Document:

Ex-10.6

 Exhibit 10.6 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of November 21, 2012, between American Homes 4 Rent, a Maryland real estate investment trust (together with any successor entity thereto, the “Company”), American Homes
4 Rent Advisor, LLC, a Delaware limited liability company (the “Manager”), and FBR Capital Markets & Co., a Delaware corporation, as the initial purchaser/placement agent (“FBR”), for the benefit of FBR,
the purchasers of up to an aggregate of 34,000,000 of the Company’s common shares, $0.01 par value per share (“Common Shares”) and any additional Common Shares purchased pursuant to the additional allotment option set forth in
the Purchase/Placement Agreement (defined below), as participants (“Participants”) in the private placement by the Company of its Common Shares (the “Offering”), and the direct and indirect transferees of FBR, and
each of the Participants. 
 This Agreement is made pursuant to the Purchase/Placement Agreement (the
“Purchase/Placement Agreement”), dated as of November 14, 2012, between the Company and FBR in connection with the purchase and sale or placement of an aggregate of 34,000,000 Common Shares (plus an additional 5,100,000 Common
Shares to cover additional allotments, if any). In order to induce FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to FBR, the Participants, and their
respective direct and indirect transferees. The execution and delivery of this Agreement by the Company, the Manager and FBR is a condition to the closing of the transactions contemplated by the Purchase/Placement Agreement. 

The parties hereby agree as follows: 
  

	1.	Definitions  

As used in this Agreement, the following terms shall have the following meanings: 

Accredited Investor Shares: Shares initially sold by the Company to “accredited investors” (within the meaning of
Rule 501(a) promulgated under the Securities Act) as Participants. 
 Affiliate: As to any specified Person,
(i) any Person directly or indirectly owning, controlling or holding, with power to vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting
securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any
executive officer, director, trustee or general partner of such Person and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner. An indirect relationship shall include circumstances in
which a Person’s spouse, children, parents, siblings or mother, father, sister- or brother-in-law is or has been associated with a Person. 
 Agreement: As defined in the preamble. 
 Board of Trustees: As
defined in Section 6(a) hereof. 
 Business Day: With respect to any act to be performed hereunder, each Monday,
Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to
close. 
 Closing Date: or such other time or such other date as FBR and the Company may agree. 

Commission: The Securities and Exchange Commission. 
 Common Shares: As defined in the preamble. 
 Company: As defined in
the preamble. 
 Controlling Person: As defined in Section 7(a) hereof. 

End of Suspension Notice: As defined in Section 6(b) hereof. 

 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated by the Commission pursuant thereto. 
 FBR: As defined in the preamble. 

FINRA: The Financial Industry Regulatory Authority, Inc. 
 Holder: Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates to the extent FBR or any such Affiliate holds any Registrable Shares. 

Indemnified Party: As defined in Section 7(c) hereof. 

Indemnifying Party: As defined in Section 7(c) hereof. 

IPO Registration Statement: As defined in Section 2(b) hereof. 

Issuer Free Writing Prospectus: As defined in Section 2(c) hereof. 

Liabilities: As defined in Section 7(a) hereof. 
 No Objections Letter: As defined in Section 5(t) hereof. 

Nominee: As defined in Section 3(c) hereof. 
 Offering: As defined in the preamble. 
 Participants: As defined in
the preamble. 
 Person: An individual, partnership, limited liability company, corporation, trust, unincorporated
organization, government or agency or political subdivision thereof, or any other legal entity. 
 Proceeding: An action,
claim, suit or proceeding (including without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened. 

Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus at the “time of
sale” within the meaning of Rule 159 under the Securities Act and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
reference, if any, in such prospectus. 
 Purchase/Placement Agreement: As defined in the preamble. 

Purchaser Indemnitee: As defined in Section 7(a) hereof. 

Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares, the Regulation S Shares, upon original
issuance thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any shares or other securities issued in respect of such Registrable Shares by reason of or in connection
with any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combination of shares, recapitalization, merger or consolidation, or
any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Shares, until, in the case of any such Rule 144A Share, Accredited Investor Share or Regulation S Share, the earliest to occur of
(i) the date on which the resale of such share has been registered pursuant to the Securities Act and such share has been disposed of in accordance with the Registration Statement filed in connection therewith, (ii) in the event the
Company is subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act, the date on which such share has been transferred pursuant to Rule 144 (or any similar provision then in effect) or (iii) the date on
which such share is sold to the Company or ceases to be outstanding. 
 Registration Default: As defined in
Section 2(f) hereof. 

 Registration Expenses: Any and all fees and expenses incident to the Company’s
and FBR’s performance of or compliance with this Agreement, including, without limitation: (i) all Commission, securities exchange, FINRA or other registration, listing, inclusion and filing fees; (ii) all fees and expenses incurred
in connection with compliance with international, federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and fees and disbursements of counsel in connection with blue sky qualification
of any of the Registrable Shares and the preparation of a blue sky memorandum and compliance with the rules of FINRA); (iii) all expenses in preparing or assisting in preparing, word processing, duplicating, printing, delivering and
distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this
Agreement; (iv) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange pursuant to Section 5(n) of this Agreement; (v) the fees and disbursements of
counsel for the Company and of the independent registered public accounting firm of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to the performance of this
Agreement); (vi) reasonable fees and disbursements of Latham & Watkins LLP, or one such other counsel, reasonably acceptable to the Company, for FBR and the Holders, selected by the Holders holding a majority of the Registrable Shares
(such counsel, “Selling Holders’ Counsel”), provided that if such counsel is prevented from representing both FBR and the Holders, separate counsel shall be selected by the Holders holding a majority of the Registrable
Shares; and (vii) any fees and disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection with any Registration Statement); provided, however,
that Registration Expenses shall exclude brokers’ or underwriters’ discounts and commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder. 

Registration Statement: Any registration statement of the Company that covers the resale of Registrable Shares pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed
to be incorporated by reference, if any, in such registration statement. 
 Regulation S: Regulation S
(Rules 901-905) promulgated by the Commission under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same
effect as such regulation. 
 Regulation S Shares: Shares initially resold by FBR pursuant to the Purchase/Placement
Agreement to “non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction” (in accordance with Regulation S). 
 Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A: Rule 144A
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such
rule. 
 Rule 144A Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to
“qualified institutional buyers” (as such term is defined in Rule 144A). 
 Rule 158: Rule 158
promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such
rule. 
 Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 

 Rule 415: Rule 415 promulgated by the Commission pursuant to the Securities
Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 433: Rule 433 promulgated
by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule.

 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission
thereunder. 
 Selling Holders’ Counsel: As defined in clause (vi) of the definition for Registration Expenses.

 Shares: The Common Shares being offered and sold pursuant to the terms and conditions of the Purchase/Placement
Agreement. 
 Shelf Filing Date: As defined in Section 2(a) hereof. 

Shelf Registration Statement: As defined in Section 2(a) hereof. 

Special Election Meeting: As defined in Section 3(a) hereof. 

Suspension Event: As defined in Section 6(b) hereof. 

Suspension Notice: As defined in Section 6(b) hereof. 

Trigger Date: As defined in Section 3(a) hereof. 
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for re-offering to the public. 

 

	2.	Registration Rights  

 (a) Mandatory Shelf Registration. As set forth in Section 5 hereof, the Company agrees to file with the Commission a shelf Registration Statement on Form S-11 or such other form under the
Securities Act then available to the Company providing for the resale of any Registrable Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”) as soon as reasonably practicable
following the date of this Agreement but in no event later than the date that is three hundred sixty five (365) days after the date of this Agreement (the “Shelf Filing Date”); provided that, upon approval of the Board
of Trustees, the Company shall have the right to defer the Shelf Filing Date for up to one hundred eighty (180) days. The Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective
by the Commission as soon as practicable after the initial filing thereof but in no event, subject to Section 2(b)(iii) below, later than the date that is one hundred eighty (180) days after the initial filing thereof. Any Shelf
Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through
brokers or agents, which may include sales over the internet) by the Holders of any and all Registrable Shares. 
 (b) IPO
Registration. If the Company proposes to file a registration statement on Form S-11 or such other form under the Securities Act providing for the initial public offering of Common Shares (the “IPO Registration Statement”),
the Company will notify in writing each Holder of the filing within five (5) Business Days after the initial filing and afford each Holder an opportunity to include in the IPO Registration Statement all or any part of the

 
Registrable Shares then held by such Holder. Each Holder desiring to include in the IPO Registration Statement all or part of the Registrable Shares held by such Holder shall, within twenty
(20) days after receipt of the above-described notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Shares such Holder wishes to include in the IPO Registration
Statement. Any election by any Holder to include any Registrable Shares in the IPO Registration Statement will not affect the inclusion of such Registrable Shares in the Shelf Registration Statement until such Registrable Shares have been sold under
the IPO Registration Statement. 
 (i) Right to Terminate IPO Registration. The Company shall have the
right to terminate or withdraw the IPO Registration Statement initiated by it and referred to in this Section 2(b) prior to the effectiveness of such registration whether or not any Holder has elected to include Registrable Shares in such
registration; provided, however, the Company must provide each Holder that elected to include any Registrable Shares in such IPO Registration Statement prompt written notice of such termination or withdrawal. Furthermore, in the event the IPO
Registration Statement is not declared effective within one hundred twenty (120) days following the initial filing of the IPO Registration Statement, unless a road show for the Underwritten Offering pursuant to the IPO Registration Statement is
actually in progress at such time, the Company shall promptly provide a new written notice to all Holders giving them another opportunity to elect to include Registrable Shares in the pending IPO Registration Statement. Each Holder receiving such
notice shall have the same election rights afforded such Holder as described in clause (b) above. 
 (ii)
Selection of Underwriter. Subject to the terms and conditions set forth in that certain engagement letter, dated October 3, 2012, by and between the Manager and FBR, and any rights of FBR set forth therein, the Company shall have the
right to select the managing underwriter(s) for its initial public offering, regardless of whether any Registrable Shares are included in the IPO Registration Statement or otherwise. 

(iii) Shelf Registration not Impacted by IPO Registration Statement. The Company’s obligation to file the
Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of the IPO Registration Statement. In addition, the Company’s obligation to file and use its commercially reasonable efforts
to cause to become and keep effective the Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of an IPO Registration Statement; provided, however, if the Company files an IPO
Registration Statement before the effective date of the Shelf Registration Statement and the Company has used or is using commercially reasonable efforts to complete such initial public offering, the Company shall have the right to defer causing the
Commission to declare such Shelf Registration Statement effective until up to sixty (60) days after the closing date of its initial public offering pursuant to the IPO Registration Statement; provided, further, however,
that if such initial public offering is not completed by the third anniversary of this Agreement, the Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon
as practicable thereafter but in no event later than 60 days after the third anniversary of this Agreement. Nothing in this Section 2(b)(iii) shall affect the Company’s obligation to hold a Special Election Meeting as provided in
Section 3 of this Agreement. 
 (c) Issuer Free Writing Prospectus. The Company represents and agrees that, unless
it obtains the prior consent of the managing underwriter in connection with any Underwritten Offering of Registrable Shares, and each Holder represents and agrees that, unless it obtains the prior consent of the Company and any such underwriter, it
will not make any offer relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433 (an “Issuer Free Writing Prospectus”), or that would otherwise constitute a “free
writing prospectus,” as defined in Rule 405, required to be filed with the Commission. The Company represents that any Issuer Free Writing Prospectus will not include any information that conflicts with the information contained in any
Registration Statement or the related Prospectus, and any Issuer Free Writing Prospectus, when taken together with the information in such Registration Statement and the related Prospectus, will not include any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (d) Underwriting. The Company shall advise all Holders of the lead managing underwriter for the Underwritten Offering proposed under the IPO Registration Statement. The right of any such
Holder’s Registrable Shares to be included in the IPO Registration Statement pursuant to Section 2(b) shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable
Shares in the underwriting to the extent provided herein. All Holders proposing to distribute their Registrable Shares through such 

 
underwriting shall enter into an underwriting agreement in customary form with the managing underwriter(s) selected for such underwriting and complete and execute any questionnaires, powers of
attorney, indemnities, custody agreements, securities escrow agreements and other documents, including opinions of counsel, reasonably required under the terms of such underwriting, and furnish to the Company such information as the Company may
reasonably request in writing for inclusion in the Registration Statement; provided, however, that no Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than
representations, warranties or agreements regarding such Holder and such Holder’s intended method of distribution and any other representation required by law or reasonably requested by the underwriters. Notwithstanding any other provision of
this Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require a limitation on the number of shares to be included, then the managing underwriter(s) may exclude shares (including Registrable Shares) from the
IPO Registration Statement and Underwritten Offering, and any shares included in such IPO Registration Statement and Underwritten Offering shall be allocated first, to the Company, and second, to each of the Holders requesting
inclusion of their Registrable Shares in such IPO Registration Statement (on a pro rata basis based on the total number of Registrable Shares then held by each such Holder who is requesting inclusion); provided, however, that
the number of Registrable Shares to be included in the IPO Registration Statement shall not be reduced unless all other securities of the Company held by (i) officers, trustees, other employees of the Company and consultants and (ii) any
other holders of the Company’s equity shares with registration rights that are inferior (with respect to such reduction) to the registration rights of each of the Holders set forth herein, are first entirely excluded from the underwriting and
registration; provided, further, however, that Holders of Registrable Shares shall be permitted to include Registrable Shares comprising at least twenty-five percent (25%) of the total securities included in the
Underwritten Offering proposed under the IPO Registration Statement. 
 By electing to include the Registrable Shares in the IPO
Registration Statement, the Holder of such Registrable Shares shall be deemed to have agreed not to effect any public sale or distribution of securities of the Company of the same or similar class or classes of the securities included in the IPO
Registration Statement or any securities convertible into or exchangeable or exercisable for such securities, including a sale pursuant to Rule 144 or Rule 144A under the Securities Act, during such periods as reasonably requested (but in
no event for a period longer than thirty (30) days prior to and one hundred eighty (180) days following the effective date of the IPO Registration Statement) by the representatives of the underwriters, if an Underwritten Offering, or by
the Company in any other registration. 
 If any Holder disapproves of the terms of any such underwriting, such Holder may elect
to withdraw therefrom by written notice to the Company and the managing underwriter(s), delivered at least ten (10) Business Days prior to the effective date of the IPO Registration Statement. Any Registrable Shares excluded or withdrawn from
such underwriting shall be excluded and withdrawn from the registration. 
 (e) Expenses. The Company shall pay all
Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement. Each Holder participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on
the total number of Registrable Shares sold in such registration) of all discounts and commissions payable to underwriters or brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this
Agreement. 
 (f) Penalty Provisions. If the Company does not file a Shelf Registration Statement registering the resale
of the Registrable Shares by the Shelf Filing Date (as such date may be deferred pursuant to Section 2(a)), other than as a result of the Commission being unable to accept such filings (a “Registration Default”), then the
Manager shall forfeit fifty percent (50%) of the amount that would otherwise be payable to it in respect of its management fee under the Advisory Management Agreement, dated
            , 2012, between the Company and the Manager, from and after the applicable date by which the Company was required to file the Shelf Registration Statement until the Shelf
Registration Statement is filed. For the avoidance of doubt, the management fee will be reinstated for periods beginning on the date such Shelf Registration Statement is filed, but will not be reinstated for periods before the filing of the Shelf
Registration Statement. Notwithstanding the foregoing, the Company acknowledges and agrees that no management fee or other amounts shall be payable or granted in lieu of or to make the Manager whole for any such forfeited management fees.

	3.	Special Election Meeting.  

 (a) If a Shelf Registration Statement registering the resale of the Registrable Shares has not been declared effective by the Commission and the Registrable Shares have not been listed for trading on a
national securities exchange, on a date that is within one hundred eighty (180) days after the Shelf Filing Date (as such date may be deferred pursuant to Section 2(a)) (the “Trigger Date”), a special meeting of
shareholders (the “Special Election Meeting”) shall be called in accordance with the Bylaws of the Company; provided that the requirement to hold a Special Election Meeting may be waived or deferred upon the Company’s
receipt of the consent, at a duly called meeting or by written consent, of Holders of at least seventy-five percent (75%) of the outstanding Registrable Shares; provided, however, that Registrable Shares that are owned, directly
or indirectly, by an Affiliate or “executive officer” (as defined in Rule 405 of the Securities Act) of the Company shall not be deemed to be outstanding for this purpose. The Special Election Meeting shall occur as soon as possible
following the Trigger Date but in no event more than thirty (30) days after the Trigger Date. 
 (b) Purposes of
Meeting. The Special Election Meeting shall be called solely for the purposes of: (i) considering and voting upon proposals to remove each then-serving trustee of the Company; and (ii) electing such number of trustees as there are then
vacancies on the Board of Trustees of the Company (including any vacancies created by the removal of any trustee pursuant to this Section 3(b). The removal of any trustee pursuant to Section 3(b)(i) hereof shall be effective immediately
upon the receipt of the final report of the Inspector of Elections for the Special Election Meeting that reports the receipt of the requisite vote to approve the proposal to remove such trustee. 

(c) Nominations. Nominations of individuals for election to the Board of Trustees at the Special Election Meeting may only be made
(i) by or at the direction of the Board of Trustees or (ii) upon receipt by the Company of written notice of Holders entitled to cast, or direct the casting of, not less than twenty percent (20%) of all the votes entitled to be cast
at the Special Election Meeting and containing the information specified by Section 3(d) hereof. Each individual whose nomination is made in accordance with this Section 3(c) is hereinafter referred to as a “Nominee.” 

(d) Procedure for Shareholder Nominations. For nominations of individuals for election to the Board of
Trustees to be properly brought before the Special Election Meeting by Holders pursuant to Section 3(c) hereof, the Holders must have given notice thereof in writing to the Secretary of the Company not later than 5:00 p.m., Eastern Time, on the
tenth (10th) day after the Trigger Date. Such notice
shall include each such proposed Nominee’s written consent to serve as a trustee, if elected, and shall specify: 
 (i) as to each proposed Nominee, the name, age, business address and residence address of such proposed Nominee and all other information relating to such proposed Nominee that would be required, pursuant
to Regulation 14A promulgated under the Exchange Act (or any successor provision), to be disclosed in a contested solicitation of proxies with respect to the election of such individual as a trustee; and 

(ii) as to each Holder giving the notice, the class, series and number of all of the equity shares of the Company that are
owned by such Holder, beneficially or of record. 
 (e) Notice. Not less than fifteen (15) nor more than twenty-five
(25) days before the Special Election Meeting, the Secretary of the Company shall give to each shareholder entitled to vote at, or to receive notice of, such meeting at such shareholder’s address as it appears in the share transfer records
of the Company, notice in writing setting forth (i) the time and place of the Special Election Meeting, (ii) the purposes for which the Special Election Meeting has been called and (iii) the name of each Nominee. 

 

	4.	Rules 144 and 144A Reporting  

 With a view to making available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of the Registrable Shares to the public without registration, the
Company agrees to: 
 (a) make and keep current public information available, as those terms are understood and defined in
Rule 144 under the Securities Act, at all times after the effective date of the first registration statement under the Securities Act filed by the Company for an offering of its securities to the general public; 

(b) to file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the
Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); 

 (c) so long as a Holder owns any Registrable Shares, if the Company is not required to file
reports and other documents under the Securities Act and the Exchange Act, it will make available other information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in
any event shall make available (either by mailing a copy thereof, by posting on the Company’s website, or by press release) to each Holder a copy of: 
 (i) the Company’s annual consolidated financial statements (including at least balance sheets, statements of profit and loss, statements of shareholders’ equity and statements of cash flows)
prepared in accordance with U.S. generally accepted accounting principles in the United States, accompanied by an audit report of the Company’s independent accountants, no later than ninety (90) days after the end of each fiscal year of
the Company; 
 (ii) the Company’s unaudited quarterly financial statements (including at least balance
sheets, statements of profit and loss, statements of shareholders’ equity and statements of cash flows) prepared in a manner consistent with the preparation of the Company’s annual financial statements, no later than forty-five
(45) days after the end of each of the first three fiscal quarters of the Company; and 
 (iii) any other
information required to be delivered pursuant to Rule 144(d)(4) under the Securities Act; 
 (d) hold, a reasonable time after
the availability of such financial statements (and in any event within sixty (60) days after the applicable fiscal quarter end and ninety (90) days after the applicable fiscal year end) and upon reasonable notice to the Holders and FBR
(either by mail, by posting on the Company’s website, or by press release), a quarterly investor conference call to discuss such financial statements, which call will also include an opportunity for the Holders to ask questions of management
with regard to such financial statements, and will also cooperate with, and make management reasonably available to, FBR personnel in connection with making Company information available to investors; and 

(e) so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a written statement by the
Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general
public), and of the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such
other reports and documents of the Company, and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares without registration.

  

	5.	Registration Procedures  

 In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its commercially reasonable efforts to effect or cause to be effected
the registration of the Registrable Shares under the Securities Act to permit the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or Holders’ intended method or methods of distribution, and the
Company shall: 
 (a) (i) notify FBR and Selling Holders’ Counsel, in writing, at least ten (10) Business Days
prior to filing a Registration Statement, of its intention to file such Registration Statement with the Commission and, at least five (5) Business Days prior to filing, provide a copy of such Registration Statement to FBR, its counsel and
Selling Holders’ Counsel for review and comment; (ii) prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s), which Registration Statement(s) shall (x) comply as to form in all material
respects with the requirements of the Securities Act and the applicable form and include all financial statements required by the Commission to be filed therewith and (y) be acceptable to FBR, its counsel and Selling Holders’ Counsel;
(iii) notify FBR and Selling Holders’ Counsel in writing, at least five (5) Business Days prior to filing of any amendment or supplement to such Registration Statement and, at least three (3) Business Days prior to filing,
provide a copy of such amendment or supplement to FBR, its counsel and Selling Holders’ Counsel for review and comment; (iv) promptly following receipt from the Commission, provide to FBR, its counsel and Selling Holders’ Counsel
copies of any comments made by the staff of the Commission relating to such Registration Statement and of the Company’s responses thereto for review and comment; and (v) use its commercially reasonable efforts to cause such Registration
Statement to become effective as soon as practicable after filing and to remain effective, subject to Section 6 hereof, until the earlier of (A) such time as all Registrable Shares covered thereby have been

 
sold in accordance with the intended distribution of such Registrable Shares; (B) there are no Registrable Shares outstanding or (C) the first (1st) anniversary of the effective
date of such Registration Statement (subject to extension as provided in Section 6(c) hereof and the condition that the Registrable Shares have been transferred to an unrestricted CUSIP, are listed or included on the New York Stock Exchange or
the Nasdaq Global Market, pursuant to Section 5(n) of this Agreement, or on an alternative trading system with the Registrable Shares qualified under the applicable state securities or “blue sky” laws of all fifty (50) states),
and can be sold under Rule 144 without limitation as to manner of sale or volume; provided, however, that the Company shall not be required to cause the IPO Registration Statement to remain effective for any period longer than ninety
(90) days following the effective date of the IPO Registration Statement (subject to extension as provided in Section 6(c) hereof); provided, further, that if the Company has an effective Shelf Registration Statement on Form
S-11 (or other form then available to the Company) under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the Securities Act, the Company may, upon thirty (30) Business Days
prior written notice to all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration
Statement is declared effective, de-register such shares under the previous Shelf Registration Statement or transfer the filing fees from the previous Shelf Registration Statement (such transfer pursuant to Rule 429, if applicable) unless any Holder
registered under the initial Shelf Registration Statement notifies the Company within fifteen (15) Business Days of receipt of the Company notice that such a registration under a new short-form Shelf Registration Statement and de-registration
of the initial Shelf Registration Statement would interfere with its distribution of Registrable Shares already in progress, in which case, the Company shall delay the effectiveness of the new short-form Shelf Registration Statement and termination
of the then-effective initial Shelf Registration Statement or any short-form Shelf Registration Statement for a period of not less than thirty (30) days from the date that the Company receives the notice from such Holders requesting a delay;

 (b) subject to Section 5(i) hereof, (i) prepare and file with the Commission such amendments and post-effective
amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section 5(a) hereof; (ii) cause each Prospectus contained therein to be supplemented by any
required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; and (iii) comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 

(c) furnish to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment
or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; the Company consents, subject to Section 6 hereof, to the use of such
Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 
 (d) use its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable Shares by the time the applicable Registration Statement is
declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as FBR or any Holder of Registrable Shares covered by a Registration Statement shall reasonably request in writing, keep
each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective pursuant to Section 5(a) and do any and all other acts and things that may be reasonably necessary or
advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder; provided, however, that the Company shall not be required to (i) qualify generally to do business in
any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Section 5(d) and except as may be required by the Securities Act, (ii) subject itself to taxation
in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 
 (e) use its
commercially reasonable efforts to cause all Registrable Shares covered by such Registration Statement to be registered and approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate
the disposition of such Registrable Shares; 
 (f) (i) notify FBR and each Holder promptly and, if requested by FBR or any
Holder, confirm such advice in writing (A) when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (B) of the issuance by the Commission or any state securities
authority of any 

 
stop order suspending the effectiveness of a Registration Statement or the initiation of any Proceeding for that purpose, (C) of any request by the Commission or any other federal, state or
foreign governmental authority for (1) amendments or supplements to a Registration Statement or related Prospectus or (2) additional information and (D) of the happening of any event during the period a Registration Statement is
effective as a result of which such Registration Statement or the related Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading (which information shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) and (ii) at the request of any such Holder,
promptly to furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 
 (g) use its commercially reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness of a Registration Statement or
suspending the qualification of (or exemption from qualification of) any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 
 (h) upon request, furnish to each requesting Holder of Registrable Shares covered by a Registration Statement, without charge, one conformed copy of such Registration Statement and any post-effective
amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 

(i) except as provided in Section 6 hereof, upon the occurrence of any event contemplated by Section 5(f)(i)(D) hereof, use its
commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; 
 (j) if requested by the representative of the
underwriters, if any, or any Holders of Registrable Shares being sold in connection with such offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters,
if any, or such Holders indicate relates to them or that they reasonably request be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the
Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(k) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters: (i) an opinion
of counsel for the Company, addressed to the underwriters, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the underwriters; and (ii) a “comfort” letter, addressed to the Company and the
underwriters, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the Company’s financial statements included in
such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily
covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial matters as the underwriters may reasonably request; 

(l) enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form and
reasonably satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, in the case of an
Underwritten Offering, make representations and warranties to the Holders covered by such Registration Statement and to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm
the same to the extent customary if and when requested; 

 (m) make available for inspection by representatives of the Holders and the representative
of any underwriters participating in any disposition pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial and other records, pertinent corporate documents and properties
of the Company and cause the respective officers, trustees and employees of the Company to supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or accountants in connection
with a Registration Statement; provided, however, that such records, documents or information that the Company determines, in good faith, to be confidential and notifies such representatives, representative of the underwriters, counsel
thereto or accountants are confidential shall not be disclosed by such representatives, representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information is necessary to avoid
or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or
(iii) such records, documents or information have been generally made available to the public; provided, further, that the representatives of the Holders and any underwriters will use commercially reasonable efforts, to the extent
practicable, to coordinate the foregoing inspection and information gathering and not materially disrupt the Company’s business operations; provided, further, that, notwithstanding anything to the contrary in this Agreement, the
Company shall not provide any material non-public information to any Holder without such Holder’s prior written agreement to keep such information confidential; 
 (n) use its commercially reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list
or include all Registrable Shares on the New York Stock Exchange or the Nasdaq Global Market; 
 (o) prepare and file in a
timely manner all documents and reports required by the Exchange Act and, to the extent the Company’s obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period
of the Registration Statement as required by Section 5(a) hereof, the Company shall register the Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by Section 5(a)
hereof; 
 (p) provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration
Statement; 
 (q) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations
of the Commission, (ii) make generally available to its shareholders, as soon as reasonably practicable, earnings statements covering at least twelve (12) months beginning after the effective date of the Registration Statement that satisfy
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, but in no event later than forty-five (45) days after the end of each fiscal year of the Company and (iii) not file any Registration Statement or
Prospectus or amendment or supplement to such Registration Statement or Prospectus to which any Holder of Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such Registration Statement or
Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two (2) Business Days prior to the filing thereof;

 (r) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration
Statement from and after a date not later than the effective date of such Registration Statement; 
 (s) in connection with any
sale or transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the securities being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the
underwriters, if any, to facilitate the timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any restrictive transfer legends (other than as required by the Company’s
declaration of trust, as amended) and to enable such Registrable Shares to be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may request at least three (3) Business Days
prior to any sale of the Registrable Shares; 
 (t) in connection with the initial filing of a Shelf Registration Statement and
each amendment thereto with the Commission pursuant to Section 2(a) hereof, cooperate with FBR in connection with the filing with FINRA of all forms and information required or requested by FINRA in order to obtain written confirmation from
FINRA that 

 
FINRA does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation, a
“No Objections Letter”) relating to the resale of Registrable Shares pursuant to the Shelf Registration Statement, including, without limitation, information provided to FINRA through its COBRADesk system, and pay all costs, fees
and expenses incident to FINRA’s review of the Shelf Registration Statement and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to FINRA and the legal
expenses, filing fees and other disbursements of FBR and any other FINRA member that is the Holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with any
initial or subsequent member filing); 
 (u) in connection with the initial filing of a Shelf Registration Statement and each
amendment thereto with the Commission pursuant to Section 2(a) hereof, provide to FBR and its representatives, the opportunity to conduct due diligence, including, without limitation, an inquiry of the Company’s financial and other
records, and make available members of its management for questions regarding information which FBR may request in order to fulfill any due diligence obligation on its part and, concurrent with the initial filing of a Shelf Registration Statement
with the Commission pursuant to Section 2(a) hereof, pay the sum of $75,000 to FBR, by wire transfer of immediately available funds, to cover FBR’s costs and expenses associated with its due diligence review of the Shelf Registration
Statement and the information contained therein; 
 (v) upon effectiveness of the first Registration Statement filed under this
Agreement, take such actions and make such filings as are necessary to effect the registration of the Common Shares under the Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement; and 

(w) in the case of an Underwritten Offering, use its commercially reasonable efforts to cooperate and assist in any filings required to
be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter,” if applicable) that is required to be retained in accordance with the rules
and regulations of FINRA. 
 The Company may require the Holders to furnish (and each Holder shall furnish) to the Company such
information regarding the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares, and no Holder
shall be entitled to be named as a selling shareholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such information to the Company. Any Holder that sells
Registrable Shares pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be required to be named as a selling shareholder in the related prospectus and to deliver a prospectus to purchasers.
Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information previously furnished by such Holder not misleading. 

Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in
Section 5(f)(i)(B), 5(f)(i)(C) or 5(f)(i)(D) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s receipt of the copies of the supplemented or amended
Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such
Registrable Shares current at the time of receipt of such notice. 
  

	6.	Black-Out Period  

 (a) Subject to the provisions of this Section 6 and a good faith determination by a majority of the independent members of the board of trustees of the Company (the “Board of
Trustees”) that it is in the best interests of the Company to suspend the use of the Registration Statement, following the effectiveness of a Registration Statement (and the filings with any international, federal or state securities
commissions), the Company, by written notice to FBR and the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is necessary and
advisable (but in no event for more than an aggregate of ninety (90) days in any rolling twelve (12) month period commencing on the Closing Date or more than sixty (60) days in any rolling ninety (90) day period), if any of the
following events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised 

 
the Company that the sale of Registrable Shares pursuant to the Registration Statement would have a material adverse effect on the Company’s primary Underwritten Offering; (ii) the
majority of the independent members of the Board of Trustees shall have determined in good faith that (A) the offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of
securities, acquisition, corporate reorganization or other significant transaction involving the Company, (B) after the advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of
non-public material information not otherwise required to be disclosed under applicable law, and (C) (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a
material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or
inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the independent members of
the Board of Trustees shall have determined in good faith, after the advice of counsel, that it is required by law, rule or regulation or that it is in the best interests of the Company to supplement the Registration Statement or file a
post-effective amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section 10(a)(3) of the
Securities Act; (2) reflecting in the prospectus included in the Registration Statement any facts or events arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in
the aggregate, represent a fundamental change in the information set forth therein; or (3) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the
Registration Statement or any material change to such information. Upon the occurrence of any such suspension, the Company shall use its best efforts to cause the Registration Statement to become effective or to promptly amend or supplement the
Registration Statement on a post-effective basis or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales
of the Registrable Shares as soon as possible. 
 (b) In the case of an event that causes the Company to suspend the use of a
Registration Statement (a “Suspension Event”), the Company shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state generally
the basis for the notice and that such suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its best efforts and taking all reasonable steps to terminate suspension of the use of the
Registration Statement as promptly as possible. The Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and
prior to receipt of an End of Suspension Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s
possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following
further notice to such effect (an “End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders and FBR in the manner described above promptly following the conclusion of
any Suspension Event and its effect. 
 (c) Notwithstanding any provision herein to the contrary, if the Company shall give a
Suspension Notice pursuant to this Section 6, the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during
the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended Prospectus necessary to resume sales.

  

	7.	Indemnification and Contribution  

 (a) The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the Securities Act) for such Holder (including, if applicable, FBR),
(ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause (i) (any of the Persons referred to in this clause (ii)
being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, trustees, partners, members, employees, representatives and agents of any such Person or any Controlling Person (any Person referred
to in clause (i), (ii) or (iii) above may 

 
hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and all losses, claims, damages, judgments, actions, out-of-pocket
expenses, and other liabilities (the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or defending any claim or action, or any investigation or
Proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or indirectly related to, based upon, arising out of or in
connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto), any Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing Prospectus (or
any amendment or supplement thereto), or any preliminary Prospectus or any other document used to sell the Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, except insofar as such Liabilities arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon
and in conformity with information relating to any Purchaser Indemnitee furnished to the Company, or any underwriter in writing by such Purchaser Indemnitee expressly for use therein. The Company shall notify FBR and the Holders promptly of the
institution, threat or assertion of any claim, Proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement that involves the Company or a
Purchaser Indemnitee. The indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 
 (b) In connection with any Registration Statement in which a Holder of Registrable Shares is participating, and as a condition to such participation, such Holder agrees, severally and not jointly, to
indemnify and hold harmless the Company and each Person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and their respective officers, trustees, partners, members,
employees, representatives and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged untrue
statements or omissions made in reliance upon and in strict conformity with information relating to such Holder furnished to the Company in writing by such Holder expressly for use in such Registration Statement (or any amendment thereto),
Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. Absent gross negligence or willful misconduct, the liability of any Holder pursuant to this
paragraph shall in no event exceed the net proceeds received by such Holder from sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing
Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus.  
 (c) If any suit, action,
Proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the
“Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing of the commencement thereof (but the failure to so notify an Indemnifying Party
shall not relieve it from any liability which it may have under this Section 7, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the Indemnified
Party, shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually
incurred by such counsel related to such Proceeding. Notwithstanding the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the
action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties to
any such action (including any impleaded parties) include both such Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either
(x) there may be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such
Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct the defense 

 
of such action on behalf of such Indemnified Party; it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all such
Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties and any such separate firm for the Company, the trustees, the officers and
such control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written consent, which consent shall not be unreasonably
withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such settlement or judgment. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified Party is or could have been a party and indemnity could have been
sought hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding and (ii) does not include a
statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 
 (d) If
the indemnification provided for in paragraphs (a) and (b) of this Section 7 is for any reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred to therein (other than by reason of the exceptions
provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in lieu of indemnifying such Indemnified Party thereunder, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying Party(ies) on the other in connection with the
statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and any Purchaser Indemnitees
on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or by
such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if such Indemnified Parties were treated
as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in Section 7(d) above. The amount paid or payable by an Indemnified Party as a result of any
Liabilities referred to in Section 7(d) above shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of the amount by which the net proceeds received by such Purchaser
Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of
this Section 7, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to contribution as FBR or
such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Company, and each officer, director, trustee, partner, employee,
representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or Proceeding against such party
in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties
from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

 (f) The indemnity and contribution agreements contained in this Section 7 will be in
addition to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 7 are several in proportion to the
respective number of Registrable Shares sold by each of the Purchaser Indemnitees hereunder and not joint. 
  

	8.	Market Stand-off Agreement  

 Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell (including without limitation
any short sale), grant any option or otherwise transfer or dispose of any Registrable Shares or other Common Shares of the Company or any securities convertible into or exchangeable or exercisable for Common Shares of the Company then owned by such
Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a period (x) in the case of the Company’s officers, trustees, managers and employees and the Manager, in each case to the extent such Holder holds
Common Shares or securities convertible into or exchangeable or exercisable for Common Shares, beginning on the effective date of, and continuing for one hundred eighty (180) days following the effective date of, the IPO Registration Statement
of the Company; and (y) in the case of all other Holders, beginning on the effective date of, and continuing for sixty (60) days following the effective date of, the IPO Registration Statement of the Company; provided,
however, that: 
 (a) the restrictions above shall not apply to Registrable Shares sold pursuant to the IPO Registration
Statement; 
 (b) all executive officers and trustees of the Company then holding Common Shares of the Company or securities
convertible into or exchangeable or exercisable for Common Shares of the Company enter into agreements that are no less restrictive; 
 (c) the Holders shall be allowed any concession or proportionate release allowed to any officer or trustee that entered into agreements that are no less restrictive (with such proportion being determined
by dividing the number of shares being released with respect to such officer or trustee by the total number of issued and outstanding shares held by such officer or trustee); provided, that nothing in this Section 8(c) shall be construed
as a right to proportionate release for the executive officers and trustees of the Company upon the expiration of the sixty (60) day period applicable to all Holders other than the executive officers and trustees of the Company; and 

(d) this Section 8 shall not be applicable if a Shelf Registration Statement of the Company filed under the Securities Act has been
declared effective prior to the filing of an IPO Registration Statement. 
 In order to enforce the foregoing covenant, the
Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of
each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 
  

	9.	Termination of the Company’s Obligation  

 The Company shall have no obligation pursuant to this Agreement with respect to any Common Shares proposed to be sold by a Holder in a registration pursuant to this Agreement if, in the opinion of counsel
to the Company, all such shares proposed to be sold by a Holder are not Registrable Shares. 
  

	10.	Limitations on Subsequent Registration Rights  

 From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority of the then outstanding Registrable Shares
(provided, however, that for purposes of this Section 10, Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding), enter into any agreement with any holder or
prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any Registration Statement filed pursuant to the terms hereof, unless, under the terms of such agreement,
such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will not reduce the amount of Registrable Shares of the Holders that is included, or (b) to have its
securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the effective date of any registration statement filed pursuant to this Agreement. 

	11.	Miscellaneous  

 (a) Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each of FBR and each Holder, in addition to being entitled to exercise all rights provided
herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted by law, including the rights granted in Section 2(f) hereof and recovery of damages, will be entitled to specific performance of its rights under this Agreement.
Subject to Section 7, the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less than a majority of the then outstanding Registrable
Shares; provided, however, that for purposes of this Section 11(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding; provided, further,
however, that any amendments, modifications or supplements to, or any waivers or consents to any departure from, the provisions of Section 8 hereof that would have the effect of extending the sixty (60) or one hundred eighty
(180) day periods referenced herein shall be approved by, and shall only be applicable to, those Holders who provide written consent to such extension to the Company. No amendment shall be deemed effective unless it applies uniformly to all
Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement
and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in
accordance with the provisions of the first and second sentences of this paragraph. 
 (c) Notices. All notices and other
communications, provided for or permitted hereunder, shall be made in writing and delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram: 

(i) if to a Holder, at the most current address given by the transfer agent and registrar of the Shares to the Company;

 (ii) if to the Company or the Manager, at the offices of the Company at American Homes 4 Rent, 22917 Pacific
Coast Highway, Suite 300, Malibu, California 90265, Attention: Sara Vogt-Lowell (facsimile: 310-774-5333), with a copy to Hogan Lovells LLP, 555 Thirteenth Street, NW, Washington, DC, 20004, Attention: James Showen, Esq. (facsimile: 202-637-5910);
and 
 (iii) if to FBR, at the offices of FBR at 1001 Nineteenth Street North, Arlington, Virginia 22209,
Attention: William Ginivan, Esq. (facsimile 703-469-1140) with a copy to Latham & Watkins LLP, 355 South Grand Avenue, Los Angeles, California, Attention: Julian T.H. Kleindorfer, Esq. (facsimile: 213-891-8763). 

(d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and
the Company, and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder; provided, however, that such Holder fulfills all of its
obligations hereunder. 
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO 

 
PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN
RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES
HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM
THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (h)
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set
forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (i) Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. 
 (j) Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Shares is required hereunder, Registrable Shares
held by the Company or its Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (k) Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a specific number of shares, then upon the occurrence of any subdivision, combination, or stock dividend of
such shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock by such subdivision, combination, or stock
dividend. 
 (l) Survival. This Agreement is intended to survive the consummation of the transactions contemplated by the
Purchase/Placement Agreement. The indemnification and contribution obligations under Section 7 of this Agreement shall survive the termination of the Company’s obligations under Section 2 of this Agreement. 

(m) Attorneys’ Fees. In any action or Proceeding brought to enforce any provision of this Agreement, or where any provision
hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other available remedy. 

(Signature page follows) 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written. 
  

			
	AMERICAN HOMES 4 RENT
		
	By:	 	/s/ David Singelyn
	Name:	 	David Singelyn
	Title:	 	Chief Executive Officer

  

			
	AMERICAN HOMES 4 RENT, LLC
		
	By:	 	/s/ Peter Nelson
	Name:	 	Peter Nelson
	Title:	 	Chief Financial Officer

  

			
	FBR CAPITAL MARKETS & CO.
		
	By:	 	/s/ Paul Dell’Isola
	Name:	 	Paul Dell’Isola
	Title:	 	 Senior Managing Director & Head of
 Capital Markets

 (Signature Page to Registration Rights Agreement)EX-10.7

 Exhibit 10.7 
 REGISTRATION RIGHTS AGREEMENT 
 This Registration Rights Agreement (this
“Agreement”) is made and entered into as of March 14, 2013, between American Homes 4 Rent, a Maryland real estate investment trust (together with any successor entity thereto, the “Company”), American Homes 4
Rent Advisor, LLC, a Delaware limited liability company (the “Manager”), and FBR Capital Markets & Co., a Delaware corporation, as the initial purchaser/placement agent (“FBR”), for the benefit of FBR, the
purchasers of up to an aggregate of 40,625,000 of the Company’s common shares, $0.01 par value per share (“Common Shares”) and any additional Common Shares purchased pursuant to the additional allotment option set forth in the
Purchase/Placement Agreement (defined below), as participants (“Participants”) in the private placement by the Company of its Common Shares (the “Offering”), and the direct and indirect transferees of FBR, and each
of the Participants. 
 This Agreement is made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement
Agreement”), dated as of March 7, 2013, between the Company and FBR in connection with the purchase and sale or placement of an aggregate of 40,625,000 Common Shares (plus an additional 6,093,750 Common Shares to cover additional
allotments, if any). In order to induce FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the registration rights provided for in this Agreement to FBR, the Participants, and their respective direct and indirect
transferees. The execution and delivery of this Agreement by the Company, the Manager and FBR is a condition to the closing of the transactions contemplated by the Purchase/ Placement Agreement. 

The parties hereby agree as follows: 
 1. Definitions 
 As used in this Agreement, the
following terms shall have the following meanings: 
 Accredited Investor Shares: Shares initially sold by the Company to
“accredited investors” (within the meaning of Rule 501(a) promulgated under the Securities Act) as Participants. 

Affiliate: As to any specified Person, (i) any Person directly or indirectly owning, controlling or holding, with power to
vote, ten percent or more of the outstanding voting securities of such other Person, (ii) any Person, ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such
other Person, (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee or general partner of such Person and (v) any legal entity
for which such Person acts as an executive officer, director, trustee or general partner. An indirect relationship shall include circumstances in which a Person’s spouse, children, parents, siblings or mother, father, sister- or brother-in-law
is or has been associated with a Person. 
 Agreement: As defined in the preamble. 

Board of Trustees: As defined in Section 6(a) hereof. 

Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that is not
a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to close. 

Closing Date: March 14, 2013 or such other time or such other date as FBR and the Company may agree. 

Commission: The Securities and Exchange Commission. 

 Common Shares: As defined in the preamble. 

Company: As defined in the preamble. 
 Controlling Person: As defined in Section 7(a) hereof. 
 End of
Suspension Notice: As defined in Section 6(b) hereof. 
 Exchange Act: The Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated by the Commission pursuant thereto. 
 FBR: As defined in the
preamble. 
 FINRA: The Financial Industry Regulatory Authority, Inc. 

Holder: Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates to the extent FBR or any
such Affiliate holds any Registrable Shares. 
 Indemnified Party: As defined in Section 7(c) hereof. 

Indemnifying Party: As defined in Section 7(c) hereof. 

IPO Registration Statement: As defined in Section 2(b) hereof. 

Issuer Free Writing Prospectus: As defined in Section 7(a) hereof. 

Liabilities: As defined in Section 7(a) hereof. 
 No Objections Letter: As defined in Section 5(t) hereof. 
 Nominee:
As defined in Section 3(c) hereof. 
 Offering: As defined in the preamble. 

Participants: As defined in the preamble. 
 Person: An individual, partnership, limited liability company, corporation, trust, unincorporated organization, government or agency or political subdivision thereof, or any other legal entity.

 Proceeding: An action, claim, suit or proceeding (including without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened. 

Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus at the “time of
sale” within the meaning of Rule 159 under the Securities Act and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
reference, if any, in such prospectus. 
 Purchase/Placement Agreement: As defined in the preamble. 

Purchaser Indemnitee: As defined in Section 7(a) hereof. 

 Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares, the
Regulation S Shares, upon original issuance thereof, and at all times subsequent thereto, including upon the transfer thereof by the original holder or any subsequent holder and any shares or other securities issued in respect of such Registrable
Shares by reason of or in connection with any stock dividend, stock distribution, stock split, purchase in any rights offering or in connection with any exchange for or replacement of such Registrable Shares or any combination of shares,
recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the Common Shares, until, in the case of any such Rule 144A Share, Accredited Investor Share or Regulation S
Share, the earliest to occur of (i) the date on which the resale of such share has been registered pursuant to the Securities Act and such share has been disposed of in accordance with the Registration Statement filed in connection therewith,
(ii) in the event the Company is subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act, the date on which such share has been transferred pursuant to Rule 144 (or any similar provision then in effect) or are
freely saleable, without condition pursuant to Rule 144, including any current public information requirements, and are listed for trading on the New York Stock Exchange, the Nasdaq Global Market or a similar national securities exchange or
(iii) the date on which such share is sold to the Company or ceases to be outstanding. 
 Registration Default: As
defined in Section 2(f) hereof. 
 Registration Expenses: Any and all fees and expenses incident to the
Company’s and FBR’s performance of or compliance with this Agreement, including, without limitation: (i) all Commission, securities exchange, FINRA or other registration, listing, inclusion and filing fees; (ii) all fees and
expenses incurred in connection with compliance with international, federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and fees and disbursements of counsel in connection with blue
sky qualification of any of the Registrable Shares and the preparation of a blue sky memorandum and compliance with the rules of FINRA); (iii) all expenses in preparing or assisting in preparing, word processing, duplicating, printing,
delivering and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance under and
compliance with this Agreement; (iv) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange pursuant to Section 5(n) of this Agreement; (v) the fees and
disbursements of counsel for the Company and of the independent registered public accounting firm of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to the
performance of this Agreement); (vi) reasonable fees and disbursements of Latham & Watkins LLP, or one such other counsel, reasonably acceptable to the Company, for FBR and the Holders, selected by the Holders holding a majority of the
Registrable Shares (such counsel, “Selling Holders’ Counsel”), provided that if such counsel is prevented from representing both FBR and the Holders, separate counsel shall be selected by the Holders holding a majority
of the Registrable Shares; and (vii) any fees and disbursements customarily paid in issues and sales of securities (including the fees and expenses of any experts retained by the Company in connection with any Registration Statement);
provided, however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts and commissions, if any, relating to the sale or disposition of Registrable Shares by a Holder. 

Registration Statement: Any registration statement of the Company that covers the resale of Registrable Shares pursuant to the
provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by reference or deemed
to be incorporated by reference, if any, in such registration statement. 
 Regulation S: Regulation S (Rules 901-905)
promulgated by the Commission under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such
regulation. 

 Regulation S Shares: Shares initially resold by FBR pursuant to the
Purchase/Placement Agreement to “non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction” (in accordance with Regulation S). 
 Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A: Rule 144A promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 144A Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to “qualified institutional
buyers” (as such term is defined in Rule 144A). 
 Rule 158: Rule 158 promulgated by the Commission pursuant to the
Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Rule 415: Rule 415 promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Rule 433: Rule 433 promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 Selling Holders’ Counsel: As defined in clause (vi) of the definition for Registration Expenses. 

Shares: The Common Shares being offered and sold pursuant to the terms and conditions of the Purchase/ Placement Agreement.

 Shelf Filing Date: As defined in Section 2(a) hereof. 

 Shelf Registration Statement: As defined in Section 2(a) hereof. 

Special Election Meeting: As defined in Section 3(a) hereof. 

Suspension Event: As defined in Section 6(b) hereof. 

Suspension Notice: As defined in Section 6(b) hereof. 

Trigger Date: As defined in Section 3(a) hereof. 
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for re-offering to the public. 
 2. Registration Rights 
 (a) Mandatory Shelf
Registration. As set forth in Section 5 hereof, the Company agrees to file with the Commission a shelf Registration Statement on Form S-11 or such other form under the Securities Act then available to the Company providing for the resale of
any Registrable Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”) as soon as reasonably practicable following the date of this Agreement but in no event later than November 21, 2013
(the “Shelf Filing Date”); provided that, upon approval of the Board of Trustees, the Company shall have the right to defer the Shelf Filing Date until no later than May 20, 2014. The Company shall use its commercially
reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable after the initial filing thereof but in no event, subject to Section 2(b)(iii) below, later than the date that is
one hundred eighty (180) days after the initial filing thereof. Any Shelf Registration Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without
limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or agents, which may include sales over the internet) by the Holders of any and all Registrable Shares. 

(b) Shelf Registration not Impacted by IPO Registration Statement. The Company’s obligation to file the Shelf Registration
Statement pursuant to Section 2(a) hereof shall not be affected by the filing or effectiveness of a registration statement filed by the Company with respect to the initial public offering of its Common Shares (the “IPO Registration
Statement”). In addition, the Company’s obligation to file and use its commercially reasonable efforts to cause to become and keep effective the Shelf Registration Statement pursuant to Section 2(a) hereof shall not be affected by
the filing or effectiveness of an IPO Registration Statement; provided, however, if the Company files an IPO Registration Statement before the effective date of the Shelf Registration Statement and the Company has used or is using
commercially reasonable efforts to complete such initial public offering, the Company shall have the right to defer causing the Commission to declare such Shelf Registration Statement effective until up to sixty (60) days after the closing date
of its initial public offering pursuant to the IPO Registration Statement; provided, further, however, that if such initial public offering is not completed by the third anniversary of this Agreement, the Company shall use its
commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable thereafter but in no event later than 60 days after the third anniversary of this Agreement. Nothing in this
Section 2(b)(iii) shall affect the Company’s obligation to hold a Special Election Meeting as provided in Section 3 of this Agreement. 
 (c) Expenses. The Company shall pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement. Each Holder participating in a registration
pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration) of all discounts and commissions payable to underwriters or brokers and all transfer taxes
and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement. 

 (d) Penalty Provisions. If the Company does not file a Shelf Registration Statement
registering the resale of the Registrable Shares by the Shelf Filing Date (as such date may be deferred pursuant to Section 2(a)), other than as a result of the Commission being unable to accept such filings (a “Registration
Default”), then the Manager shall forfeit fifty percent (50%) of the amount that would otherwise be payable to it in respect of its management fee under the Advisory Management Agreement, dated November 21, 2012, between the
Company and the Manager, from and after the applicable date by which the Company was required to file the Shelf Registration Statement until the Shelf Registration Statement is filed. For the avoidance of doubt, the management fee will be reinstated
for periods beginning on the date such Shelf Registration Statement is filed, but will not be reinstated for periods before the filing of the Shelf Registration Statement. Notwithstanding the foregoing, the Company acknowledges and agrees that no
management fee or other amounts shall be payable or granted in lieu of or to make the Manager whole for any such forfeited management fees. 

3. Special Election Meeting. 
 (a) Subject to the last sentence of this Section 3(a), if a Shelf Registration Statement registering the resale of the Registrable Shares has not been declared effective by the Commission and the
Registrable Shares have not been listed for trading on a national securities exchange, on a date that is within one hundred eighty (180) days after the Shelf Filing Date (as such date may be deferred pursuant to Section 2(a)) or, in the
event of a deferral pursuant to Section 2(b), the date that is sixty (60) days after the closing date of the initial public offering (the “Trigger Date”), a special meeting of shareholders (the “Special Election
Meeting”) shall be called in accordance with the Bylaws of the Company; provided that the requirement to hold a Special Election Meeting may be waived or deferred upon the Company’s receipt of the consent, at a duly called
meeting or by written consent, of Holders of at least seventy-five percent (75%) of the outstanding Registrable Shares; provided, however, that Registrable Shares that are owned, directly or indirectly, by an Affiliate or
“executive officer” (as defined in Rule 405 of the Securities Act) of the Company shall not be deemed to be outstanding for this purpose. The Special Election Meeting shall occur as soon as possible following the Trigger Date but in no
event more than thirty (30) days after the Trigger Date. For the avoidance of doubt, the Company shall have no obligation to hold a Special Election Meeting pursuant to this Section 3 or the Bylaws of the Company if the Company has
completed an initial public offering pursuant to an IPO Registration Statement and the Common Stock of the Company has been listed for trading on a national securities exchange before the Trigger Date. 

(b) Purposes of Meeting. The Special Election Meeting shall be called solely for the purposes of: (i) considering and voting
upon proposals to remove each then-serving trustee of the Company; and (ii) electing such number of trustees as there are then vacancies on the Board of Trustees of the Company (including any vacancies created by the removal of any trustee
pursuant to this Section 3(b). The removal of any trustee pursuant to Section 3(b)(i) hereof shall be effective immediately upon the receipt of the final report of the Inspector of Elections for the Special Election Meeting that reports
the receipt of the requisite vote to approve the proposal to remove such trustee. 
 (c) Nominations. Nominations of
individuals for election to the Board of Trustees at the Special Election Meeting may only be made (i) by or at the direction of the Board of Trustees or (ii) upon receipt by the Company of written notice of Holders entitled to cast, or
direct the casting of, not less than twenty percent (20%) of all the votes entitled to be cast at the Special Election Meeting and containing the information specified by Section 3(d) hereof. Each individual whose nomination is made in
accordance with this Section 3(c) is hereinafter referred to as a “Nominee.” 
 (d)
Procedure for Shareholder Nominations. For nominations of individuals for election to the Board of Trustees to be properly brought before the Special Election Meeting by Holders pursuant to Section 3(c) hereof, the Holders must have
given notice thereof in writing to the Secretary of the Company not later than 5:00 p.m., Eastern Time, on the tenth
(10th) day after the Trigger Date. Such notice shall
include each such proposed Nominee’s written consent to serve as a trustee, if elected, and shall specify: 

(i) as to each proposed Nominee, the name, age, business address and residence address of such proposed Nominee and all
other information relating to such proposed Nominee that would be required, pursuant to Regulation 14A promulgated under the Exchange Act (or any successor provision), to be disclosed in a contested solicitation of proxies with respect to the
election of such individual as a trustee; and 

 (ii) as to each Holder giving the notice, the class, series and number of
all of the equity shares of the Company that are owned by such Holder, beneficially or of record. 
 (e) Notice. Not less
than fifteen (15) nor more than twenty-five (25) days before the Special Election Meeting, the Secretary of the Company shall give to each shareholder entitled to vote at, or to receive notice of, such meeting at such shareholder’s
address as it appears in the share transfer records of the Company, notice in writing setting forth (i) the time and place of the Special Election Meeting, (ii) the purposes for which the Special Election Meeting has been called and
(iii) the name of each Nominee. 
 4. Rules 144 and 144A Reporting 

With a view to making available the benefits of certain rules and regulations of the Commission that may at any time permit the sale of
the Registrable Shares to the public without registration, the Company agrees to: 
 (a) make and keep current public information
available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective date of the first registration statement under the Securities Act filed by the Company for an offering of its securities to
the general public; 
 (b) to file with the Commission in a timely manner all reports and other documents required to be filed
by the Company under the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements); 
 (c) so long as a Holder owns any Registrable Shares, if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, it will make available other
information as required by, and so long as necessary to permit sales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in any event shall make available (either by mailing a copy thereof, by posting on the Company’s website, or by
press release) to each Holder a copy of: 
 (i) the Company’s annual consolidated financial statements
(including at least balance sheets, statements of profit and loss, statements of shareholders’ equity and statements of cash flows) prepared in accordance with U.S. generally accepted accounting principles in the United States, accompanied by
an audit report of the Company’s independent accountants, no later than ninety (90) days after the end of each fiscal year of the Company; 
 (ii) the Company’s unaudited quarterly financial statements (including at least balance sheets, statements of profit and loss, statements of shareholders’ equity and statements of cash flows)
prepared in a manner consistent with the preparation of the Company’s annual financial statements, no later than forty-five (45) days after the end of each of the first three fiscal quarters of the Company; and (iii) any other
information required to be delivered pursuant to Rule 144(d)(4) under the Securities Act; 
 (d) hold, a reasonable time after
the availability of such financial statements (and in any event within sixty (60) days after the applicable fiscal quarter end and ninety (90) days after the applicable fiscal year end) and upon reasonable notice to the Holders and FBR
(either by mail, by posting on the Company’s website, or by press release), a quarterly investor conference call to discuss such financial statements, which call will also include an opportunity for the Holders to ask questions of management
with regard to such financial statements, and will also cooperate with, and make management reasonably available to, FBR personnel in connection with making Company information available to investors; and 

 (e) so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon
request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an
offering of its securities to the general public), and of the Securities Act and the Exchange Act (at any time after it has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual or quarterly
report of the Company, and (iii) such other reports and documents of the Company, and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any
such Registrable Shares without registration. 
 5. Registration Procedures 

In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its
commercially reasonable efforts to effect or cause to be effected the registration of the Registrable Shares under the Securities Act to permit the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or
Holders’ intended method or methods of distribution, and the Company shall: 
 (a) (i) notify FBR and Selling
Holders’ Counsel, in writing, at least ten (10) Business Days prior to filing a Registration Statement, of its intention to file such Registration Statement with the Commission and, at least five (5) Business Days prior to filing,
provide a copy of such Registration Statement to FBR, its counsel and Selling Holders’ Counsel for review and comment; (ii) prepare and file with the Commission, as specified in this Agreement, a Registration Statement(s), which
Registration Statement(s) shall (x) comply as to form in all material respects with the requirements of the Securities Act and the applicable form and include all financial statements required by the Commission to be filed therewith and
(y) be acceptable to FBR, its counsel and Selling Holders’ Counsel; (iii) notify FBR and Selling Holders’ Counsel in writing, at least five (5) Business Days prior to filing of any amendment or supplement to such
Registration Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBR, its counsel and Selling Holders’ Counsel for review and comment; (iv) promptly following receipt from
the Commission, provide to FBR, its counsel and Selling Holders’ Counsel copies of any comments made by the staff of the Commission relating to such Registration Statement and of the Company’s responses thereto for review and comment; and
(v) use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after filing and to remain effective, subject to Section 6 hereof, until the earlier of (A) such time as all
Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares; (B) such time as all of the Registrable Shares are eligible for sale without any volume or manner of sale restrictions or
compliance by the Company with any current public information requirements pursuant to Rule 144 (or any successor or analogous rule) under the Securities Act; (C) there are no Registrable Shares outstanding or (D) the first
(1st) anniversary of the effective date of such Registration Statement (subject to extension as provided in Section 6(c) hereof and the condition that the Registrable Shares have been transferred to an unrestricted CUSIP, are listed or
included on the New York Stock Exchange or the Nasdaq Global Market, pursuant to Section 5(n) of this Agreement, or on an alternative trading system with the Registrable Shares qualified under the applicable state securities or “blue
sky” laws of all fifty (50) states), and can be sold under Rule 144 without limitation as to manner of sale or volume; provided, however, that if the Company has an effective Shelf Registration Statement on Form S-11 (or
other form then available to the Company) under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement form under the Securities Act, the Company may, upon thirty (30) Business Days prior written
notice to all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement on such a short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is
declared effective, de-register such shares under the previous Shelf Registration Statement or transfer the filing fees from the previous Shelf Registration Statement (such transfer pursuant to Rule 429, if applicable) unless

 
any Holder registered under the initial Shelf Registration Statement notifies the Company within fifteen (15) Business Days of receipt of the Company notice that such a registration under a
new short-form Shelf Registration Statement and de-registration of the initial Shelf Registration Statement would interfere with its distribution of Registrable Shares already in progress, in which case, the Company shall delay the effectiveness of
the new short-form Shelf Registration Statement and termination of the then-effective initial Shelf Registration Statement or any short-form Shelf Registration Statement for a period of not less than thirty (30) days from the date that the
Company receives the notice from such Holders requesting a delay; 
 (b) subject to Section 5(i) hereof, (i) prepare
and file with the Commission such amendments and post-effective amendments to each such Registration Statement as may be necessary to keep such Registration Statement effective for the period described in Section 5(a) hereof; (ii) cause
each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; and (iii) comply with the
provisions of the Securities Act with respect to the disposition of all securities covered by each Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof;

 (c) furnish to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any
amendment or supplement thereto and such other documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; the Company consents, subject to Section 6 hereof, to the use
of such Prospectus, including each preliminary Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

(d) use its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all
Registrable Shares by the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as FBR or any Holder of Registrable Shares covered
by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Registration Statement is required to be kept effective pursuant to Section 5(a) and do
any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder; provided, however, that the
Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction where it would not otherwise be required to qualify but for this Section 5(d) and except as
may be required by the Securities Act, (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of process in any such jurisdiction; 

(e) use its commercially reasonable efforts to cause all Registrable Shares covered by such Registration Statement to be registered and
approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; 
 (f) (i) notify FBR and each Holder promptly and, if requested by FBR or any Holder, confirm such advice in writing (A) when a Registration Statement has become effective and when any
post-effective amendments and supplements thereto become effective, (B) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any
Proceeding for that purpose, (C) of any request by the Commission or any other federal, state or foreign governmental authority for (1) amendments or supplements to a Registration Statement or related Prospectus or (2) additional
information and (D) of the happening of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any document incorporated by reference therein contains any
untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (which information shall be accompanied by an instruction to suspend the use of the
Prospectus until the requisite changes have been made) and (ii) at the request of any such Holder, promptly to furnish to such 

 
Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchaser of such securities, such
Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; 

(g) use its commercially reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or
suspending the use or effectiveness of a Registration Statement or suspending the qualification of (or exemption from qualification of) any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 

(h) upon request, furnish to each requesting Holder of Registrable Shares covered by a Registration Statement, without charge, one
conformed copy of such Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 

(i) except as provided in Section 6 hereof, upon the occurrence of any event contemplated by Section 5(f)(i)(D) hereof, use its
commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
the light of the circumstances under which they were made, not misleading; 
 (j) if requested by the representative of the
underwriters, if any, or any Holders of Registrable Shares being sold in connection with such offering, (i) promptly incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters,
if any, or such Holders indicate relates to them or that they reasonably request be included therein and (ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the
Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective amendment; 

(k) in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters: (i) an opinion
of counsel for the Company, addressed to the underwriters, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the underwriters; and (ii) a “comfort” letter, addressed to the Company and the
underwriters, dated the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the Company’s financial statements included in
such Registration Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily
covered in accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial matters as the underwriters may reasonably request; 

(l) enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form and
reasonably satisfactory to the Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, in the case of an
Underwritten Offering, make representations and warranties to the Holders covered by such Registration Statement and to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm
the same to the extent customary if and when requested; 
 (m) make available for inspection by representatives of the Holders
and the representative of any underwriters participating in any disposition pursuant to a Registration Statement and any special counsel or accountants retained by such Holders or underwriters, all financial and other records, pertinent corporate

 
documents and properties of the Company and cause the respective officers, trustees and employees of the Company to supply all information reasonably requested by any such representatives, the
representative of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that such records, documents or information that the Company determines, in good faith, to be
confidential and notifies such representatives, representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by such representatives, representative of the underwriters, counsel thereto or accountants
unless (i) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or omission in a Registration Statement or Prospectus, (ii) the release of such records, documents or information is
ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or information have been generally made available to the public; provided, further, that the representatives of
the Holders and any underwriters will use commercially reasonable efforts, to the extent practicable, to coordinate the foregoing inspection and information gathering and not materially disrupt the Company’s business operations;
provided, further, that, notwithstanding anything to the contrary in this Agreement, the Company shall not provide any material non-public information to any Holder without such Holder’s prior written agreement to keep such
information confidential; 
 (n) use its commercially reasonable efforts (including, without limitation, seeking to cure any
deficiencies cited by the exchange or market in the Company’s listing or inclusion application) to list or include all Registrable Shares on the New York Stock Exchange or the Nasdaq Global Market; 

(o) prepare and file in a timely manner all documents and reports required by the Exchange Act and, to the extent the Company’s
obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Registration Statement as required by Section 5(a) hereof, the Company shall register the
Registrable Shares under the Exchange Act and shall maintain such registration through the effectiveness period required by Section 5(a) hereof; 
 (p) provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement; 
 (q) (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, (ii) make generally available to its shareholders, as soon as
reasonably practicable, earnings statements covering at least twelve (12) months beginning after the effective date of the Registration Statement that satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder,
but in no event later than forty-five (45) days after the end of each fiscal year of the Company and (iii) not file any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which
any Holder of Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the
requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two (2) Business Days prior to the filing thereof; 
 (r) provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement from and after a date not later than the effective date of such
Registration Statement; 
 (s) in connection with any sale or transfer of the Registrable Shares (whether or not pursuant to a
Registration Statement) that will result in the securities being delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the timely preparation and delivery of
certificates representing the Registrable Shares to be sold, which certificates shall not bear any restrictive transfer legends (other than as required by the Company’s declaration of trust, as amended) and to enable such Registrable Shares to
be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may request at least three (3) Business Days prior to any sale of the Registrable Shares; 

 (t) in connection with the initial filing of a Shelf Registration Statement and each
amendment thereto with the Commission pursuant to Section 2(a) hereof, cooperate with FBR in connection with the filing with FINRA of all forms and information required or requested by FINRA in order to obtain written confirmation from FINRA
that FINRA does not object to the fairness and reasonableness of the underwriting terms and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation, a “No Objections Letter”) relating to the
resale of Registrable Shares pursuant to the Shelf Registration Statement, including, without limitation, information provided to FINRA through its COBRADesk system, and pay all costs, fees and expenses incident to FINRA’s review of the Shelf
Registration Statement and the related underwriting terms and arrangements, including, without limitation, all filing fees associated with any filings or submissions to FINRA and the legal expenses, filing fees and other disbursements of FBR and any
other FINRA member that is the Holder of, or is affiliated or associated with an owner of, Registrable Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member filing); 

(u) in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to
Section 2(a) hereof, provide to FBR and its representatives, the opportunity to conduct due diligence, including, without limitation, an inquiry of the Company’s financial and other records, and make available members of its management for
questions regarding information which FBR may request in order to fulfill any due diligence obligation on its part; 
 (v) upon
effectiveness of the first Registration Statement filed under this Agreement, take such actions and make such filings as are necessary to effect the registration of the Common Shares under the Exchange Act simultaneously with or immediately
following the effectiveness of the Registration Statement; and 
 (w) in the case of an Underwritten Offering, use its
commercially reasonable efforts to cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent
underwriter,” if applicable) that is required to be retained in accordance with the rules and regulations of FINRA. 
 The
Company may require the Holders to furnish (and each Holder shall furnish) to the Company such information regarding the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in
writing or as shall be required to effect the registration of the Registrable Shares, and no Holder shall be entitled to be named as a selling shareholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a
part thereof if such Holder does not provide such information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be required to be
named as a selling shareholder in the related prospectus and to deliver a prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information
previously furnished by such Holder not misleading. 
 Each Holder agrees that, upon receipt of any notice from the Company of
the happening of any event of the kind described in Section 5(f)(i)(B), 5(f)(i)(C) or 5(f)(i)(D) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s
receipt of the copies of the supplemented or amended Prospectus. If so directed by the Company, such Holder will deliver to the Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such
Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 

 6. Black-Out Period 

(a) Subject to the provisions of this Section 6 and a good faith determination by a majority of the independent members of the board
of trustees of the Company (the “Board of Trustees”) that it is in the best interests of the Company to suspend the use of the Registration Statement, following the effectiveness of a Registration Statement (and the filings with any
international, federal or state securities commissions), the Company, by written notice to FBR and the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company
reasonably may determine is necessary and advisable (but in no event for more than an aggregate of ninety (90) days in any rolling twelve (12) month period commencing on the Closing Date or more than sixty (60) days in any rolling
ninety (90) day period), if any of the following events shall occur: (i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares
pursuant to the Registration Statement would have a material adverse effect on the Company’s primary Underwritten Offering; (ii) the majority of the independent members of the Board of Trustees shall have determined in good faith that
(A) the offer or sale of any Registrable Shares would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, corporate reorganization or other significant transaction involving the Company,
(B) after the advice of counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and
(C) (x) the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such
transaction, or (z) renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or
to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the independent members of the Board of Trustees shall have determined in good faith, after the advice of counsel,
that it is required by law, rule or regulation or that it is in the best interests of the Company to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the
Registration Statement for the purpose of (1) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the prospectus included in the Registration Statement any
facts or events arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change in the information set forth therein; or
(3) including in the prospectus included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information. Upon the occurrence
of any such suspension, the Company shall use its best efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis or to take such action as is necessary to
make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales of the Registrable Shares as soon as possible. 

(b) In the case of an event that causes the Company to suspend the use of a Registration Statement (a “Suspension
Event”), the Company shall give written notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state generally the basis for the notice and that such
suspension shall continue only for so long as the Suspension Event or its effect is continuing and the Company is using its best efforts and taking all reasonable steps to terminate suspension of the use of the Registration Statement as promptly as
possible. The Holders shall not effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after it has received a Suspension Notice from the Company and prior to receipt of an End of Suspension
Notice (as defined below). If so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the
Registrable Shares at the time of receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following further notice to such effect (an
“End of Suspension Notice”) from the Company, which End of Suspension Notice shall be given by the Company to the Holders and FBR in the manner described above promptly following the conclusion of any Suspension Event and its
effect. 

 (c) Notwithstanding any provision herein to the contrary, if the Company shall give a
Suspension Notice pursuant to this Section 6, the Company agrees that it shall extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during
the period from the date of receipt by the Holders of the Suspension Notice to and including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended Prospectus necessary to resume sales.

 7. Indemnification and Contribution 

(a) The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the
Securities Act) for such Holder (including, if applicable, FBR), (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause
(i) (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, trustees, partners, members, employees, representatives and agents
of any such Person or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) above may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and
all losses, claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing,
pursuing or defending any claim or action, or any investigation or Proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly
or indirectly related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto), any Prospectus (or any amendment or
supplement thereto) or any offer relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433 (or any amendment or supplement thereto) (an “Issuer Free Writing Prospectus”), or
any preliminary Prospectus or any other document used to sell the Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except insofar as such Liabilities arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
information relating to any Purchaser Indemnitee furnished to the Company, or any underwriter in writing by such Purchaser Indemnitee expressly for use therein. The Company shall notify FBR and the Holders promptly of the institution, threat or
assertion of any claim, Proceeding (including any governmental investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement that involves the Company or a Purchaser Indemnitee. The
indemnity provided for herein shall remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 
 (b) In connection with any Registration Statement in which a Holder of Registrable Shares is participating, and as a condition to such participation, such Holder agrees, severally and not jointly, to
indemnify and hold harmless the Company and each Person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and their respective officers, trustees, partners, members,
employees, representatives and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or omissions or alleged untrue
statements or omissions made in reliance upon and in strict conformity with information relating to such Holder furnished to the Company in writing by such Holder expressly for use in such Registration Statement (or any amendment thereto),
Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. Absent gross negligence or willful misconduct, the liability of any Holder pursuant to this
paragraph shall in no event exceed the net proceeds received by such Holder from sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing
Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus. 

 (c) If any suit, action, Proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party”) shall promptly
notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which it may
have under this Section 7, except to the extent the Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to
the Indemnified Party to represent the Indemnified Party and any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such Proceeding.
Notwithstanding the foregoing, in any such Proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the
Indemnifying Party and the Indemnified Party shall have mutually agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the defense and employ counsel
reasonably satisfactory to the Indemnified Party, (iii) the Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties to any such action (including any impleaded parties)
include both such Indemnified Party and Indemnifying Party, or any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses available
to it which are different from or additional to those available to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the
Indemnifying Party (in which case the Indemnifying Party shall not have the right to assume nor direct the defense of such action on behalf of such Indemnified Party; it being understood, however, that the Indemnifying Party shall not, in connection
with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys
(in addition to any local counsel) for all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties and any such separate firm
for the Company, the trustees, the officers and such control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written
consent, which consent shall not be unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and against any loss or liability by
reason of such settlement or judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified Party is or could have
been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such
Proceeding and (ii) does not include a statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 
 (d) If the indemnification provided for in paragraphs (a) and (b) of this Section 7 is for any reason held to be unavailable to an Indemnified Party in respect of any Liabilities referred
to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in lieu of indemnifying such Indemnified Party thereunder,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on the one hand and the Indemnifying
Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations. The relative fault of the
Company on the one hand and any Purchaser Indemnitees on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

 (e) The parties agree that it would not be just and equitable if contribution pursuant to
this Section 7 were determined by pro rata allocation (even if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations
referred to in Section 7(d) above. The amount paid or payable by an Indemnified Party as a result of any Liabilities referred to in Section 7(d) above shall be deemed to include, subject to the limitations set forth above, any reasonable
legal or other expenses actually incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Purchaser Indemnitee be required
to contribute any amount in excess of the amount by which the net proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged omission. For purposes of this Section 7, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the
Exchange Act) FBR or a Holder of Registrable Shares shall have the same rights to contribution as FBR or such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or
Section 20(a) of the Exchange Act) the Company, and each officer, director, trustee, partner, employee, representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party entitled to
contribution will, promptly after receipt of notice of commencement of any action, suit or Proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from
whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except
to the extent that any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation. 
 (f) The indemnity and contribution agreements contained in this
Section 7 will be in addition to any liability which the Indemnifying Parties may otherwise have to the Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 7 are several
in proportion to the respective number of Registrable Shares sold by each of the Purchaser Indemnitees hereunder and not joint. 

8. Market Stand-off Agreement 
 Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company, directly or indirectly sell, offer to sell (including without limitation
any short sale), grant any option or otherwise transfer or dispose of any Registrable Shares or other Common Shares of the Company or any securities convertible into or exchangeable or exercisable for Common Shares of the Company then owned by such
Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a period (x) in the case of the Company’s officers, trustees, managers and employees and the Manager, in each case to the extent such Holder holds
Common Shares or securities convertible into or exchangeable or exercisable for Common Shares, beginning on the effective date of, and continuing for one hundred eighty (180) days following the effective date of, the IPO Registration Statement
of the Company; and (y) in the case of all other Holders, beginning on the effective date of, and continuing for sixty (60) days following the effective date of, the IPO Registration Statement of the Company; provided,
however, that: 
 (a) all executive officers and trustees of the Company then holding Common Shares of the Company or
securities convertible into or exchangeable or exercisable for Common Shares of the Company enter into agreements that are no less restrictive; and 

 (b) the Holders shall be allowed any concession or proportionate release allowed to any
officer or trustee that entered into agreements that are no less restrictive (with such proportion being determined by dividing the number of shares being released with respect to such officer or trustee by the total number of issued and outstanding
shares held by such officer or trustee); provided, that nothing in this Section 8(c) shall be construed as a right to proportionate release for the executive officers and trustees of the Company upon the expiration of the sixty
(60) day period applicable to all Holders other than the executive officers and trustees of the Company; 
 In order to
enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable
Shares and such other securities of each Holder (and the securities of every other Person subject to the foregoing restriction) until the end of such period. 
 9. Termination of the Company’s Obligation 

The Company shall have no obligation pursuant to this Agreement with respect to any Common Shares proposed to be sold by a Holder in a
registration pursuant to this Agreement if, in the opinion of counsel to the Company, all such shares proposed to be sold by a Holder are not Registrable Shares. 
 10. Limitations on Subsequent Registration Rights 
 From and after the date of this Agreement, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority of the then outstanding Registrable Shares
(provided, however, that for purposes of this Section 10, Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding), enter into any agreement with any holder
or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any Registration Statement filed pursuant to the terms hereof, unless, under the terms of such
agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will not reduce the amount of Registrable Shares of the Holders that is included, or
(b) to have its securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the effective date of any registration statement filed pursuant to this Agreement.

 11. Miscellaneous 
 (a) Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each of FBR and each Holder, in addition to being entitled to exercise all rights provided
herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted by law, including the rights granted in Section 2(f) hereof and recovery of damages, will be entitled to specific performance of its rights under this Agreement.
Subject to Section 7, the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any
action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

(b) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less than a majority of the then outstanding Registrable
Shares; provided, however, that for purposes of this Section 11(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company shall not be deemed to be outstanding; provided, further,
however, that any amendments, modifications or supplements to, or any waivers or consents to any departure from, the provisions of Section 8 hereof that would have the effect of extending the sixty (60) or one hundred eighty
(180) day periods referenced herein shall be approved by, and shall only be applicable to, those Holders who provide written consent to such extension to the Company. No amendment shall be deemed effective unless it applies uniformly to all
Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the 

 
provisions hereof with respect to a matter that relates exclusively to the rights of a Holder whose securities are being sold pursuant to a Registration Statement and that does not directly or
indirectly affect, impair, limit or compromise the rights of other Holders may be given by such Holder; provided that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the
first and second sentences of this paragraph. 
 (c) Notices. All notices and other communications, provided for or
permitted hereunder, shall be made in writing and delivered by facsimile (with receipt confirmed), overnight courier or registered or certified mail, return receipt requested, or by telegram: 

(i) if to a Holder, at the most current address given by the transfer agent and registrar of the Shares to the Company;

 (ii) if to the Company or the Manager, at the offices of the Company at American Homes 4 Rent, 22917 Pacific
Coast Highway, Suite 300, Malibu, California 90265, Attention: Sara Vogt-Lowell (facsimile: 310-774-5333), with a copy to Hogan Lovells LLP, 555 Thirteenth Street, NW, Washington, DC, 20004, Attention: James Showen, Esq. (facsimile: 202-637-5910);
and (iii) if to FBR, at the offices of FBR at 1001 Nineteenth Street North, Arlington, Virginia 22209, Attention: William Ginivan, Esq. (facsimile 703-469-1140) with a copy to Latham & Watkins LLP, 355 South Grand Avenue, Los Angeles,
California, Attention: Julian T.H. Kleindorfer, Esq. (facsimile: 213-891-8763). 
 (d) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, including, without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees
that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and the Company, and each Holder shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to
protect its rights hereunder; provided, however, that such Holder fulfills all of its obligations hereunder. 

(e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

(g) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR
ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF
THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

 (h) Severability. If any term, provision, covenant or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected,
impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or
restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared
invalid, illegal, void or unenforceable. 
 (i) Entire Agreement. This Agreement, together with the Purchase/Placement
Agreement, is intended by the parties hereto as a final expression of their agreement, and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained
herein and therein. 
 (j) Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of
Holders of a specified percentage of Registrable Shares is required hereunder, Registrable Shares held by the Company or its Affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required
percentage. 
 (k) Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a specific number
of shares, then upon the occurrence of any subdivision, combination, or stock dividend of such shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the
outstanding shares of such class or series of stock by such subdivision, combination, or stock dividend. 
 (l) Survival.
This Agreement is intended to survive the consummation of the transactions contemplated by the Purchase/Placement Agreement. The indemnification and contribution obligations under Section 7 of this Agreement shall survive the termination of the
Company’s obligations under Section 2 of this Agreement. 
 (m) Attorneys’ Fees. In any action or
Proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in
addition to any other available remedy. 
 (Signature page follows) 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written. 
  

			
	AMERICAN HOMES 4 RENT
		
	By:	 	/s/ David Singelyn
	Name:	 	David Singelyn
	Title:	 	Chief Executive Officer

  

			
	AMERICAN HOMES 4 RENT ADVISOR, LLC
		
	By:	 	/s/ Sara Vogt-Lowell
	Name:	 	Sara Vogt-Lowell
	Title:	 	Senior Vice President

  

			
	FBR CAPITAL MARKETS & CO.
		
	By:	 	/s/ Paul Dell’Isola
	Name:	 	Paul Dell’Isola
	Title:	 	Senior Managing Director & Head of Capital Markets

 (Signature Page to Registration Rights Agreement)

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