Document:

EX-10.8

 Exhibit 10.8 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into as of June 10, 2013 by and between American Homes 4 Rent, a Maryland real estate investment trust (the “Company”), and American Homes 4 Rent, LLC, a Delaware limited
liability company (“AH LLC”). 
 WHEREAS, AH LLC beneficially owns certain of the Company’s common shares
of beneficial interest, par value $0.01 per share (the “Common Shares”) designated as Class A (the “Class A Common Shares”) and Class B (the “Class B Common Shares”) and certain limited
partnership units (the “OP Units”) of American Homes 4 Rent, L.P., a Delaware limited partnership that is majority-owned by the Company as the general partner and minority-owned by AH LLC as a limited partner; 

WHEREAS, AH LLC, the Company and the OP have entered into a Contribution Agreement, dated as of May 28, 2013 (the
“Contribution Agreement”) to engage in certain transactions (the “Internalization Transactions”) that will internalize the management structure of the Company and pursuant to which, among other things, (i) AH
LLC will contribute all of AH LLC’s right, title and interest in and to AH LLC’s membership interests in American Homes 4 Rent Advisor, LLC, a Delaware limited liability company wholly-owned by AH LLC and the Company’s external
manager and advisor, and American Homes 4 Rent Management Holdings, LLC, a Delaware limited liability company wholly-owned by AH LLC and the Company’s property manager, and (ii) in exchange for such membership interests, the OP will issue
to AH LLC 4,375,000 Series D Units of the OP and 4,375,000 Series E Units of the OP, each series of which are convertible into Class A Units of the OP, which Class A Units are redeemable for Class A Common Shares, subject to the terms
and conditions set forth in the Limited Partnership Agreement of the OP, as amended; and 
 WHEREAS, in connection with the
Contribution Agreement, the Company has agreed to grant to AH LLC certain registration rights as are set forth in this Agreement (the “Registration Rights”). 
 NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of
which are acknowledged, hereby agree as follows: 
 SECTION 1. DEFINITIONS 

The following capitalized terms used herein have the following meanings: 

“Agreement” is defined in the preamble hereto. 
 “Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday other than a day on which banks and other financial institutions are authorized or required to be closed for
business in the State of New York. 
 “Class A Common Shares” is defined in the recitals hereto. 

“Class B Common Shares” is defined in the recitals hereto. 

“Common Shares” is defined in the recitals hereto. 

“Company” is defined in the preamble hereto. 
 “Contribution Agreement” is defined in the preamble hereto. 

 “Conversion Shares” means the Class A Common Shares issued to the
Holders upon conversion of the Class B Common Shares that are beneficially owned by AH LLC as of the date of this Agreement. 

“End of Suspension Notice” is defined in Section 2.3(a) hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Existing Shelf” is defined in Section 2.2(a) hereof. 

“Form S-3” means a registration statement on Form S-3 under the Securities Act or such successor form thereto permitting
registration of securities under the Securities Act. 
 “Holder” means (a) AH LLC, (b) any member of
AH LLC that becomes a holder of record of Registrable Securities through a distribution by AH LLC or upon a liquidation, winding up or dissolution of AH LLC or (c) any other permitted assignee or transferee of AH LLC. 

“IPO Closing Date” means the closing date of the Company’s initial public offering. 

“OP Units” is defined in the recitals hereto. 
 “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, governmental entity and any fiduciary acting
in such capacity on behalf of any of the foregoing. 
 “Piggyback Registration” is defined in
Section 2.1(a) hereof. 
 “Piggyback Registration Notice” is defined in Section 2.1(a)
hereof. 
 “Piggyback Registration Rights” is defined in Section 2.1(a) hereof. 

“Post-IPO Offering” is defined in Section 2.4 hereof. 

“Prospectus” means the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by
any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to such prospectus or prospectuses, including
post-effective amendments and all documents incorporated therein by reference. 
 “Redemption Shares” means the
Class A Common Shares issued to Holders upon redemption of the OP Units that are beneficially owned by AH LLC as of the date of this Agreement. 
 “Registrable Securities” means Class A Common Shares, which may consist of any combination of (a) the Class A Common Shares that are beneficially owned by AH LLC as of the
date of this Agreement, (b) the Conversion Shares, (c) the Redemption Shares, and (d) any Class A Common Shares issued or issuable to a Holder with respect to the Conversion Shares or Redemption Shares by way of share dividend or
share split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when
(i) a Registration Statement covering such securities has been declared effective by the SEC and such securities have been disposed of pursuant to such effective Registration Statement, (ii) if in the event the Company is subject to the
reporting 

  
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requirements of Section 13(a) or 15(d) of the Exchange Act, the date on which such securities have 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, (iii) such securities are otherwise transferred and such securities may be resold without subsequent registration under the
Securities Act, or (iv) such securities shall have ceased to be outstanding. 
 “Registration Rights” is
defined in the recitals hereto. 
 “Registration Statement” means any registration statement of the Company
that covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus and amendments (including post-effective amendments) to such Registration Statement, and any exhibits and documents incorporated by
reference in such Registration Statement. 
 “S-3 Registration” is defined in Section 2.2(a)
hereof. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shelf Takedown” is defined in Section 2.2(b) hereof. 

“Suspension Event” is defined in Section 2.3(a) hereof. 

“Suspension Notice” is defined in Section 2.3(a) hereof. 

SECTION 2. REGISTRATION RIGHTS 
 2.1 Piggyback Registration Rights. 
 (a) Right to Piggyback. At any
time more than thirty (30) months after the Internalization Transactions when (i) the Company is eligible to use Form S-3 or any successor form thereto and (ii) when the Company proposes to register any of its Common Shares under the
Securities Act (other than a registration statement on Form S-4, Form S-8 or any similar successor forms thereto or another form not available to register Registrable Securities for sale to the public), whether for its own account or for the account
of one or more shareholders of the Company (a “Piggyback Registration”), the Company shall give prompt written notice (in any event no later than 10 days prior to the filing of such registration statement) to the Holders of its
intention to effect such a registration (a “Piggyback Registration Notice”) and, subject to Section 2.3 hereof, shall include in such registration statement all Registrable Securities with respect to which the Company
has received written requests for inclusion therein from the Holders within 7 days after the date of the Piggyback Registration Notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in
its sole discretion. A Piggyback Registration shall not be considered an S-3 Registration for purposes of Section 2.2 of this Agreement. 
 (b) Priority on Primary Piggyback Registrations. If a Piggyback Registration is initiated as a primary underwritten offering on behalf of the Company and the managing underwriters advise the
Company and the Holders (if any Holder has elected to include Registrable Securities in such Piggyback Registration) that in the opinion of the managing underwriters, the number of Common Shares proposed to be included in such registration exceeds
the number of Common Shares which can be sold in such offering and/or that the number of Common Shares proposed to be included in any such registration 

  
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would adversely affect the price per share of the Common Shares to be sold in such offering, the Company shall include in such registration (i) first, the number of Common Shares that the
Company proposes to sell, and (ii) second, the number of Common Shares requested to be included therein by holders of Common Shares, including the Holders (if any Holder has elected to include Registrable Securities in such Piggyback
Registration), pro rata among all such holders on the basis of the number of Common Shares requested to be included therein by all such holders or as such holders may otherwise agree. 

(c) Priority on Secondary Piggyback Registrations. If a Piggyback Registration is initiated as an underwritten offering on behalf
of a holder of Common Shares other than Registrable Securities, and the managing underwriters advise the Company that in the opinion of the managing underwriters the number of Common Shares proposed to be included in such registration exceeds the
number of Common Shares that can be sold in such offering and/or that the number of Common Shares proposed to be included in any such registration would adversely affect the price per share of the Common Shares to be sold in such offering, then the
Company shall include in such registration (i) first, the number of Common Shares requested to be included therein by the holder(s) requesting such registration, (ii) second, the number of Common Shares requested to be included therein by
other holders of Common Shares, including the Holders (if any Holder has elected to include Registrable Securities in such Piggyback Registration), pro rata among such holders on the basis of the number of Common Shares requested to be
included therein by such holders or as such holders may otherwise agree, and (iii) third, the number of Common Shares that the Company proposes to sell. 
 (d) Selection of Underwriters. If any Piggyback Registration is initiated as a primary underwritten offering, the Company shall select the managing underwriter or underwriters to administer any
such offering. 
 (e) Offers and Sales. All offers and sales of Registrable Securities covered by a Registration
Statement by the Holder thereof shall be completed within the period during which such Registration Statement remains effective and not the subject of any stop order, injunction or other order of the SEC. Upon notice that such Registration Statement
is no longer effective, no Holder will offer or sell the Registrable Securities covered by such Registration Statement. If directed in writing by the Company, each Holder will return all undistributed copies of the related Prospectus in such
Holder’s possession upon the expiration of such period. 
 2.2 S-3 Shelf Registration Rights. 

(a) Right to Request Registration. After the IPO Closing Date, the Company shall use its reasonable best efforts to qualify and
remain qualified to register securities under the Securities Act pursuant to a Registration Statement on Form S-3 or any successor form thereto. At any time more than twenty-four (24) months after the closing date of the Internalization
Transactions that the Company is eligible to use Form S-3 or any successor thereto, and the Company does not have an effective shelf Registration Statement on Form S-3 on file with the SEC covering the Registrable Securities (an “Existing
Shelf”), then each Holder shall be entitled to request that the Company file a Registration Statement on Form S-3 or any successor form thereto for a public offering of all or any portion of the Registrable Securities pursuant to Rule 415
promulgated under the Securities Act or otherwise. Upon such request, the Company shall use its reasonable best efforts (i) to file a Registration Statement covering the number of shares of Registrable Securities specified in such request on
Form S-3 or any successor thereto (together with the Existing Shelf, an “S-3 Registration”) for public sale in accordance with the method of disposition specified in such request within 60 days of the such Holder’s request
therefor and (ii) to cause such S-3 Registration to be declared effective by the SEC as soon as reasonably practicable thereafter; provided that the Company may defer effectiveness of an S-3 Registration (A) until

  
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at least thirty (30) months after the closing date of the Internalization Transactions and (B) to the extent necessary to comply with the Company’s obligations under the
registration rights agreements among the Company and shareholders that purchased Common Shares in the Company’s November 2012 and March 2013 private placements. If the Company does have an Existing Shelf, then, upon a request by a Holder, the
Company may satisfy the rights set forth above by filing a prospectus supplement to the Existing Shelf. 
 (b) Right to
Request Underwritten Shelf Takedown. A Holder shall be entitled to sell in accordance with the Securities Act such Registrable Securities as are then registered pursuant to an S-3 Registration upon not less than 30 days prior written notice to
the Company (each, a “Shelf Takedown”). The Holder shall be entitled to request that up to three such Shelf Takedowns shall be underwritten offerings; provided, that (based on the closing sale price of the Class A Common
Shares as reported on the national securities exchange on which the Company’s securities are listed on the date of the Company’s receipt of such request) the number of shares of Registrable Securities included in such Shelf Takedown would
yield gross proceeds to the Holder(s) requesting such Shelf Takedown of at least $100,000,000. Each Holder participating in such underwritten Shelf Takedown shall (i) enter into an underwriting agreement in customary form with the
underwriter(s) selected in accordance with Section 2.2(d) below; provided that with respect to such underwriting agreement or any other documents reasonably required under such agreement, (A) no Holder shall be required to
make any representation or warranty with respect to or on behalf of the Company or any other shareholder of the Company and (B) the liability of any Holder shall be limited as provided in Section 3.2 hereof, and (ii) complete
and execute all questionnaires, powers of attorney, indemnities, opinions and other documents required under the terms of such underwriting agreement. Notwithstanding the foregoing, in no event shall the Company be obligated to effect more than one
underwritten Shelf Takedown hereunder in any single six-month period. 
 (c) Priority on Shelf Takedowns. The Company may
include Common Shares other than Registrable Securities in a Shelf Takedown on the terms provided below, and, if such Shelf Takedown is an underwritten offering, only with the consent of the managing underwriters of such offering. If the managing
underwriters of the requested Shelf Takedown advise the Company and the Holder(s) participating in such Shelf Takedown that in their opinion the number of Common Shares proposed to be included in any Shelf Takedown (1) exceeds the number of
Common Shares which can be sold in such underwritten offering or (2) would adversely affect the price per share of the Registrable Securities proposed to be sold in such underwritten offering, the Company shall include in such Shelf Takedown
only the number of Common Shares which in the opinion of such managing underwriters can be sold. If the number of Common Shares which can be sold is less than the number of Common Shares proposed to be registered, the amount of Common Shares to be
so sold shall be allocated pro rata among the holders of Common Shares desiring to participate in such Shelf Takedown on the basis of the number of Common Shares initially proposed to be registered by such holders or as such holders may
otherwise agree. 
 (d) Selection of Underwriters. If any of the Registrable Securities covered by an S-3 Registration is
to be sold in an underwritten offering, the Company shall select the managing underwriter or underwriters to administer any such offering. 
 2.3 Suspension of Offering. 
 (a) Notwithstanding Sections 2.1 and
2.2 hereof, the Company shall be entitled to postpone the filing of a Registration Statement, to suspend the effectiveness of a Registration Statement or to require the Holder to suspend sales of Registrable Securities under a Registration
Statement for such times as the Company reasonably may determine is necessary and advisable (but in no event for more 

  
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than ninety (90) days at any one time, or more than twice in any twelve (12) month period), if any of the following events shall occur: (i) the Company is actively pursuing an
underwritten primary offering of the Company’s equity securities; (ii) the offer or sale of any Registrable Securities 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 or its subsidiaries; (iii) an event has occurred as a result of which the Prospectus included in such Registration Statement contains any untrue statement of a
material fact or omits to state a material fact required to be stated therein, or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (iv) an event has occurred which would require
additional disclosure by the Company in the Registration Statement of material information which the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected,
in the Company’s reasonable determination, to cause the Registration Statement to fail to comply with applicable disclosure requirements; or (v) any trading blackout imposed by the Company in connection with the release of quarterly
earnings results (each such circumstance a “Suspension Event”). No Suspension Event of the type described in clause (v) of the immediately preceding sentence shall count towards the maximum number of days or the maximum number
of Suspension Events permitted in any twelve (12) month period. Upon the occurrence of any Suspension Event, the Company shall provide written notice (a “Suspension Notice”) to each Holder to suspend sales of Registrable
Securities. Such Suspension Notice shall state generally the basis for the notice, that such suspension shall continue only as long as the Suspension Event or its effect is continuing and that the Company is taking all reasonable steps to terminate
suspension of the use of the Registration Statement as promptly as possible. Upon receipt of any Suspension Notice, each Holder agrees that (x) it will immediately suspend offers and sales of the Registrable Securities under such Registration
Statement until the Holder receives an End of Suspension Notice (as defined below), and (y) it will maintain the confidentiality of any information included in the Suspension Notice delivered by the Company unless otherwise required by law or
subpoena. Holders may recommence offers and sales of Registrable Securities pursuant to a Registration Statement following receipt of written notice to such effect from the Company (an “End of Suspension Notice”). If so directed by
the Company, each Holder will deliver to the Company all copies of the Prospectus covering the Registrable Securities at the time of receipt of the Suspension Notice, other than permanent file copies then in such Holder’s possession.

 (b) If all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date
taking into account any permissible extension, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to any Registration Statement or to require the
Company take action with respect to the registration or sale of any Registrable Securities pursuant to any Registration Statement shall be suspended until the date on which the Company has filed such reports, and the Company shall notify the Holders
in writing as promptly as practicable when such suspension is no longer required. 
 2.4 Lockup Agreements. Each Holder
hereby agrees to enter into a lockup agreement in connection with the IPO, in such form as is requested by the Company and the managing underwriter of the IPO, not to sell, transfer, hedge the beneficial ownership of, or otherwise dispose of any
Registrable Securities or other Common Shares or any securities convertible into or exchangeable or exercisable for Common Shares then owned by such Holder for a period of one hundred eighty (180) days following the IPO Closing Date. In
connection with any underwritten offering by the Company following the IPO Closing Date (a “Post-IPO Offering”), each Holder further agrees not to sell, transfer, hedge the beneficial ownership of, or otherwise dispose of any
Registrable Securities or other Common Shares or any securities convertible into or exchangeable or exercisable for Common Shares then owned by such Holder for a reasonable and customary period following the date of a Prospectus, prepared in
connection with such Post-IPO Offering, as requested by the managing underwriter of such Post-IPO Offering; provided that each executive officer and trustee of the Company enter into agreements that are no less restrictive.

  
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If requested, such agreement shall be in writing in a form reasonably satisfactory to the Company and the managing underwriter. The Company may impose stop transfer restrictions with respect to
the Registrable Securities (or other securities) subject to the foregoing restriction until the end of the period. 
 2.5
State Securities Law Qualification. The Company shall file such documents as necessary to register or qualify the Registrable Securities to be covered by a Registration Statement by the time such Registration Statement is declared effective
by the SEC under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder may reasonably request in writing, and shall use commercially reasonable efforts to keep each such registration or qualification
effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement or during the period offers or sales are being made by the Holders, whichever is shorter, and to do any and all other similar acts
and things which may be reasonably necessary or advisable to enable the Holders to consummate the disposition of such Registrable Securities in each such jurisdiction; 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 Agreement, (ii) take any action that would cause it to
become subject to any taxation in any jurisdiction where it would not otherwise be subject to such taxation or (iii) take any action that would subject it to the general service of process in any jurisdiction where it is not then so subject.

 2.6 Registration Procedures. If and when the Company is required to effect the registration of Registrable Securities
under the Securities Act pursuant to Sections 2.1 and 2.2 of this Agreement, subject to Section 2.3 hereof, the Company shall: 
 (a) prepare and file with the SEC such amendments and supplements as to the Registration Statement and the Prospectus used in connection therewith as may be necessary (i) to keep such Registration
Statement effective and (ii) to comply with the provisions of the Securities Act with respect to the disposition of the Registrable Securities covered by such Registration Statement, in each case for such time as is contemplated in Sections
2.1 and 2.2; 
 (b) furnish, without charge, to the Holders such number of copies of the Registration Statement, each
amendment and supplement thereto (in each case including all exhibits), and the Prospectus included in such Registration Statement (including each preliminary Prospectus) in conformity with the requirements of the Securities Act as the Holders may
reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by the Holders; 
 (c) notify the Holders: (i) when the Registration Statement, any pre-effective amendment, the Prospectus related thereto or post-effective amendment to the Registration Statement has been filed, and,
with respect to the Registration Statement or any post-effective amendment, when the same has become effective, (ii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation or
threat of any proceedings for that purpose, and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws
of any jurisdiction or the initiation of any proceeding for such purpose; 
 (d) promptly use commercially reasonable efforts to
prevent the issuance of any order suspending the effectiveness of a Registration Statement, and, if any such order suspending the effectiveness of a Registration Statement is issued, shall promptly use commercially reasonable efforts to obtain the
withdrawal of such order at the earliest possible moment; 

  
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 (e) promptly notify the Holders: (i) of the existence of any fact of which the Company
is aware or the happening of any event which has resulted in (A) the Registration Statement, as then in effect, containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to
make any statements therein not misleading or (B) the Prospectus included in such Registration Statement containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make
any statements therein, in the light of the circumstances under which they were made, not misleading, and (ii) of the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate or
that there exist circumstances not yet disclosed to the public which make further sales under such Registration Statement inadvisable pending such disclosure and post-effective amendment; and, if the notification relates to any event described in
either of the clauses (i) or (ii) of this Section 2.6(e), at the request of the Holders, the Company shall prepare and, to the extent the exemption from the prospectus delivery requirements in Rule 172 under the Securities Act
is not available, furnish to the Holders a reasonable number of copies of a supplement or post-effective amendment to such Registration Statement or related Prospectus or file any other required document so that (1) such Registration Statement
shall 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 not misleading and (2) as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder, 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, in the light of the
circumstances under which they were made, not misleading; 
 (f) use commercially reasonable efforts to cause all such
Registrable Securities to be listed on the national securities exchange on which the Common Shares are then listed, if the listing of Registrable Securities is then permitted under the rules of such national securities exchange; and 

(g) if requested by any Holder participating in the offering of Registrable Securities, incorporate in a prospectus supplement or
post-effective amendment such information concerning the Holder or the intended method of distribution as the Holder reasonably requests to be included therein and is reasonably necessary to permit the sale of the Registrable Securities pursuant to
the Registration Statement, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other material terms of the offering of the Registrable Securities
to be sold in such offering; provided, however, that the Company shall not be obligated to include in any such prospectus supplement or post-effective amendment any requested information that is not required by the rules of the SEC and
is unreasonable in scope compared with the Company’s most recent Prospectus used in connection with a primary or secondary offering of equity securities by the Company. 
 2.7 Obligations of the Holder. In connection with any Registration Statement utilized by the Company to satisfy the Registration Rights pursuant to this Section 2, each Holder agrees to
cooperate with the Company in connection with the preparation of the Registration Statement, and each Holder agrees that it will (i) respond within five (5) Business Days to any written request by the Company to provide or verify
information regarding the Holder or the Holder’s Registrable Securities (including the proposed manner of sale) that may be required to be included in such Registration Statement and related Prospectus pursuant to the rules and regulations of
the SEC, and (ii) provide in a timely manner information regarding the proposed distribution by the Holder of the Registrable Securities and such other information as may be requested by the Company from time to time in connection with the
preparation of and for inclusion in the Registration Statement and related Prospectus. 

  
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 SECTION 3. INDEMNIFICATION; CONTRIBUTION 

3.1 Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder and each Person, if any, who
controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and any of their partners, members, officers, trustees, employees or representatives, as follows: 

(i) against any losses, liabilities, claims, damages, judgments and expenses arising out of or based upon any untrue
statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) pursuant to which the Registrable Securities were registered under the Securities Act, including all documents incorporated
therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of or based upon any untrue statement or alleged untrue
statement of a material fact contained in any Prospectus, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; 
 (ii) against any losses, liabilities, claims,
damages, judgments and expenses to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim based upon any such untrue
statement or omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and 
 (iii) against any expenses (including reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by
any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is
not paid under subparagraph (i) or (ii) above; 
 provided, however, that the indemnity provided pursuant to this
Section 3.1 does not apply to any Holder with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of (A) any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus, or (B) any Holder’s failure to deliver an
amended or supplemental Prospectus furnished to such Holder by the Company, if such loss, liability, claim, damage, judgment or expense would not have arisen had such delivery occurred. 

3.2 Indemnification by Holder. Each Holder (and each permitted assignee of such Holder, on a several basis) agrees, severally and
not jointly, to indemnify and hold harmless the Company, and each of its trustees and officers (including each trustee and officer of the Company who signed a Registration Statement), each Person, if any, who controls the Company within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act and each other Holder as follows: 
 (i) against any losses, liabilities, claims, damages, judgments and expenses arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration
Statement (or any amendment thereto) pursuant to which the Registrable Securities of such Holder were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a
material fact required to be stated therein or necessary to make the statements therein not misleading or arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, including all
documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

  
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 (ii) against any losses, liabilities, claims, damages, judgments and
expenses to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, if such settlement is effected with the written consent of such Holder; and 
 (iii) against any expenses (including reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by
any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such
expense is not paid under subparagraph (i) or (ii) above; 
 provided, however, that the indemnity provided pursuant to
this Section 3.2 shall only apply with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of (A) any untrue statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus or (B) any Holder’s failure to deliver an amended or
supplemental Prospectus furnished to the Holder by the Company, if such loss, liability, claim, damage or expense would not have arisen had such delivery occurred. Notwithstanding the provisions of this Section 3.2, each Holder’s
(and any permitted assignee’s) indemnification obligations hereunder shall be limited to the amount of the gross proceeds actually received by such Holder or such permitted assignee, as the case may be, from sales of the Registrable Securities
of such Holder under the Registration Statement that is the subject of the indemnification claim. 
 3.3 Conduct of
Indemnification Proceedings. An indemnified party hereunder shall give reasonably prompt notice to the indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure to so
notify the indemnifying party (i) shall not relieve the indemnifying party from any liability which it may have to such indemnified party hereunder, unless and only to the extent it did not otherwise learn of such action and the lack of notice
by the indemnified party results in the forfeiture by the indemnifying party of substantial rights and defenses, and (ii) shall not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligations provided hereunder. If the indemnifying party so elects within a reasonable time after receipt of such notice, the indemnifying party may assume the defense of such action or proceeding at such indemnifying party’s
own expense with counsel chosen by the indemnifying party and approved by the indemnified party, which approval shall not be unreasonably withheld or delayed; provided, however, that the indemnifying party will not settle, compromise
or consent to the entry of any judgment with respect to any such action or proceeding without the written consent of the indemnified party unless such settlement, compromise or consent secures the unconditional release of the indemnified party of
all liability at no cost or expense to the indemnified party; and provided further, that, if the indemnified party reasonably determines in good faith that a conflict of interest exists where it is advisable for the indemnified party
to be represented by separate counsel or that, upon advice of counsel, there may be legal defenses available to the indemnified party which are different from or in addition to those available to the indemnifying party, then the indemnifying party
shall not be entitled to assume such defense and the indemnified party shall be entitled to separate counsel at the indemnifying party’s expense. If the indemnifying party is not entitled to assume the defense of such action or proceeding as a
result of the second proviso to the preceding sentence, the indemnifying party’s counsel shall be entitled to conduct the indemnifying party’s defense and counsel for the indemnified

  
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party shall be entitled to conduct the defense of the indemnified party, it being understood that both such counsel will cooperate with each other to conduct the defense of such action or
proceeding as efficiently as possible. If the indemnifying party is not so entitled to assume the defense of such action or does not assume such defense, after having received the notice referred to in the first sentence of this paragraph, the
indemnifying party will pay the reasonable fees and expenses of counsel for the indemnified party. In such event, however, the indemnifying party will not be liable for any settlement effected without the written consent of the indemnifying party
(which consent will not be unreasonably withheld or delayed). If an indemnifying party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this paragraph, the indemnifying party shall not be liable for any
fees and expenses of counsel for the indemnified party incurred thereafter in connection with such action or proceeding. 
 3.4
Contribution. 
 (a) In order to provide for just and equitable contribution in circumstances in which the
indemnification provisions in Sections 3.1 and 3.2 above are for any reason held to be unenforceable by the indemnified party although applicable in accordance with its terms, the Company and the relevant Holder shall contribute to the
aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by such indemnification provisions incurred by the Company and the Holder, in such proportion as is appropriate to reflect the relative fault of the Company on
the one hand and the Holder on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities, or expenses. The relative fault of the indemnifying party and indemnified party shall be
determined by reference to, among other things, whether the action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied by, the indemnifying party or the indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. 

(b) The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.4 were
determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this
Section 3.4, a Holder shall not be required to contribute any amount in excess of the amount of the gross proceeds actually received by such Holder from sales of the Registrable Securities of such Holder under the Registration Statement
that is the subject of the indemnification claim. 
 (c) Notwithstanding the foregoing, 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. For purposes of this Section 3.4, each Person,
if any, who controls a Holder within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Holder, and each trustee of the Company, each officer of the Company who signed a Registration Statement and
each Person, if any, who controls the Company within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Company. 
 SECTION 4. EXPENSES 
 The Company shall pay the following expenses incident
to the performance by the Company of its registration obligations under Section 2 above: (i) SEC, stock exchange and FINRA registration and filing fees, (ii) all fees and expenses incurred in complying with securities or
“blue sky” laws (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting
agreement), (iii) all printing expenses, and (iv) the fees, charges and expenses of counsel to the Company and of its 

  
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independent public accountants and any other accounting fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any “comfort”
letters or any special audits incident to or required by any registration or qualification). Each Holder shall be responsible for the payment of any underwriting commissions and discounts, brokerage and sales commissions, fees and disbursements of
such Holder’s counsel, accountants and other advisors, and any transfer taxes relating to the sale or disposition of the Registrable Securities by such Holder pursuant to this Agreement. 
 SECTION 5. RULE 144 COMPLIANCE 
 The Company shall use its reasonable best
efforts to file the reports required to be filed by the Company under the Securities Act and the Exchange Act so as to enable the Holders to sell the Registrable Securities pursuant to Rule 144 under the Securities Act, as such rule may be
amended from time to time. 
 SECTION 6. MISCELLANEOUS 
 6.1 Integration; Amendment. This Agreement constitutes the entire agreement among the parties hereto with respect to the matters set forth herein and supersedes and renders of no force and effect
all prior oral or written agreements, commitments and understandings among the parties with respect to the matters set forth herein. Except as otherwise expressly provided in this Agreement, no amendment, modification or discharge of this Agreement
shall be valid or binding unless set forth in writing and duly executed by each of the parties hereto. 
 6.2 Waivers. No
waiver by a party hereto shall be effective unless made in a written instrument duly executed by the party against whom such waiver is sought to be enforced, and only to the extent set forth in such instrument. Neither the waiver by any of the
parties hereto of a breach or a default under any of the provisions of this Agreement, nor the failure of any of the parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege
hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver of any such provisions, rights or privileges hereunder. 

6.3 Assignment; Successors and Assigns. This Agreement and the rights granted hereunder may not be assigned by a Holder without
the written consent of the Company; provided, however, that a Holder may assign its rights and obligations hereunder, without such consent, in connection with a transfer of some or all of such Holder’s Registrable Securities
(i) to the extent permitted under the Company’s charter, and (ii) provided such transferee agrees in writing to be bound by all of the provisions hereof and the Holder provides written notice to the Company within ten (10) days
of the effectiveness of such assignment. This Agreement shall inure to the benefit of and be binding upon all of the parties hereto and their respective heirs, executors, personal and legal representatives, successors and permitted assigns,
including, without limitation, any successor of the Company by merger, acquisition, reorganization, recapitalization or otherwise. 
 6.4 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: 
 (i) if to a Holder, at the most current address given by the
transfer agent and registrar of the Shares to the Company; and 
 (ii) if to the Company, 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 E. Showen (facsimile: 202-637-5910). 

  
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 6.5 Specific Performance. The parties hereto acknowledge that the obligations
undertaken by them hereunder are unique and that there would be no adequate remedy at law if any party fails to perform any of its obligations hereunder, and accordingly agree that each party, in addition to any other remedy to which it may be
entitled at law or in equity, shall be entitled to (i) compel specific performance of the obligations, covenants and agreements of any other party under this Agreement in accordance with the terms and conditions of this Agreement and
(ii) obtain preliminary injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this Agreement in any court of the United States or any State thereof having jurisdiction. 

6.6 Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto,
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 conflicts of law principles. 

6.7 Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall
not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof. 
 6.8 Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or entity may require.

 6.9 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one and the same agreement. This Agreement may be executed by facsimile signatures. 
 6.10 Severability. If fulfillment of any provision of this Agreement, at the time such fulfillment shall be due, shall transcend the limit of validity prescribed by law, then the obligation to be
fulfilled shall be reduced to the limit of such validity; and if any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way
be affected or impaired thereby. 
 6.11 No Third Party Beneficiaries. Except as may be expressly provided herein
(including without limitation Section 3 hereof), it is the explicit intention of the parties hereto that no person or entity other than the parties hereto is or shall be entitled to bring any action to enforce any provision of this
Agreement against any of the parties hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only by, the parties hereto or their respective successors, heirs,
executors, administrators, legal representatives and permitted assigns. 
 6.12 Legend Removal. The Company, upon the
request of any Holder of Registrable Securities, shall use its commercially reasonable efforts to remove any legend from the certificates representing such Registrable Securities with respect to the Securities Act and any state securities laws, and
shall cause the termination of any related stop transfer orders, if (a) such Registrable Securities are eligible for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities Act without any volume
limitations or other restrictions on transfer under paragraphs (c), (e), (f) and (h) of Rule 144 and (b) such Holder provides the Company with a representation letter in customary form reasonably sufficient to establish that such
limitations and restrictions under paragraphs (c), (e), (f) and (h) of Rule 144 do not apply to such Registrable Securities. Such Holder further agrees to indemnify the Company against any loss, cost or expenses, including reasonable
expenses and attorney’s fees, incurred as a result of such legend removal on such Holder’s behalf; provided, however, that the foregoing indemnification shall not apply to a Holder that is a governmental entity unless such Holder is
authorized by applicable law to provide such indemnification. 

  
 13 

 6.13 Termination. This Agreement, and the Registration Rights granted hereunder,
shall terminate on the date on which the Holder may sell freely all of its remaining Registrable Securities pursuant to Rule 144 under the Securities Act. 

  
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 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed
and delivered in its name and on its behalf as of the date first written above. 
  

			
	AMERICAN HOMES 4 RENT
		
	By:	 	/s/ Matthew J. Hart
	Name:	 	Matthew J. Hart
	Title:	 	Chairman of the Special Committee of the Board of Trustees

  

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

 [Signature Page to Registration Rights Agreement]EX-10.9

 Exhibit 10.9 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into as of June 11, 2013 by and between American Homes 4 Rent, a Maryland real estate investment trust (the “Company”), and Alaska Permanent Fund Corporation, acting for and on
behalf of the funds which the Alaska Permanent Fund Corporation is designated by Alaska Statutes 37.13 to manage and invest (the “APFC Member”). 
 WHEREAS, the APFC Member and American Homes 4 Rent, LLC, a Delaware limited liability company (“AH LLC”) are members in a joint venture known as American Homes 4 Rent I, LLC, a Delaware
limited liability company (the “Alaska Joint Venture”); and 
 WHEREAS, the APFC Member, AH LLC, the Alaska
Joint Venture, the Company, American Homes 4 Rent, L.P., a Delaware limited partnership and majority-owned subsidiary of the Company (the “Operating Partnership”), and AH4R TRS, LLC, a Delaware limited liability company and wholly
owned subsidiary of the Operating Partnership, have entered into a Contribution Agreement, dated as of June 11, 2013 (the “Contribution Agreement”), pursuant to which, (i) AH LLC will contribute and assign to the Operating
Partnership (in return for Class A units of the Operating Partnership) all of AH LLC’s right, title and interest in and to AH LLC’s membership interests in the Alaska Joint Venture; (ii) the APFC Member will contribute and assign
to the Operating Partnership (in return for 43,609,394 of the Company’s common shares of beneficial interest, par value $0.01 per share (the “Common Shares”) designated as Class A) all of the APFC Member’s right, title and
interest in and to the APFC Member’s membership interests in the Alaska Joint Venture; (iii) the Company will grant to the APFC Member certain registration rights as are set forth in this Agreement (the “Registration
Rights”); and (iv) the parties will enter into certain other agreements and engage in certain other transactions as are set forth in the Contribution Agreement (the “Alaska Transactions”). 

NOW, THEREFORE, the parties agree as follows: 
 SECTION 1. DEFINITIONS 
 The following capitalized terms used herein have
the following meanings: 
 “Agreement” is defined in the preamble hereto. 

“Business Day” means any Monday, Tuesday, Wednesday, Thursday or Friday other than a day on which banks and other
financial institutions are authorized or required to be closed for business in the State of New York. 
 “Common
Shares” is defined in the preamble hereto. 
 “Company” is defined in the preamble hereto. 

“End of Suspension Notice” is defined in Section 2.3(a) hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Existing Shelf” is defined in Section 2.2(a) hereof. 

“Form S-11” means a registration statement on Form S-11 under the Securities Act or such successor form thereto
permitting a registration of securities under the Securities Act. 

 “Form S-3” means a registration statement on Form S-3 under the Securities
Act or such successor form thereto permitting registration of securities under the Securities Act. 
 “Holder”
means (a) the APFC Member, (b) any permitted assignee or transferee of the APFC Member or (c) any transferee of the APFC Member (without restrictions other than during the lockup period) so long as the APFC Member has transferred more
than $20 million worth of Registrable Securities. 
 “IPO Closing Date” means the closing date of the
Company’s initial public offering. 
 “IPO Lockup Period” is defined in Section 2.4 hereof.

 “IPO Registration Statement” means a registration statement filed by the Company with respect to the initial
public offering of its Common Shares. 
 “Person” means any individual, corporation, partnership, joint
venture, limited liability company, estate, trust, unincorporated association, governmental entity (including without limitation the State of Alaska) and any fiduciary acting in such capacity on behalf of any of the foregoing. 

“Piggyback Registration” is defined in Section 2.1(a) hereof. 

“Piggyback Registration Notice” is defined in Section 2.1(a) hereof. 

“Piggyback Registration Rights” is defined in Section 2.1(a) hereof. 

“Post-IPO Offering” is defined in Section 2.4 hereof. 

“Prior Registrable Securities” means those securities designated as “Registrable Securities” pursuant to the
Prior Registration Rights Agreements. 
 “Prior Registration Rights Agreements” means (a) the Registration
Rights Agreement dated November 12, 2012 by and between the Company, American Homes 4 Rent Advisor, LLC (“Advisor”), and FBR Capital Markets & Co. (“FBR”) and (b) the Registration Rights Agreement dated
March 14, 2013 by and between the Company, Advisor and FBR. 
 “Prospectus” means the prospectus or
prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all
other amendments and supplements to such prospectus or prospectuses, including post-effective amendments and all documents incorporated therein by reference. 
 “Registrable Securities” means (a) the Common Shares issued to the APFC Member in connection with the Alaska Transactions, or acquired by the APFC Member during the term of this
Agreement, and (b) any Common Shares of the Company issued or issuable (including, without limitation, upon the exercise or conversion of any derivative security) to a Holder with respect to the Common Shares by way of share dividend or share
split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) a
Registration Statement covering such securities has been declared effective by the SEC and such securities have been disposed of pursuant to such effective Registration Statement, (ii) if in the event the Company is subject

  
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to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act, the date on which such securities have been transferred pursuant to Rule 144 (or any similar provision then in
effect) or are freely saleable, without condition or limitation as to volume or manner of sale pursuant to Rule 144, and without delay or condition arising on account of the Company’s compliance with any current public information requirements
and are listed for trading on the New York Stock Exchange, Nasdaq Global Market or a similar national securities exchange, (iii) such securities are otherwise transferred and such securities may thereafter be resold without subsequent
registration under the Securities Act, or (iv) such securities shall have ceased to be outstanding. 

“Registration Rights” is defined in the recitals hereto. 

“Registration Statement” means any registration statement of the Company that covers any of the Registrable Securities
pursuant to the provisions of this Agreement, including the Prospectus, amendments (including post-effective amendments) and supplements to such Registration Statement, and any exhibits and documents incorporated by reference in such Registration
Statement. 
 “S-3 Registration” is defined in Section 2.2(a) hereof. 

“S-11 Prior Shelf Registration” means the registration of shares of Common Stock pursuant to Section 2(a) of each
of the Prior Registration Rights Agreements. 
 “SEC” means the U.S. Securities and Exchange Commission.

 “Securities Act” means the Securities Act of 1933, as amended. 

“Shelf Takedown” is defined in Section 2.2(b) hereof. 

“Suspension Event” is defined in Section 2.3(a) hereof. 

“Suspension Notice” is defined in Section 2.3(a) hereof. 

“Alaska Transactions” is defined in the recitals hereto. 
 SECTION 2. REGISTRATION RIGHTS 
 2.1 Piggyback Registration Rights.

 (a) Right to Piggyback. At any time after the IPO Lockup Period (as defined in Section 2.4) expires when
the Company proposes to register any of its Common Shares under the Securities Act (other than a registration statement on Form S-4, Form S-8 or any similar successor forms thereto or another form not available to register Registrable Securities for
sale to the public), whether for its own account or for the account of one or more shareholders of the Company (a “Piggyback Registration”), the Company shall give prompt written notice (in any event no later than 10 days prior to
the filing of such registration statement) to the Holders of its intention to effect such a registration (a “Piggyback Registration Notice”) and, subject to Section 2.3 hereof, shall include in such registration
statement all Registrable Securities with respect to which the Company has received written requests for inclusion therein from the Holders within 7 days after the date of the Piggyback Registration Notice. The Company may postpone or withdraw the
filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. A Piggyback Registration shall not be considered a Form S-3 Registration Statement for purposes of Section 2.2 of this Agreement. 

  
 3 

 (b) Priority on Primary Piggyback Registrations. If a Piggyback Registration is
initiated as a primary underwritten offering on behalf of the Company and the managing underwriters advise the Company and the Holders (if any Holder has elected to include Registrable Securities in such Piggyback Registration) that in the opinion
of the managing underwriters, the number of Common Shares proposed to be included in such registration exceeds the number of Common Shares which can be sold in such offering and/or that the number of Common Shares proposed to be included in any such
registration would substantially and adversely affect the price per share of the Common Shares to be sold in such offering, the Company shall include in such registration a number of Common Shares of the Holders comprising not less than twenty-five
(25%) of the total number of Common Shares to be sold in such offering. To the extent this results in a reduction in the number of Common Shares available for sale by existing securityholders, reductions in the number of Common Shares held by
all existing securityholders proposed for sale in such Piggyback Registration shall be reduced pro rata among all such securityholders on the basis of the number of Common Shares requested to be included therein by all such holders, or as
such holders may otherwise agree; provided, however, that in no event shall the number of Common Shares to be sold by the Holders be reduced below the twenty-five percent (25%) limitation established in the preceding sentence. 

(c) Priority on Secondary Piggyback Registrations. If a Piggyback Registration is initiated as an underwritten offering on behalf
of a holder of Common Shares other than Registrable Securities, and the managing underwriters advise the Company that in the opinion of the managing underwriters the number of Common Shares proposed to be included in such registration exceeds the
number of Common Shares that can be sold in such offering and/or that the number of Common Shares proposed to be included in any such registration would materially adversely affect the price per share of the Common Shares to be sold in such
offering, then the Company shall include in such registration the number of Common Shares of the respective holders (including the Holders) determined pro rata according to the respective numbers of shares held by such holders as of the delivery of
the notice giving rise to such Piggyback Registration. Notwithstanding the foregoing, in the event of a Piggyback Registration on any registration statement filed pursuant to either or both of the Prior Registration Rights Agreements, the Company
shall first include all Prior Registrable Securities that the holders thereof elect to have included in such registration prior to including any shares of the Registrable Securities or any other holders, and any pro rata reduction of shares included
in the registration statement will not apply to such Prior Registrable Securities. 
 (d) Selection of Underwriters. If
any Piggyback Registration is initiated as a primary underwritten offering, the Company shall select the managing underwriter or underwriters to administer any such offering. In the event of a Piggyback Registration pertaining to an underwritten
secondary offering, the Holder that transmits the notice giving rise to such Piggyback Registration shall be entitled to propose the managing underwriter or underwriters, and the Company shall give due regard to the Holder’s preference. The
Company reserves the right, however, to reject the Holder’s selected underwriter if it has a reasonable basis for doing so. 
 (e) Offers and Sales. All offers and sales of Registrable Securities covered by a Registration Statement by the Holder thereof shall be completed within the period during which such Registration
Statement remains effective and not the subject of any stop order, injunction or other order of the SEC. Upon notice that such Registration Statement is no longer effective, no Holder will offer or sell the Registrable Securities covered by such
Registration Statement (other than by virtue of another effective Registration Statement or an exemption from registration). If directed in writing by the Company, each Holder will return all undistributed copies of the related Prospectus in such
Holder’s possession upon the expiration of such period. 

  
 4 

 (f) Prior Registration Rights. Notwithstanding the foregoing provisions of this
section 2.1 for so long as the Prior Registration Rights Agreements remain in effect, the Company shall not be obligated to cause any Registration Statement filed pursuant to this Agreement to be declared effective until one hundred eighty
(180) days after the later to occur of effective date of the IPO Registration Statement or the effective date of the S-11 Prior Shelf Registration Statement, or within one hundred eighty (180) days after the effective date of any other
registration filed pursuant to either or both of the Prior Registration Rights Agreements. 
 2.2 S-3 Shelf Registration.

 (a) Registration. The Company shall exercise its reasonable best efforts to assure that it attains as promptly as
practicable, and thereafter maintains, eligibility to use Form S-3 for the registration of sales of securities on a delayed or continuous basis. Promptly (and in any event no later than thirty (30) days) after attaining such eligibility, the
Company shall exercise its reasonable best efforts to file a Form S-3 Registration Statement relating to the continuous offering of Registrable Securities by the Holders. The filing of the Form S-3 Registration Statement required by this
Section 2.2(a), in the Company’s reasonable discretion, take the form of an amendment to a Form S-11 Registration Statement, if any, filed under Section 2.1(a). Notwithstanding the foregoing, so long as the Prior
Registration Rights Agreements remain in effect, the Company shall not be obligated to file a new Form S-3 until 180 days after the effective date of any registration statement filed pursuant to the Prior Registration Rights Agreements, including
the S-11 Prior Shelf Registration Statement. In the event of a conversion of any Form S-11 registration statement filed pursuant to either or both of the Prior Registration Rights Agreements, the effective date of the original Form S-11 registration
statement to which such Form S-3 registration statement relates shall be used as the measuring dates for purposes of the preceding sentence. At any time that the Company is eligible to use Form S-3 or any successor thereto, and the Company does not
have an effective shelf Registration Statement on Form S-3 on file with the SEC covering the Registrable Securities (an “Existing Shelf”), then each Holder shall be entitled to request that the Company file a Registration Statement
on Form S-3 or any successor form thereto for a public offering of all or any portion of the Registrable Securities pursuant to Rule 415 promulgated under the Securities Act or otherwise. Upon such request, the Company shall use its reasonable best
efforts to cause such Form S-3 Registration Statement (i) to be declared effective by the SEC as soon as reasonably practicable thereafter; and (ii) subject to Section 2.4, to remain in effect (and not subject to any stop order
or disqualification) at all times during the remaining term of this Agreement. 
 (b) Right to Request Underwritten Shelf
Takedown. A Holder shall be entitled to sell in an underwritten offering, in accordance with the Securities Act, all or any portion of the Registrable Securities. In the event a Holder shall deliver to the Company notice of intent to effect an
underwritten offering of Registrable Securities pursuant to a Form S-3 Registration Statement, then the Company shall, no later than thirty (30) days thereafter, take such actions as may be reasonably necessary to provide for the filing of a
complete Prospectus describing such underwritten offering and containing the information required to be contained therein (each, a “Shelf Takedown”). The Holder shall be entitled to request up to three such Shelf Takedowns;
provided, that (based on the closing sale price of the Common Shares as reported on the national securities exchange on which the Company’s securities are listed on the date of the Company’s receipt of such request) the number of
shares of Registrable Securities included in such Shelf Takedown would yield gross proceeds to the Holder(s) requesting such Shelf Takedown of at least fifty million dollars ($50,000,000). Each Holder participating in such Shelf Takedown shall
(i) enter into an underwriting agreement in customary form with the underwriter(s) selected in accordance with Section 2.2(d) below; provided that with respect to such underwriting agreement or any other documents reasonably
required under such agreement, (A) no Holder shall be required to make any representation or warranty with respect to or on behalf of the Company or any other shareholder of the Company and (B) the liability of any Holder shall be limited
as provided in Section 3.2 hereof, and (ii) complete and 

  
 5 

 
execute all questionnaires, powers of attorney, indemnities, opinions and other documents required under the terms of such underwriting agreement. Notwithstanding the foregoing, in no event shall
the Company be obligated to effect more than one Shelf Takedown hereunder in any single six-month period. 
 (c) Priority on
Shelf Takedowns. The Company may include Common Shares other than Registrable Securities in a Shelf Takedown on the terms provided below, only with the consent of the managing underwriters of such offering. If the managing underwriters of the
requested Shelf Takedown advise the Company and the Holder(s) participating in such Shelf Takedown that in their opinion the number of Common Shares proposed to be included in any Shelf Takedown (1) exceeds the number of Common Shares which can
be sold in such underwritten offering or (2) would adversely affect the price per share of the Registrable Securities proposed to be sold in such underwritten offering, the Company shall reduce the number of Common Shares to be sold such that
the Shelf Takedown shall include, (i) first, any Prior Registrable Securities that may be entitled to be included in such offering pursuant to the Prior Registration Rights Agreements, (ii) second, all Registrable Securities proposed for
sale by the Holders (or, if the number of Registrable Securities proposed for such sale exceeds the limitation set by clauses (1) and (2) above, then adjusted pro rata on the basis of the respective numbers of Registrable Securities held
by the participating Holders), and (iii) thereafter, if any additional shares are, in the opinion of the managing underwriter, available for sale in such offering in light of such limitations. 

(d) Selection of Underwriters. If any of the Registrable Securities covered by a Form S-3 Registration Statement is to be sold in
an underwritten offering, the Holders may propose the managing underwriter or underwriters to administer any such offering and the Company shall give due regard to the Holder’s preference. The Company reserves the right, however, to reject the
Holder’s selected underwriter if it has a reasonable basis for doing so. 
 2.3 Suspension of Offering. 

(a) Notwithstanding Sections 2.1 and 2.2 hereof, the Company shall be entitled to postpone the filing of a Registration
Statement, to suspend the effectiveness of a Registration Statement or to require the Holder to suspend sales of Registrable Securities under a Registration Statement for such times as the Company reasonably may determine is necessary and advisable
(but in no event for more than ninety (90) days at any one time, or more than twice in any rolling twelve (12) month period), if any of the following events shall occur: (i) the Company is actively pursuing an underwritten primary
offering of the Company’s equity securities; (ii) an event has occurred as a result of which the Prospectus included in such Registration Statement contains any untrue statement of a material fact or omits to state a material fact required
to be stated therein, or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; or (iii) an event has occurred which the majority of the independent members of the Board of Trustees,
after the advice of counsel, has determined would require additional disclosure by the Company in the Registration Statement of material information which the Company has a bona fide business purpose for keeping confidential and the non-disclosure
of which in the Registration Statement would be expected, in the Company’s reasonable determination after advice of counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements (each such circumstance a
“Suspension Event”). Upon the occurrence of any Suspension Event, the Company shall provide written notice (a “Suspension Notice”) to each Holder to suspend sales of Registrable Securities. Such Suspension Notice
shall state generally the basis for the notice (but shall not contain or be accompanied by the disclosure of any material nonpublic information), that such suspension shall continue only as long as the Suspension Event or its effect is continuing
and that the Company is taking all reasonable steps to terminate suspension of the use of the Registration Statement as promptly as possible. Upon receipt of any Suspension Notice, each Holder agrees that (x) it will immediately suspend offers
and sales of the Registrable Securities under such Registration Statement until the Holder receives an End of Suspension Notice (as defined below), and 

  
 6 

 
(y) it will maintain the confidentiality of any information included in the Suspension Notice delivered by the Company unless otherwise required by law or subpoena. Holders may recommence
offers and sales of Registrable Securities pursuant to a Registration Statement following receipt of written notice to such effect from the Company (an “End of Suspension Notice”). 

(b) If all reports required to be filed by the Company pursuant to the Exchange Act have not been filed by the required date taking into
account any permissible extension, upon written notice thereof by the Company to the Holders, the rights of the Holders to offer, sell or distribute any Registrable Securities pursuant to any Registration Statement or to require the Company take
action with respect to the registration or sale of any Registrable Securities pursuant to any Registration Statement shall be suspended until the date on which the Company has filed such reports, and the Company shall notify the Holders in writing
as promptly as practicable when such suspension is no longer required. This Section 2.4(b) shall not excuse the obligation of the Company timely to file all required reports, or otherwise to maintain the effectiveness of a Registration
Statement, as required by this Agreement. 
 2.4 Lockup Agreements. Each Holder hereby agrees to enter into a lockup
agreement in connection with the IPO, in such form as is requested by the Company and the lead underwriter of the IPO, not to sell, transfer, hedge the beneficial ownership of, or otherwise dispose of any Registrable Securities or other Common
Shares or any securities convertible into or exchangeable or exercisable for Common Shares then owned by such Holder for a period of one hundred eighty (180) days following the IPO Closing Date (the “IPO Lockup Period”). In
connection with any underwritten offering by the Company following the IPO Closing Date (a “Post-IPO Offering”), each Holder further agrees not to sell, transfer, hedge the beneficial ownership of, or otherwise dispose of any
Registrable Securities or other Common Shares or any securities convertible into or exchangeable or exercisable for Common Shares then owned by such Holder for a reasonable and customary period (not to exceed ninety (90) days) following the
date of a prospectus or prospectus supplement, as applicable, prepared in connection with such Post-IPO Offering, as requested by the lead underwriter of such Post-IPO Offering; provided that (a) each executive officer and trustee of the
Company, and each holder of 5% or more of the Common Shares or securities convertible into Common Shares, enter into agreements that are no less restrictive and (b) the Holders shall be allowed any concession or proportionate release offered to
any executive officer, trustee or holder of 5% or more of the Common Shares that entered into such agreements, with such proportionate number being determined by dividing the number of shares being released with respect to such officer, trustee or
5% or greater holder by the total number of issued and outstanding shares held by such officer, trustee or 5% or greater holder). If requested, such agreement shall be in writing in a form reasonably satisfactory to the Company and the managing
underwriter. The Company may impose stop transfer restrictions with respect to the Registrable Securities subject to the foregoing restriction until the end of the period, provided, that the Company shall take no action materially more
restrictive of the Registrable Securities than of Shares held by other securityholders who are subject to such lockup agreements. 
 2.5 State Securities Law Qualification. The Company shall file such documents as necessary to register or qualify the Registrable Securities to be covered by a Registration Statement by the time
such Registration Statement is declared effective by the SEC under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder may reasonably request in writing, and shall use commercially reasonable efforts to
keep each such registration or qualification effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement or during the period offers or sales are being made by the Holders, whichever is
shorter, and to do any and all other similar acts and things which may be reasonably necessary or advisable to enable the Holders to consummate the disposition of such Registrable Securities in each such jurisdiction; 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
Agreement, (ii)

  
 7 

 
take any action that would cause it to become subject to any taxation in any jurisdiction where it would not otherwise be subject to such taxation, or (iii) take any action that would
subject it to the general service of process in any jurisdiction where it is not then so subject. 
 2.6 Registration
Procedures. If and when the Company is required to effect the registration of Registrable Securities under the Securities Act pursuant to Sections 2.1 and 2.2 of this Agreement, subject to Section 2.3 hereof, the
Company shall: 
 (a) prepare and file with the SEC such amendments and supplements as to the Registration Statement and the
Prospectus used in connection therewith as may be necessary (i) to keep such Registration Statement effective and (ii) to comply with the provisions of the Securities Act with respect to the disposition of the Registrable Securities
covered by such Registration Statement, in each case for such time as is contemplated in Sections 2.1 and 2.2; 

(b) furnish, without charge, to the Holders such number of copies of the Registration Statement, each amendment and supplement thereto
(in each case including all exhibits), and the Prospectus included in such Registration Statement (including each preliminary Prospectus) in conformity with the requirements of the Securities Act as the Holders may reasonably request in order to
facilitate the public sale or other disposition of the Registrable Securities owned by the Holders; 
 (c) notify the Holders:
(i) when the Registration Statement, any pre-effective amendment, the Prospectus or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed, and, with respect to the Registration
Statement or any post-effective amendment, when the same has become effective, (ii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation or threat of any proceedings for that
purpose, and (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the
initiation of any proceeding for such purpose; 
 (d) promptly use commercially reasonable efforts to prevent the issuance of
any order suspending the effectiveness of a Registration Statement, and, if any such order suspending the effectiveness of a Registration Statement is issued, shall promptly use commercially reasonable efforts to obtain the withdrawal of such order
at the earliest possible moment; 
 (e) promptly notify the Holders: (i) of the existence of any fact of which the Company
is aware or the happening of any event which has resulted in (A) the Registration Statement, as then in effect, containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to
make any statements therein not misleading or (B) the Prospectus included in such Registration Statement containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make
any statements therein, in the light of the circumstances under which they were made, not misleading, and (ii) of the Company’s reasonable determination that a post-effective amendment to the Registration Statement would be appropriate or
that there exist circumstances not yet disclosed to the public which make further sales under such Registration Statement inadvisable pending such disclosure and post-effective amendment; and, if the notification relates to any event described in
either of the clauses (i) or (ii) of this Section 2.6(e), at the request of the Holders, the Company shall prepare and, to the extent the exemption from the prospectus delivery requirements in Rule 172 under the Securities Act
is not available, furnish to the Holders a reasonable number of copies of a supplement or post-effective amendment to such Registration Statement or related Prospectus or file any other required document so that (1) such Registration Statement
shall 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 not misleading and (2) as thereafter delivered to the purchasers

  
 8 

 
of the Registrable Securities being sold thereunder, 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, in the light of the circumstances under which they were made, not misleading; 
 (f)
use commercially reasonable efforts to cause all such Registrable Securities to be listed on the national securities exchange on which the Common Shares are then listed, if the listing of Registrable Securities is then permitted under the rules of
such national securities exchange; and 
 (g) if requested by any Holder participating in the offering of Registrable
Securities, incorporate in a prospectus supplement or post-effective amendment such information concerning the Holder or the intended method of distribution as the Holder reasonably requests to be included therein and is reasonably necessary to
permit the sale of the Registrable Securities pursuant to the Registration Statement, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase price being paid therefor and any other
material terms of the offering of the Registrable Securities to be sold in such offering; provided, however, that the Company shall not be obligated to include in any such prospectus supplement or post-effective amendment any requested
information that is not required by the rules of the SEC and is unreasonable in scope compared with the Company’s most recent prospectus or prospectus supplement used in connection with a primary or secondary offering of equity securities by
the Company. 
 2.7 Obligations of the Holder. In connection with any Registration Statement utilized by the Company to
satisfy the Registration Rights pursuant to this Section 2, each Holder agrees to cooperate with the Company in connection with the preparation of the Registration Statement, and each Holder agrees that it will (i) respond within
five (5) Business Days to any written request by the Company to provide or verify information regarding the Holder or the Holder’s Registrable Securities (including the proposed manner of sale) that may be required to be included in such
Registration Statement and related Prospectus pursuant to the rules and regulations of the SEC, and (ii) provide in a timely manner information regarding the proposed distribution by the Holder of the Registrable Securities and such other
information as may be requested by the Company from time to time in connection with the preparation of and for inclusion in the Registration Statement and related Prospectus. 
 SECTION 3. INDEMNIFICATION; CONTRIBUTION 
 3.1 Indemnification by the
Company. The Company agrees to indemnify, defend and hold harmless each Holder and each Person, if any, who controls any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and any of their
partners, members, officers, trustees, employees or representatives, as follows: 
 (i) against any losses,
liabilities, claims, damages, judgments and expenses arising or alleged to have arisen out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto)
pursuant to which the Registrable Securities were registered under the Securities Act, including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact required to be stated therein or
necessary to make the statements therein not misleading, or arising or alleged to have arisen out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement
thereto), including all documents incorporated therein by reference, or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; 

  
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 (ii) against any losses, liabilities, claims, damages, judgments and
expenses to the extent of the aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim based upon any such untrue statement or omission, or any
such alleged untrue statement or omission, if such settlement is effected with the written consent of the Company; and 
 (iii) against any expenses (including reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by
any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is
not paid under subparagraph (i) or (ii) above; 
 provided, however, that the indemnity provided pursuant to this
Section 3.1 does not apply to any Holder with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of (A) any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto), or (B) any
Holder’s failure to deliver an amended or supplemental Prospectus furnished to such Holder by the Company, if (and solely to the extent) such loss, liability, claim, damage, judgment or expense would not have arisen had such delivery occurred.

 3.2 Indemnification by Holder. Each Holder (and each permitted assignee of such Holder, on a several basis) agrees,
severally and not jointly, to indemnify and hold harmless the Company, and each of its trustees and officers (including each trustee and officer of the Company who signed a Registration Statement), each Person, if any, who controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and each other Holder as follows: 
 (i) against any losses, liabilities, claims, damages, judgments and expenses arising or alleged to have arisen out of or based upon any untrue statement or alleged untrue statement of a material fact
provided by such Holder in writing expressly for inclusion in, and contained in substantially the same form in, the Registration Statement (or any amendment thereto) pursuant to which the Registrable Securities of such Holder were registered under
the Securities Act, including all documents theretofore filed by such Holder and incorporated therein by reference, or the omission or alleged omission therefrom by such Holder of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or arising or alleged to have arisen out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), including all
documents incorporated therein by reference, or the omission or alleged omission therefrom by such Holder of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not
misleading; 
 (ii) against any losses, liabilities, claims, damages, judgments and expenses to the extent of the
aggregate amount paid in settlement of any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission by such Holder, or any
such alleged untrue statement or omission by such Holder, if such settlement is effected with the written consent of such Holder; and 

  
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 (iii) against any expenses (including reasonable fees and disbursements of
counsel), reasonably incurred in investigating, preparing or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, in each case whether or not a party, or any claim whatsoever,
if (and solely to the extent) such liability has been fully and finally determined by a court of competent jurisdiction to have been based upon any such untrue statement or omission by such Holder, to the extent that any such expense is not paid
under subparagraph (i) or (ii) above; 
 provided, however, that the indemnity provided pursuant to this
Section 3.2 shall only apply with respect to any loss, liability, claim, damage, judgment or expense to the extent arising out of (A) any untrue statement or omission or alleged untrue statement or omission made in reliance upon and
in conformity with written information furnished to the Company by such Holder expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto) and filed in substantially the same
form and context as so provided, or (B) any Holder’s failure to deliver an amended or supplemental Prospectus furnished to the Holder by the Company, if (and only to the extent) such loss, liability, claim, damage or expense would not have
arisen had such delivery occurred. Notwithstanding the provisions of this Section 3.2, each Holder’s (and any permitted assignee’s) indemnification obligations hereunder shall be limited to the amount of the proceeds actually
received by such Holder or such permitted assignee, as the case may be (net of underwriter discounts, and selling expenses borne by such Holder), from sales of the Registrable Securities of such Holder under the Registration Statement that is the
subject of the indemnification claim. 
 3.3 Conduct of Indemnification Proceedings. An indemnified party hereunder shall
give reasonably prompt notice to the indemnifying party of any action or proceeding commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify the indemnifying party (i) shall not relieve the
indemnifying party from any liability which it may have to such indemnified party hereunder, unless and only to the extent the lack of notice by the indemnified party results in the forfeiture by the indemnifying party of substantial rights and
defenses, and (ii) shall not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligations provided hereunder. If the indemnifying party so notifies the indemnified party
or parties in writing within ten (10) Business Days after being notified of the pendency of a proceeding, the indemnifying party may assume the defense of such action or proceeding at such indemnifying party’s own expense with counsel
chosen by the indemnifying party and approved by the indemnified party, which approval shall not be unreasonably withheld or delayed; provided, however, that the indemnifying party will not settle, compromise or consent to the entry of
any judgment with respect to any such action or proceeding without the written consent of the indemnified party unless such settlement, compromise or consent secures the unconditional release of the indemnified party of all liability at no cost or
expense to the indemnified party and without placing any material restriction upon such indemnified party’s future actions or requiring a disclosure by or pertaining to such indemnified party that would reasonably be expected to cast such
indemnified party in an adverse light; and provided further, that, if the indemnified party reasonably determines in good faith that a conflict of interest exists where it is advisable for the indemnified party to be represented by
separate counsel or that, upon advice of counsel, there may be legal defenses available to the indemnified party which are different from or in addition to those available to the indemnifying party, then the indemnifying party shall not be entitled
to assume (or, if previously assumed, thereafter to maintain) such defense and the indemnified party shall be entitled to separate counsel of the indemnified party’s choice at the indemnifying party’s expense. If the indemnifying party is
not entitled to assume (or maintain) the defense of such action or proceeding as a result of the second proviso to the preceding sentence, the indemnifying party’s counsel shall be entitled to conduct the indemnifying party’s defense and
counsel for the indemnified party shall be entitled to conduct the defense of the indemnified party, it being understood that both such counsel will cooperate with each other to conduct the defense of such action or proceeding as efficiently as
possible. If the indemnifying party is not so entitled to assume the defense of such action or does not assume such defense, after having received the notice referred to in the first sentence of this paragraph, the

  
 11 

 
indemnifying party will pay the reasonable fees and expenses of counsel for the indemnified party. In such event, however, the indemnifying party will not be liable for any settlement effected
without the written consent of the indemnifying party (which consent will not be unreasonably withheld or delayed). If an indemnifying party is entitled to assume, and assumes, the defense of such action or proceeding in accordance with this
paragraph, the indemnifying party shall not be liable for any fees and expenses of counsel for the indemnified party incurred thereafter in connection with such action or proceeding. In any instance in which an indemnified party is entitled to
separate counsel, the indemnifying party shall promptly pay or reimburse the indemnified party for all fees, costs and expenses incurred in connection with such proceeding. 
 3.4 Certain Limitations on Indemnification. Any indemnification by the APFC Member under this Agreement is subject to a specific appropriation of funds for that purpose by the Legislature of the
State of Alaska. The parties to this Agreement recognize and agree, however, that (i) the APFC Member has no appropriation currently available to it to indemnify Advisor under this Agreement; (ii) the APFC Member will use commercially
reasonable efforts to obtain such an appropriation; (iii) enactment of an appropriation in the future to fund a payment under any indemnification provision remains in the sole discretion of the Legislature; and (iv) the Legislature’s
failure to make such an appropriation creates no further liability of the APFC Member. 
 3.5 Contribution. 

(a) In order to provide for just and equitable contribution in circumstances in which the indemnification provisions in Sections
3.1 and 3.2 above are for any reason held to be unenforceable by the indemnified party although applicable in accordance with its terms, the Company and the relevant Holder shall contribute to the aggregate losses, liabilities, claims,
damages and expenses of the nature contemplated by such indemnification provisions incurred by the Company and the Holder, in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the Holder on the other
hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities, or expenses. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other
things, whether the action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, the indemnifying party or
the indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. 
 (b) The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 3.4 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 3.4, a Holder shall not be required to contribute any amount in
excess of the amount of the gross proceeds actually received by such Holder from sales of the Registrable Securities of such Holder under the Registration Statement that is the subject of the indemnification claim. 

(c) Notwithstanding the foregoing, 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. For purposes of this Section 3.4, each Person, if any, who controls a Holder within the meaning of Section 15
of the Securities Act shall have the same rights to contribution as the Holder, and each trustee of the Company, each officer of the Company who signed a Registration Statement and each Person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act shall have the same rights to contribution as the Company. 

  
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 SECTION 4. EXPENSES 
 The Company shall pay the following expenses incident to the performance by the Company of its registration obligations under Section 2 above: (i) SEC, stock exchange and FINRA
registration and filing fees, (ii) all fees and expenses incurred in complying with securities or “blue sky” laws (including reasonable fees, charges and disbursements of counsel to any underwriter incurred in connection with
“blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (iii) all printing expenses, (iv) the fees, charges and expenses of counsel to the Company and of its independent
public accountants and any other accounting fees, charges and expenses incurred by the Company (including, without limitation, any expenses arising from any “comfort” letters or any special audits incident to or required by any
registration or qualification); and (v) the reasonable fees, charges and expenses of one firm serving as counsel to the Holders in connection with such registration. Each Holder shall be responsible for the payment of any underwriting
commissions and discounts, brokerage and sales commissions, fees and disbursements of such Holder’s counsel, accountants and other advisors, and any transfer taxes relating to the sale or disposition of the Registrable Securities by such Holder
pursuant to this Agreement. 
 SECTION 5. RULE 144 COMPLIANCE 
 From and after the IPO Effective Date, the Company shall file the reports required to be filed by the Company under the Securities Act and the Exchange Act so as to enable the Holders to sell the
Registrable Securities pursuant to Rule 144 under the Securities Act, as such rule may be amended from time to time. 
 SECTION 6.
MISCELLANEOUS 
 6.1 Integration; Amendment. This Agreement constitutes the entire agreement among the parties hereto
with respect to the matters set forth herein and supersedes and renders of no force and effect all prior oral or written agreements, commitments and understandings among the parties with respect to the matters set forth herein. Except as otherwise
expressly provided in this Agreement, no amendment, modification or discharge of this Agreement shall be valid or binding unless set forth in writing and duly executed by each of the parties hereto. 

6.2 Waivers. No waiver by a party hereto shall be effective unless made in a written instrument duly executed by the party against
whom such waiver is sought to be enforced, and only to the extent set forth in such instrument. Neither the waiver by any of the parties hereto of a breach or a default under any of the provisions of this Agreement, nor the failure of any of the
parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as a waiver
of any such provisions, rights or privileges hereunder. 
 6.3 Assignment; Successors and Assigns. This Agreement and the
rights granted hereunder may not be assigned by a Holder without the written consent of the Company; provided, however, that a Holder may assign its rights and obligations hereunder, without such consent, in connection with a transfer
of some or all of such Holder’s Registrable Securities (i) to the extent permitted under the Company’s charter, and (ii) provided such transferee agrees in writing to be bound by all of the provisions hereof and the Holder
provides written notice to the Company within ten (10) days of the effectiveness of such assignment. This Agreement shall inure to the benefit of and be binding upon all of the parties hereto and their respective heirs, executors, personal and
legal representatives, successors and permitted assigns, including, without limitation, any successor of the Company by merger, acquisition, reorganization, recapitalization or otherwise. 

  
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 6.4 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: 

(i) if to a Holder, at the most current address given by the transfer agent and registrar of the Shares to the Company,
with a copy to Davis Wright Tremaine LLP, Attn: Marcus J. Williams, 1201 Third Avenue Suite 2200, Seattle, Washington 98101; and 
 (ii) if to the Company, 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 E. Showen (facsimile: 202-637-5910). 
 6.5 Specific Performance. The parties hereto acknowledge that the obligations undertaken by them hereunder are unique and that there would be no adequate remedy at law if any party fails to perform
any of its obligations hereunder, and accordingly agree that each party, in addition to any other remedy to which it may be entitled at law or in equity, shall be entitled to (i) compel specific performance of the obligations, covenants and
agreements of any other party under this Agreement in accordance with the terms and conditions of this Agreement and (ii) obtain preliminary injunctive relief to secure specific performance and to prevent a breach or contemplated breach of this
Agreement in any court of the United States or any State thereof having jurisdiction. 
 6.6 Governing Law. This
Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, 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 conflicts of law principles. 
 6.7 Headings. Section and subsection headings
contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions
hereof. 
 6.8 Pronouns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine,
neuter, singular or plural, as the identity of the person or entity may require. 
 6.9 Execution in Counterparts. This
Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one and the same agreement. This Agreement may be executed by facsimile signatures. 

6.10 Severability. If fulfillment of any provision of this Agreement, at the time such fulfillment shall be due, shall transcend
the limit of validity prescribed by law, then the obligation to be fulfilled shall be reduced to the limit of such validity; and if any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 
 6.11 No Third Party
Beneficiaries. Except as may be expressly provided herein (including without limitation Section 3 hereof), it is the explicit intention of the parties hereto that no person or entity other than the parties hereto is or shall be
entitled to bring any action to enforce any provision of this Agreement against any of the parties hereto, and the covenants, undertakings and agreements set forth in this Agreement shall be solely for the benefit of, and shall be enforceable only
by, the parties hereto or their respective successors, heirs, executors, administrators, legal representatives and permitted assigns. 

  
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 6.12 Legend Removal. The Company, upon the request of any Holder of Registrable
Securities, shall use its commercially reasonable efforts to remove any legend from the certificates representing such Registrable Securities with respect to the Securities Act and any state securities laws, and shall cause the termination of any
related stop transfer orders, if (a) such Registrable Securities are eligible for sale without registration pursuant to Rule 144 (or any successor provision) under the Securities Act without any volume limitations or other restrictions on
transfer under paragraphs (c), (e), (f) and (h) of Rule 144 and (b) such Holder provides the Company with a representation letter in customary form reasonably sufficient to establish that such limitations and restrictions under
paragraphs (c), (e), (f) and (h) of Rule 144 do not apply to such Registrable Securities. 
 6.13
Termination. This Agreement, and the Registration Rights granted hereunder, shall terminate upon the date on which the Holder may sell freely all of its remaining Registrable Securities pursuant to Rule 144 under the Securities Act.

  
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 IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed
and delivered in its name and on its behalf as of the date first written above. 
  

			
	AMERICAN HOMES 4 RENT
		
	By:	 	/s/ Matthew J. Hart
	Name:	 	Matthew J. Hart
	Title:	 	Chairman of the Special Committee of the Board of Trustees
	
	ALASKA PERMANENT FUND CORPORATION
		
	By:	 	/s/ Valerie Mertz
	Name:	 	Valerie Mertz
	Title:	 	Chief Financial Officer

 [Signature Page to Registration Rights Agreement]

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