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As Of Filer Filing For·On·As Docs:Size 2/26/19 Omega Healthcare Investors Inc 10-K 12/31/18 157:34M OHI Healthcare Properties Limited Partnership |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 3.00M
2: EX-10.8A Material Contract HTML 75K
3: EX-10.8B Material Contract HTML 90K
4: EX-10.8C Material Contract HTML 82K
5: EX-10.8D Material Contract HTML 103K
6: EX-10.8E Material Contract HTML 82K
7: EX-10.8F Material Contract HTML 102K
8: EX-21 Subsidiaries List HTML 383K
9: EX-23.1 Consent of Experts or Counsel HTML 41K
10: EX-23.2 Consent of Experts or Counsel HTML 41K
11: EX-31.1 Certification -- §302 - SOA'02 HTML 45K
12: EX-31.2 Certification -- §302 - SOA'02 HTML 45K
13: EX-31.3 Certification -- §302 - SOA'02 HTML 45K
14: EX-31.4 Certification -- §302 - SOA'02 HTML 45K
15: EX-32.1 Certification -- §906 - SOA'02 HTML 41K
16: EX-32.2 Certification -- §906 - SOA'02 HTML 40K
17: EX-32.3 Certification -- §906 - SOA'02 HTML 41K
18: EX-32.4 Certification -- §906 - SOA'02 HTML 41K
25: R1 Document and Entity Information HTML 77K
26: R2 Consolidated Balance Sheets HTML 160K
27: R3 Consolidated Balance Sheets (Parentheticals) HTML 46K
28: R4 Consolidated Statements of Operations HTML 173K
29: R5 Consolidated Statements of Comprehensive Income HTML 68K
30: R6 Consolidated Statements of Changes in Equity HTML 151K
31: R7 Consolidated Statements of Changes in Equity HTML 81K
(Parentheticals)
32: R8 Consolidated Statements of Changes in Owners' HTML 100K
Equity
33: R9 Consolidated Statements of Cash Flows HTML 197K
34: R10 Organization and Basis of Presentation HTML 46K
35: R11 Summary of Significant Accounting Policies HTML 140K
36: R12 Properties HTML 464K
37: R13 Direct Financing Leases HTML 122K
38: R14 Mortgage Notes Receivable HTML 72K
39: R15 Other Investments HTML 97K
40: R16 Variable Interest Entities HTML 127K
41: R17 Investment in Unconsolidated Joint Venture HTML 41K
42: R18 Assets Held for Sale HTML 69K
43: R19 Intangibles HTML 89K
44: R20 Concentration of Risk HTML 41K
45: R21 Lease and Mortgage Deposits HTML 40K
46: R22 Borrowing Arrangements HTML 259K
47: R23 Financial Instruments HTML 157K
48: R24 Taxes HTML 82K
49: R25 Retirement Arrangements HTML 40K
50: R26 Stockholders'/Owners' Equity HTML 127K
51: R27 Stock-Based Compensation HTML 416K
52: R28 Dividends HTML 83K
53: R29 Commitments and Contingencies HTML 62K
54: R30 Supplemental Disclosure to Consolidated Statements HTML 141K
of Cash Flows
55: R31 Summary of Quarterly Results (Unaudited) HTML 214K
56: R32 Earnings Per Share/Unit HTML 163K
57: R33 Subsequent Events HTML 41K
58: R34 Schedule Ii - Valuation and Qualifying Accounts HTML 163K
59: R35 Schedule Iii - Real Estate and Accumulated HTML 1.40M
Depreciation
60: R36 Schedule Iv - Mortgage Loans on Real Estate HTML 309K
61: R37 Summary of Significant Accounting Policies HTML 223K
(Policies)
62: R38 Summary of Significant Accounting Policies HTML 60K
(Tables)
63: R39 Properties (Tables) HTML 458K
64: R40 Direct Financing Leases (Tables) HTML 111K
65: R41 Mortgage Notes Receivable (Tables) HTML 67K
66: R42 Other Investments (Tables) HTML 78K
67: R43 Variable Interest Entities (Tables) HTML 131K
68: R44 Assets Held for Sale (Tables) HTML 70K
69: R45 Intangibles (Tables) HTML 91K
70: R46 Borrowing Arrangements (Tables) HTML 239K
71: R47 Financial Instruments (Tables) HTML 149K
72: R48 Taxes (Tables) HTML 71K
73: R49 Stockholders'/Owners' Equity (Tables) HTML 122K
74: R50 Stock-Based Compensation (Tables) HTML 416K
75: R51 Dividends (Tables) HTML 85K
76: R52 Commitments and Contingencies (Tables) HTML 50K
77: R53 Supplemental Disclosure to Consolidated Statements HTML 140K
of Cash Flows (Tables)
78: R54 Summary of Quarterly Results (Unaudited) (Tables) HTML 213K
79: R55 Earnings Per Share/Unit (Tables) HTML 164K
80: R56 Organization and Basis of Presentation (Details) HTML 45K
81: R57 Summary of Significant Accounting Policies HTML 52K
(Narrative) (Detail)
82: R58 Summary of Significant Accounting Policies HTML 153K
(Narrative 2) (Detail)
83: R59 Summary of Significant Accounting Policies HTML 56K
(Accounts Receivable) (Detail)
84: R60 PROPERTIES - Leased Property (Narrative) (Detail) HTML 67K
85: R61 PROPERTIES - Summary of our investment in leased HTML 59K
real estate properties (Details)
86: R62 PROPERTIES - Future minimum estimated contractual HTML 57K
rents due (Detail)
87: R63 PROPERTIES - 2018 Acquisitions and Other (Detail) HTML 185K
88: R64 PROPERTIES - 2018 Acquisitions and Other HTML 103K
(Narrative) (Detail)
89: R65 PROPERTIES - 2017 Acquisitions and Other (Detail) HTML 155K
90: R66 PROPERTIES - 2016 Acquisitions and Other (Detail) HTML 235K
91: R67 PROPERTIES - 2016 Acquisitions and Other HTML 106K
(Narrative) (Detail)
92: R68 PROPERTIES - Assets Sold or Held for Sale HTML 158K
(Narrative) (Detail)
93: R69 Direct Financing Leases (Narrative) (Detail) HTML 56K
94: R70 Direct Financing Leases (Narrative 1) (Detail) HTML 48K
95: R71 Direct Financing Leases (Narrative 2) (Detail) HTML 49K
96: R72 Direct Financing Leases (Narrative 3) (Detail) HTML 218K
97: R73 Mortgage Notes Receivable (Narrative) (Detail) HTML 47K
98: R74 Mortgage Notes Receivable (Schedule of HTML 76K
Receivables) (Detail)
99: R75 Mortgage Notes Receivable (Notes Due 2027 HTML 58K
Narrative) (Detail)
100: R76 Mortgage Notes Receivable (Notes Due 2029 HTML 94K
Narrative) (Detail)
101: R77 Mortgage Notes Receivable (Notes Paid Off HTML 47K
Narrative) (Detail)
102: R78 Other Investments (Schedule of Receivables) HTML 75K
(Details)
103: R79 Other Investments (Note Due 2018-2022 Narrative) HTML 72K
(Detail)
104: R80 Other Investments (Note Due 2019 Narrative) HTML 62K
(Detail)
105: R81 Other Investments (Note Due 2020 Narrative) HTML 80K
(Detail)
106: R82 Other Investments (Note Due 2023 Narrative) HTML 73K
(Detail)
107: R83 Other Investments (Note Due 2024-2025 Narrative) HTML 66K
(Detail)
108: R84 Variable Interest Entities (Detail) HTML 95K
109: R85 Investment in Unconsolidated Joint Venture HTML 73K
(Narrative) (Details)
110: R86 Assets Held for Sale (Detail) HTML 50K
111: R87 Assets Held for Sale (Narrative) (Detail) HTML 66K
112: R88 INTANGIBLES - Summary of our intangibles (Detail) HTML 58K
113: R89 Intangibles (Narrative) (Detail) HTML 50K
114: R90 Intangibles (Narrative 2) (Detail) HTML 38K
115: R91 Intangibles - Reconciliation of goodwill (Detail) HTML 42K
116: R92 Concentration of Risk (Narrative) (Detail) HTML 102K
117: R93 Lease and Mortgage Deposits (Narrative) (Detail) HTML 51K
118: R94 Borrowing Arrangements (Details) HTML 191K
119: R95 Borrowing Arrangements (Narrative) (Detail) HTML 70K
120: R96 Borrowing Arrangements (Narrative 1) (Detail) HTML 129K
121: R97 Borrowing Arrangements (Narrative 2) (Detail) HTML 67K
122: R98 Borrowing Arrangements (Narrative 3) (Detail) HTML 98K
123: R99 Borrowing Arrangements - Principal payments HTML 56K
(Detail)
124: R100 BORROWING ARRANGEMENTS - Refinancing related costs HTML 44K
(Details)
125: R101 BORROWING ARRANGEMENTS - Refinancing related costs HTML 68K
(Narrative) (Detail)
126: R102 Financial Instruments (Details) HTML 94K
127: R103 Financial Instruments (Narrative) (Detail) HTML 57K
128: R104 Taxes (Narrative) (Detail) HTML 96K
129: R105 Taxes (Detail) HTML 57K
130: R106 Retirement Arrangements (Narrative) (Detail) HTML 43K
131: R107 Stockholders'/Owners' Equity (Narrative) (Details) HTML 52K
132: R108 Stockholders'/Owners' Equity (Narrative 2) HTML 44K
(Detail)
133: R109 Stockholders'/Owners' Equity (Details) HTML 98K
134: R110 Stock-Based Compensation (Detail) HTML 70K
135: R111 Stock-Based Compensation (Narrative) (Detail) HTML 59K
136: R112 Stock-Based Compensation (1) (Detail) HTML 61K
137: R113 Stock-Based Compensation (2) (Detail) HTML 75K
138: R114 Stock-Based Compensation (3) (Detail) HTML 105K
139: R115 Dividends (Details) HTML 56K
140: R116 Dividends (Per Share Distributions) (Detail) HTML 46K
141: R117 Commitments and Contingencies (Narrative) HTML 69K
(Details)
142: R118 Commitments and Contingencies (Detail) HTML 43K
143: R119 Supplemental Disclosure to Consolidated Statements HTML 88K
of Cash Flows (Detail)
144: R120 Summary of Quarterly Results (Unaudited) (Detail) HTML 84K
145: R121 Summary of Quarterly Results (Unaudited) HTML 44K
(Narrative) (Detail)
146: R122 EARNINGS PER SHARE/UNIT - Computation of basic and HTML 107K
diluted earnings per share (Detail)
147: R123 Subsequent Events (Narrative) (Detail) HTML 66K
148: R124 Schedule Ii - Valuation and Qualifying Accounts HTML 59K
(Detail)
149: R125 Schedule Iii - Real Estate and Accumulated HTML 665K
Depreciation (Detail)
150: R126 Schedule Iii - Real Estate and Accumulated HTML 61K
Depreciation (Narrative) (Detail)
151: R127 Schedule Iii - Real Estate and Accumulated HTML 41K
Depreciation (Narrative 1) (Detail)
152: R128 Schedule Iv - Mortgage Loans on Real Estate HTML 137K
(Detail)
153: R129 Schedule Iv - Mortgage Loans on Real Estate HTML 54K
(Narrative 1) (Detail)
154: R130 Schedule Iv - Mortgage Loans on Real Estate HTML 41K
(Narrative 2) (Detail)
156: XML IDEA XML File -- Filing Summary XML 283K
155: EXCEL IDEA Workbook of Financial Reports XLSX 226K
19: EX-101.INS XBRL Instance -- ohi-20181231 XML 10.32M
21: EX-101.CAL XBRL Calculations -- ohi-20181231_cal XML 291K
22: EX-101.DEF XBRL Definitions -- ohi-20181231_def XML 1.92M
23: EX-101.LAB XBRL Labels -- ohi-20181231_lab XML 2.60M
24: EX-101.PRE XBRL Presentations -- ohi-20181231_pre XML 2.52M
20: EX-101.SCH XBRL Schema -- ohi-20181231 XSD 438K
157: ZIP XBRL Zipped Folder -- 0000888491-19-000006-xbrl Zip 486K
| ohi_Ex10_8C |
Exhibit 10.8C
TSR-BASED PERFORMANCE RESTRICTED STOCK UNITS AGREEMENT
PURSUANT TO
THE OMEGA HEALTHCARE INVESTORS, INC. 2018 STOCK INCENTIVE PLAN
The grant pursuant to this agreement (this “Agreement”) is made as of the Grant Date, by Omega Healthcare Investors, Inc. (the “Company”) to ___________________ (the “Recipient”).
Upon and subject to this Agreement (which shall include the Terms and Conditions and Exhibits appended to the execution page), the Company hereby awards as of the Grant Date to the Recipient, the opportunity to earn Vested Stock Units (the “Restricted Unit Grant” or the “Award”). Underlined and capitalized captions in Items A through F below shall have the meanings therein ascribed to them.
A. Grant Date: _________, 20__.
B. Plan (under which Restricted Unit Grant is granted): Omega Healthcare Investors, Inc. 2018 Stock Incentive Plan.
C. Vested Stock Units: The Recipient shall earn a number of Vested Stock Units determined pursuant to Exhibit 1. Each Vested Stock Unit represents the Company’s unsecured obligation to issue one share of the Company’s common stock (“Common Stock”).
D. Dividends Equivalents. Each Restricted Unit (as defined in Exhibit 1) shall accrue Dividend Equivalents, an amount per unit equal to the dividends per share paid on one share of Common Stock to a shareholder of record on or after _________, 20__ and until the distribution date specified in Item F below.
E. Distribution Date of Vested Shares. Shares of Common Stock attributable to Vested Stock Units (“Vested Shares”) shall be issued and distributed within (10) business days following each vesting event or upon the date of a Change in Control, whichever is earlier, subject in either case to receipt from the Recipient of the required tax withholding. Notwithstanding the foregoing, distribution shall be delayed to the extent provided in any deferral agreement between the Recipient and the Company as a result of the Recipient’s valid deferral election.
F. Distribution Dates of Dividend Equivalents. Subject to tax withholding, up to the maximum statutory rates, accrued Dividend Equivalents attributable to Restricted Units which become Earned Unvested Restricted Units (as defined in Exhibit 1) shall be distributed to the Recipient within twenty (20) business days following the last day of the Performance Period, and thereafter, future Dividend Equivalents on Earned Unvested Restricted Units and Vested Stock Units shall be distributed to Recipient on the same date on the same date that the related dividends are paid to shareholders of record. Notwithstanding the foregoing or any other provision hereof, distribution of Dividend Equivalents shall be deferred to the extent provided in any deferral agreement
between the Recipient and the Company as a result of the Recipient’s valid deferral election and shall be paid in the form provided in such agreement. Dividend Equivalents on Restricted Units which do not become Earned Unvested Restricted Units are forfeited.
IN WITNESS WHEREOF, the Company has executed this Agreement to be effective as of the Grant Date set forth above.
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OMEGA HEALTHCARE INVESTORS, INC. |
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2
TERMS AND CONDITIONS TO THE
TSR-BASED PERFORMANCE RESTRICTED STOCK UNITS AGREEMENT
PURSUANT TO
THE OMEGA HEALTHCARE INVESTORS, INC. 2018 STOCK INCENTIVE PLAN
1. Vested Stock Units. The Company shall issue in book entry form in the name of the Recipient, or issue and deliver to the Recipient a share certificate representing, the Vested Shares on the Distribution Date of Vested Shares.
2. Tax Withholding, Dividends Equivalents. Payment of Dividend Equivalents is subject to required tax withholding.
3. Tax Withholding, Shares.
(a) The minimum required amount of the tax withholding obligations imposed on the Company, or at the Company’s discretion if tax withholding is required, tax withholding up to the maximum statutory rates, by reason of the issuance of the Vested Shares shall be satisfied by reducing the actual number of Vested Shares by the number of whole shares of Common Stock which, when multiplied by the Fair Market Value of the Common Stock on the Distribution Date of Vested Shares, is sufficient, together with cash in lieu of any fractional share, to satisfy such tax withholding, assuming that (i) the Recipient does not make a valid election to satisfy tax withholding in cash pursuant to Subsection (b), and (ii) the Committee does not determine that tax withholding will be required to be satisfied in another manner.
(b) However, the Recipient may elect in writing by notice to the Company received at least ten (10) days before the earliest Distribution Date of Vested Shares to satisfy such tax withholding obligation in cash by the earliest Distribution Date of Vested Shares, as provided in Subsection (a)(i). If the Recipient fails to timely satisfy payment of the cash amount, then Subsection (a) shall apply.
(c) To the extent that the Recipient is required to satisfy the tax withholding obligation in this Section in cash, the Company shall withhold the cash from any cash payments then owed to the Recipient, or if none, the Recipient shall timely remit the cash amount.
(d) If the Recipient does not timely satisfy payment of the tax withholding obligation, the Recipient will forfeit the Vested Shares.
4. Restrictions on Transfer. Except for the transfer by bequest or inheritance, the Recipient shall not have the right to make or permit to exist any transfer or hypothecation, whether outright or as security, with or without consideration, voluntary or involuntary, of all or any part of any right, title or interest in or to this Award. Any such disposition not made in accordance with this Agreement shall be deemed null and void. Any permitted transferee under this Section shall be bound by the terms of this Agreement.
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5. Change in Capitalization.
(a) The number and kind of shares issuable under this Agreement shall be proportionately adjusted for any non-reciprocal transaction between the Company and the holders of capital stock of the Company that causes the per share value of the shares of Common Stock subject to the Award to change, such as a stock dividend, stock split, spinoff, rights offering, or recapitalization through a large, non-recurring cash dividend (each, an “Equity Restructuring”). No fractional shares shall be issued in making such adjustment.
(b) In the event of a merger, consolidation, reorganization, extraordinary dividend, sale of substantially all of the Company’s assets, other material change in the capital structure of the Company, or a tender offer for shares of Common Stock, in each case that does not constitute an Equity Restructuring, the Committee shall take such action to make such adjustments with respect to the shares of Common Stock issuable hereunder or the terms of this Agreement as the Committee, in its sole discretion, determines in good faith is necessary or appropriate, including, without limitation, adjusting the number and class of securities subject to the Award, substituting cash, other securities, or other property to replace the Award, or removing of restrictions.
(c) All determinations and adjustments made by the Committee pursuant to this Section will be final and binding on the Recipient. Any action taken by the Committee need not treat all recipients of awards under the Plan equally.
(d) The existence of the Plan and the Restricted Unit Grant shall not affect the right or power of the Company to make or authorize any adjustment, reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of the Company, any issue of debt or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution or liquidation of the Company, any sale or transfer of all or part of its business or assets, or any other corporate act or proceeding.
6. Governing Laws. This Award shall be construed, administered and enforced according to the laws of the State of Maryland; provided, however, no Vested Shares shall be issued except, in the reasonable judgment of the Committee, in compliance with exemptions under applicable state securities laws of the state in which Recipient resides, and/or any other applicable securities laws.
7. Successors. This Agreement shall be binding upon and inure to the benefit of the heirs, legal representatives, successors, and permitted assigns of the parties.
8. Notice. Except as otherwise specified herein, all notices and other communications under this Agreement shall be in writing and shall be deemed to have been given if personally delivered or if sent by registered or certified United States mail, return receipt requested, postage prepaid, addressed to the proposed recipient at the last known address of the
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recipient. Any party may designate any other address to which notices shall be sent by giving notice of the address to the other parties in the same manner as provided herein.
9. Severability. In the event that any one or more of the provisions or portion thereof contained in this Agreement shall for any reason be held to be invalid, illegal, or unenforceable in any respect, the same shall not invalidate or otherwise affect any other provisions of this Agreement, and this Agreement shall be construed as if the invalid, illegal or unenforceable provision or portion thereof had never been contained herein.
10. Entire Agreement. This Agreement, together with the terms and conditions set forth in the Plan, expresses the entire understanding and agreement of the parties with respect to the subject matter. In the event of a conflict between the terms of the Plan and this Agreement, the Plan shall govern.
11. Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the party or parties who are thereby aggrieved shall have the right to specific performance and injunction in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative.
12. No Right to Continued Retention. Neither the establishment of the Plan nor the Award hereunder shall be construed as giving Recipient the right to continued service with the Company or an Affiliate.
13. Tax Effects under 409A. It is intended that the Award under this Agreement be exempt from Section 409A of the Internal Revenue Code (the “Code”) to the maximum extent possible, and to the extent that it is subject to Code Section 409A, that it comply with Code Section 409A. All provisions of this Agreement shall be construed consistent with that intent. More specifically, the Award under this Agreement is intended to be exempt from Code Section 409A as a short-term deferral pursuant to Treas. Regs. Section 1.409A-1(b)(4) (except to the extent payment is delayed as provided in any deferral agreement between the Recipient and the Company as a result of the Recipient’s valid election to defer as provided in Item E or F on the cover page of this Agreement). But if and to the extent that the Award does not qualify as a short-term deferral, notwithstanding any other provision of this Agreement, payment shall be made only in accordance with Code Section 409A, such that if payment is being made as a result of the Recipient’s termination of employment, that shall be construed to require a “separation from service” as defined under Code Section 409A and payment will be delayed for any “specified employee” as defined under Code Section 409A to the extent required to comply with Code Section 409A(a)(2)(B)(i). The Company does not guarantee to the Recipient that the Award will not be subject to tax under 409A, and if it is, the Recipient shall be solely responsible for such tax.
14. Headings and Capitalized Terms. Except as otherwise provided in this Agreement, headings used herein are for convenience of reference only and shall not be considered in construing this Agreement. Capitalized terms used, but not defined, in this Agreement shall be given the meaning ascribed to them in the Plan.
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15. Definitions. As used in this Agreement:
“Beginning Stock Price” means the average closing price per share of Common Stock for the months of November and December 20__ on the exchange on which Common Stock is traded, which is $__.__.
“Below Threshold TSR” means the Company has achieved Total Shareholder Return of less than _____ percent (__%) for the Performance Period.
“Cause” shall have the meaning set forth in the employment agreement then in effect between the Recipient and the Company or an Affiliate, or, if there is none, then Cause shall mean the occurrence of any of the following events:
(a) willful refusal by the Recipient to follow a lawful direction of the person to whom the Recipient reports or the Board of Directors of the Company (the “Board”), provided the direction is not materially inconsistent with the duties or responsibilities of the Recipient’s position with the Company or an Affiliate, which refusal continues after the Board has again given the direction in writing;
(b) willful misconduct or reckless disregard by the Recipient of the Recipient’s duties or with respect to the interest or material property of the Company or an Affiliate;
(c) material breach by the Recipient of the Intellectual Property Agreement between the Recipient and the Company, which causes material harm to the Company or an Affiliate;
(d) any act by the Recipient of fraud against, material misappropriation from or significant dishonesty to either the Company or an Affiliate, or any other party, but in the latter case only if in the reasonable opinion of at least two-thirds of the members of the Board (excluding the Recipient), such fraud, material misappropriation, or significant dishonesty could reasonably be expected to have a material adverse impact on the Company or its Affiliates; or
(e) commission by the Recipient of a felony as reasonably determined by at least two-thirds of the members of the Board (excluding the Recipient).
“Change in Control” means any one of the following events which occurs following the Grant Date:
(a) the acquisition within a twelve (12) month period, directly or indirectly, by any “person” or “persons” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than the Company or any employee benefit plan of the Company or an Affiliate, or any corporation pursuant to a reorganization, merger or consolidation, of equity securities of the Company that in the aggregate represent thirty percent (30%) or more of the total voting power of the Company’s then outstanding equity securities;
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(b) the acquisition, directly or indirectly, by any “person” or “persons” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than the Company or any employee benefit plan of the Company or an Affiliate, or any corporation pursuant to a reorganization, merger or consolidation of equity securities of the Company, resulting in such person or persons holding equity securities of the Company that, together with equity securities already held by such person or persons, in the aggregate represent more than fifty percent (50%) of the total fair market value or total voting power of the Company’s then outstanding equity securities;
(c) individuals who as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board;
(d) a reorganization, merger or consolidation, with respect to which persons who were the holders of equity securities of the Company immediately prior to such reorganization, merger or consolidation, immediately thereafter, own equity securities of the surviving entity representing less than fifty percent (50%) of the combined ordinary voting power of the then outstanding voting securities of the surviving entity; or
(e) the acquisition within a twelve (12) month period, directly or indirectly, by any “person” or “persons” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than any corporation pursuant to a reorganization, merger or consolidation, of assets of the Company that have a total gross fair market value equal to or more than eighty-five percent (85%) of the total gross fair market value of all of the assets of the Company immediately before such acquisition.
Notwithstanding the foregoing, no Change in Control shall be deemed to have occurred for purposes of this Award (a) unless the event also constitutes a “change in the ownership or effective control of the corporation or in the ownership of a substantial portion of the assets of the corporation” within the meaning of Code Section 409A(a)(2)(v), or (b) by reason of any actions or events in which the Recipient participates in a capacity other than in his capacity as an officer, employee, or director of the Company or an Affiliate.
“Ending Stock Price” means the average closing price per share of Common Stock for the months of November and December 20__ on the exchange on which Common Stock
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is traded, unless a Change in Control occurs on or before December 31, 20__, in which case the term means the value per share determined as of the date of the Change in Control, such value to be determined by the Committee in its reasonable discretion based on the actual or implied price per share paid in the Change in Control transaction.
“Ending Value of Reinvested Dividends” means the dollar amount equal to the Ending Stock Price multiplied by the total number of shares hypothetically purchased with the dividends declared to a shareholder of record during the Performance Period, assuming that each dividend is re-invested in Common Stock at the closing price per share on the last business day before the ex-dividend date. For purposes of this calculation, the dividends declared to a shareholder of record during the Performance Period will initially be calculated on one share of Common Stock beginning as of the first dividend declaration date during the Performance Period, and as of each dividend declaration date during the Performance Period thereafter, the dividends will be calculated with respect to the sum of one share of Common Stock plus the cumulative number of shares of Common Stock hypothetically purchased prior to such dividend declaration date. The “Ending Value of Reinvested Dividends” can also be expressed as the following formula:
Ending Value of Reinvested Dividends = (Ending Stock Price x Total Number of Shares Hypothetically Purchased with Reinvested Dividends)
Total Number of Shares Hypothetically Purchased with Reinvested Dividends = Number of Shares Hypothetically Purchased with First Reinvested Dividend + the sum of the Number of Shares Hypothetically Purchased with each Subsequent Reinvested Dividend
Number of Shares Hypothetically Purchased with First Reinvested Dividend = (dividend declared to a shareholder of record during the Performance Period calculated on one share of Common Stock as of the first dividend declaration date during such period)/closing price per share of Common Stock on the last business day before the ex-dividend date)
Number of Shares Hypothetically Purchased with each Subsequent Reinvested Dividend = (each dividend declared to a shareholder of record after the first dividend declaration date during the Performance Period calculated on the sum of the one share of Common Stock beginning as of the first dividend declaration date + the number of shares hypothetically purchased with reinvested dividends before such subsequent dividend declaration date)/closing price per share of Common Stock on the last business day before the related ex-dividend date)
“Good Reason” shall have the meaning set forth in the employment agreement then in effect between the Recipient and the Company or an Affiliate, or, if there is none, then Good Reason shall mean the occurrence of an event listed in Subsection (a) through (c) below:
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(a) the Recipient experiences a material diminution of the Recipient’s responsibilities of the Recipient’s position, as reasonably modified by the person to whom the Recipient reports or the Board from time to time, such that the Recipient would no longer have responsibilities substantially equivalent to those of other executives holding equivalent positions at companies with similar revenues and market capitalization;
(b) the Company or the Affiliate which employs the Recipient reduces the Recipient’s annual base salary or annual bonus opportunity at high, target or threshold performance as a percentage of annual base salary; or
(c) the Company or the Affiliate which employs the Recipient requires the Recipient to relocate the Recipient’s primary place of employment to a new location that is more than fifty (50) miles from its current location (determined using the most direct driving route), without the Recipient’s consent;
provided however, as to each event in Subsection (a) through (c),
(i) the Recipient gives written notice to the Company within ten (10) days following the event or receipt of notice of the event of the Recipients’ objection to the event;
(ii) the Company or the Affiliate which employs the Recipient fails to remedy the event within ten (10) days following the Recipient’s written notice; and
(iii) the Recipient terminates his employment within thirty (30) days following the Company’s and the Affiliate’s failure to remedy the event.
“High TSR” means the Company has achieved Total Shareholder Return of at least ______ percent (__%) for the Performance Period.
“Performance Period” means the period from and including January 1, 20__ through the earlier of December 31, 20__ or the date of a Change in Control.
“Target TSR” means the Company has achieved Total Shareholder Return of ______ percent (__%) for the Performance Period.
“Threshold TSR” means that the Company has achieved Total Shareholder Return of ______ percent (__%) for the Performance Period.
“Total Shareholder Return” means the compound annual growth rate (also known as “CAGR”), expressed as a percentage, of an investment in one share of Common Stock over the Performance Period, based on the Ending Stock Price plus the Ending Value of Reinvested Dividends, as compared to the Beginning Stock Price, and using the following formula:
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(((Ending Stock Price + Ending Value of Reinvested Dividends)/Beginning Stock Price)^(1/3)) – 1
“Vesting Period” means the period beginning on the day after the last day of the Performance Period and ending December 31, 20__.
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EXHIBIT 1
A. The number of “Restricted Units” is set forth under the heading “High TSR” in the TSR Chart below and represents the maximum potential number that can be earned. Except as otherwise provided in Items B and C below, the number of Restricted Units that is earned (the “Earned Unvested Restricted Units”) is determined as of the last day of the Performance Period from the Relative TSR Chart set forth below, provided that the Recipient shall vest in twenty-five percent (25%) of the Earned Unvested Restricted Units, which shall then become Vested Stock Units, as of the last day of each calendar quarter during the Vesting Period only if the Recipient remains an employee, director or consultant of the Company or an Affiliate during the entire Performance Period and through the last day of such calendar quarter.
TSR Chart
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Below |
*Threshold |
*Target |
*High |
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Zero |
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* If Total Shareholder Return falls between Threshold TSR and Target TSR or between Target TSR and High TSR, the number of Earned Unvested Restricted Units under the TSR Chart shall be determined in accordance with a separate written interpolation methodology established by the Company in connection with valuing the Restricted Units as of the Grant Date.
B. Except as provided in Item C below, if the Recipient dies or becomes subject to a Disability while an employee, director or consultant of the Company or an Affiliate, the Recipient resigns from the Company and all Affiliates for Good Reason or the Company and all Affiliates terminate the Recipient’s employment without Cause (each such event referred to as a “Qualifying Termination”), in each case:
(i) during the Performance Period, the Recipient shall vest upon completion of the Performance Period in the number of Earned Unvested Restricted Units determined in the TSR Chart (or if a Change in Control occurs after the Qualifying Termination and on or before December 31, 20__, the number of Earned Unvested Restricted Units determined pursuant to Section C.1. below), multiplied by a fraction, the numerator of which is the number of days elapsed in the Performance Period through the date of such event and the denominator of which is 1,095 (i.e., 365 x 3), or
(ii) during the Vesting Period, the Recipient shall vest as of the date of the Qualifying Termination in the same number of Earned Unvested Restricted Units determined in the TSR Chart as if the Recipient were to remain an employee of the Company or an Affiliate through the last day of the Vesting Period.
C. Notwithstanding Item B above, if a Change in Control occurs upon or after the Grant Date and on or before December 31, 20__, and (i) the Recipient remains an employee, director or consultant of the Company or an Affiliate during the entire Performance Period until the date of the Change in Control, or (ii) if within sixty (60) days before the Change in Control, the Recipient incurs a Qualifying Termination, the Recipient shall be 100% vested in, as of the date of the Change in Control:
1. if the Change in Control occurs on or before December 31, 20__, the number of Earned Unvested Restricted Units determined:
a. in the TSR Chart if the applicable level of Total Shareholder Return for the full three year Performance Period (determined without regard to the shortening of the period as a result of the Change in Control) is achieved, or
b. in the TSR Chart multiplied by a fraction, the numerator of which is the number of days elapsed in the Performance Period through the date of the Change in Control and the denominator of which is 1,095 (i.e., 365 x 3), if the applicable level of Total Shareholder Return has been achieved based on annualized performance to the date of the Change in Control but not for the full three year Performance Period (determined without regard to the shortening of the period as a result of the Change in Control), or
c. by interpolation between the numbers in clause (a) and (b) above if the applicable level of Total Shareholder Return has been exceeded based on performance to the date of the Change in Control but is less than the applicable level for the full three year Performance Period (determined without regard to the shortening of the period as a result of the Change in Control), or
2. if the Change in Control occurs after December 31, 20__, the number of Earned Unvested Restricted Units determined in the TSR Chart that were actually earned for the Performance Period which have not previously become Vested Stock Units pursuant to Item B.(i) above.
D. The number of Restricted Units that have not become Earned Unvested Restricted Units as of the last day of the Performance Period shall be forfeited. The number of Restricted Units that have not become Vested Stock Units (except Earned Unvested Restricted Units to the extent provided in Item B or C) as of the date the Recipient ceases to be an employee, director, or consultant of the Company and all Affiliates shall be forfeited.
E. If any calculation in this Exhibit results in a fractional number of Vested Stock Units, the number of Vested Stock Units shall be rounded to the closest whole number.
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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/14/23 Omega Healthcare Investors Inc. 10-K 12/31/22 150:30M 2/17/22 Omega Healthcare Investors Inc. 10-K 12/31/21 155:28M 2/22/21 Omega Healthcare Investors Inc. 10-K 12/31/20 142:28M |