Form of Annual Amendment to Employment Agreement for the Companys executive officers
FORM OF AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is made [Date], among OHI Asset Management LLC (the “Company”), Omega Healthcare Investors, Inc. (the “Parent”), and [Name] (the “Executive”).
The Company, the Parent and the Executive are parties to an employment agreement (as amended, the “Employment Agreement”) generally effective as of [Date]. The parties now desire to further amend the Employment Agreement to, among other things, update the annual base salary payable to the Executive, and extend the term of the Employment Agreement by one year to [Date] (subject to earlier termination as provided in the Employment Agreement).
NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree that the Employment Agreement is amended, effective as of the date first set forth above (except as otherwise provided below), as follows:
“The Company shall pay the Executive a base salary of $[ ] per annum, effective [Date of Amendment Effectiveness], which base salary will be subject to review effective as of [Anniversary of Amendment Effectiveness], and at least annually thereafter by the Compensation Committee of the Board of Directors of the Parent (the “Compensation Committee”) for possible increases.”
In all remaining respects, the terms of the Employment Agreement shall remain in full force and effect as prior to this Amendment.
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IN WITNESS WHEREOF, the Company, the Parent and the Executive have each executed and delivered this Amendment to Employment Agreement as of the date first shown above.
OHI ASSET MANAGEMENT LLC
OMEGA HEALTHCARE INVESTORS, INC.