Document:

EX-10.2

 Exhibit 10.2 
 FIRST AMENDMENT TO 
 AGREEMENT OF LIMITED PARTNERSHIP OF 

AMERICAN HOMES 4 RENT, L.P. 
 DESIGNATION OF 3.5% CONVERTIBLE PREFERRED UNITS 
 December 31, 2012

 Pursuant to Section 4.2 and Section 14.1.B of the Agreement of Limited Partnership of American Homes 4 Rent,
L.P. (the “Partnership Agreement”), the General Partner hereby amends the Partnership Agreement as follows in connection with the issuance to American Homes 4 Rent, LLC (“AH4R LLC”) of 3.5% Convertible Preferred Units (as defined
below) of American Homes 4 Rent, L.P. (the “Partnership”) in exchange for the contribution by AH4R LLC of a Class B membership interest in American Homes 4 Rent Investments, LLC: 
 1. Designation and Number. A series of Preferred Units (as defined below), designated the “3.5% Convertible Preferred Units” is hereby established. The number of authorized
Preferred Units shall be 653,492. 
 2. Defined Terms. Capitalized terms used herein and not otherwise defined shall have the meanings
given to such terms in the Partnership Agreement. The following defined terms used in this Amendment to the Partnership Agreement shall have the meanings specified below: 
 “Base Liquidation Preference” means $15.00 per 3.5% Convertible Preferred Unit. 
 “Class A Units” means the Partnership’s Class A Units. 

“Distribution Record Date” shall have the meaning provided in Section 5(a). 

“Junior Preferred Units” shall have the meaning provided in Section 4. 

“Liquidating Distributions” shall have the meaning provided in Section 6(a). 

“Parity Preferred Units” shall have the meaning provided in Section 4. 

“Preferred Units” means all Partnership Interests designated as preferred units by the General Partner from time to time in
accordance with Section 4.2 of the Partnership Agreement. 
 “Senior Preferred Units” shall have the meaning
provided in Section 4. 
 “Preferred Return” shall have the meaning provided in Section 5(a). 

“Preferred Unit Distribution Payment Date” shall have the meaning provided in Section 5(a). 

3. Maturity. The 3.5% Convertible Preferred Units have no stated maturity and will not be subject to any sinking fund or mandatory
redemption. 
 4. Rank. The 3.5% Convertible Preferred Units will, with respect to distribution rights and rights upon liquidation,
dissolution or winding up of the Partnership, rank (a) senior to all Class A Units, Class B Units, LTIP Units, and any class or series of Preferred Units expressly designated as ranking junior to the 3.5% Convertible Preferred Units as to
distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (collectively, the “Junior Preferred Units”); (b) on a parity with any class or series of Preferred Units issued by the Partnership
expressly designated as ranking on a parity with the 3.5% Convertible Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (the “Parity Preferred Units”); and (c) junior
to any class or series of Preferred Units issued by the Partnership expressly designated as ranking senior to 

 
the 3.5% Convertible Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up of the Partnership (the “Senior Preferred Units”). The term
“Preferred Units” does not include convertible or exchangeable debt securities of the Partnership, which will rank senior to the 3.5% Convertible Preferred Units prior to conversion or exchange. The 3.5% Convertible Preferred Units
will also rank junior in right of payment to the Partnership’s existing and future indebtedness. 
  

	5.	Distributions. 

 (a) Subject to the preferential rights of holders of any class or series of Senior Preferred Units of the Partnership, the holders of 3.5% Convertible Preferred Units shall be entitled to receive, when,
as and if authorized by the General Partner and declared by the Partnership, out of funds of the Partnership legally available for payment of distributions, cumulative cash distributions at the rate of 3.5% per annum of the Base Liquidation
Preference per unit (equivalent to a fixed annual amount of $0.525 per unit) (the “Preferred Return”). Distributions on the 3.5% Convertible Preferred Units shall accrue and be cumulative from (and including) the date of original
issue of any 3.5% Convertible Preferred Units and shall be payable quarterly, in equal amounts, in arrears, on or about the 15th day of each January, April, July and October of each year (each, a “Preferred Unit Distribution Payment
Date’’); provided, however, if any Preferred Unit Distribution Payment Date is not a business day, then the distribution which would otherwise have been payable on such Preferred Unit Distribution Payment Date may be paid on the next
succeeding business day with the same force and effect as if paid on such Preferred Unit Distribution Payment Date, and no interest or additional distributions or other sums shall accrue on the amount so payable from such Preferred Unit Distribution
Payment Date to such next succeeding business day. “Business day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required to close. A
“distribution period” shall mean the period commencing from, and including, the Preferred Unit Distribution Payment Date to, but excluding, the next succeeding Distribution Payment Date. The initial distribution period shall be the period
from, and including, January 1, 2013 to, but excluding, April 1, 2013. The amount of any distribution payable on the 3.5% Convertible Preferred Units for any partial distribution period will be prorated and computed on the basis of twelve
30-day months and a 360-day year. Distributions will be payable in arrears to holders of record of the 3.5% Convertible Preferred Units as they appear on the records of the Partnership at the close of business on the
applicable record date, which shall be the last business day of the calendar quarter prior to the applicable Preferred Unit Distribution Payment Date or such other date designated by the General Partner of the Partnership for the payment of
distributions that is not more than 90 nor less than ten days prior to such Preferred Unit Distribution Payment Date (each, a “Distribution Record Date”). 
 (b) No distributions on the 3.5% Convertible Preferred Units shall be authorized by the General Partner or declared, paid or set apart for payment by the Partnership at such time as the terms and
provisions of any agreement of the General Partner or the Partnership, including any agreement relating to the indebtedness of any of them, prohibits such authorization, declaration, payment or setting apart for payment or provides that such
declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be restricted or prohibited by law. 

(c) Notwithstanding anything to the contrary contained herein, distributions on the 3.5% Convertible Preferred Units will accrue whether
or not the restrictions referred to in Section 5(b) exist, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such distributions are authorized
or declared. 
 (d) Except as provided in Section 5(e) below, no distributions shall be declared and paid or set apart for
payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to, any Class A Units, Class B Units, LTIP Units, Parity Preferred Units or Junior Preferred Units of the
Partnership (other than a distribution paid in units of, or options, warrants or rights to subscribe for or purchase units of, Class A Units, Class B Units, LTIP Units or Junior Preferred Units) for any period, nor shall Class A Units,
Class B Units, LTIP Units, Parity Preferred Units or Junior Preferred Units be redeemed, purchased or otherwise acquired for any consideration, nor shall any funds be paid or made available for a sinking fund for the redemption of any such units by
the Partnership, directly or indirectly (except by conversion into or exchange for, or options, warrants or rights to purchase or subscribe for, Class A Units, Class B Units, LTIP Units or Junior Preferred Units, and except for purchases or
exchanges pursuant to a purchase or exchange offer made on the same terms to all holders of 3.5% Convertible Preferred Units and all holders of Parity Preferred Units), unless full cumulative distributions on the 3.5% Convertible Preferred Units for
all past distribution periods shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment. 

  
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 (e) When distributions are not paid in full (or a sum sufficient for such full payment is
not so set apart) on the 3.5% Convertible Preferred Units and any Parity Preferred Units, all distributions declared on the 3.5% Convertible Preferred Units and any Parity Preferred Units shall be declared pro rata so that the amount of
distributions declared per 3.5% Convertible Preferred Unit and such Parity Preferred Units shall in all cases bear to each other the same ratio that accrued distributions per 3.5% Convertible Preferred Unit and such Parity Preferred Units (which
shall not include any accrual in respect of unpaid distributions on any Parity Preferred Units for prior distribution periods if such Parity Preferred Units do not have a cumulative distribution) bear to each other. No interest, or sum of money
in lieu of interest, shall be payable in respect of any distribution payment or payments on 3.5% Convertible Preferred Units which may be in arrears. 
 (f) Holders of 3.5% Convertible Preferred Units shall not be entitled to any distribution, whether payable in cash, property or units of the Partnership, in excess of full cumulative distributions on the
3.5% Convertible Preferred Units as provided above. Any distribution made on the 3.5% Convertible Preferred Units shall first be credited against the earliest accrued but unpaid distributions due with respect to such units which remains
payable. Accrued but unpaid distributions on 3.5% Convertible Preferred Units will accumulate as of the Preferred Unit Distribution Payment Date on which they first become payable or on the date of redemption, as the case may be. 

(g) For the avoidance of doubt, in determining whether a distribution (other than upon voluntary or involuntary liquidation) by
distribution, redemption or other acquisition of the Partnership Units is permitted under Delaware law, no effect shall be given to the amounts that would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy
the preferential rights upon dissolution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution. 
  

	6.	Liquidation Preference. 

(a) Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, before any distribution or
payment shall be made to the holders of any Class A Units, Class B Units, LTIP Units, or Junior Preferred Units, the holders of the 3.5% Convertible Preferred Units then outstanding shall be entitled to be paid, or have the Partnership declare
and set apart for payment, out of the assets of the Partnership legally available for distribution to its Partners after payment or provision for payment of all debts and other liabilities of the Partnership and any liquidation preference owing in
respect of any Senior Preferred Units, a liquidation preference in cash or property at fair market value, as determined by the General Partner, of $15.00 per 3.5% Convertible Preferred Unit, plus an amount equal to any accrued and unpaid
distributions to, but not including, the date of payment or the date the amount for payment is set apart for payment (the “Liquidating Distributions”). 
 (b) If upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the available assets of the Partnership are insufficient to pay the full amount of the Liquidating
Distributions on all outstanding 3.5% Convertible Preferred Units and the corresponding amounts payable on all outstanding Parity Preferred Units, then the holders of 3.5% Convertible Preferred Units and Parity Preferred Units shall share ratably in
any such distribution of assets in proportion to the full Liquidating Distributions to which they would otherwise be respectively entitled. 
 (c) Upon any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, after payment shall have been made in full to the holders of the 3.5% Convertible Preferred Units and any
Parity Preferred Units, any other series or class or classes of Junior Preferred Units shall be entitled to receive any and all assets remaining to be paid or distributed, and the holders of the 3.5% Convertible Preferred Units and any Parity
Preferred Units shall not be entitled to share therein. 
 (d) After payment of the full amount of the Liquidating Distributions
to which they are entitled, holders of 3.5% Convertible Preferred Units will have no right or claim to any of the remaining assets of the Partnership. 

  
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 (e) For the avoidance of doubt, the consolidation or merger of the Partnership with or into
another entity, the merger of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer or conveyance of all or substantially all of the assets or business of the Partnership shall not be
considered a liquidation, dissolution or winding up of the affairs of the Partnership. 
  

	7.	Optional Redemption. 

 (a)
The 3.5% Convertible Preferred Units are not redeemable prior to January 2, 2018, except as otherwise provided in this Section 7. On and after January 2, 2018, the Partnership, at its option, upon not less than 30 nor more than
60 days’ written notice, may redeem the 3.5% Convertible Preferred Units, in whole or from time to time in part, for cash, at a redemption price equal to $15.00 per 3.5% Convertible Preferred Unit, plus any accrued and unpaid distributions
thereon to, but not including, the date fixed for redemption (the “Redemption Date”). If fewer than all of the outstanding 3.5% Convertible Preferred Units are to be redeemed, the 3.5% Convertible Preferred Units to be redeemed may be
selected pro rata (as nearly as practicable without creating fractional units) or by lot or in such other equitable method determined by the Partnership in its sole discretion. 

(b) Unless full cumulative distributions on all 3.5% Convertible Preferred Units shall have been or contemporaneously are declared and
paid or declared and a sum sufficient for the payment thereof set apart for payment for all past distribution periods, (i) no 3.5% Convertible Preferred Units shall be redeemed unless all outstanding 3.5% Convertible Preferred Units are
simultaneously redeemed, and (ii) the Partnership shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a sinking fund for the redemption of, any 3.5%
Convertible Preferred Units (except by conversion into or exchange for, or options, warrants or rights to purchase or subscribe for Class A Units, Class B Units or Junior Preferred Units of the Partnership); provided, however, that the
foregoing shall not prevent the redemption or purchase of 3.5% Convertible Preferred Units by the Partnership in order to ensure that the General Partner remains qualified as a REIT for federal income tax purposes, or the purchase or acquisition of
3.5% Convertible Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding 3.5% Convertible Preferred Units. 
 (c) Immediately prior to any redemption of 3.5% Convertible Preferred Units, the Partnership shall pay, in cash, any accrued and unpaid distributions on the 3.5% Convertible Preferred Units to, but not
including, the Redemption Date, unless a Redemption Date falls after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, in which case each holder of 3.5% Convertible Preferred Units at the close of
business on such Distribution Record Date shall be entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date (including any accrued and unpaid distributions for prior distribution periods)
notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date. Except as provided above, the Partnership will make no payment or allowance for unpaid distributions, whether or not in arrears, on 3.5%
Convertible Preferred Units for which a notice of redemption has been given. 
 (d) Notice of redemption of the 3.5% Convertible
Preferred Units shall be mailed by the Partnership to each holder of record of the 3.5% Convertible Preferred Units to be redeemed by first class mail, postage prepaid, not less than 30 nor more than 60 days prior to the Redemption Date at such
holder’s address as the same appears on the records of the Partnership. A failure to give such notice or any defect therein or in the mailing thereof shall not affect the validity of the proceedings for the redemption of any 3.5%
Convertible Preferred Units except as to the holder to whom notice was defective or not given. Each notice shall state: (i) the Redemption Date; (ii) the redemption price; (iii) the number of 3.5% Convertible Preferred Units to
be redeemed; (iv) the place or places where the 3.5% Convertible Preferred Units are to be surrendered for payment of the redemption price and the procedures applicable thereto; and (v) that distributions on such 3.5% Convertible Preferred
Units to be redeemed will cease to accrue on such Redemption Date. If less than all of the 3.5% Convertible Preferred Units held by any holder are to be redeemed, the notice mailed to such holder shall also specify the number of 3.5%
Convertible Preferred Units held by such holder to be so redeemed. 
 (e) Holders of 3.5% Convertible Preferred Units to be
redeemed shall surrender such 3.5% Convertible Preferred Units at the place or places designated in such notice and, upon surrender of the units, such 3.5% Convertible Preferred Units shall be redeemed by the Partnership at the redemption price plus
any accrued and unpaid distributions payable upon such redemption. If notice of redemption of any of the 3.5% Convertible 

  
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Preferred Units has been given and if the funds necessary for such redemption have been set apart by the Partnership for the benefit of the holders of any 3.5% Convertible Preferred Units so
called for redemption, then, from and after the Redemption Date, distributions will cease to accrue on such 3.5% Convertible Preferred Units, such 3.5% Convertible Preferred Units shall no longer be deemed outstanding and all rights of the holders
of such 3.5% Convertible Preferred Units will terminate, except the right to receive the redemption price and any accrued and unpaid distributions to, but not including, the Redemption Date; provided, however, if the Redemption Date falls
after a Distribution Record Date and prior to the corresponding Preferred Unit Distribution Payment Date, each holder of 3.5% Convertible Preferred Units so called for redemption at the close of business on such Distribution Record Date shall be
entitled to the distribution payable on such units on the corresponding Preferred Unit Distribution Payment Date notwithstanding the redemption of such units before such Preferred Unit Distribution Payment Date. 

(f) All 3.5% Convertible Preferred Units redeemed or otherwise acquired by the Partnership in any manner whatsoever shall be retired and
reclassified as authorized but unissued Preferred Units, without designation as to class or series, and may thereafter be reissued as any class or series of Preferred Units in accordance with the applicable provisions of the Partnership Agreement.

 8. Voting Rights. Holders of the 3.5% Convertible Preferred Units will not have any voting rights. 

9. Conversion. The 3.5% Convertible Preferred Units are not convertible or exchangeable for any other property or securities, except as
provided herein. Commencing June 30, 2013, a holder of 3.5% Convertible Preferred Units has a one-time right to tender all (no partial conversions are permitted) of its 3.5% Convertible Preferred Units for redemption and, upon such tender for
redemption, the Partnership shall issue in exchange for the tendered 3.5% Convertible Preferred Units, on a one-for-one basis, Class A Units in the Partnership . 
 10. Allocation of Profit and Loss. Allocations of the Partnership’s items of income, gain, loss and deduction shall be allocated among holders of 3.5% Convertible Preferred Units in accordance
with Article VI of the Partnership Agreement. 
 11. Except as modified herein, all terms and conditions of the Partnership Agreement shall
remain in full force and effect, which terms and conditions the General Partner hereby ratifies and confirms. 

  
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 IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date first set
forth above. 
  

			
	GENERAL PARTNER:
	
	AMERICAN HOMES 4 RENT
		
	By:	 	/s/ David Singelyn
		 	Name: David Singelyn
		 	Title:   Chief Executive OfficerEX-10.3

 Exhibit 10.3 
 AMENDED & RESTATED 
 SECOND AMENDMENT TO 

AGREEMENT OF LIMITED PARTNERSHIP OF 
 AMERICAN HOMES 4 RENT, L.P. 
 DESIGNATION OF SERIES C CONVERTIBLE UNITS

 May 22, 2013 
 Pursuant to Section 4.2 and Section 14.1.B of the Agreement of Limited Partnership of American Homes 4 Rent, L.P., as amended (the “Partnership Agreement”), the General Partner hereby
amends the Partnership Agreement as follows in connection with the issuance to American Homes 4 Rent, LLC (“AH LLC”) of Series C Convertible Units (as defined below) of American Homes 4 Rent, L.P. (the “Partnership”) in exchange
for the contribution by AH LLC of approximately 2,770 single family homes with an estimated value of $492 million (the “Properties”): 

1. Designation and Number. A series of Partnership Units designated the “Series C Convertible Units” is hereby
established. The number of authorized Series C Convertible Units shall be 31,085,974. 
 2. Defined Terms. Capitalized terms used
herein and not otherwise defined shall have the meanings given to such terms in the Partnership Agreement. The following defined terms used in this amendment to the Partnership Agreement (the “Second OP Amendment”) shall have the meanings
specified below: 
 “Aggregate Cost” of a Property or Properties means the amount(s) set forth in the column under the
heading “Aggregate Cost” on Exhibit B to the Contribution Agreement. 
 “Available Cash” shall have the
meaning provided in the Partnership Agreement. 
 “Base Amount” means $15.50 per Series C Convertible Unit.

 “Class A Units” means the Partnership’s Class A Units. 

“Contribution Agreement” means the Contribution Agreement dated as of February 25, 2013 by and among AH LLC, American
Homes 4 Rent, a Maryland real estate investment trust, the Partnership, and AH 4R Properties Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of AH LLC. 

“Distribution Record Date” shall have the meaning provided in Section 5(a). 

“Family Member” means as to any Person that is an individual, such Person’s spouse, ancestors (whether by blood or by
adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law and descendants
(whether by blood or by adoption or step-descendants by marriage) of a brother or sister and any limited liability company or inter vivos or testamentary trusts (whether revocable or irrevocable) of which only such Person, his or her spouse,
ancestors (whether by blood or by adoption or step-ancestors by marriage), descendants (whether by blood or by adoption or step-descendants by marriage), brothers and sisters, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, sister-in-law and descendants (whether by blood or by adoption or step-descendants by marriage) of a brother or sister are initial income beneficiaries. 
 “Management Fee” means the management fee payable by the General Partner pursuant to the Advisory Management Agreement with an affiliate of AH LLC dated November 21, 2012, or any similar
fee payable pursuant to any future management agreement with any affiliate of AH LLC. 

 “Person” means an individual or a corporation, partnership (general or limited),
trust, estate, custodian, nominee, unincorporated organization, association, limited liability company or any other individual or entity in its own or any representative capacity. 

“Properties Available Cash” means, with respect to any period for which such calculation is being made, 

 

	 	(a)	all cash revenues and funds received by the Partnership with respect to the Properties (excluding the proceeds of any Capital Contribution, unless otherwise
determined by the General Partner in its sole and absolute discretion) plus the amount of any reduction (including, without limitation, a reduction resulting because the General Partner determines such amounts are no longer necessary) in reserves of
the Partnership with respect to the Properties, which reserves are referred to in clause (b)(ii) below; 

  

	 	(b)	less the sum of the following (except to the extent made with the proceeds of any Capital Contribution), each with respect to the Properties only:

  

	 	i.	all cash expenditures made or accrued by the Partnership during such period (including, but not limited to, capital expenditures (other than those paid directly by AH
LLC), property operating expenses, and property management fees, and excluding all general and administrative expenses of the Partnership and the Management Fee), and 

 

	 	ii.	the amount of any increase in reserves established during such period which the General Partner determines is necessary or appropriate consistent with prior practice
related to the operation of the Properties. 

 Notwithstanding the foregoing, after commencement of the
dissolution and liquidation of the Partnership, Properties Available Cash shall not include any cash received or reductions in reserves and shall not take into account any disbursements made or reserves established. 

“Series C Convertible Unit Distribution Payment Date” shall have the meaning provided in Section 5(a). 

“Series C Convertible Unit Return” shall have the meaning provided in Section 5(a). 

“Scheduled Rental Income (Annualized)” of a Property or Properties means the amount(s) set forth in the column under the
heading “Scheduled Rental Income (Annualized)” on Exhibit B to the Contribution Agreement. 
 “Valuation” of
a Property or Properties means the amount(s) set forth in the column under the heading “Valuation” on Exhibit B to the Contribution Agreement. 
 3. Maturity. The Series C Convertible Units have no stated maturity and will not be subject to any sinking fund or mandatory redemption. 

4. Priority; Transfer Restrictions. Subject to the provisions of this Second OP Amendment, upon liquidation, dissolution or winding up of the
Partnership, the Series C Convertible Units: 
 (a) shall automatically convert into Class A Units in the Partnership as
provided in Sections 7(a) and (b) below; and 
 (b) with respect to distributions, shall be entitled to: 

 

	 	i.	full cumulative accrued distributions on the Series C Convertible Units equal to the Series C Convertible Unit Return for all past distribution periods and the current
accruing distribution period as of the date of the commencement of the liquidation, dissolution or winding up, plus 

  
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	 	ii.	assets distributed to Class A Units upon liquidation, dissolution or winding up, but not any arrears dividends paid to Class A Units.

 Except with respect to transfers by and between Family Members, or by and between a limited liability company that is a holder
of Series C Convertible Units and its members or by and between such members, a holder of Series C Convertible Units shall not be entitled to transfer his or her Series C Convertible Units until the time of and in connection with the conversion of
the Series C Convertible Units into Class A Units as provided in Section 7 below. 
 5. Distributions. 

(a) The holders of Series C Convertible Units shall be entitled to receive, when, as and if authorized by the General
Partner and declared by the Partnership, solely out of funds of the Partnership legally available for payment of distributions, quarterly cash distributions equal to the Properties Available Cash, up to a maximum rate of 3.9% per annum of the
Base Amount per unit (equivalent to a maximum annual amount of $0.6045 per unit) (the “Series C Convertible Unit Return”). Distributions on the Series C Convertible Units shall be payable no more frequently than quarterly on or about
the 15th day of each January, April, July and October of
each year (each, a “Series C Convertible Unit Distribution Payment Date’’); provided, however, if any Series C Convertible Unit Distribution Payment Date is not a business day, then the distribution which would otherwise have been
payable on such Series C Convertible Unit Distribution Payment Date may be paid on the next succeeding business day with the same force and effect as if paid on such Series C Convertible Unit Distribution Payment Date, and no interest or additional
distributions or other sums shall accrue on the amount so payable from such Series C Convertible Unit Distribution Payment Date to such next succeeding business day. “Business day” shall mean any day other than a Saturday, Sunday or other
day on which commercial banks in the City of New York are authorized or required to close. A “distribution period” shall mean the period commencing from, and including, the Series C Convertible Unit Distribution Payment Date to, but
excluding, the next succeeding Distribution Payment Date. The initial distribution period shall be the period from, and including, the date of original issue of any Series C Convertible Units to, but excluding, March 31, 2013. The amount of any
distribution payable on the Series C Convertible Units for any partial distribution period will be prorated and computed on the basis of twelve 30-day months and a 360-day year. Distributions will be payable in arrears to holders of record of
the Series C Convertible Units as they appear on the records of the Partnership at the close of business on the applicable record date, which shall be the last business day of the calendar quarter prior to the applicable
Series C Convertible Unit Distribution Payment Date or such other date designated by the General Partner of the Partnership for the payment of distributions that is not more than 90 nor less than ten days prior to such Series C Convertible Unit
Distribution Payment Date (each, a “Distribution Record Date”). 
 (b) Distributions on the Series C Convertible Units
shall accrue from (and including) the date of original issue of any Series C Convertible Units only to the extent that with respect to the period for which such calculation is being made, 

 

	 	i.	Properties Available Cash is greater than $0; and 

  

	 	ii.	Year-to-date, (A) distributions actually paid to the holders of Series C Convertible Units, plus (B) accrued but unpaid distributions to the holders of Series
C Convertible Units, is less than the Series C Convertible Unit Return for such year-to-date period, 

 where the maximum
distribution (paid and/or accrued) with respect to a fiscal year is $0.6045 per Series C Convertible Unit. Accrued but unpaid distributions on Series C Convertible Units will accumulate as provided in Section 5(h). 

(c) If Properties Available Cash is less than $0 with respect to any period for which a distribution calculation is being made, such
negative cash amount shall be applied to the calculation of distributions on the Series C Convertible Units with respect to all future distribution periods until such negative cash amount has been exhausted. 

  
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 (d) No distributions on the Series C Convertible Units shall be authorized by the General
Partner or declared, paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the General Partner or the Partnership, including any agreement relating to the indebtedness of any of them, prohibits
such authorization, declaration, payment or setting apart for payment or provides that such declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if such declaration or payment shall be
restricted or prohibited by law. 
 (e) Notwithstanding anything to the contrary contained herein, distributions on the Series C
Convertible Units will accrue in accordance with Section 5(b) whether or not the restrictions referred to in Section 5(d) exist, whether or not the Partnership has earnings, whether or not there are funds legally available for the payment
of such distributions and whether or not such distributions are authorized or declared. 
 (f) Except as provided in Sections
5(g) and/or 5(j) below, no distribution of Properties Available Cash shall be declared and paid or set apart for payment, and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect to
Partnership Units (other than Series C Convertible Units) for any period, unless full cumulative accrued distributions on the Series C Convertible Units equal to the Series C Convertible Unit Return for all past distribution periods (but not the
current accruing distribution period) shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment. 

(g) When distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) on the Series C Convertible
Units, all distributions declared on the Series C Convertible Units shall be declared pro rata so that the amount of distributions declared per Series C Convertible Unit shall in all cases bear to each other the same ratio that accrued distributions
per Series C Convertible Unit bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on Series C Convertible Units which may be in arrears. 

(h) Holders of Series C Convertible Units shall not be entitled to any distribution, whether payable in cash, property or units of the
Partnership, in excess of the Series C Convertible Unit Return as provided above. Any distribution made on the Series C Convertible Units shall first be credited against the earliest accrued but unpaid distributions due with respect to such
units which remains payable. Accrued but unpaid distributions on Series C Convertible Units will accumulate as of the Series C Convertible Unit Distribution Payment Date on which they first become payable. 

(i) For the avoidance of doubt, in determining whether a distribution (other than upon voluntary or involuntary liquidation) by
distribution, redemption or other acquisition of the Partnership Units is permitted under Delaware law, no effect shall be given to the amounts that would be needed, if the Partnership were to be dissolved at the time of the distribution, to satisfy
the preferential rights upon dissolution of holders of Partnership Units whose preferential rights are superior to those receiving the distribution. 
 (j) Notwithstanding anything else in herein, no distribution of Properties Available Cash shall be declared and paid or set apart for payment to holders of the Series C Convertible Units (but such
distributions shall accrue in accordance with Section 5(b)) if the General Partner determines, in its sole and absolute discretion and consistent with the qualification of the General Partner Entity as a REIT, to distribute Properties Available
Cash to the General Partner in an amount to make distributions to the General Partner’s shareholders that will enable the General Partner to satisfy the requirements for qualification as a REIT under the Code and Regulations. 

6. Voting Rights. The Series C Convertible Units will vote on all Partnership matters with the Class A Units on a one vote per unit basis.
With respect to any matter requiring the vote or approval of the holders of the Series C Convertible Units, and with respect to any communications from the holders of the Series C Convertible Units to the Partnership, or from the Partnership to the
holders of the Series C Convertible Units, Tamara Hughes Gustavson, or her designated successor, shall be the representative of all of the holders of Series C Convertible Units. 

  
 4 

 7. Conversion. The holders of Series C Convertible Units collectively have a one-time right to
tender all (no partial conversions are permitted) of the Series C Convertible Units for redemption and, upon such tender for redemption, the Partnership shall issue, in exchange for the Series C Convertible Units, Class A Units in the
Partnership as provided in Sections 7(a) and (b) below. If the holders of Series C Convertible Units have not exercised the tender right by the earlier of (1) third anniversary of the date of original issue of the Series C Convertible
Units, or (2) the date of the commencement of the dissolution, liquidation or winding up of the Partnership, then the Series C Convertible Units shall automatically convert into Class A Units in the Partnership as provided in Sections 7(a)
and (b) below. 
 (a) If, on the date that the holders of the Series C Convertible Units exercise the tender right or, if
applicable, the earlier of (1) third anniversary of the date of original issuance of the Series C Convertible Units, or (2) the date of the commencement of the dissolution, liquidation or winding up of the Partnership (the “Conversion
Date”), the Properties have been “Initially Leased” (defined below) for at least 98% of the Scheduled Rental Income (Annualized) (determined on an aggregate basis), then all of the Series C Convertible Units will be converted into
Class A Units on a one-for-one basis; 
  

	 	i.	“Initially Leased” means the first lease having a term of no less than eleven months initiated after the acquisition by AH LLC, the Partnership or any of its
affiliates specifically excluding a lease in place upon acquisition of the Property until the renewal of a lease initiated by AH LLC, the Partnership or any of its affiliates. 

(b) If, on the Conversion Date, the Properties have not been Initially Leased for at least 98% of the Scheduled Rental Income
(Annualized) (determined on an aggregate basis), then 
  

	 	i.	the Series C Convertible Units issued in respect of (a) a pool of Properties that has been Initially Leased before the Conversion Date for at least 98% of the
Scheduled Rental Income (Annualized) (determined on an aggregate basis) (the “Conforming Properties”), and (b) those Properties mutually agreed upon by holders of the Series C Convertible Units and the Partnership (with the consent of
a majority of the independent members of the board of trustees of the General Partner) such that the pool of Properties has been leased as per Section 7(b)(i)(a) above (i.e. the sum of the Initially Leased Properties of all such Properties
measured in the aggregate is 98% of their Scheduled Rental Income (Annualized)), will convert into Class A Units on a one-for-one basis; and 

  

	 	ii.	the Series C Convertible Units issued in respect of the remaining Properties (the “Non-Conforming Properties”) will convert into a number of Class A
Units determined by dividing the Aggregate Cost of the Non-Conforming Properties by $15.50. 

 For purposes of the foregoing, the
number of Series C Convertible Units issued in respect of a Property or Properties shall be determined by dividing their Valuation by $15.50. 

8. Allocation of Profit and Loss. Allocations of the Partnership’s items of income, gain, loss and deduction shall be allocated among holders
of Partnership Units as provided in the Partnership Agreement, except that: 
 (a) for each taxable year (or portion thereof),
Net Income shall be allocated first to both: 
  

	 	i.	the holders of the Series C Convertible Units until the holders of the Series C Convertible Units have received cumulative allocations of Net Income (or Gross Income as
provided in Section 8(b) below) equal to the distributions actually paid to the holders of the Series C Convertible Units during such taxable year (or portion thereof); and 

 

	 	ii.	the holders of Class A Units until the holders of Class A Units have received cumulative allocations of Net Income (or Gross Income as provided in
Section 8(b) below) equal to the distributions actually paid to the holders of Class A Units during such taxable year (or portion thereof). 

  
 5 

 (b) in addition to Net Income allocated as provided in Sections 8(a)(i) and (ii) above,
Gross Income shall be allocated to both: 
  

	 	i.	the holders of the Series C Convertible Units if the General Partner determines, in its sole and absolute discretion, that the allocation of Net Income is less than the
Properties Available Cash distributed to the holders of the Series C Convertible Units where the amount of Gross Income allocated to the holders of Series C Convertible Units under this Section 8(b)(i) shall be equal to:

  

	 	1.	the Properties Available Cash actually distributed during such taxable year (or portion thereof) to holders of the Series C Convertible Units; minus

  

	 	2.	the Net Income allocated to holders of the Series C Convertible Units for such taxable year (or portion thereof). 

 

	 	ii.	the holders of Class A Units if the General Partner determines, in its sole and absolute discretion, that the allocation of Net Income is less than the Available
Cash distributed to the holders of Class A Units. The amount of Gross Income allocated to the holders of Class A Units under this Section 8(b)(ii) shall be equal to: 

 

	 	1.	the Available Cash actually distributed during such taxable year (or portion thereof) to holders of Class A Units; minus 

 

	 	2.	the Net Income allocated to holders of Class A Units for such taxable year (or portion thereof). 

(c) for each taxable year (or portion thereof), Net Losses (including but not limited to Net Losses, if any, as a result of the
allocation of Gross Income as provided in Section 8(b) above) shall be allocated to holders of the Series C Convertible Units and holders of Class A Units in an amount necessary to cause the capital accounts of the holders of the Series C
Convertible Units to equal the capital accounts of the holders of Class A Units as calculated on a per unit basis. 
 9. Except as modified
herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the General Partner hereby ratifies and confirms. 

  
 6 

 IN WITNESS WHEREOF, the undersigned has executed this Second OP Amendment as of the date
first set forth above. 
  

			
	GENERAL PARTNER:
	
	AMERICAN HOMES 4 RENT
		
	By:	 	/s/ David P. Singelyn
		 	David P. Singelyn, Chief Executive Officer

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