Document:

EX-10.2

 EXHIBIT 10.2 
 FORM OF AMENDED AND RESTATED MANAGEMENT AGREEMENT 
 This AMENDED AND
RESTATED MANAGEMENT AGREEMENT (the “Management Agreement”), dated as of [            ], 2013, is made and entered into by and among COLONY AMERICAN HOMES, INC., a Maryland
corporation (“Colony American Homes REIT”), and CAH MANAGER, LLC, a Delaware limited liability company (the “Manager”). 
 WHEREAS, Colony American Homes REIT is a corporation that intends to elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes; 

WHEREAS, Colony American Homes REIT and the Manager entered into a management agreement, dated July 31, 2012 (the “Original
Agreement”), which the parties desire to amend and restate; and 
 WHEREAS, Colony American Homes REIT desires to
continue to retain the Manager to provide certain management and advisory services on the terms and conditions hereinafter set forth, and the Manager desires to be retained to provide such services upon the terms and conditions hereof. 

NOW, THEREFORE, for the mutual promises made herein and in the other agreements executed by the parties concurrently herewith or
contemplated hereby, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 Section 1. Definitions. The following terms have the following meanings assigned to them: 
 (a) “Adjusted Market Capitalization” means 
 (i) the Fair Market
Value of one share of Common Stock multiplied by the number of shares of Common Stock issued and outstanding; plus 
 (ii) the
Fair Market Value of one share of Common Stock multiplied by the maximum number of shares of Common Stock issuable pursuant to any outstanding Options or Convertible Securities that are In-the-Money (excluding (1) units of limited partnership
interest of the Operating Partnership (including long-term incentive units of the Operating Partnership) and units of associate general partnership interests of the Operating Partners, and (2) shares of Preferred Stock that are otherwise
included in the calculation of Adjusted Market Capitalization pursuant to clause (iv) below); less 
 (iii) the aggregate
consideration payable to the Company upon the exercise, conversion and/or exchange of the Options or Convertible Securities referred to in clause (ii) above; plus 
 (iv) the Fair Market Value of one share of Preferred Stock multiplied by the number of shares of such Preferred Stock issued and outstanding. 

(b) “Affiliate” means, with respect to any Person, (i) any other Person directly or indirectly controlling,
controlled by, or under common control with such other Person, (ii) any executive officer, general partner or employee of such Person, (iii) any member of the board of directors or board of managers (or bodies performing similar functions)
of such Person, and (iv) any legal entity for which such Person acts as an executive officer or general partner. 
 (c)
“Agreement” means this Management Agreement, as amended, restated or supplemented from time to time. 

 (d) “Bankruptcy” means, with respect to any Person, (a) the filing by
such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or such Person’s
filing an answer consenting to or acquiescing in any such petition, (b) the making by such Person of any assignment for the benefit of its creditors, (c) the expiration of 90 days after the filing of an involuntary petition under Title 11
of the United States Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of its debts under any other
federal, state or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 90-day period or (d) the entry against it of a final and non-appealable order for relief under any bankruptcy,
insolvency or similar law now or hereinafter in effect. 
 (e) “Base Management Fee” means a per annum fee
equal to 1.50% of the daily average of the Adjusted Market Capitalization per annum, calculated and payable as provided in Section 8 hereof. 
 (f) “Board of Directors” means the Board of Directors of Colony American Homes REIT. 
 (g) “Business Day” means any day except a Saturday, a Sunday or a day on which banking institutions in New York, New York are not required to be open. 

(h) “Code” means the Internal Revenue Code of 1986, as amended. 

(i) “Colony” means Colony Capital, LLC, a Delaware limited liability company. 

(j) “Colony American Homes REIT” means Colony American Homes, Inc. (formerly known as Colony Single-Family Residential,
Inc.), a Maryland corporation and the general partner of the Operating Partnership. 
 (k) “Colony American Homes REIT
Account” shall have the meaning set forth in Section 5 of this Agreement. 
 (l) “Common Stock”
means the common stock, par value $0.01, of Colony American Homes REIT. 
 (m) “Covered Person” shall have the
meaning set forth in Section 12(a) of this Agreement. 
 (n) “Effective Termination Date” shall have the
meaning set forth in Section 13(a) of this Agreement. 
 (o) “Excess Funds” shall have the meaning set
forth in Section 2(l) of this Agreement. 
 (p) “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
 (q) “Expenses” shall have the meaning set forth in Section 10(a) of this Agreement.

 (r) “Fair Market Value” means the value of one share of Common Stock or Preferred Stock, as the case may be,
determined as follows: 
 (i) if the shares are then listed on a national stock exchange, the closing price per share of Common
Stock or Preferred Stock, as the case may be, for the last preceding day on which there was a sale of such shares, 

  
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 (ii) if either the Common Stock or Preferred Stock is not listed on a national stock
exchange but is traded on an over-the-counter market, the average of the closing bid and asked prices for the shares of Common Stock or Preferred Stock, as the case may be, in such over-the-counter market for the last preceding date on which there
was a sale of such shares in such market, or 
 (iii) if neither (i) nor (ii) applies with respect to the Common Stock
or Preferred Stock, as the case may be, such value as the compensation committee of Colony American Homes REIT as appointed by the Board of Directors, determines in good faith. 

(s) “GAAP” means generally accepted accounting principles, as applied in the United States. 

(t) “Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a
corporation, certificate of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership, the articles of formation and the operating agreement in the case of a limited liability company, the
trust instrument in the case of a trust, or similar governing documents, in each case as amended from time to time. 
 (u)
“Independent Directors” means the members of the Board of Directors who are not officers or employees of the Manager or any Person directly or indirectly controlling or controlled by the Manager, and who are otherwise
“independent” in accordance with the NYSE’s corporate governance listing standards (or the rules of any other national securities exchange on which the Common Stock is listed). 

(v) “Initial Public Offering” means an initial public offering of the Common Stock under the Securities Act. 

(w) “Initial Term” shall have the meaning set forth in Section 13(a) of this Agreement. 

(x) “Investment Allocation Agreement” means the Amended and Restated Investment Allocation Agreement by and between
Colony American Homes REIT and the Manager, dated as of the date hereof, to establish certain policies relating to the allocation of investment opportunities by the Manager or any of its affiliates. 

(y) “Investment Company Act” means the Investment Company Act of 1940, as amended. 

(z) “Investment Committee” shall have the meaning set forth in Section 2(k) of this Agreement. 

(aa) “Investment Guidelines” shall have the meaning set forth in Section 2(b)(i) of this Agreement. 

(bb) “Investments” means the investments, including investments in real property, directly by Colony American Homes REIT
and indirectly by Colony American Homes REIT through its Subsidiaries. 
 (cc) “Manager” means CAH Manager, LLC
(formerly known as Colony American Homes, LLC), a Delaware limited liability company. 
 (dd) “Monitoring
Services” shall have the meaning set forth in Section 2(b) of this Agreement. 

  
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 (ee) “Notice of Proposal to Negotiate” shall have the meaning set forth in
Section 13(a) of this Agreement. 
 (ff) “NYSE” means the New York Stock Exchange Euronext. 

(gg) “Operating Partnership “ means CAH Operating Partnership, LP, a Delaware limited partnership. 

(hh) “Original Agreement” shall have the meaning set forth in the recitals of this Agreement. 

(ii) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust,
unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

(jj) “Portfolio Management Services” shall have the meaning set forth in Section 2(b) of this Agreement.

 (kk) “Preferred Stock” means the preferred stock, par value $0.01, of Colony American Homes REIT.

 (ll) “REIT” shall have the meaning set forth in the recitals of this Agreement. 

(mm) “Related Party Transaction Policy” shall have the meaning set forth in Section 2(d) of this Agreement.

 (nn) “Renewal Term” shall have the meaning set forth in Section 13(a) of this Agreement. 

(oo) “SEC” means the U.S. Securities and Exchange Commission. 

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

(qq) “Subsidiary” means a corporation, limited liability company, partnership, joint venture or other entity or
organization in which Colony American Homes REIT has a direct or indirect ownership interest. 
 (rr) “Termination
Fee” shall have the meaning set forth in Section 13(b) of this Agreement. 
 (ss) “Termination
Notice” shall have the meaning set forth in Section 13(a) of this Agreement. 
 (tt) “Treasury
Regulations” means the regulations promulgated under the Code, as amended from time to time. 
 (uu) The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to
this Agreement unless otherwise specified. 
 (vv) The meanings given to terms defined herein shall be equally applicable to
both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be followed by the phrase “without limitation.” 

  
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 Section 2. Appointment and Duties of the Manager. (a) Colony American Homes
REIT hereby appoints the Manager to manage the assets and the day-to-day operations of Colony American Homes REIT subject to the terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable
efforts to perform each of the duties set forth herein except where a higher standard of care is specified in this Agreement, in which case such higher standard of care shall apply. The appointment of the Manager shall be exclusive to the Manager
except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, in accordance with the terms of this Agreement, to cause the duties of the Manager hereunder to be
provided by third parties. 
 (b) The Manager, in its capacity as manager, will at all times be subject to the supervision of
the Board of Directors. The Manager will be responsible for the day-to-day operations of Colony American Homes REIT and its Subsidiaries and will perform (or cause to be performed) such services and activities relating to the assets and operations
of Colony American Homes REIT and its Subsidiaries as may be appropriate, including, without limitation: 
 (i) serving as
consultant with respect to the periodic review of the investment guidelines and other parameters for the Investments, financing activities and operations, which review shall occur no less often than annually, any modification to which shall be
approved by a majority of the Board of Directors, including a majority of the Independent Directors (such guidelines as initially approved and attached hereto as Exhibit A, as the same may be modified, supplemented or waived with such approval, the
“Investment Guidelines”); 
 (ii) identifying, investigating, analyzing and selecting possible investment
opportunities and acquiring, negotiating, monitoring, financing, retaining, selling, restructuring or disposing of Investments consistent with the Investment Guidelines; 
 (iii) with respect to prospective purchases, sales or exchanges of Investments, conducting negotiations with sellers, purchasers, trustees, lenders, regulatory agencies and bodies, title companies,
environmental consultants, servicers and special services, and brokers, among others, and, if applicable, their respective agents and representatives; 
 (iv) negotiating and entering into, on behalf of Colony American Homes REIT and its Subsidiaries, bank credit facilities, hedging instruments, agreements relating to borrowings under programs established
by the U.S. Government and/or any agencies thereunder and other agreements and instruments required for Colony American Homes REIT and its Subsidiaries to conduct their business; 

(v) engaging and supervising, on behalf of Colony American Homes REIT and its Subsidiaries, independent contractors that provide
investment banking, securities brokerage, mortgage brokerage, residential home sales brokerage, other financial services, real estate services, commercial services, due diligence services, underwriting review services, legal and accounting services,
and all other services (including transfer agent and registrar services) as may be required relating to Colony American Homes REIT’s and its Subsidiaries’ operations or Investments (or potential investments); 

(vi) advising on, preparing, negotiating and entering into, on behalf of Colony American Homes REIT and its Subsidiaries, applications and
agreements relating to programs established by the U.S. Government and/or any agencies thereunder; 
 (vii) coordinating and
managing operations of any joint venture or co-investment interests held directly or indirectly by Colony American Homes REIT and conducting all matters with the joint venture or co-investment partners; 

  
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 (viii) providing executive and administrative personnel, office space and office services
required in rendering services to Colony American Homes REIT and its Subsidiaries, including, without limitation, office space for any persons who are employed directly by Colony American Homes REIT or its Subsidiaries and who are not simultaneously
employed by the Manager or any of its Affiliates; 
 (ix) administering the day-to-day operations and performing and supervising
the performance of such other administrative functions necessary to the management of Colony American Homes REIT and its Subsidiaries as may be agreed upon by the Manager and the Board of Directors, including, without limitation, the services in
respect of any equity incentive plans, the collection of revenues and the payment of the debts and obligations of Colony American Homes REIT and its Subsidiaries and maintenance of appropriate computer services to perform such administrative
functions; 
 (x) communicating on behalf of Colony American Homes REIT and its Subsidiaries with the holders of any of their
equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders, including website maintenance, logo design,
analyst presentations, investor conferences and annual meeting arrangements; 
 (xi) counseling Colony American Homes REIT in
connection with policy decisions to be made by the Board of Directors; 
 (xii) evaluating and recommending to the Board of
Directors hedging strategies and engaging in hedging activities, consistent with such strategies as modified from time to time, while maintaining the qualification of Colony American Homes REIT as a REIT and within the Investment Guidelines;

 (xiii) counseling Colony American Homes REIT regarding the maintenance of its qualification as a REIT and monitoring
compliance with the various REIT qualification tests and other rules set forth in the Code and Treasury Regulations thereunder and using commercially reasonable efforts to cause Colony American Homes REIT to qualify as a REIT for tax purposes;

 (xiv) counseling Colony American Homes REIT and its Subsidiaries regarding the maintenance of their exemptions from the status
of an investment company required to register under the Investment Company Act, monitoring compliance with the requirements for maintaining such exemptions and using commercially reasonable efforts to cause them to maintain such exemptions from such
status; 
 (xv) furnishing reports and statistical and economic research to Colony American Homes REIT and its Subsidiaries
regarding their activities and services performed by the Manager; 
 (xvi) monitoring the operating performance of Investments
and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results; 

(xvii) investing and reinvesting any money and securities of Colony American Homes REIT and its Subsidiaries (including investing in
short-term Investments pending investment in other Investments, payment of fees, costs and expenses and payment of dividends or distributions to stockholders and partners of Colony American Homes REIT and its Subsidiaries) and advising Colony
American Homes REIT and its Subsidiaries as to their capital structure and capital raising; 
 (xviii) causing Colony American
Homes REIT and the Subsidiaries to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures and systems, internal controls and other compliance procedures and testing systems with
respect to financial reporting obligations and compliance with the provisions of the Code applicable to REITs and, if applicable, domestic taxable REIT subsidiaries, and to conduct quarterly compliance reviews with respect thereto; 

  
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 (xix) assisting Colony American Homes REIT and its Subsidiaries in qualifying to do business
in all applicable jurisdictions and to obtain and maintain all appropriate licenses; 
 (xx) assisting Colony American Homes REIT
and its Subsidiaries in complying with all regulatory requirements applicable to them with respect to their business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and
contractual undertakings and all reports and documents, if any, required under the Exchange Act, the Securities Act, or by the NYSE (or such other securities exchange on which the Common Stock may be listed); 

(xxi) assisting Colony American Homes REIT and its Subsidiaries in taking all necessary action to enable them to make required tax filings
and reports, including soliciting stockholders for all information required by the provisions of the Code and Treasury Regulations, including those provisions applicable to REITs; 

(xxii) handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other
proceedings or negotiations) in which Colony American Homes REIT and/or its Subsidiaries may be involved or to which they may be subject arising out of their day-to-day operations (other than with the Manager or its Affiliates), subject to such
limitations or parameters as may be imposed from time to time by the Board of Directors; 
 (xxiii) using commercially reasonable
efforts to cause expenses incurred by Colony American Homes REIT and its Subsidiaries or on their behalf to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Board of Directors
from time to time; 
 (xxiv) serving as consultant with respect to decisions regarding any financings, hedging activities or
borrowings, including (1) assisting in developing criteria for debt and equity financing that are specifically tailored to Colony American Homes REIT’s and its Subsidiaries’ investment objectives, and (2) advising with respect to
obtaining appropriate financing for the Investments; 
 (xxv) arranging marketing materials, advertising, industry group
activities (such as conference participations and industry organization memberships) and other promotional efforts designed to promote Colony American Homes REIT’s business; 

(xxvi) performing such other services as may be required from time to time for the management of, and other activities relating to, the
assets, business and operations of Colony American Homes REIT and its Subsidiaries as the Board of Directors shall reasonably request or as the Manager shall deem appropriate under the particular circumstances; and 

(xxvii) using commercially reasonable efforts to cause Colony American Homes REIT and its Subsidiaries to comply with all applicable laws.

 Without limiting the foregoing, the Manager will perform portfolio management services (the “Portfolio Management
Services”) with respect to the Investments. Such services will include, but not be limited to, consulting on the purchase and sale of, and other Investment opportunities in connection with, assets; asset and property management services;
the collection of information and the submission of 

  
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reports pertaining to Colony American Homes REIT’s and its Subsidiaries’ assets, borrowings and general economic conditions; periodic review and evaluation of the performance of Colony
American Homes REIT’s and its Subsidiaries’ portfolio of assets; acting as a liaison between Colony American Homes REIT and its Subsidiaries and banks, mortgage banks, investment banks and other parties with respect to the purchase,
financing and disposition of assets; and other customary functions related to portfolio management. Additionally, the Manager will perform monitoring services (the “Monitoring Services”) with respect to any activities provided by
third parties. Such Monitoring Services will include, but not be limited to, negotiating servicing agreements; acting, together with Colony American Homes REIT’s Chief Financial Officer, as a liaison with servicer providers; and supervising
claims filed under any insurance policies. 
 (c) For the period and on the terms and conditions set forth in this Agreement,
Colony American Homes REIT and each of the Subsidiaries hereby constitutes, appoints and authorizes the Manager as its true and lawful agent and attorney-in-fact, in its name, place and stead, to negotiate, execute, deliver and enter into such
finance agreements and arrangements, brokerage agreements, agreements relating to borrowings under programs established by the U.S. Government and/or any agencies thereunder and such other agreements, instruments and authorizations on their behalf,
on such terms and conditions as the Manager, acting in its sole and absolute discretion, deems necessary or appropriate. This power of attorney is deemed to be coupled with an interest. 

(d) The Manager may enter into agreements with other parties, including its Affiliates, for the purpose of engaging one or more parties
for and on behalf, and, except as otherwise agreed, to provide credit analysis, risk management services, asset and property management, residential home sales brokerage and/or other services (including, without limitation, Portfolio Management
Services and Monitoring Services) pursuant to agreement(s) with terms that are then customary for agreements regarding the provision of services to companies that have assets similar in type, quality and value; provided that (i) any such
agreements entered into with Affiliates of the Manager shall comply with the related party transaction policy adopted by the Board of Directors (the “Related Party Transaction Policy”), and (ii) with respect to Portfolio
Management Services, the Manager shall remain liable for the performance of such Portfolio Management Services. The Related Party Transaction Policy may be modified, supplemented or waived if approved by a majority of the Board of Directors,
including a majority of the Independent Directors. 
 (e) To the extent that the Manager deems necessary or advisable, the
Manager may, from time to time, and at the sole cost and expense of the Manager, propose to retain one or more entities for the provision of sub-advisory services to the Manager, in order to enable the Manager to provide the services specified by
this Agreement; provided that any agreements relating to such sub-advisory services (A) shall be on terms and conditions substantially identical to the terms and conditions of this Agreement or otherwise not adverse to Colony American
Homes REIT and its Subsidiaries, and (B) shall not result in an increased Base Management Fee or expenses payable hereunder greater than expenses which would have been incurred if the Manager provided such services directly. 

(f) The Manager may retain, for and on behalf of Colony American Homes REIT and its Subsidiaries, such services of accountants, legal
counsel, appraisers, insurers, brokers, transfer agents, real estate agents, environmental consultants, registrars, investment banks, financial advisors, due diligence firms, banks and other lenders and others as the Manager deems necessary or
advisable in connection with the management and operations of Colony American Homes REIT and its Subsidiaries and their assets. Notwithstanding anything contained herein to the contrary, the Manager shall have the right to cause any such services to
be rendered by its employees or Affiliates. Colony American Homes REIT or, if applicable, its Subsidiaries shall pay or reimburse the Manager or its Affiliates performing such services for the documented cost thereof in accordance with
Section 10. 

  
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 (g) As frequently as the Manager may deem necessary or advisable, or at the direction of the
Board of Directors, the Manager shall prepare, or cause to be prepared, with respect to any Investment, reports regarding the asset performance and other information reasonably requested by Colony American Homes REIT. 

(h) The Manager shall prepare, or cause to be prepared, all reports, financial or otherwise, with respect to Colony American Homes REIT
and its Subsidiaries reasonably required by the Board of Directors in order for Colony American Homes REIT and its Subsidiaries to comply with their Governing Instruments or any other materials required to be filed with any governmental body or
agency, including but not limited to, the SEC, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including, without limitation, an annual audit of Colony American Homes
REIT’s and its Subsidiaries’ books of account by a nationally recognized registered independent public accounting firm. 
 (i) The Manager shall prepare regular reports for Colony American Homes REIT to enable Colony American Homes REIT to review Colony American Homes REIT’s direct and indirect acquisitions, portfolio
composition and characteristics, credit quality, performance and compliance with the Investment Guidelines and other policies approved by the Board of Directors. 
 (j) If requested by Colony American Homes REIT, the Manager shall provide such internal audit, compliance and control services as may be required for Colony American Homes REIT and its Subsidiaries to
comply with applicable law (including the Securities Act and the Exchange Act), regulation (including SEC regulations) and the rules and requirements of the NYSE or such other securities exchange on which the Common Stock may be listed and as
otherwise reasonably requested by Colony American Homes REIT from time to time. 
 (k) The Manager shall establish an Investment
Committee, which, as of the date hereof, shall be comprised of Thomas J. Barrack, Jr., the chairman of the Investment Committee, Richard B. Saltzman, Mark M. Hedstrom and Justin Chang (the “Investment Committee”). The Investment
Committee will meet periodically, as many times as necessary but no less than once every quarter, to discuss investment opportunities. The Investment Committee will periodically review Colony American Homes REIT’s Investments and their
compliance with the Investment Guidelines, and provide the Board of Directors a report at the end of each quarter in conjunction with its review of the quarterly results of Colony American Homes REIT. Investments must be approved as follows: any
direct or indirect investment of Colony American Homes REIT’s capital of up to $50 million only requires the approval of Colony American Homes REIT’s Chief Executive Officer or his designee; any direct or indirect investment of Colony
American Homes REIT’s capital in excess of $50 million but less than or equal to the lesser of 20% of the current asset value of Colony American Homes REIT or $250 million requires the approval of the Investment Committee; and
any direct or indirect investment of Colony American Homes REIT’s capital greater than the lesser of 20% of the current asset value of Colony American Homes REIT or $250 million requires the approval of the Board of Directors.

 (l) Notwithstanding anything contained in this Agreement to the contrary, the Manager shall not be required to expend money
(“Excess Funds”) in connection with any expenses that are required to be paid for or reimbursed by Colony American Homes REIT or its Subsidiaries pursuant to Section 10 in excess of that contained in any applicable Colony
American Homes REIT Account or otherwise made available by Colony American Homes REIT or its Subsidiaries to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing
factor to the right of Colony American Homes REIT under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance. 

  
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 (m) In performing its duties under this Section 2, the Manager shall be entitled to
rely reasonably on qualified experts and professionals (including, without limitation, accountants, legal counsel and other service providers) hired by the Manager at Colony American Homes REIT’s sole cost and expense. 

Section 3. Devotion of Time; Additional Activities. (a) The Manager and its Affiliates will provide Colony American
Homes REIT with a management team, including a chief executive officer, president, chief financial officer, chief investment officer and chief compliance officer, along with appropriate support personnel, to provide the management services to be
provided by the Manager to Colony American Homes REIT hereunder, the members of which team shall devote such portion of their time to the management of Colony American Homes REIT as is necessary and appropriate to enable Colony American Homes REIT
to operate its business, commensurate with Colony American Homes REIT’s level of activity. None of the officers or employees of the Manager will be dedicated exclusively to Colony American Homes REIT, except for any such officer or employee who
may be seconded exclusively to Colony American Homes REIT pursuant to a secondment arrangement with the Manager. The Manager and its Affiliates shall provide reasonable access to their respective investment professionals in order to support the
day-to-day operations of Colony American Homes REIT and its Subsidiaries. 
 (b) Except as provided in the Investment Allocation
Agreement, nothing in this Agreement shall (i) prevent the Manager or any of its Affiliates, officers, directors, employees or personnel, from engaging in other businesses or from rendering services of any kind to any other Person, including,
without limitation, investing in, or rendering advisory services to others investing in, any type of business (including, without limitation, investments that meet the principal investment objectives of Colony American Homes REIT), whether or not
the investment objectives or policies of any such other Person or entity are similar to those of Colony American Homes REIT or (ii) in any way bind or restrict the Manager or any of its Affiliates, officers, directors, employees or personnel
from buying, selling or trading any securities or investments for their own accounts or for the account of others for whom the Manager or any of its Affiliates, officers, directors, employees or personnel may be acting. The Manager agrees that, for
so long as this Agreement is in effect, it will comply with the terms of the Investment Allocation Agreement. 
 (c) Managers,
partners, officers, employees, personnel and agents of the Manager or Affiliates of the Manager may serve as directors, officers, employees, partners, personnel, agents, nominees or signatories for Colony American Homes REIT and/or any of its
Subsidiaries, to the extent permitted by their Governing Instruments or by any resolutions duly adopted by the Board of Directors pursuant to Colony American Homes REIT’s Governing Instruments. When executing documents or otherwise acting in
such capacities for Colony American Homes REIT or its Subsidiaries, such persons shall use their respective titles in Colony American Homes REIT or its Subsidiaries. 
 (d) Colony American Homes REIT agrees to take, or cause to be taken, all actions reasonably required to permit and enable the Manager to carry out its duties and obligations under this Agreement,
including, without limitation, all steps reasonably necessary to allow the Manager to file any registration statement on behalf of Colony American Homes REIT or its Subsidiaries in a timely manner or to deliver any financial statements or other
reports with respect to Colony American Homes REIT or its Subsidiaries. 
 Section 4. Agency. The Manager shall act
as agent of Colony American Homes REIT or its Subsidiaries in making, acquiring, financing and disposing of Investments, disbursing and collecting the funds of Colony American Homes REIT and its Subsidiaries, paying the debts and fulfilling the
obligations of Colony American Homes REIT and its Subsidiaries, supervising the performance of professionals engaged by or on behalf of Colony American Homes REIT and its Subsidiaries and handling, prosecuting and settling any claims of or against
Colony American Homes REIT and its Subsidiaries, the Board of Directors, holders of Colony American Homes REIT’s securities or representatives or assets of Colony American Homes REIT and its Subsidiaries. 

  
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 Section 5. Bank Accounts. At the direction of Colony American Homes REIT’s
Chief Financial Officer, the Manager may establish and maintain as an agent on behalf of Colony American Homes REIT one or more bank accounts in the name of Colony American Homes REIT or any of its Subsidiaries (any such account, a “Colony
American Homes REIT Account”), and may collect and deposit funds into any such Colony American Homes REIT Account or Colony American Homes REIT Accounts, and disburse funds from any such Colony American Homes REIT Account, under such terms
and conditions as the Board of Directors may approve; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of Colony American Homes REIT
or any of its Subsidiaries. 
 Section 6. Records; Confidentiality. (a) The Manager shall maintain appropriate
books of accounts and records relating to services performed under this Agreement, and such books of accounts and records shall be accessible for inspection by representatives of Colony American Homes REIT or any of its Subsidiaries at any time
during normal business hours. 
 (b) The Manager shall keep confidential any and all information obtained in connection with the
services rendered under this Agreement and shall not disclose any such information (or use the same except in furtherance of its duties under this Agreement) to unaffiliated third parties, except: (i) with the prior written consent of the Board
of Directors; (ii) to legal counsel, accountants and other professional advisors; (iii) to appraisers, due diligence providers, financing sources and others in the ordinary course of Colony American Homes REIT’s business; (iv) to
governmental officials having jurisdiction over Colony American Homes REIT or any of its Subsidiaries; (v) in connection with any governmental or regulatory filings of Colony American Homes REIT or any of its Subsidiaries, or disclosure or
presentations to investors and potential investors; (vi) as required by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party; or (vii) to the extent such information is otherwise
publicly available through the actions of a Person other than the Manager not resulting from the Manager’s violation of this Section 6. The provisions of this Section 6(b) shall survive the expiration or earlier termination of this
Agreement for a period of one year. 
 Section 7. Obligations of Manager; Restrictions. (a) The Manager shall
take such actions as it deems necessary or appropriate with regard to the protection of the Investments. 
 (b) The Manager
shall refrain from any action that, in its sole judgment made in good faith: 
 (i) is not in compliance with the Investment
Guidelines; 
 (ii) would adversely and materially affect the qualification of Colony American Homes REIT as a REIT under the
Code; 
 (iii) would adversely and materially affect Colony American Homes REIT’s or any of its Subsidiaries’ status as
an entity intended to be exempted or excluded from registration under the Investment Company Act; or 
 (iv) would violate any
law, rule or regulation of any governmental body or agency having jurisdiction over Colony American Homes REIT or any of its Subsidiaries or that would otherwise not be permitted by Colony American Homes REIT’s or any of its relevant
Subsidiaries’ Governing Instruments, code of conduct or other compliance or governance policies and procedures. 

  
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 If the Manager is ordered to take any such action by the Board of Directors, the Manager
shall promptly notify the Board of Directors of the Manager’s judgment that such action would adversely and materially affect the qualification of Colony American Homes REIT as a REIT, Colony American Homes REIT’s or any of its
Subsidiaries’ status as an entity intended to be exempted or excluded from registration under the Investment Company Act, or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager and
its officers, directors, members, managers and employees shall not be liable to Colony American Homes REIT or any of its Subsidiaries or to any director or stockholder or other owner of Colony American Homes REIT or any of its Subsidiaries for acts
or omissions performed in accordance with and pursuant to this Agreement, except as provided in Section 12 of this Agreement. 
 (c) The Board of Directors shall periodically review the Investment Guidelines and Colony American Homes REIT’s portfolio of Investments, but will not review each proposed investment, except as
provided in Section 2(k) hereof. 
 (d) The Manager agrees to be bound by all policies and procedures, including Colony
American Homes REIT’s and its Subsidiaries’ code of conduct and other compliance and governance policies and procedures, applicable to the Manager and its officers, directors, members, managers and employees that are adopted by the Board
of Directors from time to time, including those required under the Exchange Act, the Securities Act, or by the NYSE (or such other securities exchange on which the Common Stock may be listed), and to take, or cause to be taken, all actions
reasonably required to cause its officers, directors, members, managers and employees, and any principals, officers or employees of its Affiliates who are involved in the business and affairs of Colony American Homes REIT or any of its Subsidiaries,
to be bound by such policies and procedures to the extent applicable to such persons. 
 (e) The Manager shall at all times
during the term of this Agreement maintain “errors and omissions” insurance coverage and other insurance coverage that is customarily carried by asset and investment managers performing functions similar to those of the Manager under this
Agreement with respect to assets similar to the assets of Colony American Homes REIT, in an amount which is comparable to that customarily maintained by other managers of similar Investments. 

Section 8. Base Management Fee. (a) During the Initial Term and any Renewal Term, Colony American Homes REIT shall pay
to the Manager the Base Management Fee quarterly in arrears, commencing with the quarter in which this Agreement was executed (with such initial payment pro-rated based on the number of days during such quarter that this Agreement was in effect).
The Base Management Fee is payable independent of the performance of Colony American Homes REIT or the Investments. 
 (b) The
Manager shall compute each installment of the Base Management Fee within 30 days after the end of the fiscal quarter (or, as provided in clause (a) above, at the commencement of a fiscal quarter) with respect to which such installment is
payable. A copy of the computations made by the Manager to calculate such installment of the Base Management Fee shall thereafter promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Base
Management Fee shown therein shall, subject in any event to Section 13(a) of this Agreement, be due and payable in cash no later than the date which is five Business Days after the date of delivery to the Board of Directors of such
computations; provided, however, that, if Colony American Homes REIT does not have cash available to pay any installment of the Base Management Fee, the Manager may elect to receive such installment of the Base Management Fee in shares of Common
Stock. 

  
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 (c) The Base Management Fee is subject to adjustment pursuant to and in accordance with the
provisions of Section 13(a) of this Agreement. 
 Section 9. Initial Public Offering True-Up. Notwithstanding
anything to the contrary included herein, at or around the completion of the Initial Public Offering, Colony American Homes REIT or its Subsidiaries, as applicable, shall pay the Manager all fees and expenses incurred pursuant to the Original
Agreement through the date hereof. 
 Section 10. Expenses. (a) Colony American Homes REIT or, if applicable,
its Subsidiaries shall pay or cause to be paid all of the expenses of Colony American Homes REIT and its Subsidiaries, and Colony American Homes REIT shall reimburse or cause to be reimbursed the Manager for documented expenses of the Manager
incurred on behalf of Colony American Homes REIT and its Subsidiaries (collectively, the “Expenses”) excepting only those expenses that are specifically the responsibility of the Manager pursuant to Sections 10(b) and (c) of
this Agreement. Without limiting the generality of the foregoing, it is specifically agreed that the following costs and expenses of Colony American Homes REIT and its Subsidiaries shall be paid by or on behalf of Colony American Homes REIT or its
Subsidiaries and shall not be paid by the Manager or Affiliates of the Manager (other than Colony American Homes REIT and its Subsidiaries): 
 (i) expenses in connection with any private or public offering, including but not limited to the Initial Public Offering and transaction costs incident to Colony American Homes REIT’s and its
Subsidiaries’ unconsummated investments and the acquisition, disposition and financing of Colony American Homes REIT’s and its Subsidiaries’ consummated Investments; 

(ii) subject to Section 10(b) and (c) of this Agreement, the cost of legal, tax, accounting, consulting, auditing,
administrative and other similar services rendered for Colony American Homes REIT and its Subsidiaries by providers retained by the Manager or, if provided by the Manager’s personnel, in amounts which are no greater than those which would be
payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s length basis; 
 (iii) the compensation and expenses of Colony American Homes REIT’s and its Subsidiaries’ directors (excluding those directors who are officers of the Manager) and the cost of liability
insurance to indemnify Colony American Homes REIT’s and its Subsidiaries’ directors and officers; 
 (iv) costs
associated with the establishment and maintenance of any of Colony American Homes REIT’s or any of its Subsidiaries’ credit facilities, other financing arrangements, or other indebtedness of Colony American Homes REIT or any of its
Subsidiaries (including commitment fees, accounting fees, legal fees, closing and other similar costs) or any of Colony American Homes REIT’s or any of its Subsidiaries’ securities offerings; 

(v) expenses connected with communications to holders of Colony American Homes REIT’s or any of its Subsidiaries’ securities and
other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including, without limitation, all costs
of preparing and filing required reports with the SEC, the costs payable by Colony American Homes REIT or any of its Subsidiaries to any transfer agent and registrar in connection with the listing and/or trading of Colony American Homes REIT’s
or any of its Subsidiaries’ stock on any exchange, the fees payable by Colony American Homes REIT or any of its Subsidiaries to any such exchange in connection with its listing, costs of preparing, printing and mailing Colony American Homes
REIT’s and any of its Subsidiaries’ annual report to its stockholders and proxy materials with respect to any meeting of Colony American Homes REIT’s stockholders and any of its Subsidiaries’ stockholders; 

  
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 (vi) costs associated with any computer software or hardware, electronic equipment or
purchased information technology services from third party vendors that is used by Colony American Homes REIT and/or its Subsidiaries; 
 (vii) expenses incurred by managers, officers, personnel and agents of the Manager for travel solely on Colony American Homes REIT’s or any of its Subsidiaries’ behalf and other out-of-pocket
expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase, financing, refinancing, sale or other disposition of an Investment or the establishment and maintenance of any of Colony American Homes
REIT’s or any of its Subsidiaries’ securitizations or any of their securities offerings; 
 (viii) costs and expenses
incurred with respect to market information systems and publications, research publications and materials, and settlement, clearing and custodial fees and expenses applicable solely to Colony American Homes REIT or any of its Subsidiaries;

 (ix) compensation and expenses of Colony American Homes REIT’s and any of its Subsidiaries’ custodian and transfer
agent, if any; 
 (x) the cost of maintaining compliance with all U.S. federal, state and local rules and regulations or with any
other regulatory agency; 
 (xi) all taxes and license fees; 

(xii) all insurance costs incurred in connection with the operation of Colony American Homes REIT’s and its Subsidiaries’
business, except for the costs attributable to the insurance that the Manager elects to carry for itself and its personnel; 

(xiii) costs and expenses incurred in contracting with third parties for the management of the assets of Colony American Homes REIT and
any of its Subsidiaries; 
 (xiv) all other costs and expenses relating to Colony American Homes REIT’s and its
Subsidiaries’ business and operations, including, without limitation, the costs and expenses of acquiring, owning, managing, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees;

 (xv) expenses relating to any office(s) or office facilities, including, but not limited to, disaster backup recovery sites
and facilities, maintained for Colony American Homes REIT and its Subsidiaries or Investments separate from the office or offices of the Manager; 
 (xvi) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made to or on account of holders of Colony American Homes
REIT’s or any of its Subsidiaries’ securities, including, without limitation, in connection with any dividend reinvestment plan; 
 (xvii) any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against Colony American Homes REIT or any of its Subsidiaries, or against any trustee,
director, partner, member or officer of Colony American Homes REIT or of any Subsidiary in his, her or its capacity as such for which Colony American Homes REIT or any of its Subsidiaries is required to indemnify such Person by any court or
governmental agency; 

  
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 (xviii) the fully burdened cost of providing property management services with respect to
the Investments; and 
 (xix) all other expenses actually incurred by the Manager (except as described below) which are
reasonably necessary for the performance by the Manager of its duties and functions under this Agreement; 
 provided, however,
that with respect to expenses incurred by the Manager in connection with assets acquired by or services rendered to Colony American Homes REIT or any of its Subsidiaries, together with any additional publicly traded or other investment
vehicle that is sponsored or managed by the Manager or any of its Affiliates, Colony American Homes REIT and any of its Subsidiaries shall only be responsible for Colony American Homes REIT’s and its Subsidiaries’ pro rata share of
such expenses, based on the ratio of the amount of capital contributed by Colony American Homes REIT and its Subsidiaries for any investment in such assets compared to the total capital invested in such assets; provided, further, however that
for purposes of this clause, the phrase “additional publicly traded or other investment vehicle” shall not include Colony Financial, Inc. and Colony Distressed Credit Fund II, L.P. or any other investment vehicle in their capacities as
holders of direct or indirect investments in the General Partner or the Operating Partnership. 
 (b) Colony American Homes REIT
or, if applicable, its Subsidiaries shall reimburse the Manager for the salaries (including bonuses) and benefits of the Manager’s personnel; provided, however, that Colony American Homes REIT shall not have any obligation to reimburse
the Manager for the salaries (including bonuses) and benefits of the Manager’s personnel who perform acquisition services on behalf of Colony American Homes REIT and its Subsidiaries. Colony American Homes REIT will or will cause its
Subsidiaries to pay their respective pro rata portion of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates required for the operations of
Colony American Homes REIT and its Subsidiaries. These expenses will be allocated among the Manager and Colony American Homes REIT and its Subsidiaries based on the ratio of Colony American Homes REIT’s and its Subsidiaries’ proportion of
gross assets compared to all remaining gross assets managed or held by the Manager and its Affiliates as calculated at each quarter end. Colony American Homes REIT will also or will also cause its Subsidiaries to pay the rent for office space and
other office, internal and overhead expenses incurred by persons who are employed directly by Colony American Homes REIT or its Subsidiaries, as applicable, and who are not simultaneously employed by the Manager or any of its Affiliates, including
any such persons who may be seconded exclusively to Colony American Homes REIT or its Subsidiaries pursuant to a secondment arrangement with the Manager. 
 (c) Colony American Homes REIT or, if applicable, its Subsidiaries shall not have any obligation to reimburse the Manager or its Affiliates for the salaries and benefits of the personnel of Colony who
provide services to Colony American Homes REIT and its Subsidiaries related to accounting and finance, legal, human resources, insurance, and operations; provided, however, that Colony American Homes REIT shall reimburse the Manager or its
Affiliates for the salaries and benefits of Colony’s personnel to the extent they provide services relating to SEC reporting and compliance obligations of Colony American Homes REIT and its Subsidiaries; provided, further, however that
Colony American Homes REIT shall not have any obligation to reimburse the Manager or its Affiliates for the salaries and benefits of Colony principals who provide operational and strategic oversight and management to Colony American Homes REIT and
its Subsidiaries, including, but not limited to, Thomas J. Barrack, Jr., Richard Saltzman, Justin Chang, Paul Fuhrman, Richard Welch, Mark Hedstrom, and Ron Sanders. 

  
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 (d) The Manager may, at its option, elect not to seek reimbursement for certain expenses
during a given quarterly period, which determination shall not be deemed to construe a waiver of reimbursement for similar expenses in future periods. 
 (e) With respect to Expenses incurred by the Manager for which Colony American Homes REIT or any of its Subsidiaries is obligated to reimburse the Manager pursuant to this Section 10, such Expenses
for each fiscal quarter shall be reduced by the amount of any brokerage commissions actually received and retained by the Manager or its Affiliates during such fiscal quarter with respect to the Investments. 

(f) The provisions of this Section 10 shall survive the expiration or earlier termination of this Agreement to the extent such
expenses have previously been incurred or are incurred in connection with such expiration or termination. 
 Section 11.
Calculations of Expenses. The Manager shall prepare a statement documenting the Expenses during each fiscal quarter and shall deliver such statement to Colony American Homes REIT within 30 days after the end of each fiscal quarter, or such
earlier time as otherwise approved by the parties, including by a majority of the Independent Directors on behalf of Colony American Homes REIT. Expenses shall be reimbursed to the Manager no later than the 15th Business Day immediately following
the date of delivery of such statement, or such earlier time as otherwise approved by the parties, including by a majority of the Independent Directors on behalf of Colony American Homes REIT; provided, however, that such
reimbursements may be offset by the Manager against amounts due from the Manager to Colony American Homes REIT and its Subsidiaries. The provisions of this Section 11 shall survive the expiration or earlier termination of this Agreement.

 Section 12. Limits of the Manager’s Responsibility; Indemnification. (a) The Manager assumes no
responsibility under this Agreement other than to render the services called for under this Agreement in good faith and shall not be responsible for any action of the Board of Directors of Colony American Homes REIT or its Subsidiaries in following
or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager, its Affiliates and their respective officers, directors, members, managers and employees (each a
“Covered Person”) will not be liable to Colony American Homes REIT or any of its Subsidiaries, the Board of Directors, or Colony American Homes REIT’s or any of its Subsidiaries’ stockholders, partners or member for any
acts or omissions by any such Person (including, without limitation, trade errors that may result from ordinary negligence, such as errors in the investment decision making process or in the trade process), performed in accordance with and pursuant
to this Agreement, except by reason of acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of the Manager’s duties under this Agreement. 

(b) Colony American Homes REIT and its Subsidiaries to the full extent permitted by law shall indemnify and hold harmless each Covered
Person from and against any and all claims or liabilities of any nature whatsoever, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with the business and operations of Colony American Homes
REIT or any of its Subsidiaries or any action taken or omitted by any such Covered Person by or on behalf of Colony American Homes REIT or any of its Subsidiaries pursuant to authority granted by this Agreement, except where found by a court of
competent jurisdiction to be attributable to the gross negligence, willful misconduct or bad faith of any such Covered Person or the reckless disregard by such Covered Person of their duties under this Agreement. In the event that any Covered Person
becomes involved in any capacity in any suit, action, proceeding or investigation in connection with any matter arising out of or in connection with the Manager’s duties hereunder, Colony American Homes REIT will periodically reimburse such
Covered Person for its reasonable legal and other expenses (including the cost of any investigation and preparation) incurred in connection therewith; provided, however, that prior to any such advancement of expenses
(i) such Covered Person shall provide Colony American Homes REIT with an undertaking to promptly repay to Colony American Homes REIT the amount of any such 

  
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expenses paid to it if it shall ultimately be determined that such Covered Person is not entitled to be indemnified by Colony American Homes REIT as herein provided in connection with such suit,
action, proceeding or investigation, and (ii) the Covered Person shall provide Colony American Homes REIT with a written affirmation that such Covered Person in good faith believes that it has met the standard of conduct necessary for
indemnification hereunder; provided, further, however, that the failure for any reason of Colony American Homes REIT to advance funds to any Covered Person shall in no way affect such Covered Person’s right to reimbursement
of such costs if it is ultimately determined that such Covered Person was entitled to indemnification pursuant to the terms hereof. 
 (c) Any Covered Person entitled to indemnification from Colony American Homes REIT hereunder shall seek recovery under any insurance policies by which such Covered Person is covered and any Covered Person
shall obtain the written consent of Colony American Homes REIT prior to entering into any compromise or settlement which would result in an obligation of Colony American Homes REIT to indemnify such Covered Person; provided, however,
that the possibility of recovery under any such insurance policies shall not preclude a Covered Person from seeking indemnification pursuant to this Section 12. If such Covered Person shall actually recover any amounts under any
applicable insurance policies, it shall offset the net proceeds so received against any amounts owed by Colony American Homes REIT by reason of the indemnity provided hereunder or, if all such amounts shall have been paid by Colony American Homes
REIT in full prior to the actual receipt of such net insurance proceeds, it shall pay over such proceeds (up to the amount of indemnification paid by Colony American Homes REIT to such Covered Person) to Colony American Homes REIT. If the amounts in
respect of which indemnification is sought arise out of the conduct of the business and affairs of Colony American Homes REIT or any of its Subsidiaries and also of any other Person or entity for which the Covered Person hereunder was then acting in
a similar capacity, the amount of the indemnification to be provided by Colony American Homes REIT may be limited to Colony American Homes REIT’s and any of its Subsidiaries’ proportionate share thereof if so determined by Colony American
Homes REIT in good faith. 
 (d) The Manager to the full extent permitted by law shall indemnify and hold harmless Colony
American Homes REIT and any of its Subsidiaries and each officer, director, manager, employee and agent of Colony American Homes REIT or any of its Subsidiaries from and against any and all claims or liabilities of any nature whatsoever, including
reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with acts of the Manager found by a court of competent jurisdiction to constitute gross negligence, willful misconduct, bad faith or reckless disregard of
the Manager’s duties under this Agreement, or any claims by the Manager’s employees relating to the terms and conditions of their employment by the Manager; provided, however, that nothing in this Section 12(d)
shall create personal liability on the part of any of the Manager’s Affiliates or its or their respective shareholders, partners, members, managers, officers, directors, employees, agents or representatives. 

(e) The provisions of this Section 12 shall survive the expiration or earlier termination of this Agreement. 

Section 13. Term; Termination. (a) Until this Agreement is terminated in accordance with its terms, this Agreement shall
be in effect until three years from the date of completion of the Initial Public Offering (the “Initial Term”) and shall be automatically renewed for a one-year term each anniversary date thereafter (a “Renewal
Term”) unless at least two-thirds of the Board of Directors, including a majority of the Independent Directors, agree that (i) there has been unsatisfactory performance by the Manager that is materially detrimental to Colony American
Homes REIT or (ii) the compensation payable to the Manager hereunder is unfair; provided that Colony American Homes REIT shall not have the right to terminate this Agreement under clause (ii) above if the Manager agrees to continue
to provide the services under this Agreement at a reduced fee that at least two-thirds of the Board of Directors, including a majority of the Independent Directors, determines to be fair pursuant to

  
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the procedure set forth below. Colony American Homes REIT may elect not to renew this Agreement upon the expiration of the Initial Term or any Renewal Term pursuant to the preceding sentence upon
at least 180 days’ prior written notice to the Manager (the “Termination Notice”). If Colony American Homes REIT issues the Termination Notice, Colony American Homes REIT shall be obligated to (i) specify the reason for
nonrenewal in the Termination Notice (pursuant to either clause (i) or (ii) of the first sentence of this paragraph) and (ii) pay the Manager the Termination Fee on or before the last day of the Initial Term or Renewal Term (the
“Effective Termination Date”); provided, however, that in the event that such Termination Notice is given in connection with a determination that the compensation payable to the Manager is unfair, the Manager
shall have the right to renegotiate such compensation by delivering to Colony American Homes REIT, no fewer than 60 days prior to the prospective Effective Termination Date, written notice (any such notice, a “Notice of Proposal to
Negotiate”) of its intention to renegotiate its compensation under this Agreement. Upon receipt by Colony American Homes REIT of a Notice of Proposal to Negotiate, the Board of Directors, including a majority of the Independent Directors,
and the Manager shall endeavor to negotiate in good faith the revised compensation payable to the Manager under this Agreement. Provided that the Manager and at least a majority of the Board of Directors, including a majority of the Independent
Directors, agree to the terms of the revised compensation to be payable to the Manager within 60 days following the receipt of the Notice of Proposal to Negotiate, the Termination Notice shall be deemed of no force and effect and this Agreement
shall continue in full force and effect on the terms stated in this Agreement, except that the compensation payable to the Manager shall be the revised compensation then agreed upon by the parties to this Agreement. Colony American Homes REIT and
the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised compensation promptly upon reaching an agreement regarding the same. In the event that Colony American Homes REIT and the Manager are unable to agree
to the terms of the revised compensation to be payable to the Manager during such 60-day period, this Agreement shall terminate, such termination to be effective on the date that is the later of (A) 10 days following the end of such 60-day
period and (B) the Effective Termination Date originally set forth in the Termination Notice. 
 (b) In recognition of the
upfront effort required by the Manager to structure Colony American Homes REIT and its Subsidiaries and the commitment of resources by the Manager, in the event that this Agreement is terminated in accordance with the provisions of
Section 13(a) or Section 14(b) of this Agreement, Colony American Homes REIT shall pay or cause to be paid to the Manager, on the date on which such termination is effective, a termination fee (the “Termination Fee”) equal
to three times the average annual Base Management Fee earned by the Manager during the 24-month period immediately preceding the most recently completed fiscal quarter prior to the date of termination. The obligation of Colony American Homes REIT to
pay the Termination Fee shall survive the termination of this Agreement. 
 (c) No later than 180 days prior to the expiration
of the Initial Term or Renewal Term, the Manager may deliver written notice to Colony American Homes REIT informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and
this Agreement shall terminate effective on the anniversary date of this Agreement next following the delivery of such notice. Colony American Homes REIT shall not be required to pay the Termination Fee to the Manager if the Manager terminates this
Agreement pursuant to this Section 13(c). 
 Section 14. Termination for Cause. (a) Colony American Homes
REIT may terminate this Agreement at any time, including during the Initial Term, upon at least 30 days’ prior written notice of termination from the Board of Directors to the Manager, without payment of any Termination Fee by Colony American
Homes REIT, if: 

  
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 (i) the Manager engages in any act or omission that constitutes gross negligence, bad faith,
fraud or willful misconduct; 
 (ii) the Manager breaches this Agreement in any material respect and such breach shall continue
for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period; 
 (iii) there is a commencement of any proceeding relating to the Bankruptcy or insolvency of the Manager, including an order for relief in an involuntary Bankruptcy case or the authorization or filing by
the Manager of a voluntary Bankruptcy petition; 
 (iv) the Manager is convicted (including a plea of nolo contendere) of
a felony; 
 (v) the Manager is unable to perform its obligations under this Agreement; or 

(vi) there is a dissolution of the Manager. 
 (b) The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to Colony American Homes REIT in the event that Colony American Homes REIT shall breach this
Agreement in any material respect or otherwise be unable to perform its obligations hereunder and such breach shall continue for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in
such 30-day period. Colony American Homes REIT shall be required to pay the Termination Fee to the Manager if this Agreement is terminated pursuant to this Section 14(b). 
 (c) The Manager may terminate this Agreement in the event Colony American Homes REIT or any of its Subsidiaries becomes regulated as an “investment company” under the Investment Company Act,
with such termination deemed to have occurred immediately prior to such event. If the Manager terminates this Agreement pursuant to this Section 14(c), Colony American Homes REIT shall not be required to pay the Termination Fee. 

Section 15. Survival; Action Upon Termination. From and after the effective date of termination of this Agreement, pursuant
to Sections 13, 14 or 16 of this Agreement, the Manager shall not be entitled to compensation for further services under this Agreement, but shall be paid all compensation accruing to the date of termination and, if terminated pursuant to
Section 13(a) or 14(b), the applicable Termination Fee. Upon such termination, the Manager shall forthwith: 
 (i) after
deducting any accrued compensation and reimbursement for Expenses to which it is then entitled, pay over to Colony American Homes REIT or any of its Subsidiaries all money collected and held for the account of Colony American Homes REIT or any of
its Subsidiaries pursuant to this Agreement; 
 (ii) deliver to the Board of Directors a full accounting, including a statement
showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board of Directors with respect to Colony American Homes REIT or any of its Subsidiaries;

 (iii) deliver to the Board of Directors all property and documents of Colony American Homes REIT or any of its Subsidiaries
then in the custody of the Manager; and 

  
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 (iv) Sections 6(b), 10, 11, 12, 13, 14, 15 and 24 shall survive the termination of this
Agreement. 
 Section 16. Assignment. This Agreement shall terminate automatically, without payment of the
Termination Fee, in the event of its assignment, in whole or in part, by the Manager, unless such assignment is consented to in writing by Colony American Homes REIT after the approval of a majority of the Board of Directors, including a majority of
the Independent Directors; provided, however, that the Manager may assign this Agreement to any Affiliate of the Manager without the consent of Colony American Homes REIT or the approval of the Board of Directors if such
Affiliate of the Manager becomes a party to, or becomes subject to the rights and obligations of the Manager under, the Investment Allocation Agreement. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as
the Manager is bound, and the Manager shall be liable to Colony American Homes REIT for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to Colony American Homes REIT a
counterpart of this Agreement naming such assignee as Manager. This Agreement shall not be assigned by Colony American Homes REIT without the prior written consent of the Manager, except in the case of assignment by Colony American Homes REIT to
another REIT or other organization which is a successor (by merger, consolidation, purchase of assets, or other transaction) to Colony American Homes REIT, in which case such successor organization shall be bound under this Agreement and by the
terms of such assignment in the same manner as Colony American Homes REIT is bound under this Agreement. 
 Section 17.
Release of Money or Other Property Upon Written Request. The Manager agrees that any money or other property of Colony American Homes REIT or any of its Subsidiaries held by the Manager under this Agreement shall be held by the Manager as
custodian for Colony American Homes REIT or any of its Subsidiaries, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or other property by Colony American Homes REIT or any such Subsidiary.
Upon the receipt by the Manager of a written request signed by a duly authorized officer of Colony American Homes REIT requesting the Manager to release to Colony American Homes REIT or any of its Subsidiaries any money or other property then held
by the Manager for the account of Colony American Homes REIT or any of its Subsidiaries under this Agreement, the Manager shall release such money or other property to Colony American Homes REIT or any of its Subsidiaries within a reasonable period
of time, but in no event later than 30 days following such request. The Manager shall not be liable to Colony American Homes REIT, any of its Subsidiaries, the Independent Directors, or Colony American Homes REIT’s or any of its
Subsidiaries’ stockholders or partners for any acts performed or omissions to act by Colony American Homes REIT or any of its Subsidiaries in connection with the money or other property released to Colony American Homes REIT or any of its
Subsidiaries in accordance with the second sentence of this Section 17. Colony American Homes REIT shall indemnify the Manager and its officers, directors, personnel, and managers against any and all expenses, losses, damages, liabilities,
demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to Colony American Homes REIT or any of its Subsidiaries in accordance with the terms of this
Section 17. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 12 of this Agreement. 
 Section 18. Representations and Warranties. (a) Colony American Homes REIT hereby makes the following representations and warranties to the Manager, all of which shall survive the
execution and delivery of this Agreement: 
 (i) Colony American Homes REIT is a corporation, duly organized, validly existing
and in good standing under the laws of the State of Maryland, and is, or shall be prior to the commencement of services hereunder, qualified to do business and in good standing in Maryland. Colony American Homes REIT has all power and authority
required to execute and deliver this Agreement and to perform all its duties and obligations hereunder. 

  
 - 20 -

 (ii) The execution, delivery, and performance of this Agreement by Colony American Homes
REIT have been duly authorized by all necessary action on the part of Colony American Homes REIT. 
 (iii) This Agreement
constitutes a legal, valid, and binding agreement of Colony American Homes REIT, enforceable against Colony American Homes REIT in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to
time in effect and general principles of equity, including, without limitation, those relating to the availability of specific performance. 
 (b) The Manager hereby makes the following representations and warranties to Colony American Homes REIT, all of which shall survive the execution and delivery of this Agreement: 

(i) The Manager is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware
and is, or shall be prior to the commencement of services hereunder, qualified to do business and in good standing in Delaware. The Manager has all power and authority required to execute and deliver this Agreement and to perform all its duties and
obligations hereunder, subject only to its qualifying to do business and obtaining all requisite permits and licenses required as a result of or relating to the nature or location of any Investments of Colony American Homes REIT or any of its
Subsidiaries (which it shall do promptly after being required to do so). 
 (ii) The execution, delivery, and performance of this
Agreement by the Manager have been duly authorized by all necessary action on the part of the Manager. 
 (iii) This Agreement
constitutes a legal, valid, and binding agreement of the Manager enforceable against the Manager in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general
principles of equity, including, without limitation, those relating to the availability of specific performance. 

Section 19. Notice. (a) All notices, demands or requests provided for or permitted to be given pursuant to this
Agreement must be in writing, to the following addressess: 
 If to Colony American Homes REIT, to: 

Colony American Homes, Inc. 
 2450 Broadway 
 6th Floor 

Santa Monica, California 90404 
 If to the Manager, to: 
 CAH Manager, LLC 

2450 Broadway 
 6th Floor 
 Santa Monica, California 90404 

  
 - 21 -

 (b) All notices, demands and requests to be sent to a party hereto pursuant to this
Agreement shall be deemed to have been properly given or served if: (i) personally delivered, (ii) deposited for next day delivery by Federal Express, or other similar overnight courier services, addressed to such party,
(iii) deposited in the United States mail, addressed to such party, prepaid and registered or certified with return receipt requested or (iv) transmitted via facsimile or other similar device to the attention of such party. 

(c) All notices, demands and requests so given shall be deemed received: (i) when personally delivered, (ii) twenty-four hours
after being deposited for next day delivery with an overnight courier, (iii) forty-eight hours after being deposited in the United States mail, or (iv) three hours after being transmitted via facsimile or otherwise transmitted and receipt
has been confirmed. 
 Section 20. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

Section 21. Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with
respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of
this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. 

Section 22. Amendments. This Agreement may be amended or modified only by an agreement in writing signed by all parties
hereto. 
 Section 23. No Implied Waivers; Remedies. No failure or delay on the part of any party in exercising any
right, privilege, power, or remedy under this Agreement, and no course of dealing shall operate as a waiver of any such right, privilege, power or remedy; nor shall any single or partial exercise of any right, privilege, power or remedy under this
Agreement preclude any other or further exercise of any such right, privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver shall be asserted against any party unless signed in writing by such party. The
rights, privileges, powers and remedies available to the parties are cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law, in equity or otherwise. Except as provided in this Agreement, no
notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in any similar or other circumstances or constitute a waiver of the right of the party giving such notice or making such demand to take
any other or further action in any circumstances without notice or demand. 

  
 - 22 -

 Section 24. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA. EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF CALIFORNIA SHALL HAVE EXCLUSIVE JURISDICTION IN CONNECTION WITH ANY ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES
UNDER THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY WAIVES THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY
SUCH ACTION OR PROCEEDING IN SAID COURTS. 
 Section 25. Headings. The headings contained in this Agreement are for
convenience only and shall not affect the construction or interpretation of any provisions of this Agreement. 

Section 26. Severability. If any provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall
not be affected thereby. 
 Section 27. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this
Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
representatives on the date first written above. 
  

							
		 		 	COLONY AMERICAN HOMES REIT
			
	Address:	 		 	COLONY AMERICAN HOMES, INC.,
		 		 	a Maryland corporation
		 		 		 	
	 2450 Broadway
	 		 	By:	 	 
	6th Floor	 		 		 	Name:
	Santa Monica, California 90404	 		 		 	Title:

  

							
		 		 	MANAGER
			
	Address:	 		 	CAH MANAGER, LLC,
		 		 	a Delaware limited liability company
		 		 		 	
	 2450 Broadway
	 		 	By:	 	 
	6th Floor	 		 		 	Name:
	Santa Monica, California 90404	 		 		 	Title:

 [Signature Page to Management Agreement] 

 EXHIBIT A 
 The Board of Directors has adopted the following investment guidelines: 
  

	 	•	 	 No investment shall be made that would cause Colony American Homes REIT to fail to qualify as a REIT for U.S. federal income tax purposes;

  

	 	•	 	 No investment shall be made that would cause Colony American Homes REIT or any Subsidiary to be regulated as an investment company under the Investment
Company Act; 

  

	 	•	 	 Colony American Homes REIT’s investments will be predominantly in Colony American Homes REIT’s target assets; and

  

	 	•	 	 Until appropriate investments can be identified, the Manager may invest the proceeds of the Initial Public Offering and any future offerings in
interest-bearing, short-term investments, including money market accounts and/or U.S. treasury securities, that are consistent with Colony American Homes REIT’s intention to qualify as a REIT and maintain its exemption from registration under
the Investment Company Act. 

 Colony American Homes REIT’s target assets are single-family homes and
other related assets and businesses in the United States, which are acquired generally with a view of being converted into and/or managed as rental properties for a period following such acquisition. 

In addition, any direct or indirect investment of Colony American Homes REIT’s capital of up to $50 million only requires the
approval of Colony American Homes REIT’s Chief Executive Officer or his designee; any direct or indirect investment of Colony American Homes REIT’s capital in excess of $50 million but less than or equal to the lesser of 20% of
the current asset value of Colony American Homes REIT or $250 million requires the approval of the Investment Committee; and any direct or indirect investment of Colony American Homes REIT’s capital greater than the lesser of 20% of
the current asset value of Colony American Homes REIT or $250 million requires the approval of the Board of Directors. 

  
 Exh. B-1EX-10.5

 EXHIBIT 10.5 
 COLONY AMERICAN HOMES, INC. 
 FORM OF 2013 EQUITY INCENTIVE PLAN

 Colony American Homes, Inc., a Maryland corporation (the “Company”), sets forth herein the terms of its
2013 Equity Incentive Plan (the “Plan”), as follows: 
  

	1.	PURPOSE 

 This Plan is
intended to (a) provide incentives to eligible persons to stimulate their efforts towards the success of the Company and to operate and manage its business in a manner that will provide for the long term growth and profitability of the Company;
and (b) provide a means of obtaining, rewarding and retaining key personnel of the Company and the Manager and affiliates of the Manager. To this end, the Plan provides for the grant of stock options, stock appreciation rights, restricted
stock, unrestricted stock, stock units (including deferred stock units), dividend equivalent rights, long-term incentive units and cash bonus awards. Any of these awards may, but need not, be made as performance incentives to reward attainment of
annual or long-term performance goals in accordance with the terms hereof. Stock options granted under the Plan may be non-qualified stock options or incentive stock options, as provided herein. 

 

	2.	DEFINITIONS 

 For purposes
of interpreting the Plan and related documents (including Award Agreements), the following definitions shall apply: 
 2.1
“Affiliate” means, with respect to the Company or the Manager, respectively, any company or other trade or business that controls, is controlled by or is under common control with the Company or the Manager within the meaning of
Rule 405 of Regulation C under the Securities Act, including, without limitation, any Subsidiary. For purposes of granting stock options or stock appreciation rights, an entity may not be considered an Affiliate of the Company or the Manager,
respectively, unless the Company or the Manager holds a “controlling interest” in such entity, where the term “controlling interest” has the same meaning as provided in Treasury Regulation Section 1.414(c)-2(b)(2)(i),
provided that the language “at least 50 percent” is used instead of “at least 80 percent” and, provided further, that where granting of stock options or stock appreciation rights is based upon a legitimate business criteria, the
language “at least 20 percent” is used instead of “at least 80 percent” each place it appears in Treasury Regulation Section 1.414(c)-2(b)(2)(i). 
 2.2 “Annual Incentive Award” means an Award, denominated in cash, made subject to attainment of performance goals (as described in Section 14) over a Performance Period of up to one
year (the Company’s fiscal year, unless otherwise specified by the Board). 
 2.3 “Applicable Entity” means
the Company, its Affiliates or the Manager and its Affiliates. 
 2.4 “Applicable Laws” means the legal
requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable stock exchange or national market system, of any
jurisdiction applicable to Awards granted to residents therein. 

  
 - 1 -

 2.5 “Award” means a grant of an Option, Stock Appreciation Right,
Restricted Stock, Unrestricted Stock, Stock Units, Dividend Equivalent Right, Performance Award, Annual Incentive Award, LTIP Unit, or Other Equity-Based Award under the Plan. 
 2.6 “Award Agreement” means the agreement between the Company and a Grantee that evidences and sets out the terms and conditions of an Award. 

2.7 “Benefit Arrangement” shall have the meaning set forth in Section 16. 

2.8 “Board” means the Board of Directors of the Company. 

2.9 “Cause” means, with respect to any Grantee, as determined by the Board and unless otherwise provided in an applicable
agreement between such Grantee and the Applicable Entity (a) repeated violations by such Grantee of such Grantee’s obligations to the Applicable Entity (other than as a result of incapacity due to physical or mental illness) which are
demonstrably willful and deliberate on such Grantee’s part, which are committed in bad faith or without reasonable belief that such violations are in the best interests of the Applicable Entity and which are not remedied within a reasonable
period of time after such Grantee’s receipt of written notice from the Company specifying such violations, (b) the conviction of such Grantee of a felony involving an act of dishonesty intended to result in substantial personal enrichment
of such Grantee at the expense of the Applicable Entity or (c) prior to a Change in Control, such other events as shall be determined by the Board, in its sole discretion. Any determination by the Board whether an event constituting Cause shall
have occurred shall be final, binding and conclusive. 
 2.10 “Change in Control” means: 

(1) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of
either (i) the then outstanding shares of common stock, par value $0.01 per share, of the Company (the “Outstanding Company Stock”) or (ii) the combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (1), the following acquisitions shall not constitute a Change in Control:
(i) any acquisition by the Company; (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation or trust controlled by the Company; and (iii) any acquisition by any
entity pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (3) of this Section 2.10; or 
 (2) Individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

  
 - 2 -

 (3) Consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities who
were the beneficial owners of the Outstanding Company Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the
then outstanding common shares and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Business Combination (including,
without limitation, a corporation that as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination of the Outstanding Company Stock and Outstanding Company Voting Securities, as the case may be, and (ii) no Person (excluding any corporation or trust resulting from such Business
Combination or any employee benefit plan (or related trust) of the Company or such corporation or trust resulting from such Business Combination) beneficially owns, directly or indirectly, thirty-five percent (35%) or more of the then
outstanding shares of the corporation or trust resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation or trust except to the extent that such ownership existed prior to the
Business Combination and (iii) at least a majority of the members of the board of directors of the corporation or trust resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial
agreement, or of the action of the Board, providing for such Business Combination; or 
 (4) Approval by the
stockholders of the Company of a complete liquidation or dissolution of the Company and consummation of such transaction. 

Notwithstanding the foregoing, no event or condition shall constitute a Change in Control to the extent that, if it were, a 20% tax would
be imposed upon or with respect to any Award under Code Section 409A; provided that, in such a case, the event or condition shall continue to constitute a Change in Control to the maximum extent possible (e.g., if applicable, in respect of
vesting without an acceleration of distribution) without causing the imposition of such 20% tax. 
 2.11 “Code”
means the Internal Revenue Code of 1986, as now in effect or as hereafter amended. 
 2.12 “Committee” means a
committee of, and designated from time to time by resolution of, the Board, which shall be constituted as provided in Section 3.2 (or, if no Committee has been designated, the Board itself). 

2.13 “Company” means Colony American Homes, Inc., a Maryland corporation. 

2.14 “Covered Employee” means a Grantee who is a covered employee within the meaning of Code Section 162(m)(3).

 2.15 “Determination Date” means the Grant Date or such other date as of which the Fair Market Value of a
share of Stock is required to be established for purposes of the Plan. 
 2.16 “Disability” means the Grantee is
unable to perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment which is potentially permanent in character or which can be expected to last for a continuous period
of not less than 12 months; provided, however, that, with respect to rules regarding expiration of an Incentive Stock 

  
 - 3 -

 
Option following termination of the Grantee’s Service, Disability shall mean the Grantee is unable to engage in any substantial gainful activity by reason of a medically determinable
physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. Notwithstanding the foregoing, no circumstances or condition shall constitute a
Disability to the extent that, if it were, a 20% tax would be imposed upon or with respect to any Award under Code Section 409A; provided that, in such a case, the event or condition shall continue to constitute a Disability to the maximum
extent possible (e.g., if applicable, in respect of vesting without an acceleration of distribution) without causing the imposition of such 20% tax. 
 2.17 “Dividend Equivalent Right” means a right, granted to a Grantee under Section 13, to receive cash, Stock, other Awards or other property equal in value to dividends paid with
respect to a specified number of shares of Stock, or other periodic payments. 
 2.18 “Effective Date” means
[            ], 2013, the date the Plan was approved by the common stockholders of the Company. 
 2.19 “Exchange Act” means the Securities Exchange Act of 1934, as now in effect or as hereafter amended. 
 2.20 “Fair Market Value” means the fair market value of a share of Stock for purposes of the Plan, which shall be determined as of any Determination Date as follows: 

(a) If on such Determination Date the shares of Stock are listed on a Stock Exchange, or are publicly traded on another established
securities market (a “Securities Market”), the Fair Market Value of a share of Stock shall be the closing price of the Stock as reported on such Stock Exchange or such Securities Market (provided that, if there is more than one such
Stock Exchange or Securities Market, the Committee shall designate the appropriate Stock Exchange or Securities Market for purposes of the Fair Market Value determination). If there is no such reported closing price on such Determination Date, the
Fair Market Value of a share of Stock shall be the closing price of the Stock on the prior trading day on which any sale of Stock has been reported on such Stock Exchange or such Securities Market. 

(b) If on such Determination Date the shares of Stock are not listed on a Stock Exchange or publicly traded on a Securities Market, the
Fair Market Value of a share of Stock shall be the value of the Stock as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code Section 409A. 

Notwithstanding this Section 2.20 or Section 19.3, for purposes of determining taxable income and the amount of the related tax
withholding obligation pursuant to Section 19.3, for any shares of Stock subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares of Stock may first be sold pursuant to the terms of the related
Award Agreement, the Fair Market Value of such shares of Stock shall be the sale price of such shares of Stock on such date (or if sales of such shares of Stock are effectuated at more than one sale price, the weighted average sale price of such
shares of Stock on such date). 
 2.21 “Family Member” means a person who is a spouse, former spouse, child,
stepchild, grandchild, parent, stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of the Grantee, any person sharing
the Grantee’s household (other than a tenant or employee), a trust in which any one or more of these persons have more than fifty percent (50%) of the beneficial interest, a foundation in which any one or more of these persons (or the
Grantee) control the management of assets, and any other entity in which one or more of these persons (or the Grantee) own more than fifty percent (50%) of the voting interests. 

  
 - 4 -

 2.22 “Grant Date” means, as determined by the Board, the latest to occur of
(i) the date as of which the Company completes the corporate action constituting the Award, (ii) the date on which the recipient of an Award first becomes eligible to receive an Award under Section 6, or (iii) such other date as
may be specified by the Board. 
 2.23 “Grantee” means a person who receives or holds an Award under the Plan.

 2.24 “Incentive Stock Option” means an “incentive stock option” within the meaning of Code
Section 422, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 
 2.25
“Long-Term Incentive Unit” or “LTIP Unit” means an Award under Section 15 of an interest in the Operating Partnership. 
 2.26 “Manager” means CAH Manager, LLC, or any successor or replacement entity, if any, providing management services to the Company. 

2.27 “Non-qualified Stock Option” means an Option that is not an Incentive Stock Option. 

2.28 “Operating Partnership” means the operating partnership affiliated with the Company, if any. 

2.29 “Option” means an option to purchase one or more shares of Stock pursuant to the Plan. 

2.30 “Option Price” means the exercise price for each share of Stock subject to an Option. 

2.31 “Other Agreement” shall have the meaning set forth in Section 16. 

2.32 “Other Equity-Based Award” means a right or other interest that may be denominated or payable in, valued in whole or
in part by reference to, or otherwise based on, or related to, Stock, other than an Option, Stock Appreciation Right, Restricted Stock, Unrestricted Stock, Stock Units, Dividend Equivalent Right, LTIP Unit, Performance Award, or Annual Incentive
Award. 
 2.33 “Outside Director” means a member of the Board who is not an officer or employee of the Company.

 2.34 “Performance Award” means an Award made subject to the attainment of performance goals (as described in
Section 14) over a Performance Period of up to ten (10) years. 
 2.35 “Performance-Based
Compensation” means compensation under an Award that is intended to satisfy the requirements of Code Section 162(m) for “qualified performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing,
nothing in the Plan shall be construed to mean that an Award which does not satisfy the requirements for “qualified performance-based compensation” under Code Section 162(m) does not constitute performance-based compensation for other
purposes, including for purposes of Code Section 409A. 

  
 - 5 -

 2.36 “Performance Measures” means measures as described in
Section 14 on which the performance goals are based and which have been approved by the Company’s stockholders pursuant to the Plan in order to qualify Awards as Performance-Based Compensation. 

2.37 “Performance Period” means the period of time during which the performance goals must be met in order to determine
the degree of payout and/or vesting with respect to an Award. 
 2.38 “Plan” means this Colony American Homes,
Inc. 2013 Equity Incentive Plan, as amended from time to time. 
 2.39 “Purchase Price” means the purchase price
for each share of Stock pursuant to a grant of Restricted Stock, Stock Units or Unrestricted Stock. 
 2.40 “Reporting
Person” means a person who is required to file reports under Section 16(a) of the Exchange Act. 
 2.41
“Restricted Stock” means shares of Stock, awarded to a Grantee pursuant to Section 10. 
 2.42
“SAR Exercise Price” means the per share exercise price of a SAR granted to a Grantee under Section 9. 
 2.43 “Securities Act” means the Securities Act of 1933, as now in effect or as hereafter amended. 
 2.44 “Service” means service as a Service Provider to any Applicable Entity. Unless otherwise stated in the applicable Award Agreement, a Grantee’s change in position or duties shall
not result in interrupted or terminated Service, so long as such Grantee continues to be a Service Provider to any Applicable Entity. Subject to the preceding sentence, whether a termination of Service shall have occurred for purposes of the Plan
shall be determined by the Board, which determination shall be final, binding and conclusive. Notwithstanding any other provision to the contrary, for any individual providing services solely as a director, only service to the Company or any of its
Subsidiaries constitutes Service. If the Service Provider’s employment or other service relationship is with an Affiliate of the Company or the Manager and that entity ceases to be an Affiliate of the Company or the Manager, a termination of
Service shall be deemed to have occurred when the entity ceases to be an Affiliate of the Company or the Manager unless the Service Provider transfers his or her employment or other service relationship to the Company or the Manager or their
remaining Affiliates. With respect to any Award subject to Code Section 409A, termination of Service shall mean a “separation from service” as interpreted within the meaning of Section 409A of the Code and Treasury Regulation
1.409A-1(h). 
 2.45 “Service Provider” means the Manager, an Affiliate of the Manager or an employee, officer,
director, or a consultant or adviser (who is a natural person) providing services to an Applicable Entity. 
 2.46
“Stock” means the common stock, par value $0.01 per share, of the Company. 
 2.47 “Stock Appreciation
Right” or “SAR” means a right granted to a Grantee under Section 9. 
 2.48 “Stock
Exchange” means the New York Stock Exchange or another established national or regional stock exchange. 

  
 - 6 -

 2.49 “Stock Unit” means a bookkeeping entry representing the equivalent of
one share of Stock awarded to a Grantee pursuant to Section 10. 
 2.50 “Subsidiary” means any
“subsidiary corporation” of the Company or Manager within the meaning of Code Section 424(f). 
 2.51
“Substitute Award” means an Award granted upon assumption of, or in substitution for, outstanding awards previously granted by a company or other entity acquired by the Company or an Affiliate or with which the Company or an
Affiliate combines. 
 2.52 “Ten Percent Stockholder” means an individual who owns more than ten percent
(10%) of the total combined voting power of all classes of outstanding voting securities of the Company, its parent or any of its Subsidiaries. In determining stock ownership, the attribution rules of Code Section 424(d) shall be applied.

 2.53 “Unrestricted Stock” shall have the meaning set forth in Section 11. 

Unless the context otherwise requires, all references in the Plan to “including” shall mean “including without
limitation.” 
 References in the Plan to any Code Section shall be deemed to include, as applicable, regulations
promulgated under such Code Section. 
  

	3.	ADMINISTRATION OF THE PLAN 

3.1. Board. 
 The Board shall have such powers and authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and by-laws and Applicable Laws. The Board
shall have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award Agreement, and shall have full power and authority to take all such other actions and make all
such other determinations not inconsistent with the specific terms and provisions of the Plan that the Board deems to be necessary or appropriate to the administration of the Plan, any Award or any Award Agreement. All such actions and
determinations shall be by the affirmative vote of a majority of the members of the Board present at a meeting at which a quorum is present or by unanimous consent of the Board executed in writing in accordance with the Company’s certificate of
incorporation and by-laws and Applicable Laws. The interpretation and construction by the Board of any provision of the Plan, any Award or any Award Agreement shall be final, binding and conclusive. 

3.2. Committee. 
 The Board from time to time may delegate to the Committee such powers and authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 above and other
applicable provisions, as the Board shall determine, consistent with the certificate of incorporation and by-laws of the Company and Applicable Laws. 
 (i) Except as provided in Subsection (ii) and except as the Board may otherwise determine, the Committee, if any, appointed by the Board to administer the Plan shall consist of two or more Outside
Directors of the Company who: (a) qualify as “outside directors” within the meaning of Section 162(m) of the Code and who (b) meet such other requirements as may be established from time to time by the Securities and
Exchange Commission for plans intended to qualify for exemption under Rule 16b-3 (or its successor) under the Exchange Act and who (c) comply with the independence requirements of the stock exchange on which the Stock is listed. 

  
 - 7 -

 (ii) The Board may also appoint one or more separate committees of the
Board, each composed of one or more directors of the Company who need not be Outside Directors, who may administer the Plan with respect to employees or other Service Providers who are not executive officers (as defined under Rule 3b-7 of the
Exchange Act) or directors of the Company, may grant Awards under the Plan to such employees or other Service Providers, and may determine all terms of such Awards, subject to the requirements of Code Section 162(m), Rule 16b-3 and the rules of
the stock exchange on which the Stock is listed. 
 In the event that the Plan, any Award or any Award Agreement entered into
hereunder provides for any action to be taken by or determination to be made by the Board, such action may be taken or such determination may be made by a Committee if the power and authority to do so has been delegated (and such delegated authority
has not been revoked) to such Committee by the Board as provided for in this Section. Unless otherwise expressly determined by the Board, any such action or determination by the Committee shall be final, binding and conclusive. To the extent
permitted by law, the Committee may delegate its authority under the Plan to a member of the Board, provided, that such member of the Board to whom the Committee delegates authority under the Plan must be an Outside Director who satisfies the
requirements of Subsection (i)(a)-(c) of this Section 3.2. 
 3.3. Terms of Awards. 

Subject to the other terms and conditions of the Plan, the Board shall have full and final authority to: 

(i) designate Grantees; 
 (ii) determine the type or types of Awards to be made to a Grantee; 
 (iii)
determine the number of shares of Stock to be subject to an Award; 
 (iv) establish the terms and conditions of each Award
(including, but not limited to, the exercise price of any Option, the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the shares of Stock
subject thereto, the treatment of an Award in the event of a Change in Control, and any terms or conditions that may be necessary to qualify Options as Incentive Stock Options); 

(v) prescribe the form of each Award Agreement evidencing an Award; and 

(vi) amend, modify, or reprice the terms of any outstanding Award subject to the restrictions of Section 3.5. Such authority
specifically includes the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make or modify Awards to eligible individuals who are foreign nationals or are individuals who are employed outside the United
States to recognize differences in local law, tax policy, or custom. Notwithstanding the foregoing, no amendment, modification or supplement of any Award shall, without the consent of the Grantee, impair the Grantee’s rights under such Award.

  
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 3.4. Forfeiture; Recoupment. 

The Company may reserve the right in an Award Agreement to cause a forfeiture of the gain realized by a Grantee with respect to an Award
thereunder on account of actions taken by, or failed to be taken by, such Grantee in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition agreement, (c) agreement prohibiting solicitation of
employees or clients of the Company or any Affiliate, (d) confidentiality obligation with respect to the Company or any Affiliate, (e) secondment agreement, or (f) other agreement, as and to the extent specified in such Award
Agreement. The Company may annul an outstanding Award if the Grantee thereof is an employee and is terminated for Cause as defined in the Plan or the applicable Award Agreement or for “cause” as defined in any other agreement between the
Applicable Entity and such Grantee, as applicable. 
 Any Award granted pursuant to the Plan is subject to mandatory repayment
by the Grantee to the Company to the extent the Grantee is or in the future becomes subject to any Company “clawback” or recoupment policy that requires the repayment by the Grantee to the Company of compensation paid by the Company to the
Grantee in the event that the Grantee fails to comply with, or violates, the terms or requirements of such policy. Such policy may authorize the Company to recover from a Grantee incentive-based compensation (including Options awarded as
compensation) awarded to or received by such Grantee during a period of up to three (3) years, as determined by the Committee, preceding the date on which the Company is required to prepare an accounting restatement due to material
noncompliance by the Company, as a result of misconduct, with any financial reporting requirement under the federal securities laws. 
 Furthermore, if the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the
federal securities laws, and any Award Agreement so provides, any Grantee of an Award under such Award Agreement who knowingly engaged in such misconduct, was grossly negligent in engaging in such misconduct, knowingly failed to prevent such
misconduct or was grossly negligent in failing to prevent such misconduct, shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the 12-month period following the first public issuance or filing
with the United States Securities and Exchange Commission (whichever first occurred) of the financial document that contained information affected by such material noncompliance. 

Notwithstanding any other provision of the Plan or any provision of any Award Agreement, if the Company is required to prepare an
accounting restatement, then Grantees shall forfeit any cash or Stock received in connection with an Award (or an amount equal to the Fair Market Value of such Stock on the date of delivery if the Grantee no longer holds the shares of Stock) if
pursuant to the terms of the Award Agreement for such Award, the amount of the Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in the Award Agreement (including
earnings, gains, or other performance goals) that are later determined, as a result of the accounting restatement, not to have been achieved. 
 3.5. No Repricing. 
 Except in connection with a corporate transaction
involving the Company (including, without limitation, any stock dividend, distribution (whether in the form of cash, shares of Stock, other securities or other property), stock split, extraordinary cash dividend, recapitalization, change in control,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares of Stock or other securities or similar transaction), the Company may not, without obtaining stockholder approval: (a) amend the terms of
outstanding Options or SARs to reduce the exercise price of such outstanding Options or SARs; (b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price that is less than the exercise price
of the original Options or SARs; or (c) cancel outstanding Options or SARs with an exercise price below the current stock price in exchange for cash or other securities. 

  
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 3.6. Deferral Arrangement. 

The Board may permit or require the deferral of any award payment into a deferred compensation arrangement, subject to such rules and
procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions for converting such credits into Stock Units and for restricting deferrals
to comply with hardship distribution rules affecting tax-qualified retirement plans subject to Code Section 401(k)(2)(B)(IV), provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or
SARs. Any such deferrals shall be made in a manner that complies with Code Section 409A. 
 3.7. No Liability.

 No member of the Board or the Committee shall be liable for any action or determination made in good faith with respect
to the Plan or any Award or Award Agreement. 
 3.8. Stock Issuance/Book-Entry. 

Notwithstanding any provision of the Plan to the contrary, the issuance of the shares of Stock under the Plan may be evidenced in such a
manner as the Board, in its discretion, deems appropriate, including, without limitation, book-entry or direct registration or the issuance of one or more share certificates. 

 

	4.	STOCK SUBJECT TO THE PLAN 

4.1. Number of Shares of Stock Available for Awards. 
 Subject to Section 4.2, and subject to adjustments as provided in Section 18, the total number of shares of Stock available for issuance under the Plan, in the aggregate, may not
exceed 4% of the shares of Stock issued and outstanding upon completion of the initial public offering of the Company’s common stock (the “IPO”), including any shares of Stock that may be issued upon exercise of the
underwriters’ over-allotment option, on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including common or associate general partner units
in the Operating Partnership and LTIP Units, into shares of Stock). Subject to adjustment as provided in Section 18, the maximum number of shares of Stock available for issuance as Incentive Stock Options over the life of the Plan shall
not exceed                     . Shares of Stock issued or to be issued under the Plan shall be authorized but unissued shares, as may be determined
from time to time by the Board or by the Committee. 
 4.2. Adjustments in Authorized Shares of Stock. 

The Board shall have the right to substitute or assume Awards in connection with mergers, reorganizations, separations, or other
transactions to which Code Section 424(a) applies. The number of shares of Stock reserved pursuant to Section 4 shall be increased by the corresponding number of awards assumed, and in the case of a substitution, by the net increase
in the number of shares of Stock subject to awards before and after substitution. Available shares under a shareholder approved plan of an acquired company (as appropriately adjusted to reflect the transaction) may be used for Awards under the Plan
and do not reduce the number of shares of Stock available under the Plan, subject to applicable stock exchange requirements. 

  
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 4.3. Share Usage. 

Shares of Stock covered by an Award shall be counted as used as of the Grant Date. Any shares of Stock that are subject to Awards shall
be counted against the limit set forth in Section 4.1 as one (1) share of Stock for every one (1) share of Stock subject to an Award. With respect to SARs, the number of shares of Stock subject to an award of SARs will be
counted against the aggregate number of shares of Stock available for issuance under the Plan regardless of the number of shares of Stock actually issued to settle the SAR upon exercise. If any shares of Stock covered by an Award granted under the
Plan are not purchased or are forfeited or expire, or if an Award otherwise terminates without delivery of any shares of Stock subject thereto, then the number of shares of Stock counted against the aggregate number of shares of Stock available
under the Plan with respect to such Award shall, to the extent of any such forfeiture, termination or expiration, again be available for making Awards under the Plan in the same amount as such shares of Stock were counted against the limit set forth
in Section 4.1. The number of shares of Stock available for issuance under the Plan shall not be increased by (i) any shares of Stock tendered or withheld or Award surrendered in connection with the purchase of shares of Stock upon
exercise of an Option as described in Section 12.2, (ii) any shares of Stock deducted or delivered from an Award payment in connection with the Company’s tax withholding obligations as described in Section 19.3 or (iii) any
shares of Stock purchased by the Company with proceeds from option exercises. 
  

	5.	EFFECTIVE DATE, DURATION AND AMENDMENTS 

 5.1. Effective Date. 
 The Plan shall be effective as of the Effective
Date. 
 5.2. Term. 
 The Plan shall terminate automatically ten (10) years after the Effective Date and may be terminated on any earlier date as provided in Section 5.3. 

5.3. Amendment and Termination of the Plan. 
 The Board may, at any time and from time to time, amend, suspend, or terminate the Plan as to any shares of Stock as to which Awards have not been made. An amendment shall be contingent on approval
of the Company’s stockholders to the extent stated by the Board, required by Applicable Laws or required by applicable stock exchange listing requirements. No amendment will be made to the no-repricing provisions of Section 3.5 or
the option pricing provisions of Section 8.1 without the approval of the Company’s stockholders. No amendment, suspension, or termination of the Plan shall, without the consent of the Grantee, impair rights or obligations under any
Award theretofore awarded under the Plan.  
  

	6.	AWARD ELIGIBILITY AND LIMITATIONS 

 6.1. Service Providers and Other Persons. 
 Subject to this
Section 6, Awards may be made under the Plan to: (i) any Service Provider, as the Board shall determine and designate from time to time and (ii) any other individual whose participation in the Plan is determined to be in the
best interests of the Company by the Board. 

  
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 6.2. Limitation on Shares of Stock Subject to Awards and Cash Awards 

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act and the transition
period under Treasury Regulation Section 1.162-27(f)(2) has lapsed or does not apply: 
 (i) the maximum
number of shares of Stock subject to Options or SARs that can be granted under the Plan to any person eligible for an Award under Section 6 is four million (4,000,000) in a calendar year; and 

(ii) the maximum number of shares of Stock that can be granted under the Plan, other than pursuant to an Option or SARs,
to any person eligible for an Award under Section 6 is four million (4,000,000) in a calendar year. 
 The preceding
limitations in this Section 6.2 are subject to adjustment as provided in Section 18. 
 6.3.
Stand-Alone, Additional, Tandem and Substitute Awards. 
 Subject to Section 3.5, Awards granted under the Plan
may, in the discretion of the Board, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of the Company, any Affiliate, or any business entity to be
acquired by the Company or an Affiliate, or any other right of a Grantee to receive payment from the Company or any Affiliate. Such additional, tandem, and substitute or exchange Awards may be granted at any time. Subject to Section 3.5,
if an Award is granted in substitution or exchange for another Award, the Board shall require the surrender of such other Award in consideration for the grant of the new Award. In addition, Awards may be granted in lieu of cash compensation,
including in lieu of cash amounts payable under other plans of the Company or any Affiliate. Notwithstanding Section 8.1 and Section 9.1 but subject to Section 3.5, the Option Price of an Option or the grant price
of an SAR that is a Substitute Award may be less than 100% of the Fair Market Value of a share of Stock on the original date of grant; provided, that, the Option Price or grant price is determined in accordance with the principles of Code
Section 424 and the regulations thereunder for any Incentive Stock Option and consistent with Code Section 409A for any other Option or SAR. 
  

	7.	AWARD AGREEMENT 

 Each
Award granted pursuant to the Plan shall be evidenced by an Award Agreement, in such form or forms as the Board shall from time to time determine. Award Agreements granted from time to time or at the same time need not contain similar provisions but
shall be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of Options shall specify whether such Options are intended to be Non-qualified Stock Options or Incentive Stock Options, and in the absence of such
specification such options shall be deemed Non-qualified Stock Options. 
  

	8.	TERMS AND CONDITIONS OF OPTIONS 

 8.1. Option Price. 
 The Option Price of each Option shall be fixed by the
Board and stated in the Award Agreement evidencing such Option. Except in the case of Substitute Awards, the Option Price of each Option shall be at least the Fair Market Value of a share of Stock on the Grant Date; provided, however, that in the
event that a Grantee is a Ten Percent Stockholder, the Option Price of an Option granted to such Grantee that is intended to be an Incentive Stock Option shall be not less than one hundred ten percent (110%) of the Fair Market Value of a share
of Stock on the Grant Date. In no case shall the Option Price of any Option be less than the par value of a share of Stock. 

  
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 8.2. Vesting. 

Subject to Sections 8.3 and 18.3, each Option granted under the Plan shall become exercisable at such times and under such
conditions as shall be determined by the Board and stated in the Award Agreement. For purposes of this Section 8.2, fractional numbers of shares of Stock subject to an Option shall be rounded down to the next nearest whole number.

 8.3. Term. 
 Each Option granted under the Plan shall terminate, and all rights to purchase shares of Stock thereunder shall cease, upon the expiration of ten (10) years from the date such Option is granted, or
under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the Award Agreement relating to such Option; provided, however, that in the event that the Grantee is a Ten Percent
Stockholder, an Option granted to such Grantee that is intended to be an Incentive Stock Option shall not be exercisable after the expiration of five (5) years from its Grant Date. 

8.4. Termination of Service. 
 Each Award Agreement shall set forth the extent to which the Grantee shall have the right to exercise the Option following termination of the Grantee’s Service. Such provisions shall be determined in
the sole discretion of the Board, need not be uniform among all Options issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination of Service. 

8.5. Limitations on Exercise of Option. 
 Notwithstanding any other provision of the Plan, in no event may any Option be exercised, in whole or in part, prior to the date the Plan is approved by the stockholders of the Company as provided herein
or after the occurrence of an event referred to in Section 18 which results in termination of the Option. 
 8.6.
Method of Exercise. 
 Subject to the terms of Section 12 and Section 19.3, an Option that is
exercisable may be exercised by the Grantee’s delivery to the Company of notice of exercise on any business day, at the Company’s principal office, on the form specified by the Company and in accordance with any additional procedures
specified by the Board. Such notice shall specify the number of shares of Stock with respect to which the Option is being exercised and shall be accompanied by payment in full of the Option Price of the shares of Stock for which the Option is being
exercised plus the amount (if any) of federal and/or other taxes which the Company may, in its judgment, be required to withhold with respect to an Award. 
 8.7. Rights of Holders of Options. 
 Unless otherwise stated in the
applicable Award Agreement, a Grantee or other person holding or exercising an Option shall have none of the rights of a stockholder (for example, the right to receive cash or dividend payments or distributions attributable to the subject shares of
Stock or to direct the voting of the subject shares of Stock or to receive notice of any meeting of the Company’s stockholders) until the shares of Stock covered thereby are fully paid and issued to such Grantee or other person. Except as
provided in Section 18, no adjustment shall be made for dividends, distributions or other rights for which the record date is prior to the date of such issuance. 

  
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 8.8. Delivery of Stock Certificates. 

Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee
shall be entitled to receive such evidence of such Grantee’s ownership of the shares of Stock subject to such Option as shall be consistent with Section 3.8. 
 8.9. Transferability of Options. 
 Except as provided in
Section 8.10, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise an Option. Except as provided in
Section 8.10, no Option shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 
 8.10. Family Transfers. 
 If authorized in the applicable Award Agreement
or by the Board, in its sole discretion, a Grantee may transfer, not for value, all or part of an Option which is not an Incentive Stock Option to any Family Member. For the purpose of this Section 8.10, a “not for value”
transfer is a transfer which is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Laws do not permit such transfers, a transfer to an entity in which more
than fifty percent (50%) of the voting interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 8.10, any such Option shall continue to be subject to
the same terms and conditions as were applicable immediately prior to transfer, and shares of Stock acquired pursuant to the Option shall be subject to the same restrictions on transfer of shares as would have applied to the Grantee. Subsequent
transfers of transferred Options are prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The events of termination of Service of
Section 8.4 shall continue to be applied with respect to the original Grantee, following which the Option shall be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4. 

8.11. Limitations on Incentive Stock Options. 
 An Option shall constitute an Incentive Stock Option only (i) if the Grantee of such Option is an employee of the Company or any Subsidiary of the Company; (ii) to the extent specifically
provided in the related Award Agreement; and (iii) to the extent that the aggregate Fair Market Value (determined at the time the Option is granted) of the shares of Stock with respect to which all Incentive Stock Options held by such Grantee
become exercisable for the first time during any calendar year (under the Plan and all other plans of the Grantee’s employer and its Affiliates) does not exceed $100,000. Except to the extent provided in the regulations under Code
Section 422, this limitation shall be applied by taking Options into account in the order in which they were granted.  
 8.12. Notice of Disqualifying Disposition. 
 If any Grantee shall make any
disposition of shares of Stock issued pursuant to the exercise of an Incentive Stock Option under the circumstances provided in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee shall notify the Company of such
disposition within ten (10) days thereof. 

  
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	9.	TERMS AND CONDITIONS OF STOCK APPRECIATION RIGHTS 

 9.1. Right to Payment and Grant Price. 
 A SAR shall confer on the Grantee
to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the SAR Exercise Price as determined by the Board. The Award Agreement for a
SAR shall specify the SAR Exercise Price, which shall be at least the Fair Market Value of one (1) share of Stock on the date of grant. SARs may be granted in conjunction with all or part of an Option granted under the Plan or at any subsequent
time during the term of such Option, in conjunction with all or part of any other Award or without regard to any Option or other Award; provided that a SAR that is granted subsequent to the Grant Date of a related Option must have a SAR Exercise
Price that is no less than the Fair Market Value of one share of Stock on the SAR Grant Date; provided further that a Grantee may only exercise either the SAR or the Option with which it is granted in tandem and not both. 

9.2. Other Terms. 
 The Board shall determine at the date of grant or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of
performance goals and/or future service requirements), the time or times at which SARs shall cease to be or become exercisable following termination of Service or upon other conditions, the method of exercise, method of settlement, form of
consideration payable in settlement, method by or forms in which shares of Stock will be delivered or deemed to be delivered to Grantees, whether or not a SAR shall be in tandem or in combination with any other Award, and any other terms and
conditions of any SAR. 
 9.3. Term. 
 Each SAR granted under the Plan shall terminate, and all rights thereunder shall cease, upon the expiration of ten (10) years from the date such SAR is granted, or under such circumstances and on
such date prior thereto as is set forth in the Plan or as may be fixed by the Board and stated in the Award Agreement relating to such SAR. 
 9.4. Transferability of SARS. 
 Except as provided in
Section 9.5, during the lifetime of a Grantee, only the Grantee (or, in the event of legal incapacity or incompetency, the Grantee’s guardian or legal representative) may exercise a SAR. Except as provided in
Section 9.5, no SAR shall be assignable or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution.  
 9.5. Family Transfers. 
 If authorized in the applicable Award Agreement or
by the Board, in its sole discretion, a Grantee may transfer, not for value, all or part of a SAR to any Family Member. For the purpose of this Section 9.5, a “not for value” transfer is a transfer which is (i) a gift,
(ii) a transfer under a domestic relations order in settlement of marital property rights; or (iii) unless Applicable Laws do not permit such transfers, a transfer to an entity in which more than fifty percent (50%) of the voting
interests are owned by Family Members (or the Grantee) in exchange for an interest in that entity. Following a transfer under this Section 9.5, any such SAR shall continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer, and shares of Stock acquired pursuant to a SAR shall be subject to the same restrictions on transfer or shares as would have applied to the Grantee. Subsequent transfers of transferred SARs are prohibited except to
Family Members of the original Grantee in accordance with this Section 9.5 or by will or the laws of descent and distribution. 

  
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	10.	TERMS AND CONDITIONS OF RESTRICTED STOCK AND STOCK UNITS 

 10.1. Grant of Restricted Stock or Stock Units. 
 Awards of Restricted
Stock or Stock Units may be made for consideration or no consideration (other than the par value of the shares of Stock which shall be deemed paid by past Service or, if so provided in the related Award Agreement or a separate agreement, the promise
by the Grantee to perform future Service to an Applicable Entity). 
 10.2. Restrictions. 

At the time a grant of Restricted Stock or Stock Units is made, the Board may, in its sole discretion, establish a period of time (a
“restricted period”) applicable to such Restricted Stock or Stock Units. Each Award of Restricted Stock or Stock Units may be subject to a different restricted period. The Board may in its sole discretion, at the time a grant of
Restricted Stock or Stock Units is made, prescribe restrictions in addition to or other than the expiration of the restricted period, including the satisfaction of corporate or individual performance objectives, which may be applicable to all or any
portion of the Restricted Stock or Stock Units as described in Section 14. Neither Restricted Stock nor Stock Units may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the restricted period or prior
to the satisfaction of any other restrictions prescribed by the Board with respect to such Restricted Stock or Stock Units. 

10.3. Registration; Restricted Stock Certificates. 
 Pursuant to Section 3.7, to the extent that ownership of Restricted Stock is evidenced by a book-entry registration or direct registration, such registration shall be notated to evidence the
restrictions imposed on such Award of Restricted Stock under the Plan and the applicable Award Agreement. Subject to Section 3.7 and the immediately following sentence, the Company may issue, in the name of each Grantee to whom
Restricted Stock have been granted, stock certificates representing the total number of Restricted Stock granted to the Grantee, as soon as reasonably practicable after the Grant Date. The Board may provide in an Award Agreement that either
(i) the Secretary of the Company shall hold such certificates for the Grantee’s benefit until such time as the shares of Restricted Stock are forfeited to the Company or the restrictions applicable thereto lapse and such Grantee shall
deliver a stock power to the Company with respect to each certificate, or (ii) such certificates shall be delivered to the Grantee, provided, however, that such certificates shall bear a legend or legends that comply with the applicable
securities laws and regulations and makes appropriate reference to the restrictions imposed under the Plan and the Award Agreement. 
 10.4. Rights of Holders of Restricted Stock. 
 Unless the Board otherwise
provides in an Award Agreement, holders of Restricted Stock shall have the right to vote such shares of Stock and the right to receive any dividends declared or paid with respect to such shares of Stock. All distributions, if any, received by a
Grantee with respect to Restricted Stock as a result of any stock split, stock dividend, combination of stock, or other similar transaction shall be subject to the restrictions applicable to the original Grant. 

10.5. Rights of Holders of Stock Units. 

  
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 10.5.1 Voting and Dividend Rights. 

Holders of Stock Units shall have no rights as stockholders of the Company (for example, the right to receive cash or dividend payments
or distributions attributable to the shares of Stock subject to such Stock Units, to direct the voting of the shares of Stock subject to such Stock Units, or to receive notice of any meeting of the Company’s stockholders). The Board may provide
in an Award Agreement evidencing a grant of Stock Units that the holder of such Stock Units shall be entitled to receive, upon the Company’s payment of a cash dividend on its outstanding shares of Stock, a cash payment for each Stock Unit held
equal to the per-stock dividend paid on the shares of Stock. Such Award Agreement may also provide that such cash payment will be deemed reinvested in additional Stock Units at a price per unit equal to the Fair Market Value of a share of Stock on
the date that such dividend is paid. Notwithstanding the foregoing, if a grantor trust is established in connection with the Awards of Stock Units and shares of Stock are held in the grantor trust for purposes of satisfying the Company’s
obligation to deliver shares of Stock in connection with such Stock Units, the Award Agreement for such Stock Units may provide that such cash payment shall be deemed reinvested in additional Stock Units at a price per unit equal to the actual price
paid for each share of Stock by the trustee of the grantor trust upon such trustee’s reinvestment of the cash dividend received. 
 10.5.2. Creditor’s Rights. 
 A holder of Stock Units shall have no
rights other than those of a general creditor of the Company. Stock Units represent an unfunded and unsecured obligation of the Company, subject to the terms and conditions of the applicable Award Agreement. 

10.6. Termination of Service. 
 Unless the Board otherwise provides in an Award Agreement or in writing after the Award Agreement is issued, upon the termination of a Grantee’s Service, any Restricted Stock or Stock Units held by
such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall immediately be deemed forfeited. Upon forfeiture of Restricted Stock or Stock Units, the Grantee shall have no further
rights with respect to such Award, including but not limited to any right to vote Restricted Stock or any right to receive dividends with respect to Restricted Stock or Stock Units. 

10.7. Purchase of Restricted Stock and Shares of Stock Subject to Stock Units. 

The Grantee shall be required, to the extent required by Applicable Laws, to purchase the Restricted Stock or shares of Stock subject to
vested Stock Units from the Company at a Purchase Price equal to the greater of (i) the aggregate par value of the shares of Stock represented by such Restricted Stock or Stock Units or (ii) the Purchase Price, if any, specified in the
Award Agreement relating to such Restricted Stock or Stock Units. The Purchase Price shall be payable in a form described in Section 12 or, in the discretion of the Board, in consideration for past or future Services rendered to an
Applicable Entity. 
 10.8. Delivery of Shares of Stock. 

Upon the expiration or termination of any restricted period and the satisfaction of any other conditions prescribed by the Board, the
restrictions applicable to Restricted Stock or Stock Units settled in shares of Stock shall lapse, and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct registration or a stock certificate evidencing ownership of
such shares of Stock shall, consistent with Section 3.8, be issued, free of all such restrictions, to the Grantee or the Grantee’s beneficiary or estate, as the case may be. Neither the Grantee, nor the Grantee’s beneficiary or
estate, shall have any further rights with regard to a Stock Unit once the shares of Stock represented by the Stock Unit has been delivered. 

  
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	11.	TERMS AND CONDITIONS OF UNRESTRICTED STOCK AWARDS AND OTHER EQUITY-BASED AWARDS 

The Board may, in its sole discretion, grant (or sell at par value or such other higher purchase price determined by the Board) an
Unrestricted Stock Award to any Grantee pursuant to which such Grantee may receive shares of Stock free of any restrictions (“Unrestricted Stock”) under the Plan. Unrestricted Stock Awards may be granted or sold to any Grantee as
provided in the immediately preceding sentence in respect of past or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service to an Applicable Entity or other valid consideration,
or in lieu of, or in addition to, any cash compensation due to such Grantee. 
 The Board may, in its sole discretion, grant
Awards to Participants in the form of Other Equity-Based Awards, as deemed by the Board to be consistent with the purposes of the Plan. Awards granted pursuant to this Section 11 may be granted with vesting, value and/or payment
contingent upon the attainment of one or more performance goals. The Board shall determine the terms and conditions of such Awards at the date of grant or thereafter. Unless the Board otherwise provides in an Award Agreement or in writing after the
Award Agreement is issued, upon the termination of a Grantee’s Service, any Other Equity-Based Awards held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, shall
immediately be deemed forfeited. Upon forfeiture of Other Equity-Based Awards, the Grantee shall have no further rights with respect to such Award. 
  

	12.	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED STOCK 

 12.1. General Rule. 
 Payment of the Option Price for the shares of Stock
purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock shall be made in cash or in cash equivalents acceptable to the Company. 
 12.2. Surrender of Shares of Stock. 
 To the extent the Award Agreement so
provides, payment of the Option Price for shares of Stock purchased pursuant to the exercise of an Option or the Purchase Price for Restricted Stock may be made all or in part through the tender or attestation to the Company of shares of Stock,
which shall be valued, for purposes of determining the extent to which the Option Price or Purchase Price has been paid thereby, at their Fair Market Value on the date of exercise or surrender, as applicable. 

12.3. Cashless Exercise. 
 With respect to an Option only (and not with respect to Restricted Stock), to the extent permitted by law and to the extent the Award Agreement so provides, payment of the Option Price for shares of Stock
purchased pursuant to the exercise of an Option may be made all or in part (i) by delivery (on a form acceptable to the Board) by Grantee of an irrevocable direction to a licensed securities broker acceptable to the Company to sell shares of
Stock and to deliver all or part of the sales proceeds to the Company in payment of the Option Price and any withholding taxes described in Section 19.3, or, (ii) with the consent of the Company, by the Grantee electing to have the
Company issue to Grantee only that number of shares of Stock equal in value to the difference between the Option Price and the Fair Market Value of the shares of Stock subject to the portion of the Option being exercised. 

  
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 12.4. Other Forms of Payment. 

To the extent the Award Agreement so provides and/or unless otherwise specified in an Award Agreement, payment of the Option Price for
shares of Stock purchased pursuant to exercise of an Option or the Purchase Price for Restricted Stock may be made in any other form that is consistent with Applicable Laws, regulations and rules, including, without limitation, (a) Service to
an Applicable Entity and (b) net exercise. 
  

	13.	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

 13.1. Dividend Equivalent Rights. 
 A Dividend Equivalent Right is an Award
entitling the recipient to receive credits based on cash distributions that would have been paid on the shares of Stock specified in the Dividend Equivalent Right (or other award to which it relates) if such shares of Stock had been issued to and
held by the recipient. A Dividend Equivalent Right may be granted hereunder to any Grantee, provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of Options or SARs. The terms and conditions of
Dividend Equivalent Rights shall be specified in the grant. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently or may be deemed to be reinvested in additional shares of Stock, which may thereafter accrue
additional equivalents. Any such reinvestment shall be at Fair Market Value on the date of reinvestment. Dividend Equivalent Rights may be settled in cash or shares of Stock or a combination thereof, in a single installment or installments, all
determined in the sole discretion of the Board. A Dividend Equivalent Right granted as a component of another Award may provide that such Dividend Equivalent Right shall be settled upon exercise, settlement, or payment of, or lapse of restrictions
on, such other award, and that such Dividend Equivalent Right shall expire or be forfeited or annulled under the same conditions as such other award. A Dividend Equivalent Right granted as a component of another Award may also contain terms and
conditions different from the terms and conditions of such other Award. A cash amount credited pursuant to a Dividend Equivalent Right granted as a component of another Award which vests or is earned based upon the achievement of performance goals
shall not vest unless such performance goals for such underlying Award are achieved. 
 13.2. Termination of Service.

 Except as may otherwise be provided by the Board either in the Award Agreement or in writing after the Award Agreement is
issued, a Grantee’s rights in all Dividend Equivalent Rights or interest equivalents shall automatically terminate upon the Grantee’s termination of Service for any reason. 

 

	14.	TERMS AND CONDITIONS OF PERFORMANCE AWARDS AND ANNUAL INCENTIVE AWARDS 

 14.1. Grant of Performance Awards and Annual Incentive Awards. 
 Subject to
the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Performance Awards and/or Annual Incentive Awards to a Plan participant in such amounts and upon such terms as the Committee shall determine.

  
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 14.2. Value of Performance Awards and Annual Incentive Awards. 

Each Performance Award and Annual Incentive Award shall have an initial value that is established by the Committee at the time of grant.
The Committee shall set performance goals in its discretion which, depending on the extent to which they are met, will determine the value and/or number of Performance Awards that will be paid out to the Plan participant. 

14.3. Earning of Performance Awards and Annual Incentive Awards. 

Subject to the terms of the Plan, after the applicable Performance Period has ended, the holder of Performance Awards or Annual Incentive
Awards shall be entitled to receive payout on the value and number of the Performance Awards or Annual Incentive Awards earned by the Plan participant over the Performance Period, to be determined as a function of the extent to which the
corresponding performance goals have been achieved. 
 14.4. Form and Timing of Payment of Performance Awards and Annual
Incentive Awards. 
 Payment of earned Performance Awards and Annual Incentive Awards shall be as determined by the
Committee and as evidenced in the Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance Awards in the form of cash or in shares of Stock (or in a combination thereof) equal to the value
of the earned Performance Awards at the close of the applicable Performance Period, or as soon as practicable after the end of the Performance Period; provided that, unless specifically provided in the Award Agreement pertaining to the grant of the
Award, such payment shall occur no later than the 15th day of the third month following the end of the calendar year in which the Performance Period ends. Any shares of Stock may be granted subject to any restrictions deemed appropriate by the
Committee. The determination of the Committee with respect to the form of payout of such Awards shall be set forth in the Award Agreement pertaining to the grant of the Award. 
 14.5. Performance Conditions. 
 The right of a Grantee to exercise or
receive a grant or settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem
appropriate in establishing any performance conditions. If and to the extent required under Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m), shall be exercised by the
Committee. 
 14.6. Performance Awards or Annual Incentive Awards Granted to Designated Covered Employees. 

If and to the extent that the Committee determines that a Performance or Annual Incentive Award to be granted to a Grantee who is
designated by the Committee as likely to be a Covered Employee is intended to constitute “qualified performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Award shall be
contingent upon achievement of pre-established performance goals and other terms set forth in this Section 14.6. 

14.6.1. Performance Goals Generally. 
 The performance goals for Performance or Annual Incentive Awards shall consist of one or more business criteria and a targeted level or levels of performance with respect to each of such criteria, as
specified by the Committee consistent with this Section 14.6. Performance goals shall be objective and 

  
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shall otherwise meet the requirements of Code Section 162(m) and regulations thereunder including the requirement that the level or levels of performance targeted by the Committee result in
the achievement of performance goals being “substantially uncertain.” The Committee may determine that such Awards shall be granted, exercised and/or settled upon achievement of any one performance goal or that two (2) or more of the
performance goals must be achieved as a condition to the grant, exercise and/or settlement of such Awards. Performance goals may differ for Awards granted to any one Grantee or to different Grantees. 

14.6.2. Timing For Establishing Performance Goals. 
 Performance goals shall be established not later than the earlier of (i) 90 days after the beginning of any performance period applicable to such Awards and (ii) the day on which twenty-five
percent (25%) of any performance period applicable to such Awards has expired, or at such other date as may be required or permitted for “qualified performance-based compensation” under Code Section 162(m). 

14.6.3. Settlement of Awards; Other Terms. 
 Settlement of such Awards shall be in cash, shares of Stock, other Awards or other property, in the discretion of the Committee. The Committee may, in its discretion, reduce the amount of a settlement
otherwise to be made in connection with such Awards. The Committee shall specify the circumstances in which such Performance or Annual Incentive Awards shall be paid or forfeited in the event of termination of Service by the Grantee prior to the end
of a performance period or settlement of Awards. 
 14.6.4. Performance Measures. 

The performance goals upon which the payment or vesting of a Performance or Annual Incentive Award to a Covered Employee that is intended
to qualify as Performance-Based Compensation shall be limited to the following Performance Measures: 
  

	 	(a)	net earnings or net income; 

  

	 	(b)	operating earnings, funds from operations or adjusted funds from operations; 

 

	 	(c)	pretax earnings; 

  

	 	(d)	earnings per share of stock; 

  

	 	(e)	stock price, including growth measures and total stockholder return; 

  

	 	(f)	earnings before interest and taxes; 

  

	 	(g)	earnings before interest, taxes, depreciation and/or amortization; 

  

	 	(h)	return measures, including return on assets, capital, investment, equity, sales or revenue; 

 

	 	(i)	cash flow, including operating cash flow, free cash flow, cash flow return on equity and cash flow return on investment; 

 

	 	(j)	expense targets; 

  

	 	(k)	market share; 

  
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	 	(l)	financial ratios as provided in credit agreements of the Company and its subsidiaries; 

 

	 	(m)	working capital targets; 

  

	 	(n)	completion of acquisitions of assets; 

  

	 	(o)	completion of asset sales; 

  

	 	(p)	revenues under management; 

  

	 	(q)	funds from operations; 

  

	 	(r)	distributions to stockholders; and 

  

	 	(s)	any combination of any of the foregoing business criteria. 

 Business criteria may be (but are not required to be) measured on a basis consistent with U.S. Generally Accepted Accounting Principles. 

Any Performance Measure(s) may be used to measure the performance of the Company, its Subsidiaries, and/or its Affiliates as a whole or
any business unit of the Company, its Subsidiaries, and/or its Affiliates or any combination thereof, as the Committee may deem appropriate, or any of the above Performance Measures as compared to the performance of a group of comparable companies,
or published or special index that the Committee, in its sole discretion, deems appropriate, or the Company may select Performance Measure (e) above as compared to various stock market indices. The Committee also has the authority to provide
for accelerated vesting of any Award based on the achievement of performance goals pursuant to the Performance Measures specified in this Section 14. 
 14.6.5. Evaluation of Performance. 
 The Committee may provide in any such
Award that any evaluation of performance may include or exclude any of the following events that occur during a Performance Period: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) the effect of changes in
tax laws, accounting principles, or other laws or provisions affecting reported results; (d) any reorganization and restructuring programs; (e) extraordinary nonrecurring items as described in Accounting Principles Board Opinion
No. 30 and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to stockholders for the applicable year; (f) acquisitions or divestitures; and
(g) foreign exchange gains and losses. To the extent such inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, they shall be prescribed in a form that meets the requirements
of Code Section 162(m) for deductibility. 
 14.6.6. Adjustment of Performance-Based Compensation. 

Awards that are intended to qualify as Performance-Based Compensation may not be adjusted upward. The Committee shall retain the
discretion to adjust such Awards downward, either on a formula or discretionary basis, or any combination as the Committee determines. 

  
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 14.6.7. Board Discretion. 

In the event that applicable tax and/or securities laws change to permit Board (or Committee) discretion to alter the governing
Performance Measures without obtaining stockholder approval of such changes, the Board (or Committee) shall have sole discretion to make such changes without obtaining stockholder approval provided the exercise of such discretion does not violate
Code Sections 162(m) or 409A. In addition, in the event that the Board (or Committee) determines that it is advisable to grant Awards that shall not qualify as Performance-Based Compensation, the Board (or Committee) may make such grants without
satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set forth in Section 14.6.4. 
 14.7. Status of Awards Under Code Section 162(m). 
 It is the intent
of the Company that Awards under Section 14.6 granted to persons who are designated by the Committee as likely to be Covered Employees within the meaning of Code Section 162(m) and regulations promulgated thereunder shall, if so
designated by the Committee, constitute “qualified performance-based compensation” within the meaning of Code Section 162(m) and regulations thereunder. Accordingly, the terms of Section 14.6, including the definitions of
Covered Employee and other terms used therein, shall be interpreted in a manner consistent with Code Section 162(m). If any provision of the Plan or any agreement relating to such Awards does not comply or is inconsistent with the requirements
of Code Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. 
  

	15.	TERMS AND CONDITIONS OF LONG-TERM INCENTIVE UNITS 

 LTIP Units are intended to be profits interests in the Operating Partnership, the rights and features of which, if applicable, will be set forth in the agreement of limited partnership for the Operating
Partnership (the “Operating Partnership Agreement”). Subject to the terms and provisions of the Plan and the Operating Partnership Agreement, the Board, at any time and from time to time, may grant LTIP Units to Plan participants in
such amounts and upon such terms as the Board shall determine. LTIP Units must be granted for service to the Operating Partnership. 
 15.1. Vesting. 
 Subject to Section 18, each LTIP Unit granted
under the Plan shall vest at such times and under such conditions as shall be determined by the Board and stated in the Award Agreement. 
  

	16.	PARACHUTE LIMITATIONS 

 If
the Grantee is a “disqualified individual,” as defined in Code Section 280G(c), then, notwithstanding any other provision of the Plan or of any other agreement, contract, or understanding heretofore or hereafter entered into by a
Grantee with an Applicable Entity, except an agreement, contract, or understanding that expressly addresses Code Section 280G or Code Section 4999 (an “Other Agreement”), and notwithstanding any formal or informal plan or
other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a member), whether or not such compensation is deferred, is in cash, or is in the
form of a benefit to or for the Grantee (a “Benefit Arrangement”), any right to exercise, vesting, payment or benefit to the Grantee under the Plan shall be reduced or eliminated: 

(i) to the extent that such right to exercise, vesting, payment, or benefit, taking into account all other rights,
payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment or benefit to the Grantee under the Plan to be considered a “parachute payment”
within the meaning of Code Section 280G(b)(2) as then in effect (a “Parachute Payment”) and 

  
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 (ii) if, as a result of receiving such Parachute Payment, the aggregate
after-tax amounts received by the Grantee from the Company under the Plan, all Other Agreements, and all Benefit Arrangements would be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or
benefit to be considered a Parachute Payment. 
 The Company shall accomplish such reduction by first reducing or eliminating
any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of Performance Awards, then by reducing or eliminating any accelerated vesting of Options or SARs,
then by reducing or eliminating any accelerated vesting of Restricted Stock or Stock Units, then by reducing or eliminating any other remaining Parachute Payments. 
  

	17.	REQUIREMENTS OF LAW 

17.1. General. 
 No participant in the Plan will be permitted to acquire, or will have any right to acquire, shares of Stock thereunder if such acquisition would be prohibited by any share ownership limits contained in
charter or bylaws or would impair the Company’s status as a REIT. The Company shall not be required to offer, sell or issue any shares of Stock under any Award if the offer, sale or issuance of such shares of Stock would constitute a violation
by the Grantee, any other individual or entity exercising an Option, or any Applicable Entity of any provision of any law or regulation of any governmental authority, including without limitation any federal or state securities laws or regulations.
If at any time the Company shall determine, in its discretion, that the offering, listing, registration or qualification of any shares of Stock subject to an Award upon any securities exchange or under any governmental regulatory body is necessary
or desirable as a condition of, or in connection with, the offering, issuance, sale or purchase of shares of Stock hereunder, no shares of Stock may be offered, issued or sold to the Grantee or any other individual or entity exercising an Option
pursuant to such Award unless such offering, listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect the
date of termination of the Award. Without limiting the generality of the foregoing, in connection with the Securities Act, upon the exercise of any Option or any SAR that may be settled in shares of Stock or the delivery of any shares of Stock
underlying an Award, unless a registration statement under such Act is in effect with respect to the shares of Stock covered by such Award, the Company shall not be required to offer, sell or issue such shares of Stock unless the Board has received
evidence satisfactory to it that the Grantee or any other individual or entity exercising an Option or SAR or accepting delivery of such shares may acquire such shares of Stock pursuant to an exemption from registration under the Securities Act. Any
determination in this connection by the Board shall be final, binding, and conclusive. The Company may, but shall in no event be obligated to, register any securities covered hereby pursuant to the Securities Act. The Company shall not be obligated
to take any affirmative action in order to cause the exercise of an Option or a SAR or the issuance of shares of Stock pursuant to the Plan to comply with any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an
Option (or SAR that may be settled in shares of Stock) shall not be exercisable until the shares of Stock covered by such Option (or SAR) are registered under the securities laws thereof or are exempt from such registration, the exercise of such
Option (or SAR) under circumstances in which the laws of such jurisdiction apply shall be deemed conditioned upon the effectiveness of such registration or the availability of such an exemption. 

  
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 17.2. Rule 16b-3. 

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intent of
the Company that Awards pursuant to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act will qualify for the exemption provided by Rule 16b-3 under the Exchange
Act. To the extent that any provision of the Plan or action by the Board does not comply with the requirements of Rule 16b-3, it shall be deemed inoperative with respect to such Awards to the extent permitted by Applicable Laws and deemed advisable
by the Board, and shall not affect the validity of the Plan. In the event that Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary to satisfy the requirements of, or to take advantage
of any features of, the revised exemption or its replacement. 
  

	18.	EFFECT OF CHANGES IN CAPITALIZATION 

 18.1. Changes in Stock. 
 If the number of outstanding shares of Stock is
increased or decreased or the shares of Stock are changed into or exchanged for a different number or kind of stock or other securities of the Company on account of any recapitalization, reclassification, stock split, reverse stock split, spin-off,
combination of stock, exchange of stock, stock dividend or other distribution payable in capital stock, or other increase or decrease in such stock effected without receipt of consideration by the Company occurring after the Effective Date, the
number and kinds of shares of stock for which grants of Options and other Awards may be made under the Plan, including, without limitation, the limits set forth in Sections 4.1 and 6.2, shall be adjusted proportionately and accordingly
by the Company in a manner deemed equitable by the Board. In addition, the number and kind of shares for which Awards are outstanding shall be adjusted proportionately and accordingly so that the proportionate interest of the Grantee immediately
following such event shall, to the extent practicable, be the same as immediately before such event. Any such adjustment in outstanding Options or SARs shall not change the aggregate Option Price or SAR Exercise Price payable with respect to shares
that are subject to the unexercised portion of an outstanding Option or SAR, as applicable, but shall include a corresponding proportionate adjustment in the Option Price or SAR Exercise Price per share. The conversion of any convertible securities
of the Company shall not be treated as an increase in shares effected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s stockholders of securities of any other entity or other
assets (including an extraordinary dividend but excluding a non-extraordinary dividend of the Company) without receipt of consideration by the Company, the Company shall, in such manner as the Company deems appropriate, adjust (i) the number
and kind of shares subject to outstanding Awards and/or (ii) the exercise price of outstanding Options and Stock Appreciation Rights to reflect such distribution. 
  

	 	18.2.	Reorganization in Which the Company Is the Surviving Entity Which Does not Constitute a Change in Control. 

Subject to Section 18.3, if the Company shall be the surviving entity in any reorganization, merger, or consolidation of the
Company with one or more other entities which does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan shall pertain to and apply to the securities to which a holder of the number of shares of Stock subject
to such Option or SAR would have been entitled immediately following such reorganization, merger, or consolidation, with a corresponding proportionate adjustment of the Option Price or SAR Exercise Price per share so that the aggregate Option Price
or SAR Exercise Price thereafter shall be the same as the aggregate Option Price or SAR Exercise Price of the shares of Stock remaining subject to the Option or SAR immediately prior to such reorganization, merger, or consolidation. Subject to any
contrary language in an Award 

  
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Agreement evidencing an Award, or in another agreement with the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award shall apply as well to any replacement shares
received by the Grantee as a result of the reorganization, merger or consolidation. In the event of a transaction described in this Section 18.2, Performance Awards shall be adjusted (including any adjustment to the Performance Measures
applicable to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of shares of Stock subject to the Performance Awards would have been entitled to receive immediately following such
transaction. 
 18.3. Change in Control in which Awards are not Assumed. 

Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in
writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Stock Units, Dividend Equivalent Rights, LTIP Units, Restricted Stock, or other Equity-Based Awards are not being assumed or continued: 

(i) in each case with the exception of any Performance Award, all outstanding Restricted Stock and LTIP Units shall be
deemed to have vested, all Stock Units shall be deemed to have vested and the shares of Stock subject thereto shall be delivered, and all Dividend Equivalent Rights shall be deemed to have vested and the shares of Stock subject thereto shall be
delivered, immediately prior to the occurrence of such Change in Control, and 
 (ii) either of the following two
actions shall be taken: 
 (A) fifteen (15) days prior to the scheduled consummation of a Change in Control,
all Options and SARs outstanding hereunder shall become immediately exercisable and shall remain exercisable for a period of fifteen (15) days (and shall otherwise expire if not exercised within such fifteen (15)-day period), or 

(B) the Board may elect, in its sole discretion, to cancel any outstanding Awards of Options, Restricted Stock, Stock
Units, and/or SARs and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having a value (as determined by the Board acting in good faith), in the case of Restricted Stock or Stock Units, equal to
the formula or fixed price per share paid to holders of shares of Stock and, in the case of Options or SARs, equal to the product of the number of shares of Stock subject to the Option or SAR (the “Award Stock”) multiplied by the
amount, if any, by which (I) the formula or fixed price per share paid to holders of shares of Stock pursuant to such transaction exceeds (II) the Option Price or SAR Exercise Price applicable to such Award Stock. 

(iii) for Performance Awards denominated in Stock, Stock Units or LTIP Units, if less than half of the Performance Period
has lapsed, the Awards shall be converted into Restricted Stock or Stock Units assuming target performance has been achieved (or Unrestricted Stock if no further restrictions apply). If more than half the Performance Period has lapsed, the Awards
shall be converted into Restricted Stock or Stock Units based on actual performance to date (or Unrestricted Stock if no further restrictions apply). If actual performance is not determinable, then Performance Awards shall be converted into
Restricted Stock or Stock Units assuming target performance has been achieved, based on the discretion of the Committee (or Unrestricted Stock if no further restrictions apply). 

(iv) Other-Equity Based Awards shall be governed by the terms of the applicable Award Agreement. 

  
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 With respect to the Company’s establishment of an exercise window, (i) any
exercise of an Option or SAR during such fifteen (15)-day period shall be conditioned upon the consummation of the event and shall be effective only immediately before the consummation of the event, and (ii) upon consummation of any Change in
Control, the Plan and all outstanding but unexercised Options and SARs shall terminate. The Board shall send notice of an event that will result in such a termination to all individuals and entities who hold Options and SARs not later than the time
at which the Company gives notice thereof to its stockholders. 
 18.4. Change in Control in which Awards are Assumed.

 Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise
set forth in writing, upon the occurrence of a Change in Control in which outstanding Awards are being assumed or continued, the following provisions shall apply to such Award, to the extent assumed or continued: 

The Plan, Options, SARs, Stock Units, Restricted Stock and Other Equity-Based Awards theretofore granted shall continue in the manner and
under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with such Change in Control for the assumption or continuation of the Options, SARs, Stock Units, Restricted Stock and
Other Equity-Based Awards theretofore granted, or for the substitution for such Options, SARs, Stock Units, Restricted Stock and Other Equity-Based Awards for new common stock options and stock appreciation rights and new common stock units and
restricted stock and other equity-based awards relating to the stock of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments as to the number of shares (disregarding any consideration that is not common stock) and
option and stock appreciation rights exercise prices. 
 18.5. Adjustments. 

Adjustments under this Section 18 related to shares of Stock or securities of the Company shall be made by the Board, whose
determination in that respect shall be final, binding and conclusive. No fractional shares or other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment shall be eliminated in each case by
rounding downward to the nearest whole share. The Board shall determine the effect of a Change in Control upon Awards other than Options, SARs, Stock Units and Restricted Stock, and such effect shall be set forth in the appropriate Award Agreement.
The Board may provide in the Award Agreements at the time of grant, or any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of those described in Sections 18.1, 18.2, 18.3
and 18.4. This Section 18 does not limit the Company’s ability to provide for alternative treatment of Awards outstanding under the Plan in the event of change in control events that do not constitute a Change in Control.

 18.6. No Limitations on Company. 
 The making of Awards pursuant to the Plan shall not affect or limit in any way the right or power of the Company to make adjustments, reclassifications, reorganizations, or changes of its capital or
business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets (including all or any part of the business or assets of any Subsidiary or other Affiliate) or engage in any other
transaction or activity. 

  
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	19.	GENERAL PROVISIONS 

19.1. Disclaimer of Rights. 
 No provision in the Plan or in any Award or Award Agreement shall be construed to confer upon any individual or entity the right to remain in the employ or service of any Applicable Entity, or to
interfere in any way with any contractual or other right or authority of the Applicable Entity either to increase or decrease the compensation or other payments to any individual or entity at any time, or to terminate any employment or other
relationship between any individual or entity and the Applicable Entity. In addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee,
or otherwise in writing, no Award granted under the Plan shall be affected by any change of duties or position of the Grantee, so long as such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant to the
Plan shall be interpreted as a contractual obligation to pay only those amounts described herein, in the manner and under the conditions prescribed herein. The Plan and Awards shall in no way be interpreted to require the Company to transfer any
amounts to a third party director or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan. 
 19.2. Nonexclusivity of the Plan. 
 Neither the adoption of the Plan nor
the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be
applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable. 

19.3. Withholding Taxes. 
 Any Applicable Entity, as the case may be, shall have the right to deduct from payments of any kind otherwise due to a Grantee any federal, state, or local taxes of any kind required by law to be withheld
with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any shares of Stock upon the exercise of an Option or pursuant to an Award. At the time of such vesting, lapse, or exercise, the Grantee
shall pay in cash to the Applicable Entity, as the case may be, any amount that the Applicable Entity may reasonably determine to be necessary to satisfy such withholding obligation; provided that if there is a same-day sale of shares of Stock
subject to an Award, the Grantee shall pay such withholding obligation on the day on which such same-day sale is completed. Subject to the prior approval of the Applicable Entity, which may be withheld by the Applicable Entity, as the case may be,
in its sole discretion, the Grantee may elect to satisfy such obligations, in whole or in part, (i) by causing the Applicable Entity to withhold shares of Stock otherwise issuable to the Grantee, (ii) by delivering to the Applicable Entity
shares of Stock already owned by the Grantee or (iii) by selling to the Company shares of Stock delivered in connection with the applicable Award and instructing the Company to deliver the proceeds therefrom to the Applicable Entity. The shares
of Stock so delivered or withheld shall have an aggregate Fair Market Value equal to such withholding obligations. The Fair Market Value of the shares of Stock used to satisfy such withholding obligation shall be determined by the Applicable Entity
as of the date that the amount of tax to be withheld is to be determined. A Grantee who has made an election pursuant to this Section 19.3 may satisfy his or her withholding obligation only with shares of Stock that are not subject to
any repurchase, forfeiture, unfulfilled vesting, or other similar requirements. The maximum number of shares of Stock that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise, vesting,
lapse of restrictions applicable to such Award or payment of shares of Stock pursuant to such Award, as applicable, cannot exceed such number of shares of Stock having a Fair Market Value equal to the minimum statutory amount required by the
Applicable Entity to be withheld and paid to any such federal, state or local taxing authority with respect to such exercise, vesting, lapse of restrictions or payment of shares of Stock. Notwithstanding Section 2.21 or this
Section 19.3, for purposes of determining taxable income and the amount of the related tax withholding obligation pursuant to this Section 19.3, for any shares of Stock

  
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subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value
of such shares shall be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date), so long as such Grantee has provided the
Applicable Entity, or its designee or agent, with advance written notice of such sale. 
 19.4. Captions. 

The use of captions in the Plan or any Award Agreement is for the convenience of reference only and shall not affect the meaning of any
provision of the Plan or such Award Agreement. 
 19.5. Other Provisions. 

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the
Board, in its sole discretion. 
 19.6. Number and Gender. 

With respect to words used in the Plan, the singular form shall include the plural form, the masculine gender shall include the feminine
gender, etc., as the context requires. 
 19.7. Severability. 

If any provision of the Plan or any Award Agreement shall be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction. 

19.8. Governing Law. 
 The validity and construction of the Plan and the instruments evidencing the Awards hereunder shall be governed by, and construed and interpreted in accordance with, the laws of the State of Maryland,
other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.

 19.9. Section 409A of the Code. 
 (a) The Company intends to comply with Code Section 409A, or an exemption to Code Section 409A, with regard to Awards hereunder that constitute nonqualified deferred compensation within the
meaning of Code Section 409A. To the extent that the Company determines that a Grantee would be subject to the additional twenty percent (20%) tax imposed on certain nonqualified deferred compensation plans pursuant to Code
Section 409A as a result of any provision of any Award granted under the Plan, such provision shall be deemed amended to the minimum extent necessary to avoid application of such additional tax. The nature of any such amendment shall be
determined by the Board. 
 (b) With respect to any Award issued under the Plan that is subject to Code Section 409A, and
with respect to which a payment or distribution is to be made upon a termination of Service, if the Grantee is determined by the Company to be a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) and any of the
Company’s Stock is publicly traded on an established securities market or otherwise, such payment or distribution, to the extent it would constitute a payment of nonqualified 

  
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deferred compensation within the meaning of Code Section 409A that is ineligible for an exemption from treatment as such, may not be made before the date which is six months after the date
of termination of Service (to the extent required under Code Section 409A). Any payments or distributions delayed in accordance with the prior sentence shall be paid to the Grantee on the first day of the seventh month following the
Grantee’s termination of Service. 
 (c) The Company makes no representation or warranty and shall have no liability to any
Grantee or any other person if any provisions of this Plan or any Award Agreement issued pursuant hereto are determined to constitute deferred compensation subject to Code Section 409A but do not satisfy an exemption from, or the conditions of,
such Section. 
 To record adoption of the Plan by the Board as of
[            ], 2013, and approval of the Plan by the stockholders on [            ], 2013, the Company has caused its authorized
officer to execute the Plan. 
  

	
	COLONY AMERICAN HOMES, INC.
	
	  
	By:
	Title:

  
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