EX-10.3



 Exhibit 10.3 
 INDEPENDENCE REALTY TRUST, INC. 
 LONG TERM INCENTIVE PLAN 

(AS AMENDED AND RESTATED AS OF JULY 29, 2013) 







 INDEPENDENCE REALTY TRUST, INC. 

LONG TERM INCENTIVE PLAN 
  

							
	 ARTICLE 1  PURPOSE
	  	 	1	  
			
	 1.1
	 	 General
	  	 	1	  
		
	 ARTICLE 2  DEFINITIONS
	  	 	1	  
			
	 2.1
	 	 Definitions
	  	 	1	  
		
	 ARTICLE 3  PLAN EFFECTIVE DATE; TERMINATION OF PLAN
	  	 	6	  
			
	 3.1
	 	 Plan Effective Date
	  	 	6	  
	 3.2
	 	 Termination of Plan
	  	 	6	  
		
	 ARTICLE 4  ADMINISTRATION
	  	 	6	  
			
	 4.1
	 	 Committee
	  	 	6	  
	 4.2
	 	 Actions and Interpretations by the Committee
	  	 	7	  
	 4.3
	 	 Authority of Committee
	  	 	7	  
	 4.4
	 	 Award Certificates
	  	 	7	  
		
	 ARTICLE 5  SHARES SUBJECT TO THE PLAN
	  	 	8	  
			
	 5.1
	 	 Number of Shares
	  	 	8	  
	 5.2
	 	 Share Counting
	  	 	8	  
	 5.3
	 	 Stock Distributed
	  	 	8	  
		
	 ARTICLE 6  ELIGIBILITY
	  	 	9	  
			
	 6.1
	 	 General
	  	 	9	  
		
	 ARTICLE 7  STOCK OPTIONS
	  	 	9	  
			
	 7.1
	 	 General
	  	 	9	  
	 7.2
	 	 Incentive Stock Options
	  	 	9	  
		
	 ARTICLE 8  STOCK APPRECIATION RIGHTS
	  	 	10	  
			
	 8.1
	 	 Grant of Stock Appreciation Rights
	  	 	10	  
		
	 ARTICLE 9  RESTRICTED STOCK, RESTRICTED STOCK UNITS AND DEFERRED STOCK UNITS
	  	 	10	  
			
	 9.1
	 	 Grant of Restricted Stock, Restricted Stock Units and Deferred Stock Units
	  	 	10	  
	 9.2
	 	 Issuance and Restrictions
	  	 	10	  
	 9.3
	 	 Forfeiture
	  	 	11	  
	 9.4
	 	 Delivery of Restricted Stock
	  	 	11	  
		
	 ARTICLE 10  PERFORMANCE AWARDS
	  	 	11	  
			
	 10.1
	 	 Grant of Performance Awards
	  	 	11	  
	 10.2
	 	 Performance Goals
	  	 	11	  
		
	 ARTICLE 11  DIVIDEND EQUIVALENTS
	  	 	12	  
			
	 11.1
	 	 Grant of Dividend Equivalents
	  	 	12	  
		
	 ARTICLE 12  OTHER AWARDS
	  	 	12	  
			
	 12.1
	 	 Grant of Other Awards
	  	 	12	  


  
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	 ARTICLE 13  PROVISIONS APPLICABLE TO AWARDS
	  	 	13	  
			
	 13.1
	 	 Term of Awards
	  	 	13	  
	 13.2
	 	 Form of Payment for Awards
	  	 	13	  
	 13.3
	 	 Limits on Transfer
	  	 	13	  
	 13.4
	 	 Beneficiaries
	  	 	13	  
	 13.5
	 	 Stock Trading Restrictions
	  	 	13	  
	 13.6
	 	 Acceleration upon Death or Disability
	  	 	13	  
	 13.7
	 	 Acceleration upon a Change in Control
	  	 	14	  
	 13.8
	 	 Acceleration for Any Reason
	  	 	14	  
	 13.9
	 	 Forfeiture Events
	  	 	14	  
	 13.10
	 	 Substitute Awards
	  	 	15	  
		
	 ARTICLE 14  CHANGES IN CAPITAL STRUCTURE
	  	 	15	  
			
	 14.1
	 	 Mandatory Adjustments
	  	 	15	  
	 14.2
	 	 Discretionary Adjustments
	  	 	15	  
	 14.3
	 	 General
	  	 	15	  
		
	 ARTICLE 15  AMENDMENT, MODIFICATION AND TERMINATION
	  	 	16	  
			
	 15.1
	 	 Amendment, Modification and Termination
	  	 	16	  
	 15.2
	 	 Awards Previously Granted
	  	 	16	  
	 15.3
	 	 Compliance Amendments
	  	 	16	  
		
	 ARTICLE 16  GENERAL PROVISIONS
	  	 	17	  
			
	 16.1
	 	 Rights of Participants
	  	 	17	  
	 16.2
	 	 Withholding
	  	 	17	  
	 16.3
	 	 Special Provisions Related to Section 409A of the Code
	  	 	17	  
	 16.4
	 	 Unfunded Status of Awards
	  	 	19	  
	 16.5
	 	 Relationship to Other Benefits
	  	 	19	  
	 16.6
	 	 Expenses
	  	 	19	  
	 16.7
	 	 Titles and Headings
	  	 	19	  
	 16.8
	 	 Gender and Number
	  	 	19	  
	 16.9
	 	 Fractional Shares
	  	 	19	  
	 16.10
	 	 Government and Other Regulations
	  	 	19	  
	 16.11
	 	 Governing Law
	  	 	20	  
	 16.12
	 	 Additional Provisions
	  	 	20	  
	 16.13
	 	 No Limitations on Rights of Company
	  	 	20	  
	 16.14
	 	 Indemnification
	  	 	20	  


  
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 INDEPENDENCE REALTY TRUST, INC. 

LONG TERM INCENTIVE PLAN 
 ARTICLE 1 
 PURPOSE 

1.1. GENERAL. The purpose of the Long Term Incentive Plan (the “Plan”) is to enable Independence Realty Trust,
Inc. (the “Company”) and its Affiliates (as defined below) to (1) provide an incentive to employees, officers, directors, consultants and advisors to improve the Company’s operations and increase the Company’s
profits, (2) encourage such persons to accept or continue employment with the Company’s advisor or its affiliates; and (3) increase the interest of the Company’s employees, officers and directors in the Company’s welfare
through their participation in the growth in the value of the Company’s common shares. Accordingly, the Plan permits the grant of incentive awards from time to time to selected employees, officers, directors, consultants and advisors of the
Company and its Affiliates. 
 ARTICLE 2 
 DEFINITIONS 
 2.1. DEFINITIONS. When a word or phrase appears in
this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence, the word or phrase shall generally be given the meaning ascribed to it in this Section or in Section 1.1 unless a clearly different meaning is
required by the context. The following words and phrases shall have the following meanings: 
 (a)
“Affiliate” means (i) any Subsidiary or Parent, or (ii) an entity that directly or through one or more intermediaries controls, is controlled by or is under common control with, the Company, as determined by the Committee.

 (b) “Award” means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock
Unit, Deferred Stock Unit, Performance Award, Dividend Equivalent, Other Award, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 

(c) “Award Certificate” means a written document, in such form as the Committee prescribes from time to
time, setting forth the terms and conditions of an Award. Award Certificates may be in the form of individual award agreements or certificates or a program document describing the terms and provisions of an Award or series of Awards under the Plan.
The Committee may provide for the use of electronic, internet or other non-paper Award Certificates, and the use of electronic, internet or other non-paper means for the acceptance thereof and actions thereunder by a Participant. 

(d) “Beneficial Owner” shall have the meaning given such term in Rule 13d-3 of the General Rules and
Regulations under the 1934 Act. 
 (e) “Board” means the Board of Directors of the Company.

 (f) “Cause” as a reason for a Participant’s termination of employment shall have the
meaning assigned such term in the employment, severance or similar agreement, if any, between such Participant and the Company or an Affiliate; provided, however, that if there is no such employment, severance or similar agreement in
which such term is defined, and unless otherwise 







 
defined in the applicable Award Certificate, “Cause” shall mean any of the following acts by the Participant, as determined by the Committee: gross neglect of duty, prolonged absence
from duty without the consent of the Company, material breach by the Participant of any published Company code of conduct or code of ethics; or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental
to the Company. With respect to a Participant’s termination of directorship, “Cause” means an act or failure to act that constitutes cause for removal of a director under applicable Maryland law. The determination of the
Committee as to the existence of “Cause” shall be conclusive on the Participant and the Company. 
 (g)
“Change in Control” means and includes the occurrence of any one of the following events but shall specifically exclude a Public Offering: 
 (i) individuals who, on the Plan Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board, provided that any
person becoming a director after the Plan Effective Date and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board shall be an Incumbent Director; provided,
however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or
other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy
Contest, shall be deemed an Incumbent Director; or 
 (ii) any Person becomes a Beneficial Owner, directly or
indirectly, of either (A) 35% or more of the then-outstanding shares of common stock of the Company (“Company Common Stock”) or (B) securities of the Company representing 35% or more of the combined voting power of the
Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of
Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or a Subsidiary, (y) an acquisition by any employee benefit
plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Transaction (as defined in subsection (iii) below); or 

(iii) the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate
transaction involving the Company or a Subsidiary (a “Reorganization”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of
another corporation or other entity (an “Acquisition”), unless immediately following such Reorganization, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners,
respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Reorganization, Sale or Acquisition beneficially own, directly or indirectly, more than 35% of, respectively, the then
outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Reorganization, Sale or
Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock 

  
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either directly or through one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such Reorganization,
Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no Person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate
parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 35% or more of the total common stock or 35% or more of the total voting
power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the
Board’s approval of the execution of the initial agreement providing for such Reorganization, Sale or Acquisition (any Reorganization, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall
be deemed to be a “Non-Qualifying Transaction”); or 
 (iv) approval by the stockholders of the
Company of a complete liquidation or dissolution of the Company. 
 (h) “Charter” means the
articles of incorporation of the Company, as such articles of incorporation may be amended from time to time. 

(i) “Code” means the Internal Revenue Code of 1986, as amended from time to time. For purposes of this
Plan, references to sections of the Code shall be deemed to include references to any applicable regulations thereunder and any successor or similar provision. 
 (j) “Committee” means the committee of the Board described in Article 4. 
 (k) “Company” means Independence Realty Trust, Inc., a Maryland corporation, or any successor corporation. 

(l) “Continuous Status as a Participant” means the absence of any interruption or termination of service
as an employee, officer, director, consultant or advisors of the Company or any Affiliate, as applicable; provided, however, that for purposes of an Incentive Stock Option “Continuous Status as a Participant” means the
absence of any interruption or termination of service as an employee of the Company or any Parent or Subsidiary, as applicable, pursuant to applicable tax regulations. Continuous Status as a Participant shall not be considered interrupted in the
following cases: (i) a Participant transfers employment between the Company and an Affiliate or between Affiliates, or (ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a spin-off, sale or
disposition of the Participant’s employer from the Company or any Affiliate, or (iii) any leave of absence authorized in writing by the Company prior to its commencement; provided, however, that for purposes of Incentive
Stock Options, no such leave may exceed 90 days, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, on the 91st
day of such leave any Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Nonstatutory Stock Option. Whether military, government or other service or other
leave of absence shall constitute a termination of Continuous Status as a Participant shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive. 

  
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 (m) “Deferred Stock Unit” means a right granted to a
Participant under Article 9 to receive Shares (or the equivalent value in cash or other property if the Committee so provides) at a future time as determined by the Committee, or as determined by the Participant within guidelines established by the
Committee in the case of voluntary deferral elections. 
 (n) “Disability” of a Participant
means that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months,
receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. If the determination of Disability relates to an Incentive Stock Option,
Disability means Permanent and Total Disability as defined in Section 22(e)(3) of the Code. In the event of a dispute, the determination of whether a Participant is Disabled will be made by the Committee and may be supported by the advice of a
physician competent in the area to which such Disability relates. 
 (o) “Dividend Equivalent”
means a right granted to a Participant under Article 11. 
 (p) “Eligible Participant” means an
employee, officer, consultant or director of the Company or any Affiliate. 
 (q) “Exchange”
means any national securities exchange on which the Stock may from time to time be listed or traded. 
 (r)
“Fair Market Value,” on any date, means (i) if the Stock is listed on a securities exchange, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the
closing sales price on the immediately preceding date on which sales were reported, or (ii) if the Stock is not listed on a securities exchange, the mean between the bid and offered prices as quoted by the applicable interdealer quotation
system for such date, provided that if the Stock is not quoted on such interdealer quotation system or it is determined that the fair market value is not properly reflected by such quotations, Fair Market Value will be determined by such other
method as the Committee determines in good faith to be reasonable and in compliance with Code Section 409A. 

(s) “Grant Date” of an Award means the first date on which all necessary corporate action has been taken
to approve the grant of the Award as provided in the Plan, or such later date as is determined and specified as part of that authorization process. Notice of the grant shall be provided to the grantee within a reasonable time after the Grant Date.

 (t) “Incentive Stock Option” means an Option that is intended to be an incentive stock option
and meets the requirements of Section 422 of the Code or any successor provision thereto. 
 (u) [Reserved]

 (v) “Nonstatutory Stock Option” means an Option that is not an Incentive Stock Option.

 (w) “Operating Partnership” means Independence Realty Operating Partnership, LP, a Delaware
limited partnership of which the Company is the sole general partner. 

  
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 (x) “OP Interests” means limited partnership interests in
the Operating Partnership that may be exchanged or redeemed for Shares on a one-for-one basis, or any profits interest in the Operating Partnership that may be exchanged or converted into such limited partnership interests. 

(y) “Option” means a right granted to a Participant under Article 7 of the Plan to purchase Stock at a
specified price during specified time periods. An Option may be either an Incentive Stock Option or a Nonstatutory Stock Option. 
 (z) “Other Award” means a right granted to a Participant under Article 12. 
 (aa) “Parent” means a corporation, limited liability company, partnership or other entity which owns or beneficially owns a majority of the outstanding voting stock or voting power of the
Company. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code. 
 (bb) “Participant” means a person who, as an employee, officer, director or consultant of the Company or any Affiliate, has been granted an Award under the Plan; provided that in the case
of the death of a Participant, the term “Participant” refers to a beneficiary designated pursuant to Section 13.4 or the legal guardian or other legal representative acting in a fiduciary capacity on behalf of the Participant under
applicable state law and court supervision. 
 (cc) “Performance Award” means any award granted
under the Plan pursuant to Article 10. 
 (dd) “Person” means any individual, entity or group,
within the meaning of Section 3(a)(9) of the 1934 Act and as used in Section 13(d)(3) or 14(d)(2) of the 1934 Act. 
 (ee) “Plan” means the Long Term Incentive Plan, as amended from time to time. 
 (ff) “Plan Effective Date” has the meaning assigned such term in Section 3.1. 
 (gg) “Public Offering” shall occur on the closing date of a public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by
the Company under the 1933 Act. 
 (hh) “Restricted Stock” means Stock granted to a Participant
under Article 9 that is subject to certain restrictions and to risk of forfeiture. 
 (ii) “Restricted
Stock Unit” means a right granted to a Participant under Article 9 to receive shares of Stock (or the equivalent value in cash or other property if the Committee so provides) in the future, which right is subject to certain restrictions and
to risk of forfeiture. 
 (jj) “Shares” means shares of the Company’s Stock. If there has
been an adjustment or substitution pursuant to Section 14.1, the term “Shares” shall also include any shares of stock or other securities that are substituted for Shares or into which Shares are adjusted pursuant to Section 14.1.

 (kk) “Stock” means the $0.01 par value common stock of the Company and such other securities
of the Company as may be substituted for Stock pursuant to Section 14.1. 

  
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 (ll) “Stock Appreciation Right” or “SAR” means a
right granted to a Participant under Article 8 to receive a payment equal to the difference between the Fair Market Value of a Share as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to Article 8.

 (mm) “Subsidiary” means any corporation, limited liability company, partnership or other
entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set forth
in Section 424(f) of the Code. 
 (nn) “1933 Act” means the Securities Act of 1933, as
amended from time to time. 
 (oo) “1934 Act” means the Securities Exchange Act of 1934, as
amended from time to time. 
 ARTICLE 3 
 PLAN EFFECTIVE DATE; TERMINATION OF PLAN 
 3.1. PLAN EFFECTIVE DATE.
The “Plan Effective Date” shall mean July 29, 2013, the date the amended and restated Plan was approved by both the Board and the stockholders of the Company. The Plan initially became effective on April 6, 2011.

 3.2. TERMINATION OF PLAN. The Plan shall terminate on the tenth anniversary of the Plan Effective Date unless earlier
terminated as provided herein. The termination of the Plan on such date shall not affect the validity of any Award outstanding on the date of termination, which shall continue to be governed by the applicable terms and conditions of this Plan.
Notwithstanding the foregoing, no Incentive Stock Options may be granted more than ten (10) years after the earlier of (a) adoption of this Plan by the Board, or (b) the Plan Effective Date. 

ARTICLE 4 

ADMINISTRATION 
 4.1. COMMITTEE. The Plan shall be administered by the Compensation Committee appointed by the Board (which Committee shall consist of at least two directors) or its successor or such other
committee of the Board to which the Board has delegated with authority to administer the Plan or, at the discretion of the Board from time to time, the Plan may be administered by the Board. The members of the Committee shall be appointed by, and
may be changed at any time and from time to time in the discretion of, the Board. It is intended that at least two of the directors appointed to serve on the Committee shall be “non-employee directors” (within the meaning of Rule 16b-3
promulgated under the 1934 Act) and that any such members of the Committee who do not so qualify shall abstain from participating in any decision to make or administer Awards that are made to Eligible Participants who at the time of consideration
for such Award are persons subject to the short-swing profit rules of Section 16 of the 1934 Act. However, the mere fact that a Committee member shall fail to qualify as a “non-employee director” or shall fail to abstain from such
action shall not invalidate any Award made by the Committee which Award is otherwise validly made under the Plan. The members of the Committee shall be appointed by, and may be changed at any time and from time to time in the discretion of, the
Board. The Board may reserve to itself any or all of the authority and responsibility of the Committee under the Plan or may act as administrator of the Plan for any and all purposes. To the extent the Board has reserved any authority and
responsibility or during any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee (other than in this Section 4.1) shall include the
Board. To the extent any action of the Board under the Plan conflicts with actions taken by the Committee, the actions of the Board shall control. 

  
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 4.2. ACTION AND INTERPRETATIONS BY THE COMMITTEE. For purposes of administering the
Plan, the Committee may from time to time adopt rules, regulations, guidelines and procedures for carrying out the provisions and purposes of the Plan and make such other determinations, not inconsistent with the Plan, as the Committee may deem
appropriate. The Committee’s interpretation of the Plan, any Awards granted under the Plan, any Award Certificate and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties.
Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Affiliate, the Company’s or an Affiliate’s
independent certified public accountants, Company counsel or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 

4.3. AUTHORITY OF COMMITTEE. The Committee has the exclusive power, authority and discretion to: 

(a) grant Awards; 
 (b) designate Participants; 
 (c) determine the type or types of
Awards to be granted to each Participant; 
 (d) determine the number of Awards to be granted and the number of
Shares, OP Interests or dollar amount to which an Award will relate; 
 (e) determine the terms and conditions of
any Award granted under the Plan; 
 (f) prescribe the form of each Award Certificate, which need not be
identical for each Participant; 
 (g) decide all other matters that must be determined in connection with an
Award; 
 (h) establish, adopt or revise any rules, regulations, guidelines or procedures as it may deem
necessary or advisable to administer the Plan; 
 (i) make all other decisions and determinations that may be
required under the Plan or as the Committee deems necessary or advisable to administer the Plan; 
 (j) amend the
Plan or any Award Certificate as provided herein; and 
 (k) adopt such modifications, procedures, and subplans
as may be necessary or desirable to comply with provisions of the laws of non-U.S. jurisdictions in which the Company or any Affiliate may operate, in order to assure the viability of the benefits of Awards granted to participants located in such
other jurisdictions and to meet the objectives of the Plan. 
 4.4. AWARD CERTIFICATES. Each Award, other than an Award
of Shares which are not subject to any restrictions or conditions, shall be evidenced by an Award Certificate. Each Award Certificate shall include such provisions, not inconsistent with the Plan, as may be specified by the Committee. 

  
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 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
 5.1. NUMBER OF SHARES. Subject to
adjustment as provided in Sections 5.2 and Section 14.1, the aggregate number of Shares reserved and available for issuance pursuant to Awards granted under the Plan shall be 800,000. The maximum number of Shares that may be issued upon
exercise of Incentive Stock Options granted under the Plan shall be 800,000. 
 5.2. SHARE COUNTING. Shares covered by an
Award shall be subtracted from the Plan share reserve as of the date of grant, but shall be added back to the Plan share reserve in accordance with this Section 5.2. 

(a) To the extent that an Award is canceled, terminates, expires, is forfeited or lapses for any reason, any unissued or
forfeited Shares subject to the Award will again be available for issuance pursuant to Awards granted under the Plan. 
 (b) Shares subject to Awards settled in cash will again be available for issuance pursuant to Awards granted under the Plan. 

(c) Shares withheld from an Award or delivered by a Participant to satisfy minimum tax withholding requirements will again
be available for issuance pursuant to Awards granted under the Plan. 
 (d) If the exercise price of an Option is
satisfied by delivering Shares to the Company (by either actual delivery or attestation), only the number of Shares issued to the Participant in excess of the Shares tendered (by delivery or attestation) shall be considered for purposes of
determining the number of Shares remaining available for issuance pursuant to Awards granted under the Plan. 

(e) To the extent that the full number of Shares subject to an Option or SAR is not issued upon exercise of the Option or
SAR for any reason, including by reason of net-settlement of the Award, only the number of Shares issued and delivered upon exercise of the Option or SAR shall be considered for purposes of determining the number of Shares remaining available for
issuance pursuant to Awards granted under the Plan. 
 (f) To the extent that the full number of Shares subject
to an Award other than an Option or SAR is not issued for any reason, including by reason of failure to achieve maximum performance goals, only the number of Shares issued and delivered shall be considered for purposes of determining the number of
Shares remaining available for issuance pursuant to Awards granted under the Plan. 
 (g) Substitute Awards
granted pursuant to Section 13.10 of the Plan shall not count against the Shares otherwise available for issuance under the Plan under Section 5.1. 
 5.3. STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market.


  
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 ARTICLE 6 
 ELIGIBILITY 
 6.1. GENERAL. Awards may be granted only to Eligible
Participants. Incentive Stock Options may be granted only to Eligible Participants who are employees of the Company or a Parent or Subsidiary as defined in Section 424(e) and (f) of the Code. Eligible Participants who are service providers
to an Affiliate may be granted Options or SARs under this Plan only if the Affiliate qualifies as an “eligible issuer of service recipient stock” within the meaning of §1.409A-1(b)(5)(iii)(E) of the final regulations under Code
Section 409A. 
 ARTICLE 7 
 STOCK OPTIONS 
 7.1. GENERAL. The Committee is authorized to grant
Options to Participants on the following terms and conditions: 
 (a) EXERCISE PRICE. The exercise price
per Share under an Option shall be determined by the Committee, provided that the exercise price for any Option (other than an Option issued as a substitute Award pursuant to Section 13.10) shall not be less than the Fair Market Value as of the
Grant Date. 
 (b) PROHIBITION ON REPRICING. Except as otherwise provided in Section 14.1, the
exercise price of an Option may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the stockholders of the Company. 

(c) TIME AND CONDITIONS OF EXERCISE. The Committee shall determine the time or times at which an Option may be
exercised in whole or in part, subject to Section 7.1(e). The Committee shall also determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be exercised or vested. 

(d) PAYMENT. The Committee shall determine the methods by which the exercise price of an Option may be paid, the
form of payment, including, without limitation, cash, Shares, or other property (including “cashless exercise” arrangements), and the methods by which Shares shall be delivered or deemed to be delivered to Participants. 

(e) EXERCISE TERM. Except for Nonstatutory Options granted to Participants outside the United States, no Option
granted under the Plan shall be exercisable for more than ten years from the Grant Date. 
 (f) NO DEFERRAL
FEATURE. No Option shall provide for any feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the Option. 

(g) NO DIVIDEND EQUIVALENTS. No Option shall provide for Dividend Equivalents. 

7.2. INCENTIVE STOCK OPTIONS. The terms of any Incentive Stock Options granted under the Plan must comply with the requirements of
Section 422 of the Code. If all of the requirements of Section 422 of the Code are not met, the Option shall automatically become a Nonstatutory Stock Option. 

  
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 ARTICLE 8 
 STOCK APPRECIATION RIGHTS 
 8.1. GRANT OF STOCK APPRECIATION RIGHTS.
The Committee is authorized to grant Stock Appreciation Rights to Participants on the following terms and conditions: 
 (a) RIGHT TO PAYMENT. Upon the exercise of a SAR, the Participant to whom it is granted has the right to receive, for each Share with respect to which the SAR is being exercised, the excess, if
any, of: 
 (1) The Fair Market Value of one Share on the date of exercise; over 

(2) The base price of the SAR as determined by the Committee, which shall not be less than the Fair Market Value of one
Share on the Grant Date. 
 (b) PROHIBITION ON REPRICING. Except as otherwise provided in
Section 14.1, the base price of a SAR may not be reduced, directly or indirectly by cancellation and regrant or otherwise, without the prior approval of the stockholders of the Company. 

(c) EXERCISE TERM. Except for SARs granted to Participants outside the United States, no SAR shall be exercisable
for more than ten years from the Grant Date. 
 (d) NO DEFERRAL FEATURE. No SAR shall provide for any
feature for the deferral of compensation other than the deferral of recognition of income until the exercise or disposition of the SAR. 
 (e) NO DIVIDEND EQUIVALENTS. No SAR shall provide for Dividend Equivalents. 
 (f) OTHER TERMS. All SARs shall be evidenced by an Award Certificate. Subject to the limitations of this Article 8, the terms, methods of exercise, methods of settlement, form of consideration
payable in settlement, and any other terms and conditions of any SAR shall be determined by the Committee at the time of the grant of the Award and shall be reflected in the Award Certificate. 

ARTICLE 9 

RESTRICTED STOCK, RESTRICTED STOCK UNITS 
 AND DEFERRED STOCK UNITS 
 9.1. GRANT OF RESTRICTED STOCK, RESTRICTED
STOCK UNITS AND DEFERRED STOCK UNITS. The Committee is authorized to make Awards of Restricted Stock, Restricted Stock Units or Deferred Stock Units to Participants in such amounts and subject to such terms and conditions as may be selected by
the Committee. An Award of Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be evidenced by an Award Certificate setting forth the terms, conditions, and restrictions applicable to the Award. 

9.2. ISSUANCE AND RESTRICTIONS. Restricted Stock, Restricted Stock Units or Deferred Stock Units shall be subject to such
restrictions on transferability and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may
lapse separately or in combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Except as
otherwise provided in an Award Certificate or any special Plan document governing an Award, the Participant shall have all of the rights of a stockholder with respect to an Award of Restricted Stock, and the Participant shall have none of the rights
of a stockholder with respect to an 

  
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Award of Restricted Stock Units or Deferred Stock Units until such time as Shares of Stock are paid in settlement of the Restricted Stock Units or Deferred Stock Units. Unless otherwise provided
in the applicable Award Certificate, awards of Restricted Stock will be entitled to full dividend rights and any dividends paid thereon will be paid or distributed to the holder no later than the end of the calendar year in which the dividends are
paid to stockholders or, if later, the 15th day of the third month following the date the dividends are paid to stockholders. 

9.3. FORFEITURE. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon
termination of Continuous Status as a Participant during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock or Restricted Stock Units that are at that time
subject to restrictions shall be forfeited. 
 9.4. DELIVERY OF RESTRICTED STOCK. Shares of Restricted Stock shall be
delivered to the Participant at the time of grant either by book-entry registration or by delivering to the Participant, or a custodian or escrow agent (including, without limitation, the Company or one or more of its employees) designated by the
Committee, a stock certificate or certificates registered in the name of the Participant. If physical certificates representing shares of Restricted Stock are registered in the name of the Participant, such certificates must bear an appropriate
legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock. 
 ARTICLE 10 

PERFORMANCE AWARDS 
 10.1. GRANT OF PERFORMANCE AWARDS. The Committee is authorized to grant any Award under this Plan, including cash-based Awards, with performance-based vesting criteria, on such terms and conditions
as may be selected by the Committee. The Committee shall have the complete discretion to determine the number of Performance Awards granted to each Participant and to designate the provisions of such Performance Awards as provided in
Section 4.3. All Performance Awards shall be evidenced by an Award Certificate or a written program established by the Committee, pursuant to which Performance Awards are awarded under the Plan under uniform terms, conditions and restrictions
set forth in such written program. 
 10.2. PERFORMANCE GOALS. The Committee may establish performance goals for
Performance Awards which may be based on any criteria selected by the Committee. Such performance goals may be described in terms of Company-wide objectives or in terms of objectives that relate to the performance of the Participant, an Affiliate or
a division, region, department or function within the Company or an Affiliate. If the Committee determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an
Affiliate conducts its business, or other events or circumstances render performance goals to be unsuitable, the Committee may modify such performance goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted,
demoted or transferred to a different business unit or function during a performance period, the Committee may determine that the performance goals or performance period are no longer appropriate and may (i) adjust, change or eliminate the
performance goals or the applicable performance period as it deems appropriate to make such goals and period comparable to the initial goals and period, or (ii) make a cash payment to the participant in an amount determined by the Committee.


  
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 ARTICLE 11 
 DIVIDEND EQUIVALENTS 
 11.1. GRANT OF DIVIDEND
EQUIVALENTS. Except as provided in Sections 7.1(g) and 8.1(e), the Committee is authorized to grant Dividend Equivalents with respect to Awards granted hereunder, subject to such terms and conditions as may be selected by the Committee. Dividend
Equivalents shall entitle the Participant to receive payments equal to dividends with respect to all or a portion of the number of Shares subject to an Award, as determined by the Committee. The Committee may provide that Dividend Equivalents be
paid or distributed when accrued or be deemed to have been reinvested in additional Shares, or otherwise reinvested. Unless otherwise provided in the applicable Award Certificate, Dividend Equivalents will be paid or distributed no later than the
15th day of the 3rd month following the later of (i) the calendar year in which the
corresponding dividends were paid to stockholders, or (ii) the first calendar year in which the Participant’s right to such Dividends Equivalents is no longer subject to a substantial risk of forfeiture. 

ARTICLE 12 

OTHER AWARDS 
 12.1. GRANT OF OTHER AWARDS. The Committee is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that are payable in, valued in whole or in part by
reference to, or otherwise based on or related to Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including without limitation, OP Interests, membership interests in a Subsidiary or operating partnership, Shares
not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, and Awards valued by reference to book value of Shares or the value of securities of or the performance
of specified Parents or Subsidiaries. The Committee shall determine the terms and conditions of such Awards. For purposes of calculating the number of Shares underlying an Other Award relative to the total number of Shares of Stock reserved and
available for issuance under Section 5.1 hereof, the Committee shall establish in good faith the maximum number of Shares to which a grantee of such Other Award may be entitled upon fulfillment of all applicable conditions set forth in the
relevant Award Certificate, including vesting, accretion factors, conversion ratios, exchange ratios and the like. If and when any such conditions are no longer capable of being met, in whole or in part, the number of Shares underlying such Other
Award shall be reduced accordingly by the Committee and the related Shares shall be added back to the Shares of Stock available for issuance under the Plan. The Committee may require that Other Awards be held through a limited partnership, or
similar “look-through” entity, and the Committee may require such limited partnership or similar entity to impose restrictions on its partners or other beneficial owners that are not inconsistent with the provisions of this
Section 12.1. The provisions of the grant of Other Awards need not be the same with respect to each Participant. 

  
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 ARTICLE 13 
 PROVISIONS APPLICABLE TO AWARDS 
 13.1. TERM OF AWARD. The term of
each Award shall be for the period as determined by the Committee, provided that in no event shall the term of any Option or a Stock Appreciation Right exceed a period of ten years from its Grant Date. 

13.2. FORM OF PAYMENT FOR AWARDS. At the discretion of the Committee, payment of Awards may be made in cash, Stock, a combination
of cash and Stock, or any other form of property as the Committee shall determine. In addition, payment of Awards may include such terms, conditions, restrictions and/or limitations, if any, as the Committee deems appropriate, including, in the case
of Awards paid in the form of Stock, restrictions on transfer and forfeiture provisions. Further, payment of Awards may be made in the form of a lump sum, or in installments, as determined by the Committee. 

13.3. LIMITS ON TRANSFER. No right or interest of a Participant in any unexercised or restricted Award may be pledged, encumbered,
or hypothecated to or in favor of any party other than the Company or an Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the Company or an Affiliate. No unexercised or restricted
Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution; provided, however, that the Committee may (but need not) permit other transfers (other than transfers for value)
where the Committee concludes that such transferability (i) does not result in accelerated taxation, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Code Section 422(b), and
(iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including without limitation, state or federal tax or securities laws applicable to transferable Awards. 

13.4. BENEFICIARIES. Notwithstanding Section 13.3, a Participant may, in the manner determined by the Committee, designate a
beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Certificate applicable to the Participant, except to the extent the Plan and Award Certificate otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant
at any time provided the change or revocation is filed with the Committee. 
 13.5. STOCK TRADING RESTRICTIONS. All Stock
issuable under the Plan is subject to any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities
exchange or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock.

 13.6. ACCELERATION UPON DEATH OR DISABILITY. Except as otherwise provided in the Award Certificate or any special Plan
document governing an Award, upon the termination of a person’s Continuous Status as a Participant by reason of death or Disability: 
 (i) all of that Participant’s outstanding Options and SARs shall become fully exercisable; 

  
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 (ii) all time-based vesting restrictions on that Participant’s
outstanding Awards shall lapse as of the date of termination; and 
 (iii) the payout opportunities attainable
under all of that Participant’s outstanding performance-based Awards shall be deemed to have been fully earned as of the date of termination as follows: 
 (A) if the date of termination occurs during the first half of the applicable performance period, all relevant performance goals will be deemed to have been achieved at the “target” level, and

 (B) if the date of termination occurs during the second half of the applicable performance period, the actual
level of achievement of all relevant performance goals against target will be measured as of the end of the calendar quarter immediately preceding the date of termination, and 

(C) in either such case, there shall be a pro rata payout to the Participant or his or her estate within sixty
(60) days following the date of termination (unless a later date is required by Section 16.3 hereof), based upon the length of time within the performance period that has elapsed prior to the date of termination. 

To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Code Section 422(d),
the excess Options shall be deemed to be Nonstatutory Stock Options. 
 13.7. ACCELERATION UPON A CHANGE IN CONTROL.
Except as otherwise provided in the Award Certificate or any special Plan document governing an Award, upon the occurrence of a Change in Control, (i) all outstanding Options, SARs, and other Awards in the nature of rights that may be exercised
shall become fully exercisable, and (ii) all time-based vesting restrictions on outstanding Awards shall lapse. Except as otherwise provided in the Award Certificate or any special Plan document governing an Award, upon the occurrence of a
Change in Control, the target payout opportunities attainable under all outstanding performance-based Awards shall be deemed to have been fully earned as of the effective date of the Change in Control based upon an assumed achievement of all
relevant performance goals at the “target” level and there shall be a pro rata payout to Participants within thirty (30) days following the effective date of the Change in Control based upon the length of time within the performance
period that has elapsed prior to the Change in Control. 
 13.8. ACCELERATION FOR ANY REASON. The Committee may in its
sole discretion at any time determine that all or a portion of a Participant’s Options, SARs, and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, that all or a part of the time-based
vesting restrictions on all or a portion of the outstanding Awards shall lapse, and/or that any performance-based criteria with respect to any Awards shall be deemed to be wholly or partially satisfied, in each case, as of such date as the Committee
may, in its sole discretion, declare. The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 13.8. Notwithstanding anything in the Plan, including this
Section 13.8, the Committee may not accelerate the payment of any Award if such acceleration would violate Section 409A(a)(3) of the Code. 
 13.9. FORFEITURE EVENTS. The Committee may specify in an Award Certificate that the Participant’s rights, payments and benefits with respect to an Award shall be subject to reduction,
cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events shall include, but shall


  
 14 









 
not be limited to, termination of employment for Cause, violation of material Company or Affiliate policies, breach of noncompetition, confidentiality or other restrictive covenants that may
apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company or any Affiliate. 
 13.10. SUBSTITUTE AWARDS. The Committee may grant Awards under the Plan in substitution for stock and stock-based awards held by employees of another entity who become employees of the Company or
an Affiliate as a result of a merger or consolidation of the former employing entity with the Company or an Affiliate or the acquisition by the Company or an Affiliate of property or stock of the former employing corporation. The Committee may
direct that the substitute awards be granted on such terms and conditions as the Committee considers appropriate in the circumstances. 
 ARTICLE 14 
 CHANGES IN CAPITAL STRUCTURE 

14.1. MANDATORY ADJUSTMENTS. In the event of a nonreciprocal transaction between the Company and its stockholders that causes the
per-share value of the Stock to change (including, without limitation, any stock dividend, stock split, spin-off, rights offering, or large nonrecurring cash dividend), the authorization limits under Section 5.1 shall be adjusted
proportionately, and the Committee shall make such adjustments to the Plan and Awards as it deems necessary, in its sole discretion, to prevent dilution or enlargement of rights immediately resulting from such transaction. Action by the Committee
may include: (i) adjustment of the number and kind of shares that may be delivered under the Plan; (ii) adjustment of the number and kind of shares subject to outstanding Awards; (iii) adjustment of the exercise price of outstanding
Awards or the measure to be used to determine the amount of the benefit payable on an Award; and (iv) any other adjustments that the Committee determines to be equitable. Notwithstanding the foregoing, the Committee shall not make any
adjustments to outstanding Options or SARs that would constitute a modification or substitution of the stock right under Treas. Reg. Sections 1.409A-1(b)(5)(v) that would be treated as the grant of a new stock right or change in the form of payment
for purposes of Code Section 409A. Without limiting the foregoing, in the event of a subdivision of the outstanding Stock (stock-split), a declaration of a dividend payable in Shares, or a combination or consolidation of the outstanding Stock
into a lesser number of Shares, the authorization limits under Section 5.1 shall automatically be adjusted proportionately, and the Shares then subject to each Award shall automatically, without the necessity for any additional action by the
Committee, be adjusted proportionately without any change in the aggregate purchase price therefor. 
 14.2. DISCRETIONARY
ADJUSTMENTS. Upon the occurrence or in anticipation of any corporate event or transaction involving the Company (including, without limitation, any merger, reorganization, recapitalization, combination or exchange of shares, or any transaction
described in Section 14.1), the Committee may, in its sole discretion, provide (i) that Awards will be settled in cash rather than Stock, (ii) that Awards will become immediately vested and exercisable and will expire after a
designated period of time to the extent not then exercised, (iii) that Awards will be assumed by another party to a transaction or otherwise be equitably converted or substituted in connection with such transaction, (iv) that outstanding
Awards may be settled by payment in cash or cash equivalents equal to the excess of the Fair Market Value of the underlying Stock, as of a specified date associated with the transaction, over the exercise price of the Award, (v) that
performance targets and performance periods for Performance Awards will be modified, or (vi) any combination of the foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not
such Participants are similarly situated. 

  
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 14.3. GENERAL. Any discretionary adjustments made pursuant to this Article 14 shall
be subject to the provisions of Section 15.2. To the extent that any adjustments made pursuant to this Article 14 cause Incentive Stock Options to cease to qualify as Incentive Stock Options, such Options shall be deemed to be Nonstatutory
Stock Options. 
 ARTICLE 15 
 AMENDMENT, MODIFICATION AND TERMINATION 
 15.1. AMENDMENT, MODIFICATION
AND TERMINATION. The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan without stockholder approval; provided, however, that if an amendment to the Plan would, in the reasonable
opinion of the Board or the Committee, either (i) materially increase the number of Shares available under the Plan, (ii) expand the types of awards under the Plan, (iii) materially expand the class of participants eligible to
participate in the Plan, (iv) materially extend the term of the Plan, or (v) otherwise constitute a material change requiring stockholder approval under applicable laws, policies or regulations or the applicable listing or other
requirements of an Exchange, then such amendment shall be subject to stockholder approval; and provided, further, that the Board or Committee may condition any other amendment or modification on the approval of stockholders of the
Company for any reason, including by reason of such approval being necessary or deemed advisable (i) to comply with the listing or other requirements of an Exchange, or (ii) to satisfy any other tax, securities or other applicable laws,
policies or regulations. 
 15.2. AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the Committee may amend,
modify or terminate any outstanding Award without approval of the Participant; provided, however: 

(a) Subject to the terms of the applicable Award Certificate, such amendment, modification or termination shall not,
without the Participant’s consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment or termination (with the per-share value of an
Option or SAR for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment or termination over the exercise or base price of such Award); 

(b) The original term of an Option or SAR may not be extended without the prior approval of the stockholders of the
Company; 
 (c) Except as otherwise provided in Section 14.1, the exercise price of an Option or SAR may not
be reduced, directly or indirectly, without the prior approval of the stockholders of the Company; and 
 (d) No
termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without the written consent of the Participant affected thereby. An outstanding Award shall not be deemed to be “adversely
affected” by a Plan amendment if such amendment would not reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of such amendment (with the per-share value
of an Option or SAR for this purpose being calculated as the excess, if any, of the Fair Market Value as of the date of such amendment over the exercise or base price of such Award). 

15.3. COMPLIANCE AMENDMENTS. Notwithstanding anything in the Plan or in any Award Certificate to the contrary, the Board may amend
the Plan or an Award Certificate, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Award Certificate to any present or future law relating to plans of this or similar nature
(including, but not 

  
 16 









 
limited to, Section 409A of the Code), and to the administrative regulations and rulings promulgated thereunder. By accepting an Award under this Plan, a Participant agrees to any amendment
made pursuant to this Section 15.3 to any Award granted under the Plan without further consideration or action. 

ARTICLE 16 

GENERAL PROVISIONS 
 16.1. RIGHTS OF PARTICIPANTS. 
 (a) No Participant or any
Eligible Participant shall have any claim to be granted any Award under the Plan. Neither the Company, its Affiliates nor the Committee is obligated to treat Participants or Eligible Participants uniformly, and determinations made under the Plan may
be made by the Committee selectively among Eligible Participants who receive, or are eligible to receive, Awards (whether or not such Eligible Participants are similarly situated). 

(b) Nothing in the Plan, any Award Certificate or any other document or statement made with respect to the Plan, shall
interfere with or limit in any way the right of the Company or any Affiliate to terminate any Participant’s employment or status as an officer, or any Participant’s service as a director, at any time, nor confer upon any Participant any
right to continue as an employee, officer, or director of the Company or any Affiliate, whether for the duration of a Participant’s Award or otherwise. 
 (c) Neither an Award nor any benefits arising under this Plan shall constitute an employment contract with the Company or any Affiliate and, accordingly, subject to Article 15, this Plan and the benefits
hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to any liability on the part of the Company or any of its Affiliates. 

(d) No Award gives a Participant any of the rights of a stockholder of the Company unless and until Shares are in fact
issued to such person in connection with such Award. 
 16.2. WITHHOLDING. The Company or any Affiliate shall have the
authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with
respect to any exercise, lapse of restriction or other taxable event arising as a result of the Plan. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter,
require or permit that any such withholding requirement be satisfied, in whole or in part, by withholding from the Award Shares having a Fair Market Value on the date of withholding equal to the minimum amount (and not any greater amount) required
to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. All such elections shall be subject to any restrictions or limitations that the Committee, in its sole discretion, deems appropriate. 

16.3. SPECIAL PROVISIONS RELATED TO SECTION 409A OF THE CODE. 

(a) General. It is intended that the payments and benefits provided under the Plan and any Award shall either be exempt from the
application of, or comply with, the requirements of Section 409A of the Code. The Plan and all Award Certificates shall be construed in a manner that effects such intent. Nevertheless, the tax treatment of the benefits provided under the Plan
or any Award is not warranted or guaranteed. Neither the Company, its Affiliates nor their respective directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any
Participant or other taxpayer as a result of the Plan or any Award. 

  
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 (b) Definitional Restrictions. Notwithstanding anything in the Plan or in any Award
Certificate to the contrary, to the extent that any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable, or a different form
of payment (e.g., lump sum or installment) would be effected, under the Plan or any Award Certificate by reason of the occurrence of a Change in Control, or the Participant’s Disability or separation from service, such amount or benefit will
not be payable or distributable to the Participant, and/or such different form of payment will not be effected, by reason of such circumstance unless the circumstances giving rise to such Change in Control, Disability or separation from service meet
any description or definition of “change in control event”, “disability” or “separation from service”, as the case may be, in Section 409A of the Code and applicable regulations (without giving effect to any
elective provisions that may be available under such definition). This provision does not prohibit the vesting of any Award upon a Change in Control, Disability or separation from service, however defined. If this provision prevents the payment or
distribution of any amount or benefit, such payment or distribution shall be made on the next earliest payment or distribution date or event specified in the Award Certificate that is permissible under Section 409A of the Code. If this
provision prevents the application of a different form of payment of any amount or benefit, such payment shall be made in the same form as would have applied absent such designated event or circumstance. 

(c) Allocation among Possible Exemptions. If any one or more Awards granted under the Plan to a Participant could qualify for any
separation pay exemption described in Treas. Reg. Section 1.409A-1(b)(9), but such Awards in the aggregate exceed the dollar limit permitted for the separation pay exemptions, the Company (acting through the Committee) shall determine which
Awards or portions thereof will be subject to such exemptions. 
 (d) Six-Month Delay in Certain Circumstances.
Notwithstanding anything in the Plan or in any Award Certificate to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or
distributable under this Plan or any Award Certificate by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of
payment by the Committee under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes): 

(i) the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period
immediately following the Participant’s separation from service will be accumulated through and paid or provided on the first day of the seventh month following the Participant’s separation from service (or, if the Participant dies during
such period, within 30 days after the Participant’s death) (in either case, the “Required Delay Period”), and 
 (ii) the normal payment or distribution schedule for any remaining payments or distributions will resume at the end of the Required Delay Period. 

For purposes of this Plan, the term “Specified Employee” has the meaning given such term in Section 409A of
the Code and the final regulations thereunder, provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of 409A(a)(2)(B)(i) of the Code
shall be determined in accordance with rules adopted by the Board or any committee of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this Plan. 


  
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 16.4. UNFUNDED STATUS OF AWARDS. The Plan is intended to be an “unfunded”
plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Certificate shall give the Participant any rights that are greater than those
of a general creditor of the Company or any Affiliate. This Plan is not intended to be subject to ERISA. 
 16.5.
RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or benefit plan of the Company or any Affiliate
unless provided otherwise in such other plan. 
 16.6. EXPENSES. The expenses of administering the Plan shall be borne by
the Company and its Affiliates. 
 16.7. TITLES AND HEADINGS. The titles and headings of the Sections in the Plan are for
convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 16.8. GENDER AND NUMBER. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular
shall include the plural. 
 16.9. FRACTIONAL SHARES. No fractional Shares shall be issued and the Committee shall
determine, in its discretion, whether cash shall be given in lieu of fractional Shares or whether such fractional Shares shall be eliminated by rounding up or down. 
 16.10. GOVERNMENT AND OTHER REGULATIONS. 
 (a)
Notwithstanding any other provision of the Plan, no Participant who acquires Shares pursuant to the Plan may, during any period of time that such Participant is an affiliate of the Company (within the meaning of the rules and regulations of the
Securities and Exchange Commission under the 1933 Act), sell such Shares, unless such offer and sale is made (i) pursuant to an effective registration statement under the 1933 Act, which is current and includes the Shares to be sold, or
(ii) pursuant to an appropriate exemption from the registration requirement of the 1933 Act, such as that set forth in Rule 144 promulgated under the 1933 Act. 

(b) Notwithstanding any other provision of the Plan, if at any time the Committee shall determine that the registration,
listing or qualification of the Shares covered by an Award upon any Exchange or under any foreign, federal, state or local law or practice, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition of,
or in connection with, the granting of such Award or the purchase or receipt of Shares thereunder, no Shares may be purchased, delivered or received pursuant to such Award unless and until such registration, listing, qualification, consent or
approval shall have been effected or obtained free of any condition not acceptable to the Committee. Any Participant receiving or purchasing Shares pursuant to an Award shall make such representations and agreements and furnish such information as
the Committee may request to assure compliance with the foregoing or any other applicable legal requirements. The Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to the
Committee’s determination that all related requirements have been fulfilled. The Company shall in no event be obligated to register any securities pursuant to the 1933 Act or applicable state or foreign law or to take any other action in order
to cause the issuance and delivery of such certificates to comply with any such law, regulation or requirement. 

  
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 16.11. GOVERNING LAW. To the extent not governed by federal law, the Plan and all
Award Certificates shall be construed in accordance with and governed by the laws of the State of Maryland. 
 16.12.
ADDITIONAL PROVISIONS. Each Award Certificate may contain such other terms and conditions as the Committee may determine; provided that such other terms and conditions are not inconsistent with the provisions of the Plan. 

16.13. NO LIMITATIONS ON RIGHTS OF COMPANY. The grant of any Award shall not in any way affect the right or power of the Company
to make adjustments, reclassification or changes in its capital or business structure or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. The Plan shall not restrict the authority of the
Company, for proper corporate purposes, to draft or assume awards, other than under the Plan, to or with respect to any person. If the Committee so directs, the Company may issue or transfer Shares to an Affiliate, for such lawful consideration as
the Committee may specify, upon the condition or understanding that the Affiliate will transfer such Shares to a Participant in accordance with the terms of an Award granted to such Participant and specified by the Committee pursuant to the
provisions of the Plan. 
 16.14. INDEMNIFICATION. Each person who is or shall have been a member of the Committee or of
the Board shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or
proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the
Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same
before he or she undertakes to handle and defend it on his or her own behalf, unless such loss, cost, liability, or expense is a result of his or her own willful misconduct or except as expressly provided by statute. The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s charter or bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless. 
 *** 

  
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 The foregoing is hereby acknowledged as being the Long Term Incentive Plan, as amended and
restated as of July 29, 2013, as adopted by the Board on July 29, 2013 and by the Company’s stockholders on July 29, 2013. 
  

			
	INDEPENDENCE REALTY TRUST, INC.
		
	By:	 	 /s/ JAMES J. SEBRA

	Name:	 	James J. Sebra
	Title:	 	Chief Financial Officer and Treasurer