SEC Contract Filing

Filing Date: 2022-04-19

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<TYPE>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXECUTIVE EMPLOYMENTAGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS EXECUTIVE EMPLOYMENT AGREEMENT (this &#147;<B>Agreement</B>&#148;) is made as of May&nbsp;1, 2022 (the &#147;<B>Effective
Date</B>&#148;), by and between Sonida Senior Living Corporation, a Delaware Corporation (&#147;<B>SSL</B>&#148; or the &#147;<B>Company</B>&#148;), and Kevin Detz (&#147;<B>Executive</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company wishes to employ Executive on the terms and conditions described herein, and Executive wishes to be so employed by the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <B><U>Employment</U></B>. The Company agrees to
employ Executive on an <FONT STYLE="white-space:nowrap">at-will</FONT> basis on the terms and conditions described herein. Executive&#146;s employment will begin on the Effective Date and continue until terminated pursuant to the termination
provisions contained in Section&nbsp;6 herein (the &#147;<B>Employment Period</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <B><U>Position(s) and Duties.</U></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Position(s); Reporting</U>. During the Employment Period, Executive will serve as Executive Vice President and Chief Financial Officer
of the Company (&#147;<B>CFO</B>&#148;), and he will report to the President and Chief Executive Officer of the Company (&#147;<B>CEO</B>&#148;). Executive will have and perform the customary duties, responsibilities, functions and authority
associated with the role of CFO as may be reasonably specified from time to time by the CEO to the extent typical of and consistent with such titles and positions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Best Efforts; Exclusivity</U>. During the Employment Period, Executive shall devote his best efforts and full business time and
attention to the business and affairs of the Company. Executive shall perform his duties, responsibilities and functions for the Company hereunder to the best of his abilities in a diligent, trustworthy, professional and efficient manner and shall
comply with applicable policies and procedures. In performing his duties and exercising his authority under this Agreement, Executive shall support and implement the business and strategic plans approved from time to time by the Board. During the
Employment Period, Executive shall have no other employment and, without the prior written consent of the Board, no outside business activities or other activities that conflict with his obligations to the Company. The Company acknowledges that
Executive may engage in personal legal and financial affairs and serve as a board member of other entities, businesses and enterprises, up to and not to exceed two (2)&nbsp;boards, provided that such activities do not materially interfere with the
performance of Executive&#146;s duties and responsibilities hereunder and are consented to in writing by the CEO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <U>Compliance with
Policies</U>. The employment relationship between the parties shall be subject to the Company&#146;s policies and procedures as they may be reasonably interpreted, adopted, revised or deleted from time to time in the Company&#146;s sole discretion.
Executive will abide by all policies of the Company, as in effect from time to time. In the event of a conflict between the terms of this Agreement and any such policy or procedure, the terms of this Agreement will control. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">EA-1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <B><U>Salary, Bonus and Benefits</U></B>. During the Term of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <U>Base Salary.</U> SSL shall pay to Executive a base salary (the &#147;<B>Base Salary</B>&#148;) at a rate of not less than Four Hundred
Thousand Dollars ($400,000.00) per annum, paid pursuant to SSL&#146;s normal payroll policies in approximately equal installments no less frequently than semi-monthly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <U>Annual Bonus</U>. Executive will be eligible for an annual bonus (the &#147;<B>Annual Bonus</B>&#148;). The