Document:

Exhibit 10.1

 

FIVE STAR QUALITY CARE, INC.

 

RESTRICTED SHARE AGREEMENT

 

 

This
Restricted Share Agreement (this “Agreement”) is made as of ____________
between
                                   
(the “Employee”) and Five Star Quality Care, Inc.  (the “Company”).

 

In
consideration of the mutual promises and covenants contained in this Agreement,
and for other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

 

1.             Grant of Shares.  The Company hereby grants to the Employee,
effective as of the date of this Agreement,
                  
shares of its common shares.  The shares
so granted are hereinafter referred to as the “Shares,” which term shall also
include any shares of the Company issued to the Employee by virtue of his or
her ownership of the Shares, by share dividend, share split, recapitalization
or otherwise.

 

2.             Vesting;
Repurchase of Shares.

 

(a)           The Shares shall
vest one-third as of the date hereof, a further one-third on __________ of the
year first following the date of this Agreement, and the final one-third on
___________ of the second year following the date of this Agreement.  Any Shares not vested as of any date are
herein referred to as “Unvested Shares.”

 

(b)           In the event the
Employee ceases to render significant services, whether as an employee or
otherwise, to the Company, an affiliate of the Company, or to the advisor to
the Company, the Company shall have the right and option to purchase from the
Employee, for an amount equal to $.01 per share (as adjusted for any share
split or combination, share dividend, recapitalization or similar event) all or
any portion of the Unvested Shares as of the date the Employee ceases to render
such services.  The Company may exercise
such purchase option by delivering or mailing to the Employee (or his estate),
at any time after the Employee has ceased to render such services, a written
notice of exercise of such option.  Such
notice shall specify the number of Unvested Shares to be purchased.  The price to be paid for the Unvested Shares
to be repurchased may be payable, at the option of the Company, by wire
transfer of immediately available funds or in cash (by check) or any other
reasonable method.

 

3.             Legends.  Each certificate shall prominently bear a
legend in substantially the following terms:

 

“THE SHARES
REPRESENTED BY THIS CERTIFICATE WERE ISSUED PURSUANT TO A STOCK OPTION AND
STOCK INCENTIVE PLAN MAINTAINED BY THE ISSUER. 
THESE SHARES MAY BE SUBJECT TO TRANSFER AND/OR VESTING RESTRICTIONS, AND
UNVESTED SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO REPURCHASE
RIGHTS, CONTAINED IN THE PLAN, THE RELATED SHARE GRANT OR AN

 

 

AGREEMENT
BETWEEN THE ISSUER AND THE INITIAL HOLDER OF THESE SHARES.  A COPY OF APPLICABLE RESTRICTIONS AND SUCH
REPURCHASE RIGHTS WILL BE FURNISHED TO THE HOLDER OF THIS CERTIFICATE WITHOUT
CHARGE UPON WRITTEN REQUEST TO THE SECRETARY OF THE ISSUER AT THE PRINCIPAL
EXECUTIVE OFFICE OF THE ISSUER.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
STATE SECURITIES LAWS, AND MAY NOT BE SOLD, PLEDGED, TRANSFERRED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION OR AN OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.”

 

4.             Tax Withholding  To the extent required by law, the Company
shall withhold or cause to be withheld income and other taxes incurred by the
Employee by reason of a grant of Shares, and the Employee agrees that he or she
shall upon request of the Company pay to the Company an amount sufficient to
satisfy its tax withholding obligations from time to time (including as Shares
become vested) as the Company may request.

 

5.             Termination.  This Agreement shall continue in full force
and effect until the earliest to occur of the following, at which time except
as otherwise specified below this Agreement shall terminate:  (a) the date on which all repurchase rights
referred to in Section 2 hereof have terminated; or (b) except to the extent
specified in such notice, upon notice of termination by the Company to the
Employee pursuant to action taken by the Company’s Board of Trustees.

 

6.             Miscellaneous.

 

(a)           Amendments.  Neither this Agreement nor any provision
hereof may be changed or modified except by an agreement in writing executed by
the Employee and the Company.

 

(b)           Binding Effect of
the Agreement.  This Agreement shall
inure to the benefit of, and be binding upon , the Company, the Employee and
their respective estates, heirs, executors, transferees, successors, assigns
and legal representatives.

 

(c)           Provisions
Separable.  In the event that any of
the terms of this Agreement shall be or become or is declared to be illegal or
unenforceable by any court or other authority of competent jurisdiction, such
terms shall be null and void and shall be deemed deleted from this Agreement,
and all the remaining terms of this Agreement shall remain in full force and
effect.

 

(d)           Notices.  Any notice in connection with this Agreement
shall be deemed to have been properly delivered if it is in writing and is
delivered by hand or by facsimile or sent by registered certified mail, postage
prepaid, to the party addressed as follows, unless another address has been
substituted by notice so given:

 

2

 

To the Employee:           To his address as set forth on
the signature page hereof.

 

To the Company:           Five Star Quality Care, Inc.

400 Centre Street

Newton, MA 
02458

Attn: Secretary

 

(e)           Construction.  The headings and subheadings of this
Agreement have been inserted for convenience only, and shall not affect the
construction of the provisions hereof. 
All references to sections of this Agreement shall be deemed to refer as
well to all subsections which form a part of such section.

 

(f)            Employment
Agreement.  This Agreement shall not
be construed as an agreement by the Company, any affiliate or advisor of the
Company to employ the Employee, nor is the Company, any affiliate or advisor of
the Company obligated to continue employing the Employee by reason of this
Agreement or the grant of shares to the Employee hereunder.

 

(g)           Applicable Law.  This Agreement shall be construed and
enforced in accordance with the laws of The Commonwealth of Massachusetts.

 

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement, or caused this
Agreement to be executed under seal, as of the date first above written.

 

 

	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  FIVE STAR
  QUALITY CARE, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  EMPLOYEE:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Name (print):

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Home Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
										

 

3EXHIBIT 10.2

 

FIRST AMENDMENT TO LEASE AGREEMENT

 

THIS FIRST AMENDMENT TO LEASE AGREEMENT
(this “First Amendment”) is entered into as of May 30, 2003 by and
between SNH
CHS PROPERTIES TRUST, a Maryland real estate investment trust (“Landlord”),
and FVE-CHS
LLC, a Delaware limited liability company (“Tenant”).

 

W I T N E S S E T H :

 

WHEREAS, Landlord and Tenant are parties to
that certain Lease Agreement dated as of October 25, 2002 (the “Lease”),
for nine (9) properties, as more particularly described in the Lease; and

 

WHEREAS, Landlord and Tenant wish to amend
the Lease to add three (3) additional properties, subject to and upon the terms
and conditions hereinafter provided;

 

NOW, THEREFORE, in consideration of the
foregoing and for other consideration, the mutual receipt and legal sufficiency
of which are hereby acknowledged, Landlord and Tenant hereby agree as follows:

 

1.             The definition of “Agreement”
set forth in Article 1 of the Lease is hereby amended by deleting the existing
definition and inserting the following in place thereof:

 

“Agreement” shall
mean this Lease Agreement, including Exhibits A-1 through A-12 hereto,
as it and they may be amended from time to time as herein provided.

 

2.             The definition of “Minimum Rent”
set forth in Article 1 of the Lease is hereby amended by deleting the existing
definition and inserting the following in place thereof:

 

“Minimum Rent”
shall mean an amount equal to Six Million Nine Hundred Thirty-Five Thousand and
00/100 Dollars ($6,935,000.00) per annum.

 

3.             The definition of “Leased
Property” set forth in Section 2.1 of the Lease is hereby amended by
deleting subparagraph (a) thereof and replacing it the with the following:

 

 

(a)           those certain tracts, pieces and
parcels of land, as more particularly described in Exhibits A-1 through A-12,
attached hereto and made a part hereof (the “Land”);

 

4.             Exhibits A-10 thought A-12 attached
hereto are hereby added to the Lease as Exhibits A-10 through A-12.

 

5.             As amended hereby, the Lease is
hereby ratified and confirmed.

 

2

 

IN WITNESS WHEREOF, the parties hereto have
executed this First Amendment under seal as of the date first written above.

 

	
   

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  SNH CHS PROPERTIES TRUST

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John R. Hoadley

  	
   

  
	
   

  	
   

  	
  Name:  John R. Hoadley

  	
   

  
	
   

  	
   

  	
  Title:  Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  FVE-CHS
  LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Bruce J. Mackey, Jr.

  	
   

  
	
   

  	
   

  	
  Name:  Bruce J. Mackey, Jr.

  	
   

  
	
   

  	
   

  	
  Title:  Treasurer

  	
   

  

 

3

 

OMITTED EXHIBITS

 

The following exhibits to the First Amendment to Lease Agreement have
been omitted:

 

	
  Exhibit A-10

  	
  Dominion Village at
  Chesapeake

  
	
   

  	
   

  
	
  Exhibit A-11

  	
  Dominion Village at
  Poquoson

  
	
   

  	
   

  
	
  Exhibit A-12

  	
  Dominion Village at
  Williamsburg

  

 

The Registrant agrees to furnish supplementally a copy of the foregoing
omitted exhibits to the Securities and Exchange Commission upon request.

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