Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

SPONSOR AGREEMENT 
 This
SPONSOR AGREEMENT (this “Agreement”), dated as of October 6, 2021, is made by and among Live Oak Sponsor Partners II, LLC, a Delaware limited liability company (“Sponsor”), Live Oak Acquisition Corp. II, a
Delaware corporation (“SPAC”), and Navitas Semiconductor Limited, a private company limited by shares organized under the laws of Ireland (“Navitas Ireland”) and domesticated in the State of Delaware as Navitas
Semiconductor Ireland, LLC, a Delaware limited liability company (“Navitas Delaware” and together with Navitas Ireland, the “Company”). Sponsor, SPAC and the Company shall be referred to herein from time to time
collectively as the “Parties.” Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Business Combination Agreement (as defined below). 

RECITALS 
 WHEREAS,
SPAC, Live Oak Merger Sub Inc., a Delaware corporation and direct, wholly-owned subsidiary of SPAC (“Merger Sub”), and the Company, have entered into a Business Combination Agreement and Plan of Reorganization, dated as of
May 6, 2021 (as amended, modified, supplemented or waived from time to time, the “Business Combination Agreement”), a copy of which has been made available to Sponsor; 

WHEREAS, pursuant to the Business Combination Agreement, SPAC, Merger Sub and the Company intend to effect a business combination
between SPAC and the Company, on the terms and subject to the conditions set forth therein (collectively, the “Business Combination”); and 

WHEREAS, in connection with the Business Combination, the Sponsor has agreed, among other things, to (i) effective as of and
conditioned upon the closing of the Business Combination (the “Closing”), amend certain provisions of the Letter Agreement (as defined in the Business Combination Agreement) to provide for an extended
lock-up period with respect to certain shares of LOKB Class A Common Stock (as defined in the Business Combination Agreement) held by the Sponsor and to subject 20% of the Sponsor’s shares of LOKB
Class A Common Stock to potential forfeiture in the event certain threshold triggers are not met, and (ii) transfer an aggregate of 1,500,000 LOKB Warrants (as defined in the Business Combination Agreement) to an institutional investment
manager that has agreed to offer to purchase up to 2,000,000 shares of LOKB Class A Common Stock prior to the Closing and to not redeem any shares of LOKB Class A Common Stock in connection with the Business Combination; and 

WHEREAS, as consideration for, among other things, the actions of the Sponsor described above, SPAC and the Company desire to enter
into this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth below
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 

 1. Indemnification. 

(a) For a period of six (6) years after the Closing, SPAC will indemnify, exonerate and hold harmless the Sponsor from and
against all actions, causes of action, suits, claims, liabilities, losses, damages and costs and out-of-pocket expenses (including reasonable attorneys’ fees) in
connection therewith (“Indemnified Liabilities”) incurred by the Sponsor, on or after the date of this Agreement, arising out of any third party action, cause of action, suit, litigation, investigation, inquiry, arbitration or claim
directly relating to the transactions contemplated by the Business Combination Agreement which names the Sponsor as a defendant (or co-defendant) arising from the Sponsor’s ownership of equity securities
of SPAC, or its control or ability to influence SPAC; provided, that the foregoing shall not apply to (i) any Indemnified Liabilities to the extent arising out of (A) any breach by the Sponsor of this Agreement or any other
agreement between the Sponsor, on the one hand, and the SPAC or any of its subsidiaries, on the other hand, or (B) the willful misconduct, gross negligence or fraud of the Sponsor, or (ii) any Indemnified Liabilities where Sponsor has
otherwise separately agreed to indemnify SPAC or any of its subsidiary for such Indemnified Liabilities. 
 (b) Promptly
after Sponsor believes that it has a claim for any Indemnified Liabilities, Sponsor shall notify SPAC and specify in such notice, in reasonable detail, the nature of the claim and an estimated computation of Indemnified Liabilities, as well as other
material documents in possession of Sponsor with respect to such claim, provided, that any failure or delay by the Sponsor to notify SPAC shall not relieve SPAC from its obligations hereunder (except to the extent that SPAC has been actually
and materially prejudiced by such failure to promptly notify). SPAC shall have full control of the defense of any claim with respect to the Indemnified Liabilities, including any compromise or settlement thereof; provided, that SPAC
shall not consent to the entry of any order or enter into any settlement agreement without the prior written consent of Sponsor; provided, further, that such consent shall not be required if such order or settlement agreement contains
a full and final release by the third party asserting the claim to Sponsor, and such order or settlement agreement does not contain any criminal liability or admission of guilt or impose any other non-monetary
injunctive or equitable relief against Sponsor. Sponsor shall cooperate in the defense or prosecution of such claim, including by retaining and providing to SPAC all records and information which are reasonably relevant to such claim, making
employees available to provide additional information and explanation of any materials provided hereunder and executing any documents necessary in connection with any settlement or order entered into in compliance with this
Section 1(b). 
 (c) Sponsor shall have the right to employ separate counsel reasonably
satisfactory to the SPAC to represent Sponsor in any such claim with respect to Indemnified Liabilities and to participate in (but not control) the defense thereof, but the fees and expenses of any such separate counsel shall be at the expense of
Sponsor; provided, that, the reasonable fees and expenses of any such separate counsel shall be at the expense of SPAC if (i) the claim seeks equitable relief against Sponsor; (ii) Sponsor shall have been advised by counsel in
writing, with a copy delivered to SPAC, that the representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, including a situation in which one or more legal defenses may be
available to Sponsor that are inconsistent with, different from or in addition to those available to SPAC; or (iii) SPAC authorizes Sponsor in writing to employ separate counsel at SPAC’s expense. 

(d) Sponsor shall use its commercially reasonable efforts to assist SPAC in seeking insurance recoveries first in respect of
any Indemnified Liabilities. 

  
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 2. Termination. This Agreement shall automatically terminate, without any notice or
other action by any Party, and be void ab initio upon the earlier of (a) the date that is six (6) years after the Closing and (b) the valid termination of the Business Combination Agreement in accordance with its terms. Upon
termination of this Agreement as provided in the immediately preceding sentence, none of the Parties shall have any further obligations or liabilities under, or with respect to, this Agreement. Notwithstanding the foregoing or anything to the
contrary in this Agreement, (i) Sections 2 and 3 shall each survive the termination of this Agreement, and (iii) Sections 4 through 18 shall each survive the termination of this Agreement solely to the extent
related to any surviving sections. 
 3. Fiduciary Duties. Notwithstanding anything in this Agreement to the contrary,
(a) Sponsor makes no agreement or understanding herein in any capacity other than in Sponsor’s capacity as a record holder and beneficial owner of equity securities of the SPAC and (b) nothing herein will be construed to limit or
affect any action or inaction expressly permitted under the Business Combination Agreement by any representative of Sponsor in such representative’s capacity as a member of the board of directors of the SPAC or Merger Sub or as an officer,
employee or fiduciary of the SPAC or Merger Sub or any affiliate of the SPAC or Merger Sub, in each case, acting in such person’s capacity as a director, officer, employee or fiduciary of the SPAC, Merger Sub or any such affiliate. 

4. Fee Reimbursement. 

(a) Reference is made to (1) that certain agreement (the “Forward Purchase Agreement”), dated as of
October 6, 2021, by and between ACM AART VII A LLC, a Delaware limited liability company (“Atalaya”), and SPAC. Pursuant to the Forward Purchase Agreement, SPAC has agreed to pay to Atalaya an amount equal to the lesser of
(a) the attorney fees and other reasonable expenses related thereto incurred by Atalaya or its affiliates in connection with the transaction contemplated by the Forward Purchase Agreement and (b) $100,000 (the “Fee
Reimbursement”). 
 (b) Sponsor represents and warrants that it holds 6,325,000 shares of SPAC’s Class B
common stock, par value $0.0001 per share (the “Founder Shares”), which shares collectively constitute all of the issued and outstanding Founder Shares as of the date hereof. 

(c) Subject to SPAC’s payment of the Fee Reimbursement, and subject to and effective immediately prior to the Closing,
Sponsor shall surrender, as a capital contribution to SPAC, a number of Founder Shares equal to (a) the amount of the Fee Reimbursement actually paid by SPAC, divided by (b) $10.00; provided, that, for the avoidance of doubt, in no event
shall Sponsor be required to surrender greater than 10,000 Founder Shares pursuant to this Section 4. 

  
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 5. Further Assurances. Each Party shall execute and deliver such additional documents
and take all such further action as may be reasonably necessary or reasonably requested to effect the actions and consummate the transactions contemplated by this Agreement. 

6. No Legal Action. Sponsor shall not, and shall cause its affiliates not to and shall direct its Representatives (as defined in the
Business Combination Agreement) not to, bring, commence, institute, maintain, or prosecute any claim, appeal or proceeding which (a) challenges the validity of or seeks to enjoin the operation of any provision of this Agreement, or
(b) alleges that the execution and delivery of this Agreement by Sponsor breaches any duty that Sponsor has (or may be alleged to have) to SPAC or to the other stockholders of SPAC; provided that the foregoing shall not limit or restrict
in any manner the rights of SPAC under the Business Combination Agreement or of Sponsor to enforce the terms of this Agreement. 
 7.
Waiver. Any provision of this Agreement may be waived if the waiver is set forth in an instrument in writing signed by the Party against whom the waiver is to be effective. Any delay in exercising any right pursuant to this Agreement will not
constitute a waiver of such right. 
 8. Notices. All notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (iii) when delivered by
FedEx or other nationally recognized overnight delivery service or (iv) when e-mailed during normal business hours (and otherwise as of the immediately following Business Day (as defined in the Business
Combination Agreement)); provided that the notice or other communication is sent to the address or email address set forth in Section 11.01 of the Business Combination Agreement, and, if to a Sponsor, to Sponsor’s address or email
address set forth on a signature page hereto, or to such other address or email address as a Party may hereafter specify for the purpose by notice to each other party hereto. 

9. Assignment. No Party shall assign this Agreement or any part hereof without the prior written consent of the other Parties. Subject
to the foregoing, this Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns. Any attempted assignment in violation of the terms of this Section 9
shall be null and void, ab initio. 
 10. Rights of Third Parties. Nothing expressed or implied in this Agreement is intended
or shall be construed to confer upon or give any person, other than the Parties, any right or remedies under or by reason of this Agreement. 

11. Expenses. All fees and expenses incurred by a Party in connection herewith shall be paid by such Party, whether or not the Business
Combination is consummated, except as expressly provided otherwise herein or in the Business Combination Agreement. 
 12. Governing
Law. This Agreement, and all claims or causes of action based upon, arising out of, or related to this Agreement, shall be governed by, and construed in accordance with, the internal substantive laws of the State of Delaware applicable to
contracts entered into and to be performed solely within such state, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of laws of another jurisdiction.

  
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 13. Captions; Counterparts. The captions in this Agreement are for convenience only
and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. 
 14. Entire Agreement. This Agreement constitutes the entire agreement among the
Parties relating to the subject matter hereof and supersede any other agreements, whether written or oral, that may have been made or entered into by or among any of the Parties or any of their respective subsidiaries relating to the subject matter
hereof. No representations, warranties, covenants, understandings, agreements, oral or otherwise, relating to the subject matter hereof exist between the Parties except as expressly set forth or referenced in this Agreement. 

15. Amendments. This Agreement may be amended or modified in whole or in part, only by a duly authorized agreement in writing executed
by each of the Parties in the same manner as this Agreement and which makes reference to this Agreement. 
 16. Severability. If any
provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect. The Parties further agree that if any provision contained herein is,
to any extent, held invalid or unenforceable in any respect under the laws governing this Agreement, they shall take any actions necessary to render the remaining provisions of this Agreement valid and enforceable to the fullest extent permitted by
law and, to the extent necessary, shall amend or otherwise modify this Agreement to replace any provision contained herein that is held invalid or unenforceable with a valid and enforceable provision giving effect to the intent of the Parties. 

17. Jurisdiction; WAIVER OF TRIAL BY JURY. Any action based upon, arising out of or related to this Agreement may be brought in federal
and state courts located in the State of Delaware, and each of the Parties irrevocably submits to the exclusive jurisdiction of each such court in any such action, waives any objection it may now or hereafter have to personal jurisdiction, venue or
to convenience of forum, agrees that all claims in respect of the action shall be heard and determined only in any such court, and agrees not to bring any action arising out of or relating to this Agreement in any other court. Nothing herein
contained shall be deemed to affect the right of any Party to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against any other Party in any other jurisdiction, in each case, to enforce judgments
obtained in any action brought pursuant to this Section 17. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION BASED UPON, ARISING OUT OF OR RELATED TO THIS AGREEMENT. 

18. Non-Recourse. This Agreement may only be enforced against, and any claim or cause of action
based upon, arising out of, or related to this Agreement may only be brought against, the entities that are expressly named as Parties and then only with respect to the specific obligations set forth herein with respect to such Party. Except to the
extent a Party (and then only to the extent of the specific obligations undertaken by such Party in this Agreement), (a) no past, present or future director, officer, employee, sponsor, incorporator, member, partner, stockholder, affiliate, agent,
attorney, advisor or representative or affiliate of any Party and (b) no past, present or future director, officer, employee, sponsor, incorporator, member, partner, stockholder, affiliate, agent, attorney, advisor or representative or
affiliate of any of the foregoing, shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the covenants, agreements or other obligations under this Agreement of or for any claim based on, arising out of, or
related to this Agreement. 

  
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 19. Enforcement of the Agreement. The Parties agree that irreparable damage for which
monetary damages, even if available, would not be an adequate remedy, would occur if the Parties do not perform their obligations under the provisions of this Agreement (including failing to take such actions as are required of them hereunder to
consummate this Agreement) in accordance with its specified terms or otherwise breach such provisions. Accordingly, the Parties shall be entitled to an injunction, specific performance, or other equitable relief, to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof and thereof, without proof of damages, prior to the valid termination of this Agreement in accordance with Section 2, this being in addition to any other
remedy to which they are entitled under this Agreement, and (b) the right of specific enforcement is an integral part of the Business Combination and without that right, none of the Parties would have entered into this Agreement. Each Party
agrees that it will not oppose the granting of specific performance and other equitable relief on the basis that the other Parties have an adequate remedy at law or that an award of specific performance is not an appropriate remedy for any reason at
law or equity. No Party, in seeking an injunction to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this Section 19, shall be required to provide
any bond or other security in connection with any such injunction. 
 [Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed
on its behalf as of the day and year first above written. 
  

			
	 LIVE OAK SPONSOR PARTNERS II, LLC

		
	By:	 	/s/ Richard J. Hendrix
		 	Name: Richard J. Hendrix
		 	Title: Managing Member
		 	 Address for Notices:
 40 S Main Street,
#2550
 Memphis, TN 38103
 Email for Notices:

gwunderlich@liveoakmp.com

	
	 LIVE OAK ACQUISITION CORP. II

		
	By:	 	/s/ Richard J. Hendrix
		 	Name: Richard J. Hendrix
		 	Title: Chief Executive Officer

 Signature page to Sponsor Agreement 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed
on its behalf as of the day and year first above written. 
  

			
	NAVITAS SEMICONDUCTOR LIMITED,
including as domesticated in the State of Delaware as Navitas Semiconductor Ireland, LLC
		
	By:	 	/s/ Gene Sheridan
		 	Name: Gene Sheridan
		 	Title: CEO

 Signature page to Sponsor AgreementEX-4.4

 Exhibit 4.4 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR CEDE &
CO., AS NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR
DEPOSITARY. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE OPERATING PARTNERSHIP OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND SUCH SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 AMERICAN CAMPUS
COMMUNITIES OPERATING PARTNERSHIP LP 
 2.250% Senior Note due 2029 

 

					
	REGISTERED	 		  	PRINCIPAL AMOUNT: $400,000,000
	No. R-1	 		  	
			
	 CUSIP: 024836AH1
 ISIN:
US024836AH19
	 		  	

 AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP, a Maryland limited partnership (the “Operating
Partnership”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal amount of FOUR HUNDRED MILLION
DOLLARS ($400,000,000) on January 15, 2029 (the “Stated Maturity Date”) (unless redeemed on any date fixed for redemption (the “Redemption Date”) prior to the Stated Maturity Date in accordance with the terms
of this Note and the Indenture) (the Stated Maturity Date and the Redemption Date is hereinafter referred to as the “Maturity Date” with respect to the principal repayable on such date) and to pay interest on the outstanding
principal amount of this Note from and including October 7, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as applicable, semi-annually in arrears on January 15 and July 15 of
each year, commencing on January 15, 2022 (each, an “Interest Payment Date”), and, if applicable, on the Maturity Date, at the rate of 2.250% per annum, until said principal amount is paid or duly provided for. Interest on this
Note will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 Payment of Interest. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the January 1 or July 1, whether or not a
Business Day, as defined in the Indenture, as the case may be, immediately preceding such Interest Payment Date (the “Regular Record Date”). Any such interest not punctually paid or duly provided for on an Interest Payment Date
(“Defaulted Interest”) will forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at
the close of business on a special record date (the “Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 
 Optional
Redemption. The provisions of Article Eleven of the Indenture shall apply to this Note, as supplemented or amended by the following paragraphs. 

The Operating Partnership may, at its option, redeem the Notes, in whole at any time or in part from time to time, in each case upon notice at
least 15 days but not more than 60 days prior to the Par Call Date, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the Make Whole Amount, plus in each case unpaid interest, if
any, accrued to, but not including, the applicable Redemption Date. In addition, at any time on or after the Par Call Date, the Operating Partnership may, at its option, redeem the Notes prior to maturity, in whole at any time or in part from time
to time, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, the applicable Redemption Date. Notwithstanding the foregoing, the Operating Partnership
will pay any interest installment due on an Interest Payment Date that falls on or prior to the Redemption Date to the Holders of the Notes as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

In the case of any partial redemption of the Notes, selection of the Notes for redemption will be made by the Trustee by such method as the
Trustee in its sole discretion deems fair and appropriate, in accordance with methods generally used at the time of selection by fiduciaries in similar circumstances. A new Note in principal amount equal to the unredeemed portion thereof will be
issued in the name of the Holder thereof upon cancellation of this Note. 
 “Comparable Treasury Issue” means, with respect
to any Redemption Date for the Notes, the United States Treasury security or securities selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed
(assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes matured on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date for the Notes, (a) the average of three Reference
Treasury Dealer Quotations for such Redemption Date, 

  
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after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (b) if the Operating Partnership obtains fewer than three but more than one such Reference Treasury
Dealer Quotations for such Redemption Date, the average of all such Reference Treasury Dealer Quotations, or (c) if the Operating Partnership obtains only one such Reference Treasury Dealer Quotation for such Redemption Date, that Reference
Treasury Dealer Quotation. 
 “Independent Investment Banker” means, with respect to any Redemption Date for the Notes, an
independent investment banking institution of national standing the Operating Partnership appoints with respect to such Redemption Date. 

“Make Whole Amount” means, as determined by an Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal of and interest on the Notes to be redeemed that would be due if such Notes matured on the Par Call Date (except that, if such Redemption Date is not an Interest Payment Date, the amount of the next succeeding
scheduled interest payment will be reduced by the amount of unpaid interest accrued thereon to, but not including, such Redemption Date), discounted to the applicable Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.20%. 

“Par Call Date” means November 15, 2028. 

“Reference Treasury Dealer” means, with respect to any Redemption Date for the Notes, as the Operating Partnership
determines, either (a) (i) two primary U.S. Government securities dealers in The City of New York (each, a “Primary Treasury Dealer”) selected jointly by BofA Securities, Inc. and Wells Fargo Securities, LLC or their respective
successors and (ii) three other Primary Treasury Dealers selected by the Operating Partnership or (b) one Primary Treasury Dealer selected by the Operating Partnership and four other Primary Treasury Dealers selected by the Independent
Investment Banker. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
redemption of the Notes, the average, as the Operating Partnership determines, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Operating
Partnership by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding the date of the notice of redemption for the Notes. 

“Treasury Rate” means the yield on treasury securities at a constant maturity corresponding to the remaining life to maturity
(rounded to the nearest month) of the principal of the Notes being redeemed as of the Redemption Date (which maturity shall be deemed to be the Par Call Date) (the “Treasury Yield”). For purposes of calculating the Treasury Rate,
(1) the Treasury Yield will be equal to the arithmetic mean of the yields displayed for each day in the preceding calendar week published in the Statistical Release for Treasury constant maturities with a maturity equal to the remaining life to
maturity of the Notes being redeemed (assuming the Notes matured on the Par Call Date) and (2) the most recent Statistical Release published prior to the date of the applicable determination will be used. However, if no published maturity
exactly corresponds to such remaining life, then the Treasury Yield will be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest 

  
 3 

 
and next longest published maturities (rounding in each of such relevant periods to the nearest month). If the format or content of the Statistical Release changes in a manner that precludes
determination of the Treasury Yield in the above manner, then the Treasury Yield shall be the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the applicable Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the date of the applicable notice of
redemption. As used in this paragraph and in the definition of “Reference Treasury Dealer Quotations” above, the term “Business Day” means any day, other than a Saturday or a Sunday, that is not a day on which banking
institutions in The City of New York are authorized or required by law, regulation or executive order to close. 
 “Statistical
Release” means the statistical release designated “H.15” or any successor publication that is published weekly by the Federal Reserve System and that reports yields on actively traded United States government securities adjusted
to constant maturities, or, if that statistical release or successor publication is not published at the time of any required determination under the Indenture, then another reasonably comparable index which we will designate. 

Place of Payment. The Operating Partnership will make payment of principal of, and premium, if any, and interest on, this Note in
immediately available funds at the Corporate Trust Office of the Trustee or such other Office or Agency as may be designated by the Operating Partnership for such purpose in The City of New York, in Dollars. 

Time of Payment. If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment need
not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or the Maturity Date, as the case may be, and no additional interest shall accrue on such payment
as a result of payment on such next succeeding Business Day. 
 General. This Note is one of a duly authorized issue of Securities of
the Operating Partnership, issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of April 2, 2013, among the Operating Partnership, American Campus Communities, Inc., as guarantor
(the “Guarantor”), and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part),
as supplemented by a First Supplemental Indenture thereto, dated as of April 2, 2013 (the “First Supplemental Indenture,”), and as further supplemented by a Second Supplemental Indenture thereto, dated as of June 21, 2019
(the “Second Supplemental Indenture,” and together with the Base Indenture and the First Supplemental Indenture, the “Indenture”), among the Operating Partnership, the Guarantor and the Trustee. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Operating Partnership, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon
which the Securities are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “2.250% Senior Notes due 2029” (collectively, the “Notes”), limited, except as
specified below, in aggregate principal amount to FOUR HUNDRED MILLION DOLLARS ($400,000,000). To the extent the terms of this Note conflict with the terms of the Indenture, the terms of this Note shall govern.

  
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 Further Issuance. The Operating Partnership may, from time to time, without notice
to, or the consent of, the Holders of the Notes, increase the principal amount of the series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and ratably with, and having the same interest
rate, maturity and other terms as, the originally issued Notes (other than the issue date and, to the extent applicable, public offering price, initial Interest Payment Date and initial date of interest accrual). Any such Additional Securities will
be consolidated, and constitute a single series of Securities, with the originally issued Notes for all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN or other identifying number of any Outstanding
Notes must be fungible with such Outstanding Notes for U.S. federal income tax purposes. 
 Reports. So long as any Notes are
outstanding, the Guarantor and the Operating Partnership will furnish to the Trustee such information, documents and other reports, and such summaries thereof, as may be required by Section 314(a) of the Trust Indenture Act. In addition, in the
event the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company or the Operating Partnership will, solely with respect to the notes, within 15 days after each of the respective dates by which the Company would have been
required to file annual reports, quarterly reports and other documents with the SEC, if it were so subject, (a) file or furnish with the SEC for public availability, (b) post on a website (which may be a password protected website) hosted
by the Company and the Operating Partnership or by a third party, which such website shall be made available to holders, or (c) mail or otherwise transmit to holders, in each case within the applicable time period specified above, copies of the
annual reports, quarterly reports and other documents that the Company would have been required to file with the SEC on behalf of itself and the Operating Partnership pursuant to Section 13 or 15(d) of the Exchange Act if it were subject to
such Sections. 
 Events of Default. If an Event of Default with respect to the Notes shall have occurred and be continuing, the
principal of the Notes may be declared, and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture. 

Sinking Fund. The Notes are not subject to, or entitled to the benefits of, any sinking fund. 

Satisfaction and Discharge. The Indenture contains provisions where, upon the Operating Partnership’s direction and satisfaction
of certain conditions, the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of the Indenture. 

Defeasance and Covenant Defeasance. The Indenture contains provisions for defeasance of certain obligations of the Operating
Partnership under this Note and the Indenture and covenant defeasance of certain obligations of the Operating Partnership under the Indenture. 

  
 5 

 Modification and Waivers; Obligations of the Operating Partnership Absolute. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Operating Partnership and the Guarantor and the rights of the Holders of the Securities. Such amendment
and modification may be effected under the Indenture at any time by the Operating Partnership, the Guarantor and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Securities of each series
affected thereby (voting as separate classes). The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding
Securities of such series, to waive compliance by the Operating Partnership with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of a majority in aggregate principal amount of the Outstanding
Securities of any series to waive, on behalf of the Holders of all Outstanding Securities of such series, certain past defaults under the Indenture and their consequences. Any such consent or waiver in respect of the Notes shall be conclusive and
binding upon the Holder of this Note and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of
the Operating Partnership, which is absolute and unconditional, to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency, herein prescribed. 

Limitation on Suits. As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will have any right to
institute any proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder, except in the case of failure of the Trustee, for 60 days, to act after it has received a
written request to institute proceedings in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well as an offer of indemnity or security reasonably satisfactory to it, and no
inconsistent direction has been given to the Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding any other provision of the
Indenture, each Holder of a Note will have the right, which is absolute and unconditional, to receive payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute suit for the
enforcement therefor, and this right shall not be impaired without the consent of such Holder. 
 Authorized Denominations. The Notes
are issuable only in registered form without coupons in minimum denominations of $2,000 or any integral multiple of $1,000 in excess thereof. 

Registration of Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the
transfer of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration of transfer, at the Office or Agency in any Place of Payment, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Operating Partnership and the Security Registrar duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 6 

 As provided in the Indenture and subject to certain limitations herein and therein set
forth, this Note is exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the Holders surrendering the same. 

No service charge shall be made for any such registration of transfer or exchange, but the Operating Partnership may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for
registration of transfer, the Operating Partnership, the Guarantor, the Trustee and any agent of the Operating Partnership, the Guarantor or the Trustee may treat the Holder as the owner hereof for all purposes, whether or not this Note be overdue,
and none of the Operating Partnership, the Guarantor, the Trustee or any such agent shall be affected by notice to the contrary. 

Guarantee. Payment of this Note is fully and unconditionally guaranteed by the Guarantor pursuant to the Guarantee issued pursuant to
the Base Indenture. 
 Defined Terms. All terms used but not defined in this Note shall have the meanings assigned to them in the
Indenture. 
 Governing Law. The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the
State of New York without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE OPERATING PARTNERSHIP, THE GUARANTOR AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTION CONTEMPLATED HEREBY.

 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to
any benefit under the Indenture (including the Guarantee) or be valid or obligatory for any purpose. 
 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Operating Partnership has caused “CUSIP” numbers to be printed on the Notes as a convenience to the Holders of the Notes. No representation is made as to the
correctness or accuracy of such CUSIP number, or the ISIN number, printed on the Notes, and reliance may be placed only on the other identification numbers printed hereon. 

[Remainder of Page Intentionally Left Blank] 

  
 7 

 IN WITNESS WHEREOF, the Operating Partnership has caused this Note to be duly executed by
duly authorized signatories. 
 Dated: October 7, 2021 
  

					
	AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP
		
	By:	 	American Campus Communities Holdings, LLC, its general partner
			
		 	By:	 	  

		 		 	Daniel B. Perry
		 		 	Vice President, Secretary and Treasurer
			
		 	By:	 	
                     
                                       

		 		 	Kim K. Voss
		 		 	Vice President

  
 8 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	
                     
                                       

		 	Name:
		 	Title:

 Dated: October 7, 2021 

  
 9 

 ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

 
  
  

 
 PLEASE INSERT SOCIAL SECURITY NUMBER
OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

	
	 

  
  

 
  

(Please print or typewrite name and address, 

including postal zip code, of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints 

 
  
  

 
  

 
 to transfer said Note on the books of the Trustee,
with full power of substitution in the premises. 
  

					
	Dated:                    	 		 	  

		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.

  

	
	
                     
                   

	Signature Guarantee

  
 10

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