Non-Qualified Stock
      Options, and each Stock Option shall be subject to earlier termination as
      provided elsewhere in this Plan.

     

    
      	26.  	
              Exculpation
                and Indemnification of Plan
                Committee

            

    

     

    The
      present, former and future members of the Plan Committee, and each of them,
      who
      is or was a director, officer or employee of the Corporation shall be
      indemnified by the Corporation to the extent authorized in and permitted by
      the
      Corporation’s Certificate of Incorporation, and/or Bylaws in connection with all
      actions, suits and proceedings to which they or any of them may be a party
      by
      reason of any act or omission of any member of the Plan Committee under or
      in
      connection with the Plan or any Stock Option granted thereunder.

     

    
      	27.  	
              Compliance
                With Law and Representations of
                Participant

            

    

     

    No
      shares
      of Common Stock shall be issued upon exercise of any Stock Option, and an
      Optionee shall have no right or claim to such shares, unless and until: (i)
      payment in full has been received by the Corporation with respect to the
      exercise of any Stock Option; (ii) in the opinion of the counsel for the
      Corporation, all applicable requirements of law and of regulatory bodies having
      jurisdiction over such issuance and delivery have been fully complied with;
      and
      (iii) if required by federal or state law or regulation, the Optionee shall
      have
      paid to the Corporation the amount, if any, required to be withheld on the
      amount deemed to be compensation to the Optionee as a result of the exercise
      of
      his or her Stock Option, or made other arrangement satisfactory to the
      Corporation, in its sole discretion, to satisfy applicable income tax
      withholding requirements.

     

    Unless
      the shares of Common Stock covered by this Plan have been registered with the
      Securities and Exchange Commission pursuant to the registration requirements
      under the Securities Act of 1933, each Participant shall: (i) by and upon
      accepting shares of Restricted Stock or a Stock Option, represent and agree
      in
      writing, that the Stock will be acquired for investment purposes and not for
      resale or distribution; and (ii) by and upon the exercise of a Stock Option,
      or
      a part thereof, furnish evidence satisfactory to counsel for the Corporation,
      including written and signed representations to the effect that the Shares
      are
      being acquired for investment purposes and not for resale or distribution,
      and
      that the Shares being acquired shall not be sold or otherwise transferred by
      the
      Participant except in compliance with the registration provisions under the
      Securities Act of 1933, as amended, or an applicable exemption therefrom.
      Furthermore, the Corporation, at its sole discretion, to assure itself that
      any
      sale or distribution by the Participant complies with this Plan and any
      applicable federal or state securities laws, may take all reasonable steps,
      including placing stop transfer instructions with the Corporation’s transfer
      agent prohibiting transfers in violation of the Plan and affixing the following
      legend (and/or such other legend or legends as the Plan Committee shall require)
      on certificates evidencing the shares:

     

    “THE
      SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED
      OR OTHERWISE TRANSFERRED OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE
      REGISTRATION STATEMENT WITH RESPECT TO THEM UNDER THE ACT OR A WRITTEN OPINION
      OF COUNSEL FOR THE HOLDER THEREOF, WHICH OPINION SHALL BE ACCEPTABLE TO OMEGA
      HEALTHCARE IN-VESTORS, INC., THAT REGISTRATION IS NOT REQUIRED.”

     

    
      	28.  	
              Notices

            

    

     

    All
      notices and demands of any kind which the Plan Committee, or any Participant,
      or
      other person may be required or desires to give under the terms of this Plan
      shall be in writing and shall be delivered in hand to the person or persons
      to
      whom addressed (in the case of the Plan Committee, with the Chairman, Chief
      Executive Officer, Chief Financial Officer, Treasurer, any Vice President or
      Secretary or any Assistant Secretary of the Corporation), by leaving a copy
      of
      such notice or demand at the address of such person or persons as may be
      reflected in the records of the Corporation, or by mailing a copy thereof,
      properly addressed as above, by certified or registered mail, postage prepaid,
      with return receipt requested. Delivery by mail shall be
      deemed
      made upon receipt by the notifying party of the return receipt acknowledging
      receipt of the notice or demand.

     

    
      	29.  	
              Limitation
                on Obligations of the
                Corporation

            

    

     

    All
      obligations of the Corporation arising under or as a result of this Plan or
      Stock Options or Restricted Stock granted hereunder shall constitute the general
      unsecured obligations of the Corporation, and neither the Plan Committee, nor
      any member thereof, nor any officer of the Corporation, nor any other person
      or
      any Subsidiary, shall be liable for any debt, obligation, cost or expense
      hereunder.

     

    
      	30.  	
              Limitation
                of Rights

            

    

     

    Except
      as
      otherwise provided by the terms of the Plan, the Plan Committee, in its sole
      and
      absolute discretion, is entitled to determine who, if anyone, is an Eligible
      Participant under this Plan, and which, if any, Eligible Participant shall
      receive any grant. No oral or written agreement by any other person not acting
      on behalf of the Plan Committee relating to this Plan is authorized, and such
      may not bind the Corporation or the Plan Committee to make any grant to any
      person.

     

    
      	31.  	
              Severability

            

    

     

    If
      any
      provision of this Plan as applied to any person or to any circumstance shall
      be
      adjudged by a court of competent jurisdiction to be void, invalid, or
      unenforceable, the same shall in no way affect any other provision hereof,
      the
      application of any such provision in any other circumstances, or the validity
      or
      enforceability hereof.

     

    
      	32.  	
              Construction

            

    

     

    Where
      the
      context or construction requires, all words applied in the plural herein shall
      be deemed to have been used in the singular and vice versa, and the masculine
      gender shall include the feminine and the neuter and vice versa. It is the
      policy of the Company that directors and executive officers do not sell Company
      securities without in advance having discussed the sale with the office of
      the
      Company’s General Counsel.

     

    
      	33.  	
              Headings

            

    

     

    The
      headings of the several paragraphs herein are inserted solely for convenience
      of
      reference and are not intended to form a part of and are not intended to govern,
      limit or aid in the construction of any term or provision hereof.

     

    
      	34.  	
              Successors

            

    

     

    This
      Plan
      shall be binding upon the respective successors, assigns, heirs, executors,
      administrators, guardians and personal representatives of the Corporation and
      Participants.

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