SEC Contract Filing

Filing Date: 2022-06-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2217739d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ALERISLIFE INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECOND AMENDED AND RESTATED 2014 EQUITY COMPENSATION
PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>1. PURPOSE</B>&#8203;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The&nbsp;purpose of this Second Amended and Restated 2014 Equity Compensation
Plan (the &#8220;Plan&#8221;) is to encourage employees, officers, directors and other individuals (whether or not employees) who render
services to AlerisLife Inc. (formerly known as Five Star Senior Living Inc.) (the &#8220;Company&#8221;) and its Subsidiaries (as hereinafter
defined), to continue their association with the Company and its Subsidiaries by providing opportunities for them to participate in the
ownership of the Company and in its future growth through the granting of options to acquire the Company&#8217;s stock (&#8220;Options&#8221;),
stock awards, including stock to be transferred subject to restrictions (&#8220;Stock Awards&#8221;) and other rights, including Stock
Appreciation Rights (as defined in Section&nbsp;6), to receive compensation in amounts determined by the value of the Company&#8217;s
stock (&#8220;Other Rights&#8221;). The term &#8220;Subsidiary&#8221; as used in the Plan means a corporation or other business entity
of which the Company owns, directly or indirectly through an unbroken chain of ownership, fifty&nbsp;percent or more of the total combined
voting power of all classes of stock, in the case of a corporation, or fifty&nbsp;percent or more of the total combined interests by value,
in the case of any other type of business entity. The Plan was previously amended and restated on June&nbsp;9, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2. ADMINISTRATION OF THE PLAN</B>&#8203;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan shall be administered by the Compensation Committee of the
Company&#8217;s Board of Directors (the &#8220;Board&#8221;) or by the Board itself. The Compensation Committee shall from time to time
determine to whom awards shall be granted under the Plan, whether Options granted shall be incentive stock options (&#8220;ISOs&#8221;)
or nonqualified stock options (&#8220;NSOs&#8221;), the terms of the Options (including vesting provisions) and the number of shares of
Common Stock (as hereinafter defined) that may be granted under Options, and the number of shares subject to (and other terms of) Stock
Awards or Other Rights. The Compensation Committee shall report to the Board the names of individuals to whom Options, Stock Awards or
Other Rights are to be granted, the number of shares covered and the terms and conditions of each grant. The determinations and actions
described in this Section&nbsp;2 and elsewhere in the Plan may be made by the Compensation Committee or by the Board, as the Board shall
direct in its discretion, and references in the Plan to the Compensation Committee shall be understood to refer to the Board in any such
case. The Compensation Committee shall have the authority to adopt, amend and rescind such rules and regulations as, in its opinion, may
be advisable in the administration of the Plan. All questions of interpretation and application of such rules and regulations of the Plan
and of awards granted hereunder shall be subject to the determination of the Compensation Committee in its discretion, which determination
shall be final and binding. The Plan is intended to be administered in such a manner as to permit those Options granted hereunder and
specially designated under Section&nbsp;5 hereof as an ISO to qualify as incentive stock options as described in Section&nbsp;422 of the
Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and shall be construed in a manner consistent with that interpretation.
For so long as Section&nbsp;16 of the Securities Exchange Act of 1934, as amended from time to time (the &#8220;Exchange Act&#8221;),
is applicable to the Company, each member of the Compensation Committee shall be a &#8220;non-employee director&#8221; or the equivalent
within the meaning of Rule&nbsp;16b-3 under the Exchange Act, and shall meet such other requirements as the Board may determine to be
necessary or appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to persons subject to Section&nbsp;16 of the Exchange
Act (&#8220;Insiders&#8221;), transactions under the Plan are intended to comply with all applicable conditions of Rule&nbsp;16b-3 or
its successor under the Exchange Act. To the extent any provision of the Plan or action by the Compensation Committee fails to so comply,
it shall be deemed to be modified so as to be in compliance with such Rule, or, if such modification is not possible, it shall be deemed
to be null and void, to the e