Document:

EX-10.8

 Exhibit 10.8 

APARTMENT INCOME REIT CORP. 

EXECUTIVE SEVERANCE POLICY 

Effective                      

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	 Section 1.
	  	 Background
	  	 	1	 
			
	 Section 2.
	  	 Definitions
	  	 	1	 
			
	 Section 3.
	  	 Term of Policy
	  	 	4	 
			
	 Section 4.
	  	 Termination by Company Group without Cause or by Executive for Good Reason
	  	 	4	 
			
	 Section 5.
	  	 Termination without Cause in Connection with Change in Control
	  	 	5	 
			
	 Section 6.
	  	 Termination by Reason of Death or Disability
	  	 	5	 
			
	 Section 7.
	  	 Termination by the Company Group for Cause
	  	 	5	 
			
	 Section 8.
	  	 Voluntary Termination; Retirement
	  	 	5	 
			
	 Section 9.
	  	 Release
	  	 	6	 
			
	 Section 10.
	  	 Restrictive Covenants
	  	 	6	 
			
	 Section 11.
	  	 Claims Procedures
	  	 	6	 
			
	 Section 12.
	  	 Compliance with Section 409A
	  	 	7	 
			
	 Section 13.
	  	 Withholding Taxes
	  	 	8	 
			
	 Section 14.
	  	 Parachute Payments
	  	 	8	 
			
	 Section 15.
	  	 Administration
	  	 	8	 
			
	 Section 16.
	  	 Amendment and Termination
	  	 	8	 
			
	 Section 17.
	  	 Other Provisions
	  	 	9	 
			
	 EXHIBIT A
	  		  	 	A-1	 

  
 ii 

 APARTMENT INCOME REIT CORP. 

EXECUTIVE SEVERANCE POLICY 

Section 1.    Background. This Apartment Income REIT Corp. Executive Severance Policy has
been adopted by the Compensation and Human Resources Committee to apply to selected Executives of the Company Group. Executives will be eligible for coverage under the Policy for the payment of severance benefits upon termination of employment under
certain circumstances, subject to the conditions set forth below. This Policy shall be effective as of the Effective Date as provided herein. 

This Policy supersedes any prior plan, policy or practice involving the payment of severance benefits to eligible Executives. While the Policy
is in effect, any severance benefits provided to an eligible Executive must be paid pursuant to this Policy or pursuant to another express written agreement between the Company or any member of the Company Group and the eligible Executive (including
but not limited to an employment agreement), which agreement must be signed by such Executive and a duly authorized officer of the Company or Company Group. 

Section 2.    Definitions. As used herein, the following terms shall have the following
respective meanings: 
 2.1    “Accrued Rights” shall have the meaning given in Section 4.5
hereof. 
 2.2    “Board” means the Board of Directors of the Company. 

2.3    “Bonus” means the short-term incentive bonus payable to Executive under the Company Group’s
short-term incentive (STI) compensation plan, which provides for annual cash incentive bonuses, or any successor bonus program approved by the Compensation Committee in which Executive participates from time to time. 

2.4    “Base Salary” means the annual base salary in effect for the payroll period during which
Executive’s employment is terminated. Bonuses, commissions, incentive pay and any taxable or nontaxable fringe benefits or payments are not included in the calculation of Base Salary. 

2.5    “Cause” means the termination of an Executive’s employment because of the occurrence of any
of the following, as determined by the Board in accordance with the procedure below: 
 (i)    the refusal by the
Executive to attempt in good faith to perform his or her duties as assigned to the Executive by the Chief Executive Officer (“CEO”) or to follow the lawful direction of the CEO (other than due to the Executive’s physical or
mental incapacity); provided, however, that the CEO shall have provided the Executive with written notice of such failure and the Executive has been afforded at least fifteen (15) days to cure same; 

( )    the Executive’s conviction of, or plea of guilty or nolo contendere to, a felony or any other serious crime
involving moral turpitude or dishonesty; 
 (i)    the Executive’s willfully engaging in misconduct in the
performance of his or her duties for the Company Group (including theft, fraud, embezzlement, securities law violations, a material violation of the Company Group’s code of conduct or a material violation of other material written policies)
that is demonstrably injurious to the Company Group, monetarily or otherwise; 
 (ii)    the Executive’s willfully
engaging in misconduct unrelated to the performance of his or her duties for the Company Group that is demonstrably injurious to the Company Group, monetarily or otherwise; 

(iii)    the Executive’s breach of any fiduciary obligation to the Company or Company Group or the Executive’s
material breach of any obligation of confidentiality, noncompetition or 

 
nonsolicitation; provided, however, that the CEO shall have provided the Executive with written notice of any such breach and the Executive shall have failed to cure such breach within fifteen
(15) days of such notice. 
 For purposes of this Section 2.5, no act, or failure to act, on the part of the Executive shall be
considered “willful” unless done, or omitted to be done, by him or her in bad faith and without reasonable belief that his or her action or omission was in the best interest of the Company Group. No action or inaction by the Executive
shall be treated as Cause if it was taken at the direction of counsel to the Company or Company Group. Any termination shall be treated as a termination for Cause only if (A) the Executive is given at least five (5) business days written
notice of termination specifying the alleged Cause event and shall have the opportunity to appear (with counsel) before the Chairman of the Compensation and Human Resources Committee to present information regarding his or her views on the Cause
event, and (B) after such hearing, Executive is terminated for Cause by the CEO after review by the Chairman of the Compensation and Human Resources Committee. After providing the notice of termination in the foregoing sentence, the CEO may
suspend the Executive with full pay and benefits until a final determination pursuant to this section has been made. 

2.6    “Change in Control” means the consummation of any of the following events: 

(i)    An acquisition (other than directly from the Company) of any voting securities of the Company (the “Voting
Securities”) by any person (as the term “person” is used for purposes of Section 13(d) or Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) immediately after which
such person has “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) (“Beneficial Ownership”) of 50% or more of the combined voting power of
the Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities that are acquired in a Non-Control Acquisition (as
hereinafter defined) shall not constitute an acquisition that would cause a Change in Control. “Non-Control Acquisition” shall mean an acquisition (A) by or under an employee benefit plan
(or a trust forming a part thereof) maintained by (1) the Company or (2) any corporation, partnership or other person of which a majority of its voting power or its equity securities or equity interest is owned directly or indirectly by
the Company or in which the Company serves as a general partner or manager (a “Subsidiary”), (B) the Company or any Subsidiary, or (C) any person in connection with a Non-Control
Transaction (as hereinafter defined). “Non-Control Transaction” shall mean a merger, consolidation, share exchange or reorganization involving the Company in which (1) the stockholders of
the Company, immediately before such merger, consolidation, share exchange or reorganization, own, directly or indirectly immediately following such merger, consolidation, share exchange or reorganization, at least 50% of the combined voting power
of the outstanding voting securities of the corporation that is the successor in such merger, consolidation, share exchange or reorganization (the “Surviving Company”) in substantially the same proportion as their ownership of the
Voting Securities immediately before such merger, consolidation, share exchange or reorganization, and (2) the individuals who were members of the Board immediately prior to the execution of the agreement providing for such merger,
consolidation, share exchange or reorganization constitute at least 50% of the members of the board of directors of the Surviving Company; 

(ii)    The individuals who constitute the Board as of the Effective Date (the “Incumbent Board”) cease
for any reason to constitute at least 50% of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was approved by a vote of at least
two-thirds of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board; provided, further, that no individual shall be considered a member of the Incumbent Board if such
individual initially assumed office as a result of either an actual or threatened “election contest” (as described in Rule 14a-11 promulgated under the Exchange Act) (an “Election
Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or settle any Election
Contest or Proxy Contest; or 
 (iii)    The consummation of any of the following: (A) a merger, consolidation,
share exchange or reorganization involving the Company (other than a Non-Control Transaction); (B) a complete liquidation or dissolution of the Company; or an agreement for the sale or other disposition of all
or substantially all of the assets of the Company to any person (other than a transfer to a Subsidiary). 

  
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 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely
because any person (a “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company that, by reducing the
number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by such Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition
of Voting Securities by the Company, and after such share acquisition by the Company, such Subject Person becomes the Beneficial Owner of any additional Voting Securities that increases the percentage of the then outstanding Voting Securities
Beneficially Owned by such Subject Person, then a Change in Control shall occur. 
 2.7    “Company”
means Apartment Income REIT Corp., a Maryland corporation. 
 2.8    “Code” means the Internal Revenue
Code of 1986, as amended. 
 2.9    “Company Group” means the Company, the Partnership, AIMCO/Bethesda
Holdings, Inc. and other entities through which the operations of the Company are conducted. 

2.10    “Compensation Committee” means the Compensation and Human Resources Committee of the Board. 

2.11    “Date of Termination” means the effective date of the relevant Executive’s termination of
employment with the Company Group. 
 2.12    “Disability” means, in the reasonable and good faith
judgment of the Company, the Executive is totally and permanently disabled and is unable to return to or perform his or her duties on a full-time basis. 

2.13    “Effective Date”
means                , 2020. 

2.14    “Executive” means the following executive employees of the Company Group who are eligible to
participate in the Policy: each                     , as determined on the records of the Company Group. 

2.15    “Good Reason” means Executive’s voluntary resignation due to (i) a material reduction
in Executive’s Base Salary; (ii) a material diminution in Executive’s title or responsibilities; or (iii) relocation of Executive’s primary place of employment more than fifty miles; provided, however, that Executive may
only terminate employment for Good Reason by delivering written notice to the Board within 90 days following the date on which Executive first knows of the event constituting Good Reason, which notice specifically identifies the facts and
circumstances claimed by Executive to constitute Good Reason, and the Company Group has failed to cure such facts and circumstances within 30 days after receipt of such notice; and provided further, however, that if Executive is party to an
employment agreement with the Company Group that provides a definition of Good Reason, such definition shall apply instead of the foregoing provisions of this Section 2.15. 

2.16    “Partnership” means AIMCO Properties, L.P., a Delaware limited partnership. 

2.17    “Policy” means this Apartment Income REIT Corp. Executive Severance Policy. 

2.18    “Pro-Rata Bonus” means an amount equal to the product of
(i) the Bonus, if any, that Executive would have earned for the bonus cycle in which the Date of Termination occurs, subject to attainment of such corporate targets, and disregarding any individual performance targets, as shall be established
by the Compensation Committee for such bonus cycle, and (ii) a fraction, the numerator of which is the number of days Executive was employed by the Company Group during the bonus cycle in which the Date of Termination occurs, and the
denominator of which is the number of days in such bonus cycle. The Pro-Rata Bonus shall be paid on the date that Bonuses are normally paid, but in no event later than March 15th of the year following the year
in which the Date of Termination occurs. 

  
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 Section 3.    Term of Policy. 

The term of this Policy shall begin on the Effective Date and shall continue in effect until modified or terminated by the Company pursuant to
Section 16 hereof. 
 Section 4.    Termination by Company Group without Cause or by
Executive for Good Reason. 
 If the Company Group terminates Executive’s employment during the term of the Policy without Cause,
or if Executive terminates his or her employment during the term of the Policy for Good Reason, then, subject to Sections 9 and 10 below, Executive shall be entitled to the following rights and benefits under this Section 4: 

4.1    Severance Payment. The Company Group will pay Executive an amount (the “Severance
Payment”) equal to the sum of (A) the annual Base Salary for the calendar year of the Date of Termination, plus (B) the average annual Bonus paid to Executive in the most recent three (3) years (or, if the Executive’s
employment period is less than three years, the average during the Executive’s employment period and, if the Executive has not been eligible for a Bonus in any prior years, then the Executive’s target annual Bonus for the year in which the
Date of Termination occurs). The Severance Payment will be paid in one lump sum payment, less required withholdings, on the 50th day following the Date of Termination, subject to the requirements
of Sections 9 and 10. 
 4.2    Treatment of Equity Awards. The vesting and exercise of any equity awards that
may be held by Executive as of the Date of Termination shall be determined in accordance with the applicable equity incentive plan and grant documentation for that Executive. 

4.3    Continued Health Benefit Coverage. Until the earlier of eighteen (18) months following
Executive’s Date of Termination or the date Executive becomes employed with another employer and is eligible to receive similar benefits under that employer’s health and welfare plans (the “COBRA Subsidy Period”), the
Company Group shall pay 100% of the monthly COBRA premiums for the continued coverage of Executive and his or her covered dependents under the Company Group’s medical, dental, prescription drug and vision care group health plans as in effect
from time to time, provided Executive elects COBRA coverage and returns the enrollment documents within the specified timeframe under such plans. Such payments will be paid monthly as such premium payments are due. 

4.4    COBRA. Executive shall be eligible for continuation of coverage for Executive and Executive’s eligible
dependents under COBRA continuation of coverage provisions of the Company Group’s group health plans, at Executive’s sole expense at applicable COBRA rates, beginning upon the expiration of the COBRA Subsidy Period, for any remaining
period required under COBRA. 
 4.5    Accrued Rights. As soon as administratively practicable following the
Date of Termination, the Company Group will pay or provide Executive with (i) all accrued but unpaid base salary through the Date of Termination, (ii) vacation pay accrued but not used in accordance with the Company Group’s vacation
pay policy, (iii) any previously awarded but unpaid Bonus for a completed bonus cycle prior to the Date of Termination, (iv) any unreimbursed business expenses that are reimbursable under the Company Group’s business expense policy,
(v) all rights and benefits under the employee benefit plans of the Company Group in which Executive is then participating, as provided under such plans, and (vi) any other payments as may be required under applicable law (collectively,
the “Accrued Rights”). 
 4.6    No Additional Rights. Except as provided in this
Section 4, Executive’s participation under any benefit plan, program, policy or arrangement sponsored or maintained by the Company Group shall cease and be terminated on the Date of Termination. Without limiting the generality of the
foregoing, Executive’s eligibility for and active participation in any tax qualified 401(k) plan maintained by the Company Group will end as of the Date of Termination and Executive will earn no additional benefits under that plan after that
date. Executive shall be treated as a terminated employee for purposes of all such benefit plans and programs effective as of the Date of Termination, and shall receive all payments and benefits due under such plans and programs in accordance with
the terms and conditions thereof. 

  
 4 

 Section 5.    Termination without Cause in
Connection with Change in Control. 
 In the event that the Company Group terminates the employment of Executive during the term of the
Policy without Cause, or if Executive terminates his or her employment during the term of the Policy for Good Reason, and the applicable Date of Termination occurs (i) within six (6) months prior to and in connection with a Change in
Control, or (ii) within twelve (12) months following such Change in Control, then, subject to Sections 9 and 10 below, Executive shall be entitled to the following rights and benefits under this Section 5: 

5.1    Enhanced Severance Payment. In lieu of the Severance Payment provided in Section 4.1, the Company
Group will pay Executive a payment equal to two times the sum of (A) the annual Base Salary for the calendar year of the Date of Termination, and (B) the average annual cash performance bonus paid to Executive in the most recent three
(3) years (or, if the Executive’s employment period is less than three years, the average during the Executive’s employment period and, if the Executive has not been eligible for a cash performance bonus in prior years, then the
Executive’s target annual cash performance bonus for the year in which the Date of Termination occurs). The Enhanced Severance Payment will be paid in one lump sum payment, less required withholdings, on the 50th day following the Date of Termination, subject to the requirements of Sections 9 and 10. 

5.2    Treatment of Equity Awards, Continued Health Benefit Coverage, COBRA, Accrued Rights, No Additional Rights.
The provisions of Sections 4.2, 4.3,4.4, 4.5 and 4.6 will apply to terminations of employment described in this Section 5; provided, however, that any equity awards held by the Executive as of his or her Date of Termination under this
Section 5 will be 100% vested upon such termination if such Date of Termination occurs within twelve (12) months after a Change in Control. 

Section 6.    Termination by Reason of Death or Disability. 

In the event that the employment of Executive is terminated during the term of the Policy by reason of Executive’s death or Disability,
then, subject to Sections 9 and 10 below, Executive shall be entitled to the following rights and benefits under this Section 6: 

6.1    Bonus. The Company Group will pay Executive the Pro-Rata Bonus,
which shall be paid on the date that Bonuses are normally paid, but in no event later than March l5th of the year following the year in which the Date of Termination occurs. 

6.2    Treatment of Equity Awards. The vesting and exercise of any equity awards that may be held by Executive as
of the Date of Termination shall be determined in accordance with the applicable equity incentive plan and grant documentation for that Executive. 

6.3    Accrued Rights. As soon as administratively practicable following the Date of Termination, the Company
Group will pay or provide Executive with the Accrued Rights. 
 Section 7.    Termination
by the Company Group for Cause. 
 The Company Group may terminate the employment of the Executive for any reason and at any time, with
or without Cause. In the event that the Company Group terminates the employment of Executive during the term of the Policy for Cause, the Company Group will pay or provide Executive with the Accrued Rights as soon as administratively practicable
after such Date of Termination. 
 Section 8.    Voluntary Termination; Retirement.

 Executive shall not be entitled to any payments or benefits under this Policy by reason of Executive’s voluntary termination of
employment from the Company Group. Any payments or benefits to a retiring executive shall be handled on an individualized basis or in accordance with a separate policy. This Policy shall have no effect

  
 5 

 
on the rights and benefits to which an Executive is entitled upon retirement under (without limitation) any retirement or savings plan of the Company Group, nor under any of the Company’s
equity incentive compensation plans (including applicable award agreements), each of which shall be governed exclusively by the terms of such plans and agreements, as applicable. 

Section 9.    Release. 

To the extent permitted under applicable law, as a condition precedent to receiving any payments and benefits as provided under this Policy,
Executive must execute a general release of claims (the “Release”), substantially in the form attached as Exhibit A hereto, and such Release must become irrevocable, by the sixtieth (60th) day following the Date of Termination. If Executive fails to execute and deliver the Release, or revokes the Release, Executive agrees that he or she shall not be entitled to receive the payments
and benefits described herein (except for the Accrued Rights and COBRA rights at the Executive’s expense). For purposes of this Policy, the Release shall be considered to have been executed by Executive if it is signed by Executive’s legal
representative in the case of legal incompetence or on behalf of Executive’s estate in the case of Executive’s death. 

Section 10.    Restrictive Covenants. 

10.1    Restrictive Covenant Agreement. Each Executive, as a condition of participation in this Policy, shall be
required to have agreed to and executed the Non-Solicitation and Non-Disclosure Agreement or the Non-Competition and Non-Solicitation Agreement, as appropriate for the Executive’s position (the “Restrictive Agreement”), as determined and provided by the Company Group. In the event of a breach by an Executive
of the Restrictive Agreement, the Executive will forfeit any right to separation pay or separation benefits under this Policy, will not be entitled to any further payment or right under this Policy and, with respect to any separation payment that
has been made to or on behalf of the Executive under this Policy, the Executive will repay to the Company Group the amount of any such prior payment plus interest on such amount at the prime rate of interest reported in the Wall Street Journal
as of the date of such prior payment through the date that the amount is repaid to the Company Group, such payment to be due within ten (10) days after written demand from the Company Group. 

10.2    Transfer of Duties. Executive must cooperate with the orderly transfer of his or her duties as
requested by the Company Group. 
 10.3    Return of Property. Executive must return all Company property by
a date specified by the Company Group. 
 Section 11.    Claims Procedures. 

A Participant or the Participant’s beneficiary must make any claim with respect to any disputed benefits under the Plan as follows: 

11.1    Claims For Benefits. Claims for disputed benefits under the Plan must be made in writing to the
Compensation Committee. If such claim for disputed benefits is wholly or partially denied, the Compensation Committee will, within a reasonable period of time, but no later than ninety (90) days after receipt of the claim, notify the
claimant of the denial of the claim. Such notice of denial will: (i) be in writing; (ii) be written in a manner calculated to be understood by the claimant; and (iii) contain (A) the specific reason or reasons for denial of the claim,
(B) a specific reference to the pertinent Plan provisions upon which the denial is based, (C) a description of any additional material or information necessary for the claimant to perfect the claim, along with an explanation of why such
material or information is necessary, and (D) an explanation of the Plan’s claim review procedure. 

11.2    Request For Review Of Denial Of Claim. Within one hundred twenty (120) days of the receipt by the
claimant of the written notice of denial of the claim, or such later time as may be deemed reasonable by the Compensation Committee, taking into account the nature of the benefit subject to the claim and any other attendant circumstances, or if the
claim has not been granted within a reasonable period of time, the claimant may file a written request with the Compensation Committee that it conduct a full and fair review of the denial of the claimant’s claim for benefits, including the
conducting of a hearing, if deemed necessary by the Compensation 

  
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 Committee. In connection with the claimant’s appeal of the denial of his or her benefit, the claimant
may review documents reasonably determined by the Compensation Committee to be pertinent, and may submit issues and comments in writing. 

Section 12.    Compliance with Section 409A. 

12.1    The Company Group and Executive intend that, to the maximum extent possible, any amounts paid pursuant to this
Policy shall qualify as a short-term deferral pursuant to Code Section 409A or as separation pay exempt from Code Section 409A. Without limiting the foregoing, to the extent that the provisions of Code Section 409A or any Treasury
regulations promulgated thereunder are applicable to any amounts payable hereunder, the Company Group and Executive intend that this Policy will meet the requirements of such Code section and regulations and that the provisions hereof will be
interpreted in a manner that is consistent with such intent. Executive will cooperate with the Company Group in taking such actions as the Company Group may reasonably request to assure that this Policy will meet the requirements of Code
Section 409A and any regulations promulgated thereunder. 
 12.2    Unless otherwise permitted under Code
Section 409A, all in-kind benefits, expenses or other reimbursements paid pursuant to this Policy that are taxable income to Executive (i) will be paid no later than the end of the calendar year next
following the calendar year in which Executive incurs such expense; (ii) will not be subject to liquidation or exchange for another benefit; and (iii) the amount of expenses eligible for reimbursements or
in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year.

 12.3    For purposes of Code Section 409A, Executive’s right to receive any installment payments under
this Policy (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct
payment. 
 12.4    With respect to any amount that becomes payable to Executive under this Policy upon
Executive’s “separation from service,” as defined below, for any reason, notwithstanding any other provision of this Policy to the contrary, if the Company determines in good faith that Executive is a “specified employee”
under Code Section 409A then, to the extent required under Code Section 409A, any amount that otherwise would be payable to Executive during the six (6) month period following Executive’s separation from service shall be
suspended until the lapse of such six (6) month period (or, if earlier, the date of death of Executive). The amount that otherwise would be payable to Executive during such period of suspension shall be paid in a single payment on the day
following the end of such six (6) month period (or, if such day is not a business day, on the next succeeding business day) or within thirty (30) days following the death of Executive during such six (6) month period, provided that
the death of Executive during such six (6) month period shall not cause the acceleration of any amount that otherwise would be payable on any date during such six (6) month period following the date of Executive’s death. Any amounts
not subject to the suspension described in the preceding sentence shall be paid as otherwise provided in this Policy. A “separation from service” means a separation from service with the Company Group and all other persons or entities with
whom the members of the Company Group would be considered a single employer under Section 414(b) or 414(c) of the Code, applying the eighty percent (80%) threshold used in such Code sections and the Treasury Regulations thereunder, all within
the meaning of Code Section 409A. 
 12.5    To the extent required to avoid the imposition of additional taxes
and penalties under Code Section 409A, amounts payable under this Policy on termination of employment will not be paid until Executive experiences a separation from service within the meaning of Code Section 409A as specified above. 

12.6    In no event will the Company Group be liable for any additional tax, interest or penalties that may be imposed on
Executive under Code Section 409A or for any damages for failing to comply with Code Section 409A. 

12.7    Notwithstanding any provision of this Policy to the contrary, in no event shall the timing of Executive’s
execution of the Release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment pursuant to this Policy that is subject to execution of the Release could be made in more than one (1) taxable year,
based on timing of the execution of the Release, payment shall be made in the later taxable year. 

  
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 Section 13.    Withholding Taxes. 

All compensation payable pursuant to this Policy shall be subject to reduction by all applicable withholding, social security and other
federal, state and local taxes and deductions, and the Company Group shall be authorized to make all such withholdings to the extent it determines necessary under applicable law. 

Section 14.    Parachute Payments. 

Notwithstanding anything in this Policy to the contrary, in the event it shall be determined that any payment or distribution in the nature of
compensation (within the meaning of Code Section 280G(b)(2)) to or for the benefit of Executive, whether paid or payable pursuant to this Policy or otherwise would be subject to the excise tax imposed by Code Section 4999, then Executive
shall be entitled to receive (i) the greatest amount so that no portion the payments shall be an excess parachute payment (the “Limited Amount”), or (ii) if the amount of payments otherwise paid or provided (without regard
to clause (i)) reduced by all taxes applicable thereto (including, for the avoidance of doubt, the excise tax imposed by Code Section 4999) would be greater than the Limited Amount reduced by all taxes applicable thereto, then the amount of
payments shall be the amount otherwise payable. Any reductions described in the preceding sentence shall be done in the manner that is least economically disadvantageous to Executive. Where the decision to cut back between two (2) amounts is
economically equivalent, but the amounts are payable at different times, the amounts will be reduced on a pro rata basis. 

Section 15.    Administration. 

The Compensation Committee is responsible for the administration of this Policy and shall have all powers and duties necessary to fulfill its
responsibilities. The Compensation Committee shall determine any and all questions of fact, resolve all questions of interpretation of the Policy which may arise, and exercise all other powers and discretion necessary to be exercised under the terms
of the Policy which it is herein given or for which no contrary provision is made. The Compensation Committee shall have full power and discretion to interpret the Policy and related documents, to resolve ambiguities, inconsistencies and omissions,
to determine any question of fact, and to determine the rights and benefits, if any, of any Executive or other employee, in accordance with the provisions of the Policy. The Compensation Committee shall also have the authority to waive any
restrictions with respect to participation in the Policy or the maturity of benefits under the Policy for any specific Executive where, in the opinion of the Compensation Committee, it is reasonable to do so and does not prejudice the rights of the
particular Executive under the Policy and it does not cause the Executive to be subject to adverse tax treatment under Code Section 409A. The Compensation Committee’s decision with respect to any matter shall be final and binding on all
parties concerned. The validity of any such interpretation, construction, decision, or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld unless clearly arbitrary or
capricious. The Compensation Committee may, from time to time, by action of its appropriate officers, delegate to designated persons or entities the right to exercise any of its powers or the obligation to carry out its duties under the Policy. 

Section 16.    Amendment and Termination. 

This Policy will continue in effect, subject to amendment, until terminated by the Board. The Board may terminate or amend the Policy at any
time except that: ninety (90) days’ prior notice to affected Participants will be required for any termination of the Plan or amendment that materially and adversely affects the rights of such Participants, no termination or amendment will
materially and adversely affect the rights of any Participant whose employment terminated prior to the date of such amendment or termination, and a Participant’s right to receive payments or benefits with respect to a termination occurring in
connection with or within twelve (12) months after a Change of Control shall not be adversely affected by an amendment or termination of the Plan that is made within 6 months before or twelve (12) months after the Change of Control date.

  
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 Section 17.    Other Provisions. 

17.1    Acknowledgment. Executive acknowledges that this Policy does not constitute a contract of employment or
impose on the Company Group any obligation to retain Executive as an employee and that this Policy does not prevent Executive from terminating employment at any time. 

17.2    Non-Duplication of Benefits. The benefits under this Policy are
not intended to duplicate any other benefits provided by the Company Group in connection with the termination of an employee’s employment, such as wage replacement benefits, pay-in-lieu-of-notice, severance pay, or similar benefits under any other benefit plans, severance programs, employment contracts, or applicable federal or state
laws, such as the WARN Acts. Should such other benefits be payable, the benefits under this Policy will be reduced accordingly or, alternatively, benefits previously paid under this Policy will be treated as having been paid to satisfy such other
benefit obligations. In either case, the Company Group will determine how to apply this provision and may override other provisions in this Policy in doing so. 

17.3    Arbitration. Subject to satisfaction of the Claims Procedures set forth in Section 11, any dispute or
controversy arising under or in connection with this Policy or the Executive’s employment with the Company Group shall be subject to the Arbitration Agreement entered into by the Company Group and the Executive. 

17.4    Construction. This Policy shall be governed and enforced in accordance with the laws of the State of
Colorado, and any litigation between the parties relating to this Policy shall be conducted in the courts of the City and County of Denver, including where necessary for federal court matters. 

17.5    Severability. If any provision of this Policy, or the application of such provision to any person or in
any circumstance, is found by a court of competent jurisdiction to be unenforceable for any reason, such provision may be modified or severed from this Policy to the extent necessary to make such provision unenforceable against such person or in
such circumstance. Neither the unenforceability of such provision nor the modification or severance of such provision will affect (i) the enforceability of any other provision of this Policy or (ii) the enforceability of such provision
against any person or in any circumstance other than those against or in which such provision is found to be unenforceable. 

17.6    Records. The records of the Company Group with respect to the determination of eligibility, employment
history, Accrued Rights, Base Salary, Bonus, and any and all other relevant matters shall be conclusive for all purposes of this Policy. 

17.7    Entire Agreement. The Company and Executive understand and agree that this Policy shall constitute the
entire understanding between them regarding the subject matter contained herein, and that all prior understandings or agreements regarding these matters are hereby superseded and replaced; except as may be specifically provided in any employment
agreement between the Company Group and Executive. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the undersigned, being duly authorized by the Company, has signed this
Apartment Income REIT Corp. Executive Severance Policy to be effective as of the date first above-written. 
  

			
	APARTMENT INCOME REIT CORP.

 
			
		
	By:	 	  

 
			
		
	Title:	 	  

 EXHIBIT A 

SEPARATION AGREEMENT AND GENERAL RELEASE 

The purpose of this Separation Agreement and General Release (this “Agreement”) is to confirm the terms regarding your
separation of employment from an affiliate or subsidiary of Apartment Income REIT Corp. (“AIR” or the “Company”). 

Provided that you sign this Agreement, do not revoke it, and comply with all of its terms and the terms of the Apartment Income REIT Corp.
Executive Severance Policy (the “Policy”), the Company will provide the severance benefits described below to you (the “Severance Benefits”): 
  

	1.	 Definitions. 

 

	 	a.	 “You” and “Your” shall refer
to                . 

  

	 	b.	 The “Separation Date” shall
be                , 202_. 

  

	 	c.	 The “Severance Payment” shall be
$                , which will be paid in one lump sum payment, less applicable tax withholdings. 

 

	 	d.	 You are over forty (40) years of age, and the provisions of Section 6.c. hereof apply to this
Agreement. The additional amount paid to You in consideration for Your execution of a waiver under the Age Discrimination in Employment Act (the “ADEA Amount”) shall be
$                , such amount being equal to 1 week of Your current base pay. 

 

	 	e.	 If You timely elect COBRA coverage for Yourself and Your covered dependents following the Separation Date, the
Company will pay 100% of the premiums required for COBRA continuation coverage for You and Your covered dependents for 18 months (the “COBRA Benefit”). 

 

	2.	 Separation of Employment. Your employment with AIR will terminate effective as of the
Separation Date. From and after the Separation Date, You shall have no authority and shall not represent Yourself as an employee or agent of any of the AIR Parties (as defined below). 

 

	3.	 Severance Payment and Benefits. In exchange for the mutual covenants set forth in this
Agreement and in the Policy, as soon as practical after Company’s receipt of a signed original counterpart of this Agreement (the “Effective Date”) and after the tenth
(10th) day following Your execution of this Agreement, AIR shall: 

  

	 	a.	 Provide You with separation pay equal to the Severance Payment plus the ADEA Amount in one lump sum payment on
the Company’s next regularly scheduled payroll date. Additionally, AIR shall provide You with the COBRA Benefit should you timely elect COBRA coverage following the Separation Date, as set forth in Section 1(e) above. Subject to the timing
restrictions above, payment may be made in accordance with the Company’s ordinary payroll practices at the conclusion of regularly scheduled pay periods. 

 

	 	b.	 Additionally, regardless of whether You sign this Agreement: 

 

	 	(i)	 You will be paid all accrued and unused vacation. 

 

	 	(ii)	 If You are covered by the Company’s medical and/or dental insurance plans on the Separation Date, these
benefits will continue through the end of the month of the Separation Date. You will have the right to continue Your medical insurance thereafter pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985
(“COBRA”). The COBRA qualifying event shall be deemed to have occurred on the Separation Date. If this Agreement is not signed 

  
 A-1 

 or does not become effective, following the end of the month of the Separation Date, You
shall be required to pay the full COBRA premium rate. 
 You acknowledge and agree that the separation pay provided under this
Section 3(a) of this Agreement (hereafter, the “Separation Pay”) is not otherwise due or owing to You under any employment agreement (oral or written) with any of the AIR Parties or Company policy or practice, and that the
foregoing separation pay to be provided to You is not intended to, and shall not constitute, a severance plan, and shall confer no benefit on anyone other than the parties hereto. You further acknowledge that except for (i) the specific
financial consideration set forth in this Agreement, and (ii) any accrued but unused vacation time as of the Separation Date, which will be paid to You promptly, You are not entitled to any additional consideration from the Company or any of
the AIR Parties. 
  

	4.	 Return of Company Property, Confidentiality, Offset of Debt. You expressly acknowledge and
agree to the following: 

  

	 	a.	 that You have returned to AIR all AIR Party documents (and any copies thereof) and property (including without
limitation all keys, badges, credit cards, phone cards, cellular phones, computers, software, etc.); and 

  

	 	b.	 that all information relating in any way to this Agreement, including the terms and amount of financial
consideration provided for in this Agreement, shall be held confidential by You and shall not be publicized or disclosed to any person (other than an immediate family member, legal counsel or financial advisor, provided that any such individual to
whom disclosure is made agrees to be bound by these confidentiality obligations), business entity or government agency (except as mandated by state or federal law). Notwithstanding any provision herein to the contrary, You (and Your representatives
or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment of any and all transaction(s) contemplated herein and all materials of any kind (including opinions or other tax analyses) that are or have been
provided to You (or Your representative or other agent) relating to such tax treatment. For purposes of this Agreement, “tax treatment” means the federal income tax treatment of the Separation Pay. This authorization of disclosure is
not intended to permit disclosure of any other information, including but not limited to (i) any portion of any materials to the extent not related to the tax treatment of the Separation Pay, (ii) the existence or status of
any negotiations, and (iii) any other term or detail not related to the tax treatment of the Separation Pay; and 

  

	 	c.	 that any and all amounts for which You are indebted to the Company may be offset and deducted by the Company
from any Separation Amount otherwise payable hereunder prior to paying the Separation Amount to You, including, without limitation, any amount pledged as recourse for a loan pursuant to the terms of the employee stock purchase plan and/or executive
stock purchase program sponsored by the Company; provided, however, that this section shall apply only if other existing documentation of the amount(s) owed does not specifically prohibit such offset. 

 

	5.	 Non-Competition and
Non-Solicitation Agreement / Non-Solicitation and Non-Disclosure Agreement. You expressly acknowledge and agree that the Non-Competition and Non-Solicitation Agreement / Non-Solicitation and Non-Disclosure Agreement
executed by You and dated                , and which is incorporated herein by reference, shall remain in full force and effect. 

 

	6.	 Release of Claims. You hereby agree and acknowledge that by signing this Agreement You, on
behalf of Yourself and Your heirs, successors, agents, assigns, executors, administrators, dependents and family members (collectively, including You, the “Employee Parties”) hereby generally, completely, absolutely

  
 A-2 

	 	
and unconditionally release, waive, acquit, forever discharge, indemnify and hold harmless the AIR Parties (as defined below) from and against any and all Claims (as defined below) against any or
all of the AIR Parties whatsoever for any alleged action, inaction or 

 circumstance existing or arising from the beginning of
time through the date this Agreement is executed by all parties. Your waiver and release herein is intended to bar any form of Claim against any or all of the AIR Parties seeking any form of relief including, without limitation, equitable relief
(whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages,
attorneys fees and any other costs) against any or all of the AIR Parties, for any alleged action, inaction or circumstance existing or arising through the date this Agreement is executed by all parties. The foregoing waiver and release constitutes
a FULL AND FINAL RELEASE OF ALL CLAIMS, and shall apply to all known and unknown claims or damages existing as of the date this Agreement is executed by all parties. 

 

	 	a.	 Without limiting the foregoing general waiver and release, on behalf of the Employee Parties, You specifically
waive and release any and all of the AIR Parties from any Claim arising from or related to Your employment relationship with the Company or the termination thereof, including, without limitation: 

 

	 	(i)	 Claims under any local, state, federal or foreign discrimination, fair employment practices or other employment
related statute, regulation or executive order (as they may have been amended through the Effective Date) prohibiting discrimination or harassment based upon any protected status including, without limitation, race, religion, citizenship, national
origin, age, gender, genetic carrier status, marital status, disability, veteran status or sexual orientation. Without limitation, specifically included in this paragraph are any Claims arising under the federal Age Discrimination in Employment Act,
the Older Workers Benefit Protection Act, the Civil Rights Acts of 1866 and 1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Immigration Reform and Control Act, the Americans With Disabilities Act
and any similar local, state, federal or foreign statute or law. 

  

	 	(ii)	 Claims under any other local, state, federal or foreign employment related statute, regulation or executive
order (as they may have been amended through the Effective Date) relating to wages, hours or any other terms and conditions of employment. Without limitation, specifically included in this paragraph are any Claims arising under the Fair Labor
Standards Act, the Family and Medical Leave Act of 1993, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and any similar local, state, federal
or foreign statute or law. 

  

	 	(iii)	 Claims under any local, state, federal or foreign common law theory including, without limitation, wrongful
discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent
infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence. 

  

	 	(iv)	 Any other Claim arising under local, state, or federal law. 

 

	 	b.	 Notwithstanding the foregoing, this Section 6 does not release the Company from any obligation expressly
set forth in this Agreement. You acknowledge and agree that, but for providing this waiver and release, You would not be receiving the Separation Pay being provided to You under the terms of this Agreement. 

  
 A-3 

	 	c.	 You explicitly acknowledge that if You are over forty (40) years of age, You have specific rights under
the Age Discrimination in Employment Act (“ADEA”), which prohibits discrimination on the basis of age, and the releases set forth in this Section 6 are intended to release any right that You may have to file a claim against any
or all of the AIR Parties alleging discrimination on the basis of age. It is the Company’s desire and intent to make certain that You fully understand the provisions and effects of this Agreement. To that end, You have been
encouraged and given the opportunity to consult with legal counsel for the purpose of reviewing the terms of this Agreement. Consistent with the provisions of the Older Worker Benefits Protection Act (“OWBPA”), the Company is
providing You with forty-five (45) days in which to consider and accept the terms of this Agreement by signing below and returning it to Patricia Nelson, Vice President of Human Resources in Denver, Colorado. In addition, You may
rescind Your assent to this Agreement within seven (7) days after You sign it. To do so, You must deliver a notice of rescission to Patricia Nelson, Vice President of Human Resources. To be effective, such rescission must be hand
delivered or postmarked within the seven (7) day period and sent by certified mail, return receipt requested, to Patricia Nelson, Vice President of Human Resources, 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado
80237. By executing this Agreement, You are acknowledging that You have been afforded sufficient time to understand the terms and effects of this Agreement, that Your agreements and obligations hereunder are made voluntarily, knowingly and without
duress, and that neither any of the AIR Parties nor their agents or representatives have made any representations inconsistent with the provisions of this Agreement. 

Nothing in this Agreement is intended to, or shall, interfere with Your rights under federal, state, or local civil rights or employment
discrimination laws to file or otherwise institute a charge of discrimination, to participate in a proceeding with any appropriate federal, state, or local government agency enforcing discrimination laws, or to cooperate with any such agency in its
investigation, none of which shall constitute a breach of this Agreement. You shall not, however, be entitled to any relief, recovery, or monies in connection with any such action or investigation brought against the Company, regardless of who filed
or initiated any such complaint, charge, or proceeding. 
  

	7.	 Agreement to Cooperate 

As further consideration for this Agreement, You agree to cooperate fully with the Company in connection with any litigation, investigation or
prosecution for which the Company, in its sole subjective discretion, determines that Your cooperation is necessary. This cooperation obligation includes, without limitation, meeting and cooperating with the Company’s attorneys and other
personnel upon reasonable notice and for reasonable durations of time; reviewing documents; sitting for depositions and other testimony on the Company’s behalf; and any other reasonable request from the Company. 

 

	8.	 Miscellaneous. 

For the purposes hereof, the term “Claims” shall mean any and all claims, demands, debts, liens, agreements, promises causes
of action, liability, damages, costs, and expenses of any kind and nature whatsoever, whether arising under state, federal or local law, administrative rule or regulation, common law, contract, tort, or in equity, known or unknown, whether accrued,
contingent, inchoate or otherwise, suspected or unsuspected, raised affirmatively or by way of defense or offset, including, without limitation any consequences flowing, resulting, or which might result therefrom. 

For the purposes hereof, the term “AIR Parties” shall mean the Company and any and all of its subsidiaries, affiliates,
divisions, acquiring and/or ownership entities, parent, associated or allied companies, corporations, firms, partnerships, management companies, and/or organizations, purchasers of assets or stock, investors, joint ventures, and any related entities
(including, without limitation, any management company and its subsidiaries and affiliates), and the shareholders (past and present), successors, predecessors, counsel, assigns, board members, insurers, officers, partners, directors, joint
venturers, managers, members, fiduciaries, trustees, agents, representatives, counsel or employees thereof jointly and severally, in both their personal and corporate capacities. The AIR Parties are hereby made third party beneficiaries of this
Agreement. 

  
 A-4 

 This Agreement contains the entire agreement and understanding by and between You and
Company with respect to matters set forth herein. No change, amendment or modification herein hereto shall be valid or binding unless the same is in writing and signed by the party intended to be bound. No waiver of any provision or any particular
breach or default of this Agreement shall be valid unless the same is in writing and signed by the party against whom such waiver is sought to be enforced; moreover, no valid waiver of any provision or any particular breach or default of this
Agreement at any time shall be deemed a waiver of any other provision or prior or subsequent breach or default of this Agreement at such time or be deemed a valid waiver of such provision at any other time. No failure or delay in exercising any
right under this Agreement shall operate as a waiver thereof or of any other right, and the failure of any party to seek redress for violation of or to insist upon the strict performance of any covenant or condition of this Agreement shall not
prevent a subsequent act, which would have originally constituted a violation, from having the effect of any original violation. No single or partial exercise by any party of any right, power or remedy will preclude any other or future exercise
thereof or of any other remedy. A determination that any provision of this Agreement is prohibited by law or unenforceable shall not affect the validity or enforceability of any other provision of this Agreement. 

Any controversy, dispute, or Claim of any nature arising out of, in connection with, or in relation to the interpretation, performance or
breach of this Agreement, including any Claim based on contract, tort or statute, shall be resolved at the written request of any party to this Agreement by binding arbitration. The arbitration shall be administered in accordance with the then
current National Rules for the Resolution of Employment Disputes of the American Arbitration Association. Any matter to be settled by arbitration shall be submitted to the American Arbitration Association in Denver, Colorado. The parties shall
attempt to designate one arbitrator from the American Arbitration Association. If they are unable to do so, then the American Arbitration Association shall designate an arbitrator. The arbitration shall be final and binding, and enforceable in any
court of competent jurisdiction. Notwithstanding anything herein to the contrary, this arbitration provision shall not prevent either You or the Company from seeking and obtaining equitable relief on a temporary or permanent basis, including,
without limitation, a temporary restraining order, a preliminary or permanent injunction or similar equitable relief from a court of competent jurisdiction by instituting a legal action or other court proceeding in order to protect or enforce the
rights of either under this Agreement or to prevent irreparable harm and injury, including, without limitation, enforcement of the provisions of Section 4 of this Agreement. The court’s jurisdiction over any such equitable matter, however,
shall be expressly limited only to the temporary, preliminary, or permanent equitable relief sought, and otherwise all Claims between You and the Company shall be determined through final and binding arbitration as described above. 

This Agreement shall be governed by, and interpreted in accordance with, the laws of the state of Colorado without reference to its conflict
of laws rules. This Agreement may be executed by facsimile and in any number of counterparts; all such counterparts shall be deemed to constitute one and the same instrument, and each counterpart (whether an original, a facsimile or other copy)
shall be deemed an original hereof. This Agreement shall not be valid unless accepted in writing, by You, as evidenced by Your signature below, and returned on or
before                , 2020. 
 If the foregoing correctly
sets forth our understanding, please sign, date and return the enclosed copy of this Agreement to                at the Company. This Agreement may be executed in
counterpart. 
 CONFIRMED, CONSENTED AND AGREED TO BY YOU: 
  

									
	  
	  		  	Date:	 	  

					
	By:	 	  
	  		  	Date:	 	  

  
 A-5EX-10.9

 Exhibit 10.9 

APARTMENT INCOME REIT CORP. 

2007 STOCK AWARD AND INCENTIVE PLAN 

Apartment Income REIT Corp., a Maryland corporation, has adopted the Apartment Income REIT Corp. 2007 Stock Award and Incentive Plan (the
“Plan”), adopted                , 2020, for the benefit of eligible employees, consultants, advisors and directors of the Company, the Partnership, the Company
Subsidiaries and the Partnership Subsidiaries (each as defined below). 
 ARTICLE 1 

PURPOSE OF PLAN; DEFINITIONS 

1.1    Purpose. The purpose of the Plan is to reinforce the long-term commitment to the Company’s
success of those officers (including officers who are directors of the Company), employees, independent directors, consultants and advisors of the Company, the Partnership, the Company Subsidiaries and the Partnership Subsidiaries who are or will be
responsible for such success; to facilitate the ownership of the Company’s stock by such individuals, thereby reinforcing the identity of their interests with those of the Company’s stockholders; and to assist the Company, the Partnership,
the Company Subsidiaries and the Partnership Subsidiaries in attracting and retaining officers and employees, directors and consultants and advisors with experience and ability. 

1.2    Definitions. For purposes of the Plan, the following terms shall be defined as set forth below: 

(a)    “Administrator” means the Board, or if the Board does not administer the Plan, the Committee in
accordance with Article 2. 
 (b)    “Board” means the Board of Directors of the Company. 

(c)    “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor
thereto. 
 (d)    “Committee” means the Compensation and Human Resources Committee of the Board. If at
any time the Board shall not administer the Plan, then the functions of the Board specified in the Plan shall be exercised by the Committee. 

(e)    “Company” means Apartment Income REIT Corp., a Maryland corporation (or any successor
corporation). 
 (f)    “Company Employee” means any officer or employee (as defined in accordance with
Section 3401(c) of the Code) of the Company, or of any corporation that is then a Company Subsidiary. 

  
 1 

 (g)    “Company Subsidiaries” means any corporation in
an unbroken chain of corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain. Except with respect to Incentive Stock Options, “Company Subsidiary” shall also mean any partnership in which the Company and/or any Company Subsidiary owns more than fifty percent
(50%) of the capital or profits interests; provided, however, that “Company Subsidiary” shall not include the Partnership or any Partnership Subsidiary. 

(h)    “Deferred Stock” means an award made pursuant to Article 7 below of the right to receive Stock at
the end of a specified deferral period. 
 (i)    “Effective Date” shall mean the date provided
pursuant to Article 12. 
 (j)    “Eligible Persons” means any person eligible to participate in the
Plan pursuant to Article 4.1 including Independent Directors. 
 (k)    “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended from time to time. 
 (l)    “Fair Market Value” means, as
of any given date, with respect to any awards granted hereunder (i) if the Shares are admitted to trading on a national securities exchange, fair market value of the Shares on any date shall be the closing sale price reported for the Shares on
such exchange on such date or, if no sale was reported on such date, on the last date preceding such date on which a sale was reported, (ii) if the Shares are admitted to quotation on the National Association of Securities Dealers Automated
Quotation (“Nasdaq”) System or other comparable quotation system and have been designated as a National Market System (“NMS”) security, fair market value of the Shares on any date shall be the closing sale price reported for the
Shares on such system on such date or, if no sale was reported on such date, on the last date preceding such date on which a sale was reported, or (iii) if the Shares are admitted to quotation on the Nasdaq System but have not been designated
as an NMS security, fair market value of the Shares on any date shall be the average of the highest bid and lowest asked prices of the Shares on such system on such date or, if no bid and ask prices were reported on such date, on the last date
preceding such date on which both bid and ask prices were reported. 
 (m)    “Incentive Stock Option”
means any Stock Option intended to be designated as an “incentive stock option” within the meaning of Section 422 of the Code. 

(n)    “Independent Director” means a member of the Board who is not a Company Employee or a Partnership
Employee. 
 (o)    “Non-Qualified Stock Option” means any
Stock Option that is not an Incentive Stock Option, including any Stock Option that provides (as of the time such option is granted) that it will not be treated as an Incentive Stock Option. 

(p)    “Participant” means any Eligible Person, or any consultant or advisor to the Company, any Company
Subsidiary, the Partnership or any Partnership Subsidiary selected by the Administrator, pursuant to the Administrator’s authority in Article 2 below, to receive grants of Stock Options, Stock Appreciation Rights, Restricted Stock awards,
Deferred Stock awards, Performance Shares or any combination of the foregoing. 

  
 2 

 (q)    “Partnership” means AIMCO Properties, L.P., a
Delaware limited partnership. 
 (r)    “Partnership Employee” means any officer or employee (as
defined in accordance with Section 3401(c) of the Code) of the Partnership, or any entity that is then a Partnership Subsidiary. 

(s)    “Partnership Subsidiary” means any partnership or limited liability company in any unbroken chain
of partnerships or limited liability companies beginning with the Partnership if each of the partnerships or limited liability companies other than the last partnership or limited liability company in the unbroken chain then owns more than fifty
percent (50%) of the capital or profits interests in one of the other partnerships or limited liability companies. “Partnership Subsidiary” shall also mean any corporation in which the Partnership and/or any Partnership Subsidiary owns
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock. 

(t)    “Performance Share” means an award of shares of Stock pursuant to Article 7 that is subject to
restrictions based upon the attainment of specified performance objectives. 
 (u)    “Restricted Stock”
means an award granted pursuant to Article 7 of shares of Stock subject to certain restrictions. 

(v)    “Stock” means the Class A Common Stock of the Company, par value $.01 per share, and any
equity security of the Company issued or authorized to be issued in the future, but excluding any warrants, options or other rights to purchase Class A Common Stock. Debt securities of the Company convertible into Class A Common Stock
shall be deemed equity securities of the Company. 
 (w)    “Stock Appreciation Right” means the right
pursuant to an award granted under Article 6 to receive an amount equal to the difference between (A) the Fair Market Value, as of the date such Stock Appreciation Right or portion thereof is surrendered, of the shares of Stock covered by such
right or such portion thereof, and (B) the aggregate exercise price of such right or such portion thereof. 

(x)    “Stock Option” means any option to purchase shares of Stock granted pursuant to Article 5. 

(y)    “Stock Ownership Limit” means the restrictions on ownership and transfer of Stock provided in
Section 3.4 of the Company’s Charter. 

  
 3 

 ARTICLE 2 

ADMINISTRATION 

2.1    Administrator. The Plan shall be administered by the Board or by a Committee which shall be appointed
by the Board and which shall serve at the pleasure of the Board. To the extent necessary and desirable, the Committee shall be composed entirely of individuals who meet the qualifications referred to in Section 162(m) of the Code, Rule 16b-3 under the Exchange Act and the applicable stock exchanges. 
 2.2    Duties
and Powers of Administrator. The Administrator shall have the power and authority to grant to Eligible Persons, pursuant to the terms of the Plan: Stock Options, Stock Appreciation Rights, Restricted Stock, Performance Shares, Deferred
Stock, or any combination of the foregoing. In particular, the Administrator shall have the authority to determine the terms and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder and in its discretion, to adopt,
alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; to interpret the terms and provisions of the Plan and any award issued under the Plan (and any agreements relating
thereto); and to otherwise supervise the administration of the Plan. 
 2.3    Delegation of Authority.
The Administrator may in his sole and absolute discretion delegate to the Chief Financial Officer of the Company or the Secretary of the Company, or both, any or all of the administrative duties and authority of the Administrator under this
Plan, other than the authority to (a) make grants under this Plan to employees who are “officers” of the Company within the meaning of Rule 16(a)-1(b) of the Exchange Act or whose total
compensation is required to be reported to the Company’s stockholders under the Exchange Act, (b) determine the price, timing or amount of such grants or (c) determine any other matter required by Rule
16b-3 or Section 162(m) of the Code to be determined in the sole and absolute discretion of the Administrator. 

ARTICLE 3 

STOCK SUBJECT TO PLAN 

3.1    Number and Source of Shares. Subject to Article 3.3, the total number of shares of Stock reserved and
available for issuance under the Plan shall be                (                ) shares.
Such shares of Stock may consist, in whole or in part, of treasury shares, authorized and unissued shares or shares of Stock reacquired by the Company. If any shares of Stock subject to an award granted hereunder are forfeited, cancelled, exchanged
or surrendered or if an award granted hereunder terminates or expires without a distribution of shares of Stock to the Participant, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, such shares shall
again be available for awards under the Plan. If shares of Stock are surrendered or withheld as payment of either the exercise price of an award granted hereunder and/or withholding taxes in respect of such an award, such shares of Stock shall not
be returned to the Plan and shall not be available for future awards under the Plan. Upon the exercise of any award granted in tandem with any other award, such related award shall be cancelled to the extent of the number of shares of Stock as to
which the award is exercised and, notwithstanding the 

  
 4 

 
foregoing, such number of shares of Stock shall no longer be available for awards under the Plan. Upon the exercise of a Stock Appreciation Right, the number of shares of Stock reserved and
available for issuance under the Plan shall be reduced by the full number of shares of Stock with respect to which such award is being exercised. 

3.2    Limit on Incentive Stock Option Grants. In no event will more
than                (                ) shares of Stock be available for issuance pursuant
to the exercise of Incentive Stock Options, subject to adjustment as provided in this Article 3. 
 3.3    Limit on
Awards Granted Pursuant to Article 7. The aggregate number of shares of Stock as to which Restricted Stock, Deferred Stock and Performance Shares may be granted pursuant to the Plan may not, subject to adjustment as provided in this Article 3,
exceed 50% of the shares available under the Plan; provided, however, if any such shares of Stock are forfeited, cancelled, exchanged or surrendered or if an award granted pursuant to Article 7 terminates or expires without a distribution of shares
of Stock to the Participant, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, such Shares shall not count against the limits set forth in this Article 3.3. 

3.4    Limitation on Individual Grants. The aggregate number of shares of Stock as to which Stock Options,
Stock Appreciation Rights, Restricted Stock, Deferred Stock and Performance Shares may be granted to any individual during any calendar year may not, subject to adjustment as provided in this Article 3, exceed 100% of the shares available under the
Plan. 
 3.5    Adjustment of Awards. In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend or other change in corporate structure affecting the Stock, a substitution or adjustment shall be made in (a) the kind and aggregate number of shares reserved for issuance under the Plan, (b) the kind,
number and option price of shares subject to outstanding Stock Options granted under the Plan, and (c) the kind, number and purchase price of shares issuable pursuant to awards of Restricted Stock, Deferred Stock and Performance Shares to
maintain the same estimated fair value of the award before and after the equity restructuring. The form of such adjustment and estimate of fair value shall be determined by the Administrator, in its sole discretion. Such other substitutions or
adjustments shall be made respecting awards hereunder as may be determined by the Administrator, in its sole discretion. An adjusted option price shall also be used to determine the amount payable by the Company in connection with Stock Appreciation
Rights awarded under the Plan. In connection with any event described in this paragraph, the Administrator may provide, in its discretion, for the cancellation of any outstanding awards and payment in cash or other property in exchange therefor.

 ARTICLE 4 

ELIGIBILITY 

4.1    General Provisions. Subject to Article 3.1 and the Stock Ownership Limit, officers (including
officers who are directors of the Company), employees and Independent Directors of, and consultants and advisors to the Company, any Company Subsidiary, the Partnership and any Partnership Subsidiary who are responsible for or contribute to the

  
 5 

 
management, growth and/or profitability of the business of the Company, any Company Subsidiary and any Partnership Subsidiary, shall be eligible to be granted awards under the Plan. The
Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among the Eligible Persons, consultants and advisors to the Company recommended by the senior management of the Company, and the
Administrator shall determine, in its sole discretion, the number of shares covered by each award. 
 ARTICLE 5 

STOCK OPTIONS 

5.1    Option Awards. Stock Options may be granted alone or in addition to other awards granted under the
Plan. Any Stock Option granted under the Plan shall be in such form as the Administrator may from time to time approve, and the provisions of Stock Option awards need not be the same with respect to each optionee. Recipients of Stock Options shall
enter into an award agreement with the Company, in such form as the Administrator shall determine, which agreement shall set forth, among other things, the exercise price of the option, the term of the option and provisions regarding exercisability
of the option granted thereunder. 
 5.2    Types of Options. The Stock Options granted under the Plan may
be of two types: (a) Incentive Stock Options and (b) Non-Qualified Stock Options. The Administrator shall have the authority to grant (x) Incentive Stock Options,
Non-Qualified Stock Options, or both types of Stock Options (in each case with or without Stock Appreciation Rights) to Company Employees and (y) Non-Qualified
Stock Options (with or without Stock Appreciation Rights) to Partnership Employees, and persons who are Independent Directors, consultants or advisors to the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary. To the
extent that any Stock Option does not qualify as an Incentive Stock Option, it shall constitute a separate Non-Qualified Stock Option. More than one Stock Option may be granted to the same optionee and be
outstanding concurrently hereunder. 
 5.3    Terms and Conditions of Options. Stock Options granted under
the Plan shall contain such terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable: 

(a)    Option Price. The option price per share of Stock purchasable under a Stock Option shall be
determined by the Administrator in its sole discretion at the time of grant, but shall not be less than one hundred percent (100%) of the Fair Market Value of the Stock on such date. If a Company Employee owns or is deemed to own (by reason of the
attribution rules applicable under Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any Company Subsidiary or any Partnership Subsidiary that is a corporation and an
Incentive Stock Option is granted to such employee, the option price of such Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no less than one hundred and ten percent (110%) of the Fair Market Value of the
Stock on the date such Incentive Stock Option is granted. 
 (b)    Option Term. The term of each Stock
Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than ten (10) years after the date 

  
 6 

 
such Stock Option is granted; provided that if a Company Employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent
(10%) of the combined voting power of all classes of stock of the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary that is a corporation and an Incentive Stock Option is granted to such employee, the term of such
Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no more than five (5) years from the date of grant. 

(c)    Exercisability. Stock Options shall be exercisable at such time or times and subject to such terms
and conditions as shall be determined by the Administrator at or after grant. 
 5.4    Termination of Employment or
Service. If an optionee’s employment with or service as a director of or consultant or advisor to the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary terminates by reason of death, disability or for any
other reason, the Stock Option may thereafter be exercised to the extent provided in the applicable award agreement, or as otherwise determined by the Administrator. 

5.5    Loans. To the extent permitted by applicable law, the Company may make loans available to Stock
Option holders in connection with the exercise of outstanding options granted under the Plan, as the Administrator, in its discretion, may determine. Such loans shall (a) be evidenced by promissory notes entered into by the Stock Option holders
in favor of the Company, (b) be subject to the terms and conditions set forth in this Article 5.4 and such other terms and conditions, not inconsistent with the Plan, as the Administrator shall determine; provided that each loan shall
comply with all applicable laws, regulations and rules of the Board of Governors of the Federal Reserve System and any other governmental agency having jurisdiction. 

5.6    Annual Limit on Incentive Stock Options. To the extent that the aggregate Fair Market Value
(determined as of the date the Incentive Stock Option is granted) of shares of Stock with respect to which Incentive Stock Options granted to an Optionee under this Plan and all other option plans of the Company or its Company Subsidiaries become
exercisable for the first time by the Optionee during any calendar year exceeds $100,000, such Stock Options shall be treated as Non-Qualified Stock Options. 

5.7    Nontransferability of Stock Options. Pursuant to Section 11.6 of the Plan, no Stock Option shall
be transferable by the optionee, and all Stock Options shall be exercisable, during the optionee’s lifetime, only by the optionee, provided that, the Administrator may, in its sole discretion, provide for the transferability of Stock Options
under such terms and conditions as the Administrator shall determine and set forth in the Agreement evidencing such award. Notwithstanding the foregoing, unless permitted by the provisions of Section 422 of the Code, no Stock Option shall be
treated as an Incentive Stock Option unless it is at all times subject to the nontransferability provisions of Section 11.6 of the Plan. 

  
 7 

 ARTICLE 6 

STOCK APPRECIATION RIGHTS 

6.1    Grant of Rights. Stock Appreciation Rights may be granted either alone (“Free Standing
Rights”) or in conjunction with all or part of any Stock Option granted under the Plan (“Related Rights”) either at or after the time of the grant of such Stock Option. Subject to the provisions of Section 409A of the Code, in
the case of a Non-Qualified Stock Option, Related Rights may be granted either at or after the time of the grant of such Stock Option. In the case of an Incentive Stock Option, Related Rights may be granted
only at the time of the grant of the Incentive Stock Option. 
 6.2    Termination of Rights. A Related
Right or applicable portion thereof granted in conjunction with a Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the related Stock Option, except that, unless otherwise provided by the Administrator at
the time of grant, a Related Right granted with respect to less than the full number of shares covered by a related Stock Option shall only be reduced if and to the extent that the number of shares covered by the exercise or termination of the
related Stock Option exceeds the number of shares not covered by the Related Right. 
 6.3    Exercise of Rights.

 (a)    Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more
than, an amount in cash or that number of shares of Stock (or any combination of cash and Stock) equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free Standing Right (which
price shall be no less than 100% of the Fair Market Value on the date of grant) multiplied by the number of shares of Stock in respect of which the Free Standing Right is being exercised, with the Administrator having the right to determine the form
of payment. 
 (b)    A Related Right may be exercised by a Participant by surrendering the applicable portion of the
related Stock Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, an amount in cash or that number of shares of Stock (or any combination of cash and Stock) equal in value to the excess of
the Fair Market Value as of the date of exercise over the exercise price specified in the related Stock Option multiplied by the number of shares of Stock in respect of which the Related Right is being exercised, with the Administrator having the
right to determine the form of payment. Stock Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised. 

6.4    Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such
terms and conditions, not inconsistent with the provisions of the Plan, as shall be determined from time-to-time by the Administrator; provided, however, that no Stock
Appreciation Right shall be exercisable more than ten (10) years after the date such Stock Appreciation Right is granted. 

  
 8 

 6.5    Termination of Employment or Service. In the event
of the termination of employment or service of a Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the
Administrator at or after grant. 
 ARTICLE 7 

RESTRICTED STOCK, DEFERRED STOCK AND 

PERFORMANCE SHARES 

7.1    General. Restricted Stock, Deferred Stock or Performance Share awards may be issued either alone or
in addition to other awards granted under the Plan. To the extent permitted by applicable law, in the discretion of the Administrator, loans may be made to Participants in connection with the purchase of Restricted Stock under substantially the same
terms and conditions as provided in Article 5.4 with respect to the exercise of Stock Options. 
 7.2    Award
Agreements. The prospective recipient of a Restricted Stock, Deferred Stock or Performance Share award shall not have any rights with respect to such award, unless and until such recipient has executed an agreement evidencing the award
and delivered a fully executed copy thereof to the Company, within such period as the Administrator may specify after the award date). 

7.3    Award Certificates. Except as otherwise provided below in this Article 7, (a) each Participant who is
awarded Restricted Stock or Performance Shares shall be issued a stock certificate in respect of such shares of Restricted Stock or Performance Shares; and (b) such certificate shall be registered in the name of the Participant, and shall bear
an appropriate legend referring to the terms, conditions, and restrictions applicable to such award. 

7.4    Deferred Stock Certificates. With respect to Deferred Stock awards, at the expiration of the
Restricted Period, stock certificates in respect of such shares of Deferred Stock shall be delivered to the participant, or his legal representative, in a number equal to the number of shares of Stock covered by the Deferred Stock award. 

7.5    Restrictions and Conditions. The Restricted Stock, Deferred Stock and Performance Share awards
granted pursuant to this Article 7 shall be subject to the following restrictions and conditions as determined by the Committee: 

(a)    Restrictions on Transfer. Subject to the provisions of the Plan and the Restricted Stock Award
Agreement, Deferred Stock Award Agreement, Performance Share Award Agreement or other award agreement, as appropriate, governing such award, during such period as may be set by the Administrator commencing on the grant date (the “Restricted
Period”), the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Stock, Performance Shares or Deferred Stock awarded under the Plan; provided that the Administrator may, in its sole discretion, provide
for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited
to, the attainment of certain performance related goals, the Participant’s termination of employment or service, death or Disability or the occurrence of a “Change of Control” as defined in the agreement evidencing such award. 

  
 9 

 (b)    Termination of Employment or Service. The rights of
holders of Restricted Stock, Deferred Stock and Performance Share awards upon termination of employment or service for any reason during the Restricted Period shall be set forth in the award agreement, as appropriate, governing such awards. 

ARTICLE 8 

AMENDMENT AND TERMINATION 

8.1    Amendment of the Plan. The Board may amend, alter or discontinue the Plan, but no amendment,
alteration, or discontinuation shall be made that would impair the rights of a Participant under any award theretofore granted without such Participant’s consent. No such action of the Board, unless taken with the approval of the stockholders
of the Company, may increase the maximum number of shares that may be sold or issued under the Plan or alter the class of Employees eligible to participate in the Plan. With respect to any other amendments of the Plan, the Board may in its
discretion determine that such amendments shall only become effective upon approval by the stockholders of the Company, if the Board determines that such stockholder approval may be advisable, such as for the purpose of obtaining or retaining any
statutory or regulatory benefits under federal or state securities law, federal or state tax law or any other laws or for the purposes of satisfying applicable stock exchange listing requirements. 

8.2    Amendment of Awards. The Administrator may amend the terms of any award theretofore granted,
prospectively or retroactively, but, no such amendment shall impair the rights of any holder without his or her consent, provided, however, that the Committee may not reduce the exercise price of an outstanding Stock Option or Stock
Appreciation Right by amending the terms of such Stock Option or Stock Appreciation Right or by canceling such Stock Option or Stock Appreciation Right in exchange for the grant of a new Stock Option or Stock Appreciation Right without first
obtaining approval from the stockholders of the Company. Notwithstanding the previous sentence, the Administrator reserves the right to amend the terms of any award as may be necessary or appropriate to avoid adverse tax consequences under
Section 409A of the Code. 
 ARTICLE 9 

UNFUNDED STATUS OF PLAN 

The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a
Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company. 

  
 10 

 ARTICLE 10 

GENERAL PROVISIONS 

10.1    Representations. The Administrator may require each person purchasing shares pursuant to a Stock
Option to represent to and agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. The certificates for such shares may include any legend which the Administrator deems appropriate to
reflect any restrictions on transfer. 
 10.2    Legends. All certificates for shares of Stock delivered
under the Plan shall be subject to such stock-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the Securities Exchange Commission, any stock exchange upon which
the Stock is then listed, and any applicable Federal or state securities law, and the Administrator may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. 

10.3    Other Plans; No Guarantee of Engagement. Nothing contained in the Plan shall prevent the Board from
adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of the Plan shall not
confer upon any director, employee, consultant or advisor of the Company, any Company Subsidiary or any Partnership or Partnership Subsidiary any right to continued employment with or service as a director to the Company, any Company Subsidiary or
any Partnership or Partnership Subsidiary, as the case may be, nor shall it interfere in any way with the right of the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary to terminate the employment or service of any of
its directors, employees, consultants or advisors at any time. 
 10.4    Withholding Requirements. Each
Participant shall, no later than the date as of which the value of an award first becomes includible in the gross income of the Participant for Federal income tax purposes, pay to the Company, any Company Subsidiary, the Partnership or any
Partnership Subsidiary (as the case may be), or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld with respect to the award. The obligations of the
Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the Participant. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of shares of Stock or by
delivering already owned unrestricted shares of Common Stock, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their Fair Market Value on the date of which the amount of tax to
be withheld is determined. Fractional share amounts shall be settled in cash. 
 10.5    No Liability. No
member of the Board or the Committee, or any director, officer or employee of the Company, and Company Subsidiary, the Partnership or any Partnership Subsidiary shall be liable, responsible or accountable in damages or otherwise for any

  
 11 

 
determination made or other action taken or any failure to act by such person so long as such person is not determined to be guilty by a final adjudication of willful misconduct with respect to
such determination, action or failure to act. 
 10.6    Indemnification. No member of the Board or the
Administrator, nor any officer or employee of the Company acting on behalf of the Board or the Administrator, shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all
members of the Board or the Administrator and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action,
determination or interpretation. 
 ARTICLE 11 

MISCELLANEOUS 

11.1    Compliance With Laws. 

(a)    The obligation of the Company to sell or deliver Stock with respect to any award granted under the Plan shall be
subject to all applicable laws, rules and regulations, including all applicable Federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

(b)    Each award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion,
that the listing, registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or Federal law, or the consent or approval of any governmental regulatory body is necessary or desirable
as a condition of, or in connection with, the grant of an award or the issuance of Stock, no such award shall be granted, payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been
effected or obtained free of any conditions not acceptable to the Committee. 
 (c)    In the event that the disposition
of Stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act of 1933, as amended (the “Securities Act”) and is not otherwise exempt from such registration, such Stock shall be
restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Committee may require a grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the
Company in writing that the Stock acquired by such grantee is acquired for investment only and not with a view to distribution. 

11.2    No Rights to Awards; No Stockholder Rights. No Eligible Person shall have any claim to be granted
any award under the Plan, and there is no obligation for uniformity of treatment of grantees. Except as provided specifically herein, a grantee or a transferee of an award shall have no rights as a stockholder with respect to any shares covered by
the award until the date of the issuance of a stock certificate to him for such shares. 
 11.3    Ownership and
Transfer Restrictions. Shares acquired through the realization of awards granted under the Plan shall be subject to the restrictions on ownership and transfer set 

  
 12 

 
forth in the Company’s Charter. The Committee (or the Board, in the case of Non-Qualified Stock Options granted to Independent Directors), in its sole
and absolute discretion, may impose such additional restrictions on the ownership and transferability of the shares issuable pursuant to Plan awards as it deems appropriate. Any such restriction shall be set forth in the respective award agreement
and may be referred to on the certificates evidencing such shares. The Committee may require a Participant to give the Company prompt notice of any disposition of shares of Stock acquired by exercise of an Incentive Stock Option within (i) two
(2) years from the date of granting such option to such Participant or (ii) one (1) year after the transfer of such shares to such Participant. The Committee may direct that the certificates evidencing shares acquired by exercise of a Stock
Option refer to such requirement to give prompt notice of disposition. 
 11.4    Restrictions on Ownership.
A Stock Option is not exercisable (and an award may not otherwise be realized) if, in the sole and absolute discretion of the Committee, the exercise of such Option or realization of such award would likely result in any of the following: 

(a)    the Participant’s ownership of Stock being in violation of the Stock Ownership Limit set forth in the
Company’s Charter; 
 (b)    income to the Company that could impair the Company’s status as a “real
estate investment trust,” within the meaning of Sections 856 through 860 of the Code; 
 (c)    a transfer, at any
one time, of more than one-tenth of one percent (0.1%) (measured in value or in number of shares, whichever is more restrictive) of the Company’s total Stock from the Company to the Partnership pursuant
to Article 5.4(d); or 
 (d)    Notwithstanding any other provision of this Plan, a Participant shall have no rights
under this Plan to acquire Stock that would otherwise be prohibited under the Company’s Charter. 

11.5    Approval of Plan by Stockholders. The Plan remains subject to, and contingent upon approval of the
Company’s stockholders, which approval must occur within twelve months of the date the Plan is approved by the Board. 

11.6    Nontransferability. Awards shall not be transferable by a Participant except by will or the laws of
descent and distribution, pursuant to a qualified domestic relations order as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and shall be exercisable during the lifetime
of a Participant only by such Participant or his guardian or legal representative. Notwithstanding anything to the contrary herein, no awards granted hereunder shall be transferable for consideration. 

11.7    Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be
governed by the laws of the State of Maryland without giving effect to the conflict of laws principles thereof. 

  
 13 

 ARTICLE 12 

EFFECTIVE DATE OF PLAN 

The Plan shall become effective (the “Effective Date”) on
                , 2020, the date the Company’s stockholders formally approve the Plan. 

ARTICLE 13 

TERM OF PLAN 
 No
Stock Option, Stock Appreciation Right, Restricted Stock, Deferred Stock or Performance Share award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but awards theretofore granted may extend beyond that
date. 

  
 14

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