SEC Contract Filing

Filing Date: 2020-07-14

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2024378d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

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<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B><I>Execution Version</I></B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TRANSITION AGREEMENT AND RELEASE</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS TRANSITION AGREEMENT
AND RELEASE (the &ldquo;<B>Agreement</B>&rdquo;) is made effective as of the 8th day of July, 2020 (the &ldquo;<B>Effective Date</B>&rdquo;),
except as otherwise provide herein, among Omega Healthcare Investors,&nbsp;Inc. (&ldquo;<B>Parent</B>&rdquo;), Omega Asset Management
LLC (the &ldquo;<B>Company</B>&rdquo;) and Michael D. Ritz (&ldquo;<B>Executive</B>&rdquo;). The Parent, the Company and the Executive,
when collectively referred to, are hereinafter identified as the &ldquo;<B>Parties</B>&rdquo;.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective August&nbsp;15,&nbsp;2020
(the &ldquo;<B>Transition Effective Date</B>&rdquo;), Executive will terminate employment from the Company and its &ldquo;<B>Affiliates</B>,&rdquo;
which shall mean, for purposes of this Agreement, any person, firm, corporation, partnership, association or entity that, directly
or indirectly or through one or more intermediaries, controls, is controlled by or is under common control with the Company, as
determined by the Company; and the term of the Employment Agreement effective January&nbsp;1, 2020 among Parent, the Company and
Executive (the &ldquo;<B>Employment Agreement</B>&rdquo;) is hereby terminated as of August&nbsp;15, 2020. In addition, effective
as of August&nbsp;16, 2020, Parent and Executive shall enter into a Consulting Agreement (the &ldquo;<B>Consulting Agreement</B>&rdquo;),
substantially in the form attached as <U>Exhibit&nbsp;A</U> hereto, pursuant to which Executive shall perform business consulting
and business advisory services to Parent and its Affiliates from and after August&nbsp;16, 2020 through January&nbsp;1, 2021. As
a result of the level of services expected under the Consulting Agreement, Executive is expected to incur a &ldquo;<B>Separation
from Service</B>&rdquo; within the meaning of Section&nbsp;409A of the Internal Revenue Code on November&nbsp;2, 2020. Pursuant
to the Employment Agreement, Executive&rsquo;s termination of employment on August&nbsp;15, 2020 constitutes a termination of employment
by the Company without &ldquo;<B>Cause</B>,&rdquo; as defined in the Employment Agreement, and as a result, Executive is entitled
to certain payments, including prorated incentive compensation. Further, the Company recognizes that due in part to Executive&rsquo;s
long tenure with the Company and its Affiliates, Executive has unique knowledge, experience and skills, and the Company has a unique
need to engage Executive for an interim period to assist in a smooth transition of his duties and knowledge to other officers.
Accordingly, the Parties desire to enter into this Agreement pursuant to which Executive will receive certain compensation as provided
under the Employment Agreement and certain other prorated incentive compensation and agree to provide transitional consulting services
to the Company from August&nbsp;16, 2020 through January&nbsp;1, 2021, in each case upon the terms set forth below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the
Parties agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Terms
and Conditions of Engagement</U>.</FONT></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Transitional
Employment and Consulting Agreement</U>. The Company and Executive agree that Executive shall remain employed by the Company through
and until August&nbsp;15,&nbsp;2020, and Parent and Executive shall enter into the Consulting Agreement, pursuant to which Executive
shall perform such business consulting and business advisory services to Parent and its Affiliates as Parent may require from time
to time from and after August&nbsp;16, 2020 through January&nbsp;1, 2021.</FONT></P>

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