Document:

EX-10.21

 Exhibit 10.21 
 EXECUTION COPY 
 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of December 21, 2012, between
American Residential Properties, Inc., a Maryland corporation (together with any successor entity thereto, the “Company”), and FBR Capital Markets & Co., a Delaware corporation, as the initial purchaser/ placement agent
(“FBR”), for the benefit of FBR, the purchasers of up to an aggregate of 6,250,000 shares of the Company’s common stock, $0.01 par value per share (the “Common Stock”) and any additional shares of Common Stock
purchased pursuant to the additional allotment option set forth in the Purchase/Placement Agreement, as participants (“Participants”) in the private offering by the Company of shares of its Common Stock (the
“Offering”), and the direct and indirect transferees of FBR, and each of the Participants. 
 This Agreement is
made pursuant to the Purchase/Placement Agreement (the “Purchase/Placement Agreement”), dated as of December 17, 2012, between the Company and FBR in connection with the purchase and sale or placement of an aggregate of
6,250,000 shares of Common Stock (plus up to an additional 937,500 shares of Common Stock to cover additional allotments, if any). In order to induce FBR to enter into the Purchase/Placement Agreement, the Company has agreed to provide the
registration rights provided for in this Agreement to FBR, the Participants, and their respective direct and indirect transferees. The execution and delivery of this Agreement by the Company and FBR is a condition to the closing of the transactions
contemplated by the Purchase/Placement Agreement. 
 The parties hereby agree as follows: 

 

	1.	Definitions 

 As used in
this Agreement, the following terms shall have the following meanings: 
 Accredited Investor Shares: Shares initially
sold by the Company to “accredited investors” (within the meaning of Rule 501(a) promulgated under the Securities Act) as Participants. 
 Affiliate: As to any specified Person, (i) any Person directly or indirectly owning, controlling or holding, with power to vote, ten percent or more of the outstanding voting securities of
such other Person, (ii) any Person, ten percent or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with power to vote, by such other Person, (iii) any Person directly or indirectly
controlling, controlled by or under common control with such other Person, (iv) any executive officer, director, trustee or general partner of such Person and (v) any legal entity for which such Person acts as an executive officer,
director, trustee or general partner. An indirect relationship shall include circumstances in which a Person’s spouse, children, parents, siblings or mother, father, sister- or brother-in-law share the same household with such Person or has the
described relationship with such Person. 
 Agreement: As defined in the preamble. 

Board of Directors: As defined in Section 3(b) hereof. 

Business Day: With respect to any act to be performed hereunder, each Monday, Tuesday, Wednesday, Thursday and Friday that is not
a day on which banking institutions in New York, New York or other applicable places where such act is to occur are authorized or obligated by applicable law, regulation or executive order to close. 

Closing Date: December 21, 2012 or such other time or such other date as FBR and the Company may agree. 

Commission: The Securities and Exchange Commission. 
 Common Stock: As defined in the preamble. 
 Company: As defined in
the preamble. 

 Controlling Person: As defined in Section 7(a) hereof. 

End of Suspension Notice: As defined in Section 6(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
pursuant thereto. 
 FBR: As defined in the preamble. 

FINRA: The Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers, Inc. 

Holder: Each record owner of any Registrable Shares from time to time, including FBR and its Affiliates to the extent FBR or any
such Affiliate holds any Registrable Shares. 
 Indemnified Party: As defined in Section 7(c) hereof. 

Indemnifying Party: As defined in Section 7(c) hereof. 

IPO Registration Statement: As defined in Section 2(b) hereof. 

Liabilities: As defined in Section 7(a) hereof. 
 No Objections Letter: As defined in Section 5(t) hereof. 

Nominee: As defined in Section 3(c) hereof. 
 Offering: As defined in the preamble. 
 Participants: As defined in
the preamble. 
 Person: An individual, partnership, corporation, trust, limited liability company, unincorporated
organization, government or agency or political subdivision thereof, or any other legal entity. 
 Proceeding: An action
(including a class action), claim, suit or proceeding (including without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or, to the knowledge of the Person subject thereto, threatened. 

Prospectus: The prospectus included in any Registration Statement, including any preliminary prospectus at the “time of
sale” within the meaning of Rule 159 under the Securities Act and all other amendments and supplements to any such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by
reference, if any, in such prospectus. 
 Purchase/Placement Agreement: As defined in the preamble. 

Purchaser Indemnitee: As defined in Section 7(a) hereof. 

Registrable Shares: The Rule 144A Shares, the Accredited Investor Shares, the Regulation S Shares, together with the Shares of
Common Stock that will be issued to certain directors and officers of the Company in the Offering pursuant to a directed share program, upon original issuance thereof, and at all times subsequent thereto, including upon the transfer thereof by the
original holder or any subsequent holder and any shares or other securities issued in respect of such Registrable Shares by reason of or in connection with any stock dividend, stock distribution, stock split, purchase in any rights offering or in
connection with any exchange for or replacement of such Registrable Shares or any combination of shares, recapitalization, merger or consolidation, or any other equity securities issued pursuant to any other pro rata distribution with respect to the
Common Stock, until the earliest to occur of: (i) the date on which the resale of such shares has been registered pursuant to the Securities Act and such 

  
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shares have been disposed of in accordance with the Registration Statement filed in connection therewith; (ii) the date on which such shares either have been transferred pursuant to Rule 144
(or any similar provision then in effect) or are freely saleable, without condition pursuant to Rule 144, including any current public information requirements, and are listed for trading on the New York Stock Exchange, the Nasdaq Global Market or a
similar national securities exchange or (iii) the date on which such shares are sold to the Company or cease to be outstanding. 
 Registration Default: As defined in Section 2(f) hereof. 

Registration Expenses: Any and all fees and expenses incident to the Company’s and FBR’s performance of or compliance
with this Agreement, including, without limitation: (i) all Commission, securities exchange, FINRA or other registration, listing, inclusion and filing fees; (ii) all fees and expenses incurred in connection with compliance with
international, federal or state securities or blue sky laws (including, without limitation, any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the
Registrable Shares and the preparation of a blue sky memorandum and compliance with the rules of FINRA); (iii) all expenses in preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any
Registration Statement, any Prospectus, any amendments or supplements thereto, any underwriting agreements, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement;
(iv) all fees and expenses incurred in connection with the listing or inclusion of any of the Registrable Shares on any securities exchange pursuant to Section 5(n) of this Agreement; (v) the fees and disbursements of counsel for the
Company and of the independent registered public accounting firm of the Company (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to the performance of this Agreement);
(vi) reasonable fees and disbursements of Nelson Mullins Riley & Scarborough LLP, or one such other counsel, reasonably acceptable to the Company, for FBR and the Holders, selected by FBR (such counsel, “Selling Holders’
Counsel”), provided that if such counsel is prevented from representing both FBR and the Holders, separate counsel shall be provided; and (vii) any fees and disbursements customarily paid in issues and sales of securities (including
the fees and expenses of any experts retained by the Company in connection with any Registration Statement); provided, however, that Registration Expenses shall exclude brokers’ or underwriters’ discounts and commissions, if any,
relating to the sale or disposition of Registrable Shares by a Holder. 
 Registration Statement: Any registration
statement of the Company that covers the resale of Registrable Shares pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective
amendments, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference, if any, in such registration statement. 
 Regulation S: Regulation S (Rules 901-905) promulgated by the Commission under the Securities Act, as such rules may be amended from time to time, or any similar rule or regulation hereafter
adopted by the Commission as a replacement thereto having substantially the same effect as such regulation. 
 Regulation S
Shares: Shares initially resold by FBR pursuant to the Purchase/Placement Agreement to “non-U.S. persons” (in accordance with Regulation S) in an “offshore transaction” (in accordance with Regulation S). 

Rule 144: Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A: Rule 144A promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the
Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 144A Shares: Shares
initially resold by FBR pursuant to the Purchase/Placement Agreement to “qualified institutional buyers” (as such term is defined in Rule 144A). 

  
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 Rule 158: Rule 158 promulgated by the Commission pursuant to the Securities Act, as
such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 159: Rule 159 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 405: Rule 405 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Rule 415: Rule 415 promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Rule 424: Rule 424 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 
 Rule 429: Rule 429 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission
as a replacement thereto having substantially the same effect as such rule. 
 Rule 433: Rule 433 promulgated by the
Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same effect as such rule. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.

 Selling Holders’ Counsel: As defined in clause (vi) of the definition for Registration Expenses. 

Shares: The shares of Common Stock being offered and sold pursuant to the terms and conditions of the Purchase/Placement
Agreement. 
 Shelf Registration Statement: As defined in Section 2(a) hereof. 

Special Election Meeting: As defined in Section 3(a) hereof. 

Suspension Event: As defined in Section 6(b) hereof. Suspension Notice: As defined in Section 6(b) hereof. 

Trigger Date: As defined in Section 3(a) hereof. 
 Underwritten Offering: A sale of securities of the Company to an underwriter or underwriters for re-offering to the public. 

 

	2.	Registration Rights 

  

	 	(a)	 Mandatory Shelf Registration. As set forth in Section 5 hereof, the Company agrees to file with the Commission as soon as reasonably
practicable following the date of this Agreement (but in no event later than April 30, 2013) a shelf Registration Statement on Form S-11 or such other form under the Securities Act then available to the Company providing for the resale of any
Registrable Shares pursuant to Rule 415 from time to time by the Holders (a “Shelf Registration Statement”). The Company shall use its commercially reasonable efforts to cause such Shelf Registration Statement to be declared
effective by the 

  
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Commission as soon as practicable but in any event, subject to Section 2(b)(iii) below, within one hundred eighty (180) days after the initial filing thereof. Any Shelf Registration
Statement shall provide for the resale from time to time, and pursuant to any method or combination of methods legally available (including, without limitation, an Underwritten Offering, a direct sale to purchasers or a sale through brokers or
agents, which may include sales over the internet) by the Holders of any and all Registrable Shares. 

  

	 	(b)	Filing of Shelf Registration Statement not Impacted by IPO Registration Statement. The Company’s obligation to file the Shelf Registration Statement in
accordance with Section 2(a) hereof shall not be affected by the filing or effectiveness of a registration statement filed by the Company with respect to the initial public offering of its common stock (an “IPO Registration
Statement”). In addition, the Company’s obligation to use its commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective by the Commission in accordance with Section 2(a) hereof shall not be
affected by the filing or effectiveness of an IPO Registration Statement; provided, however, if the Company files an IPO Registration Statement before the effective date of the Shelf Registration Statement and the Company has used or is using
commercially reasonable efforts to pursue the completion of such initial public offering, the Company shall have the right to defer causing the Commission to declare such Shelf Registration Statement effective until up to sixty (60) days after
the closing date of its initial public offering pursuant to the IPO Registration Statement. Nothing in this Section 2(b)(iii) shall affect the Company’s obligation to hold a Special Election Meeting as provided in Section 3 of this
Agreement. 

  

	 	(c)	Expenses. The Company shall pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement. Each Holder
participating in a registration pursuant to this Section 2 shall bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration) of all discounts and commissions payable to underwriters or
brokers and all transfer taxes and transfer fees in connection with a registration of Registrable Shares pursuant to this Agreement. 

  

	 	(d)	Penalty Provisions. If the Company does not file a Registration Statement registering the resale of the Registrable Shares by April 30, 2013, other than as
a result of the Commission being unable to accept such filings (a “Registration Default”), then each of Stephen G. Schmitz and Laurie A. Hawkes, if employed by the Company and at any time is owed an annual and/or discretionary bonus
with respect to services performed in 2012, whether under an employment agreement with the Company, a bonus plan or any other bonus arrangement, including any bonus compensation for which payment would otherwise be deferred until after that fiscal
year, shall forfeit fifty percent (50%) of the amount that would otherwise be payable to him or her in respect of such bonus, and shall thereafter forfeit an additional ten percent (10%) of the amount that would otherwise be payable to him
or her in respect of such bonus for each complete calendar month any such Registration Default continues after April 30, 2013 until the Shelf Registration Statement is filed. The Company acknowledges and agrees that that no bonuses,
compensation, awards, equity compensation or other amounts shall be payable or granted in lieu of or to make Mr. Schmitz and Ms. Hawkes whole for any such forfeited bonuses. 

 

	3.	Special Election Meeting. 

  

	 	(a)	 Subject to the last sentence of this Section 3(a), if either (i) a Shelf Registration Statement registering the resale of the Registrable
Shares has not been declared effective by the Commission and the Company has not completed an initial public offering pursuant to an IPO Registration, or (ii) the Common Stock of the Company has not been listed for trading on a national
securities exchange, before October 29, 2013 (the “Trigger Date”), a special meeting of stockholders (the “Special Election Meeting”) shall be called in accordance with the Bylaws of the Company; provided
that the requirement to hold a Special Election Meeting may be waived or deferred upon the Company’s receipt of the consent, at a duly called meeting or by written consent, of Holders of at least seventy-five percent (75%) of the
outstanding Registrable Shares, may waive the requirement to hold the Special Election meeting (at a duly called meeting or by written consent); provided, however, that Registrable Shares that are owned, directly or indirectly, by an
“executive officer” (as defined in Rule 405 of the Securities Act) of the Company shall not be deemed to be 

  
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outstanding for this purpose. The Special Election Meeting shall occur as soon as reasonably practicable following the Trigger Date but in no event more than thirty (30) days after the
Trigger Date. For the avoidance of doubt, the Company shall have no obligation to hold a Special Election Meeting pursuant to this Section 3 or the Bylaws of the Company if the Company has completed an initial public offering pursuant to an IPO
Registration Statement and the Common Stock of the Company has been listed for trading on a national securities exchange before the Trigger Date. 

  

	 	(b)	Purposes of Meeting. The Special Election Meeting called in accordance with the Bylaws of the Company shall be called solely for the purposes of:
(i) considering and voting upon proposals to remove each then-serving director of the Company and (ii) electing such number of directors as there are then vacancies on the board of directors of the Company (the “Board of
Directors”) (including any vacancies created by the removal of any director pursuant to this Section 3(b)). The removal of any director pursuant to Section 3(b)(i) hereof shall be effective immediately upon the receipt of the
final report of the Inspector of Elections for the Special Election Meeting that reports the receipt of the requisite vote to approve the proposal to remove such director. 

 

	 	(c)	Nominations. Nominations of individuals for election to the Board of Directors at the Special Election Meeting may only be made (i) by or at the direction
of the Board of Directors or (ii) upon receipt by the Company of written notice of Holders entitled to cast, or direct the casting of, not less than twenty percent (20%) of all the votes entitled to be cast at the Special Election Meeting
and containing the information specified by Section 3(d) hereof, in addition to any other information required by the Company’s Bylaws. Each individual whose nomination is made in accordance with this Section 3(c) is hereinafter
referred to as a “Nominee.” 

  

	 	(d)	 Procedure for Stockholder Nominations. For nominations of individuals for election to the Board of Directors to be properly brought before the
Special Election Meeting by Holders pursuant to Section 3(d) hereof, a Holder entitled to nominate individuals for election to the Board of Directors at the Special Election Meeting must have given notice thereof in writing to the Secretary of
the Company not later than 5:00 p.m., Eastern Time, on the tenth (10th) calendar day after the Trigger Date. Such notice shall include each such proposed Nominee’s written consent to serve as a director, if elected, and shall specify, in addition to any
information required by the Company’s Bylaws: 

  

	 	(i)	as to each proposed Nominee, the name, age, business address and residence address of such proposed Nominee and all other information relating to such proposed Nominee
that would be required, pursuant to Regulation 14A promulgated under the Exchange Act (or any successor provision), to be disclosed in a contested solicitation of proxies with respect to the election of such individual as a director; and

  

	 	(ii)	as to each Holder giving the notice, the class, series and number of all shares of capital stock of the Company that are owned by such Holder, beneficially or of
record. 

  

	 	(e)	Notice. Not less than fifteen (15) nor more than twenty-five (25) days before the Special Election Meeting, the Secretary of the Company shall give to
each stockholder entitled to vote at, or to receive notice of, such meeting at such stockholder’s address as it appears in the share transfer records of the Company, notice in writing setting forth (i) the time and place of the Special
Election Meeting, (ii) the purposes for which the Special Election Meeting has been called and (iii) the name of each Nominee. 

  

	4.	Rules 144 and 144A Reporting 

 With a view to making available the benefits of certain rules and regulations of the Commission that may at any time permit the resale of the Registrable Shares to the public without registration, the
Company agrees to: 
  

	 	(a)	make and keep current public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times after the effective
date of the first registration statement under the Securities Act filed by the Company for an offering of its securities to the general public; 

  
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	 	(b)	to file with the Commission in a timely manner all reports and other documents required to be filed by the Company under the Securities Act and the Exchange Act (at any
time after it has become subject to such reporting requirements); 

  

	 	(c)	so long as a Holder owns any Registrable Shares, if the Company is not required to file reports and other documents under the Securities Act and the Exchange Act, it
will make available other information as required by, and so long as necessary to permit resales of Registrable Shares pursuant to, Rule 144 or Rule 144A, and in any event shall make available (either by mailing a copy thereof, by posting on the
Company’s website, by inclusion in any registration statement filed by the Company with the Commission under the Securities Act, by press release or otherwise) to each Holder a copy of: 

 

	 	(i)	the Company’s annual consolidated financial statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity
and statements of cash flows) prepared in accordance with generally accepted accounting principles in the United States, accompanied by an audit report of the Company’s independent accountants, no later than ninety (90) days after the end
of each fiscal year of the Company; 

  

	 	(ii)	the Company’s unaudited quarterly financial statements (including at least balance sheets, statements of profit and loss, statements of stockholders’ equity
and statements of cash flows) prepared in a manner consistent with the preparation of the Company’s annual financial statements, no later than forty-five (45) days after the end of each of the first three fiscal quarters of the Company;
and 

  

	 	(iii)	any other information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act; and 

 

	 	(d)	hold, a reasonable time after the availability of such financial statements (and in any event within sixty (60) days after the applicable fiscal quarter end and
ninety (90) days after the applicable fiscal year end) and upon reasonable notice to the Holders and FBR (either by mail, by posting on the Company’s website, or by press release), a quarterly investor conference call to discuss such
financial statements, which call will also include an opportunity for the Holders to ask questions of management with regard to such financial statements, and will also cooperate with, and make management reasonably available to, FBR personnel in
connection with making Company information available to investors; and 

  

	 	(e)	so long as a Holder owns any Registrable Shares, to furnish to the Holder promptly upon request (i) a written statement by the Company as to its compliance with
the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the first registration statement filed by the Company for an offering of its securities to the general public), and of the Securities Act and
the Exchange Act (at any time after its has become subject to the reporting requirements of the Exchange Act), (ii) a copy of the most recent annual or quarterly report of the Company, and (iii) such other reports and documents of the
Company, and take such further actions, as a Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing a Holder to sell any such Registrable Shares without registration. 

 

	5.	Registration Procedures 

In connection with the obligations of the Company with respect to any registration pursuant to this Agreement, the Company shall use its
commercially reasonable efforts to effect or cause to be effected the registration of the Registrable Shares under the Securities Act to permit the sale of such Registrable Shares by the Holder or Holders in accordance with the Holder’s or
Holders’ intended method or methods of distribution, and the Company shall: 
  

	 	(a)	 (i) notify FBR and Selling Holders’ Counsel, in writing, at least ten (10) Business Days prior to filing a Registration Statement, of its
intention to file such Registration Statement with the Commission and, at least five (5) Business Days prior to filing, provide a copy of such Registration Statement to FBR, its counsel and Selling Holders’ Counsel for review and comment;
(ii) prepare and file with the Commission, as specified in 

  
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this Agreement, a Registration Statement(s), which Registration Statement(s) shall (x) comply as to form in all material respects with the requirements of the Securities Act and the
applicable form and include all financial statements required by the Commission to be filed therewith and (y) be acceptable to FBR, its counsel and Selling Holders’ Counsel; (iii) notify FBR and Selling Holders’ Counsel in
writing, at least five (5) Business Days prior to filing of any amendment or supplement to such Registration Statement and, at least three (3) Business Days prior to filing, provide a copy of such amendment or supplement to FBR, its
counsel and Selling Holders’ Counsel for review and comment; (iv) promptly following receipt from the Commission, provide to FBR, its counsel and Selling Holders’ Counsel copies of any comments made by the staff of the Commission
relating to such Registration Statement and of the Company’s responses thereto for review and comment; and (v) use its commercially reasonable efforts to cause such Registration Statement to become effective as soon as practicable after
filing and to remain effective, subject to Section 6 hereof, until the earlier of (A) such time as all Registrable Shares covered thereby have been sold in accordance with the intended distribution of such Registrable Shares, (B) such
time as all of the Registrable Shares are eligible for sale without any volume or manner of sale restrictions or compliance by the Company with any current public information requirements pursuant to Rule 144 (or any successor or analogous rule)
under the Securities Act; (C) there are no Registrable Shares outstanding or (D) the first (1st) anniversary of the effective date of such Registration Statement (subject to extension as provided in Section 6(c) hereof and the
condition that the Registrable Shares have been transferred to an unrestricted CUSIP, are listed or included on the New York Stock Exchange or the Nasdaq Global Market, pursuant to Section 5(n) of this Agreement, or on an alternative trading
system with the Registrable Shares qualified under the applicable state securities or “blue sky” laws of all fifty (50) states), and can be sold under Rule 144 without limitation as to manner of sale or volume; provided,
however, that if the Company has an effective Shelf Registration Statement on Form S-11 (or other form then available to the Company) under the Securities Act and becomes eligible to use Form S-3 or such other short-form registration statement
form under the Securities Act, the Company may, upon thirty (30) Business Days prior written notice to all Holders, register any Registrable Shares registered but not yet distributed under the effective Shelf Registration Statement on such a
short-form Shelf Registration Statement and, once the short-form Shelf Registration Statement is declared effective, de-register such shares under the previous Shelf Registration Statement or transfer the filing fees from the previous Shelf
Registration Statement (such transfer pursuant to Rule 429, if applicable) unless any Holder registered under the initial Shelf Registration Statement notifies the Company within fifteen (15) Business Days of receipt of the Company notice that
such a registration under a new short-form Shelf Registration Statement and de-registration of the initial Shelf Registration Statement would interfere with its distribution of Registrable Shares already in progress, in which case, the Company shall
delay the effectiveness of the new short-form Shelf Registration Statement and termination of the then-effective initial Shelf Registration Statement or any short-form Shelf Registration Statement for a period of not less than thirty (30) days
from the date that the Company receives the notice from such Holders requesting a delay; 

  

	 	(b)	subject to Section 5(i) hereof, (i) prepare and file with the Commission such amendments and post- effective amendments to each such Registration Statement as
may be necessary to keep such Registration Statement effective for the period described in Section 5(a) hereof; (ii) cause each Prospectus contained therein to be supplemented to the extent required by the Securities Act, and as so
supplemented to be filed pursuant to Rule 424 or any similar rule that may be adopted under the Securities Act; and (iii) comply with the provisions of the Securities Act with respect to the disposition of all securities covered by each
Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the selling Holders thereof; 

  

	 	(c)	furnish to the Holders, without charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other
documents as such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable Shares; the Company consents, subject to Section 6 hereof, to the use of such Prospectus, including each preliminary
Prospectus, by the Holders, if any, in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

  

	 	(d)	 use its commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all Registrable Shares by
the time the applicable Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such jurisdictions as

  
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FBR or any Holder of Registrable Shares covered by a Registration Statement shall reasonably request in writing, keep each such registration or qualification or exemption effective during the
period such Registration Statement is required to be kept effective pursuant to Section 5(a) and do any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such
jurisdiction of such Registrable Shares owned by such Holder; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction or to register as a broker or dealer in such jurisdiction
where it would not otherwise be required to qualify but for this Section 5(d) and except as may be required by the Securities Act, (ii) subject itself to taxation in any such jurisdiction, or (iii) submit to the general service of
process in any such jurisdiction; 

  

	 	(e)	use its commercially reasonable efforts to cause all Registrable Shares covered by such Registration Statement to be registered and approved by such other governmental
agencies or authorities as may be necessary to enable the Holders thereof to consummate the disposition of such Registrable Shares; 

  

	 	(f)	(i) notify FBR and each Holder promptly and, if requested by FBR or any Holder, confirm such advice in writing (A) when a Registration Statement has become
effective and when any post-effective amendments and supplements thereto become effective, (B) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the
initiation of any Proceeding for that purpose, (C) of any request by the Commission or any other federal, state or foreign governmental authority for (1) amendments or supplements to a Registration Statement or related Prospectus or
(2) additional information and (D) of the happening of any event during the period a Registration Statement is effective as a result of which such Registration Statement or the related Prospectus or any document incorporated by reference
therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading (which information shall be accompanied by an instruction to
suspend the use of the Prospectus until the requisite changes have been made); and (ii) at the request of any such Holder, promptly to furnish to such Holder a reasonable number of copies of a supplement to or an amendment of such Prospectus as
may be necessary so that, as thereafter delivered to the purchaser of such securities, such Prospectus shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading; 

  

	 	(g)	use its commercially reasonable efforts to avoid the issuance of, or if issued, to obtain the withdrawal of, any order enjoining or suspending the use or effectiveness
of a Registration Statement or suspending the qualification of (or exemption from qualification of) any of the Registrable Shares for sale in any jurisdiction, as promptly as practicable; 

 

	 	(h)	upon request, promptly furnish to each requesting Holder of Registrable Shares covered by a Registration Statement, without charge, at least one conformed copy of such
Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless requested); 

 

	 	(i)	except as provided in Section 6 hereof, upon the occurrence of any event contemplated by Section 5(f)(i)(D) hereof, use its commercially reasonable efforts to
promptly prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers
of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; 

  

	 	(j)	if requested by the representative of the underwriters, if any, or any Holders of Registrable Shares being sold in connection with such offering, (i) promptly
incorporate in a Prospectus supplement or post-effective amendment such information as the representative of the underwriters, if any, or such Holders indicate relates to them or that they reasonably request be included therein and (ii) make
all required filings of such Prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be incorporated in such Prospectus supplement or post-effective
amendment; 

  
 9 

	 	(k)	in the case of an Underwritten Offering, use its commercially reasonable efforts to furnish to the underwriters: (i) an opinion of counsel for the Company,
addressed to the underwriters, dated the date of each closing under the underwriting agreement, reasonably satisfactory to the underwriters; and (ii) a “comfort” letter, addressed to the underwriters and the Board of Directors, dated
the effective date of such Registration Statement and the date of each closing under the underwriting agreement, signed by the independent public accountants who have certified the Company’s financial statements included in such Registration
Statement, covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and with respect to events subsequent to the date of such financial statements, as are customarily covered in
accountants’ letters delivered to underwriters in underwritten public offerings of securities and such other financial matters as the underwriters may reasonably request; 

 

	 	(l)	enter into customary agreements (including in the case of an Underwritten Offering, an underwriting agreement in customary form and reasonably satisfactory to the
Company) and take all other reasonable action in connection therewith in order to expedite or facilitate the distribution of the Registrable Shares included in such Registration Statement and, in the case of an Underwritten Offering, make
representations and warranties to the underwriters in such form and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same to the extent customary if and when requested; 

 

	 	(m)	make available for inspection by representatives of the Holders and the representative of any underwriters participating in any disposition pursuant to a Registration
Statement and any special counsel or accountants retained by such Holders or underwriters, all financial and other records, pertinent corporate documents and properties of the Company and cause the respective officers, directors and employees of the
Company to supply all information reasonably requested by any such representatives, the representative of the underwriters, counsel thereto or accountants in connection with a Registration Statement; provided, however, that such records,
documents or information that the Company determines, in good faith, to be confidential and notifies such representatives, representative of the underwriters, counsel thereto or accountants are confidential shall not be disclosed by such
representatives, representative of the underwriters, counsel thereto or accountants unless (i) the disclosure of such records, documents or information is necessary to avoid or correct a misstatement or omission in a Registration Statement or
Prospectus, (ii) the release of such records, documents or information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) such records, documents or information have been generally made
available to the public; provided, further, that the representatives of the Holders and any underwriters will use commercially reasonable efforts, to the extent practicable, to coordinate the foregoing inspection and information gathering and
not materially disrupt the Company’s business operations; provided, further, that, notwithstanding anything to the contrary in this Agreement, the Company shall not provide any material non-public information to any Holder without such
Holder’s prior written agreement to keep such information confidential; 

  

	 	(n)	use its commercially reasonable efforts (including, without limitation, seeking to cure any deficiencies cited by the exchange or market in the Company’s listing
or inclusion application) to list or include all Registrable Shares on the New York Stock Exchange, the Nasdaq Global Market or a similar national securities exchange; 

 

	 	(o)	prepare and file in a timely manner all documents and reports required by the Exchange Act and, to the extent the Company’s obligation to file such reports
pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Registration Statement as required by Section 5(a) hereof, the Company shall register the Registrable Shares under the
Exchange Act and shall maintain such registration through the effectiveness period required by Section 5(a) hereof; 

  

	 	(p)	provide a CUSIP number for all Registrable Shares, not later than the effective date of the Registration Statement; 

 

	 	(q)	 (i) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, (ii) make generally
available to its stockholders, as soon as reasonably practicable, earnings statements covering at least twelve (12) months beginning after the effective date of the Registration Statement that satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 (or 

  
 10 

	 	
any similar rule promulgated under the Securities Act) thereunder, but in no event later than forty- five (45) days after the end of each fiscal year of the Company and (iii) not file
any Registration Statement or Prospectus or amendment or supplement to such Registration Statement or Prospectus to which any Holder of Registrable Shares covered by any Registration Statement shall have reasonably objected on the grounds that such
Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, such Holder having been furnished with a copy thereof at least two (2) Business Days prior to
the filing thereof; 

  

	 	(r)	provide and cause to be maintained a registrar and transfer agent for all Registrable Shares covered by any Registration Statement from and after a date not later than
the effective date of such Registration Statement; 

  

	 	(s)	in connection with any sale or transfer of the Registrable Shares (whether or not pursuant to a Registration Statement) that will result in the securities being
delivered no longer being Registrable Shares, cooperate with the Holders and the representative of the underwriters, if any, to facilitate the timely, in the case of beneficial interests in Shares held through a depositary, transfer of such
equivalent Registrable Shares with an unrestricted CUSIP, or in the case of certificated shares, preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates shall not bear any restrictive transfer
legends (other than as required by the Company’s charter) and to enable such Registrable Shares to be in such denominations and registered in such names as the representative of the underwriters, if any, or the Holders may request at least
three (3) Business Days prior to any sale of the Registrable Shares; 

  

	 	(t)	in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, cooperate
with FBR in connection with the filing with FINRA of all forms and information required or requested by FINRA in order to obtain written confirmation from FINRA that FINRA does not object to the fairness and reasonableness of the underwriting terms
and arrangements (or any deemed underwriting terms and arrangements) (each such written confirmation, a “No Objections Letter”) relating to the resale of Registrable Shares pursuant to the Shelf Registration Statement, including,
without limitation, information provided to FINRA through its COBRADesk system, and pay all costs, fees and expenses incident to FINRA’s review of the Shelf Registration Statement and the related underwriting terms and arrangements, including,
without limitation, all filing fees associated with any filings or submissions to FINRA and the legal expenses, filing fees and other disbursements of FBR and any other FINRA member that is the Holder of, or is affiliated or associated with an owner
of, Registrable Shares included in the Shelf Registration Statement (including in connection with any initial or subsequent member filing); 

  

	 	(u)	in connection with the initial filing of a Shelf Registration Statement and each amendment thereto with the Commission pursuant to Section 2(a) hereof, provide to
FBR and its representatives, the opportunity to conduct due diligence, including, without limitation, an inquiry of the Company’s financial and other records, and make available members of its management for questions regarding information
which FBR may request in order to fulfill any due diligence obligation on its part; 

  

	 	(v)	upon effectiveness of the first Registration Statement filed under this Agreement, take such actions and make such filings as are necessary to effect the registration
of the Common Stock under the Exchange Act simultaneously with or immediately following the effectiveness of the Registration Statement; and 

  

	 	(w)	in the case of an Underwritten Offering, use its commercially reasonable efforts to cooperate and assist in any filings required to be made with FINRA and in the
performance of any due diligence investigation by any underwriter and its counsel (including any “qualified independent underwriter,” if applicable) that is required to be retained in accordance with the rules and regulations of FINRA.

 The Company may require the Holders to furnish (and each Holder shall furnish) to the Company such information
regarding the proposed distribution by such Holder of such Registrable Shares as the Company may from time to time reasonably request in writing or as shall be required to effect the registration of the Registrable Shares, and no Holder shall be
entitled to be named as a selling stockholder in any Registration Statement and no Holder shall be entitled to use the Prospectus forming a part thereof if such Holder does not provide such 

  
 11 

 
information to the Company. Any Holder that sells Registrable Shares pursuant to a Registration Statement or as a selling security holder pursuant to an Underwritten Offering shall be required to
be named as a selling shareholder in the related prospectus and to deliver a prospectus to purchasers. Each Holder further agrees to furnish promptly to the Company in writing all information required from time to time to make the information
previously furnished by such Holder not misleading. 
 Each Holder agrees that, upon receipt of any notice from the Company of
the happening of any event of the kind described in Section 5(f)(i)(B), 5(f)(i)(C) or 5(f)(i)(D) hereof, such Holder will immediately discontinue disposition of Registrable Shares pursuant to a Registration Statement until such Holder’s
receipt of the copies of the supplemented or amended Prospectus or the Company has otherwise provided notice to such Holder that dispositions of Registrable Shares may be resumed. If so directed by the Company, such Holder will deliver to the
Company (at the expense of the Company) all copies in its possession, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Shares current at the time of receipt of such notice.

  

	 	(x)	Notwithstanding any other provision of this Agreement, if the Commission or any rules, regulations or guidance thereof sets forth a limitation of the number of
Registrable Shares or other shares of Common Stock permitted to be registered on a particular Shelf Registration Statement (and notwithstanding that the Company used diligent efforts to advocate with the Commission for the registration of all or a
greater number of Registrable Shares), the number of Registrable Shares or other shares of Common Stock to be registered on such Shelf Registration Statement will be reduced as follows: first, the Company shall reduce or eliminate the shares
of Common Stock to be included by any Person other than a Holder; second, the Company shall reduce or eliminate any shares of Common Stock to be included by the Company; and third, the Company shall reduce the number of Registrable
Shares to be included by all other Holders on a pro rata basis based on the total number of unregistered Registrable Shares held by such Holders, subject to a determination by the Commission that certain Holders must be reduced before other Holders
based on the number of Registrable Shares held by such Holders. In the event the Company amends the Shelf Registration Statement or files a Shelf Registration Statement, the Company will use its commercially reasonable efforts to file with the
Commission, as promptly as allowed by Commission any rules, regulations or guidance thereof, one or more Shelf Registration Statements to register for resale those Registrable Shares that were not registered for resale on the Shelf Registration
Statement. 

  

	6.	Black-Out Period 

  

	 	(a)	 Subject to the provisions of this Section 6 and a good faith determination by a majority of the independent members of the Board of Directors that
it is in the best interests of the Company to suspend the use of the Registration Statement following the effectiveness of a Registration Statement (and the filings with any international, federal or state securities commissions), the Company, by
written notice to FBR and the Holders, may direct the Holders to suspend sales of the Registrable Shares pursuant to a Registration Statement for such times as the Company reasonably may determine is necessary and advisable (but in no event for more
than an aggregate of ninety (90) days in any rolling twelve (12) month period commencing on the Closing Date or more than sixty (60) days in any rolling ninety (90) day period), if any of the following events shall occur:
(i) the representative of the underwriters of an Underwritten Offering of primary shares by the Company has advised the Company that the sale of Registrable Shares pursuant to the Registration Statement would have a material adverse effect on
the Company’s primary Underwritten Offering; (ii) the majority of the independent members of the Board of Directors shall have determined in good faith that (A) the offer or sale of any Registrable Shares would materially impede,
delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger, tender offer, business combination, corporate reorganization or other significant transaction involving the Company, (B) after the advice of
counsel, the sale of Registrable Shares pursuant to the Registration Statement would require disclosure of non-public material information not otherwise required to be disclosed under applicable law, and (C) either (x) the Company has a
bona fide business purpose for preserving the confidentiality of such transaction, (y) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction, or (z) the disclosure would
render the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement (or such filings) to become effective or to promptly amend or
supplement the Registration Statement on a post-effective basis, as applicable; or (iii) the majority of the 

  
 12 

	 	
independent members of the Board of Directors shall have determined in good faith, after the advice of counsel, that it is required by law, rule or regulation or that it is in the best interests
of the Company to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the Registration Statement for the purpose of (1) including in the Registration
Statement any prospectus required under Section 10(a)(3) of the Securities Act; (2) reflecting in the Prospectus included in the Registration Statement any facts or events arising after the effective date of the Registration Statement or
any misstatement or omission in the prospectus (or of the most recent post-effective amendment) that, individually or in the aggregate, represent a fundamental change in the information set forth therein; or (3) including in the Prospectus
included in the Registration Statement any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information. Upon the occurrence of any such suspension, the Company
shall use its commercially reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis or to take such action as is necessary to make resumed use
of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales of the Registrable Shares as soon as possible. 

 

	 	(b)	In the case of an event that causes the Company to suspend the use of a Registration Statement (a “Suspension Event”), the Company shall give written
notice (a “Suspension Notice”) to FBR and the Holders to suspend sales of the Registrable Shares and such notice shall state generally the basis for the notice and that such suspension shall continue only for so long as the
Suspension Event or its effect is continuing and the Company is using its commercially reasonable efforts and taking all reasonable steps to terminate suspension of the use of the Registration Statement as promptly as possible. The Holders shall not
effect any sales of the Registrable Shares pursuant to such Registration Statement (or such filings) at any time after they have received a Suspension Notice from the Company and prior to receipt of an End of Suspension Notice (as defined below). If
so directed by the Company, each Holder will deliver to the Company (at the expense of the Company) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the Registrable Shares at the time of
receipt of the Suspension Notice. The Holders may recommence effecting sales of the Registrable Shares pursuant to the Registration Statement (or such filings) following further notice to such effect (an “End of Suspension Notice”)
from the Company, which End of Suspension Notice shall be given by the Company to the Holders and FBR in the manner described above promptly following the conclusion of any Suspension Event and its effect. 

 

	 	(c)	Notwithstanding any provision herein to the contrary, if the Company shall give a Suspension Notice pursuant to this Section 6, the Company agrees that it shall
extend the period of time during which the applicable Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from the date of receipt by the Holders of the Suspension Notice to and
including the date of receipt by the Holders of the End of Suspension Notice and provide copies of the supplemented or amended Prospectus necessary to resume sales. 

 

	7.	Indemnification and Contribution 

  

	 	(a)	 The Company agrees to indemnify and hold harmless (i) each Holder of Registrable Shares and any underwriter (as determined in the Securities Act)
for such Holder (including, if applicable, FBR), (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) any such Person described in clause (i) (any of
the Persons referred to in this clause (ii) being hereinafter referred to as a “Controlling Person”), and (iii) the respective officers, directors, partners, members, employees, representatives and agents of any such
Person or any Controlling Person (any Person referred to in clause (i), (ii) or (iii) above may hereinafter be referred to as a “Purchaser Indemnitee”), to the fullest extent lawful, from and against any and all losses,
claims, damages, judgments, actions, out-of-pocket expenses, and other liabilities (the “Liabilities”), including without limitation and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing or
defending any claim or action, or any investigation or Proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Purchaser Indemnitee, joint or several, directly or
indirectly related to, based upon, arising out of or in connection with any untrue statement or 

  
 13 

	 	
alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto), any Prospectus (or any amendment or supplement thereto) or any Issuer Free Writing
Prospectus (or any amendment or supplement thereto), or any preliminary Prospectus or any other document used to sell the Shares, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not misleading, except insofar as such Liabilities arise out of or are based upon (i) any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with information relating to any Purchaser Indemnitee furnished to the Company or any underwriter in writing by such Purchaser Indemnitee expressly for use therein or (ii) sales of Registrable Shares made
in violation of Section 6(b) hereof by any Holder who has received actual notice of the suspension prior to such sale. The Company shall notify FBR and the Holders promptly of the institution, threat or assertion of any claim, Proceeding
(including any governmental investigation), or litigation of which it shall have become aware in connection with the matters addressed by this Agreement that involves the Company or a Purchaser Indemnitee. The indemnity provided for herein shall
remain in full force and effect regardless of any investigation made by or on behalf of any Purchaser Indemnitee. 

  

	 	(b)	In connection with any Registration Statement in which a Holder of Registrable Shares is participating, and as a condition to such participation, such Holder agrees,
severally and not jointly, to indemnify and hold harmless the Company and each Person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act and their respective officers,
directors, partners, members, employees, representatives and agents of such Person or Controlling Person to the same extent as the foregoing indemnity from the Company to each Purchaser Indemnitee, but only with reference to untrue statements or
omissions or alleged untrue statements or omissions made in reliance upon and in strict conformity with information relating to such Holder furnished to the Company in writing by such Holder expressly for use in such Registration Statement (or any
amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or supplement thereto) or any preliminary Prospectus or Liability arising out of or based upon sales of Registrable Shares made
by such Holder who has received actual notice of the suspension prior to such sale in violation of Section 6(b). Absent gross negligence or willful misconduct, the liability of any Holder pursuant to this paragraph shall in no event exceed the
net proceeds received by such Holder from sales of Registrable Shares pursuant to such Registration Statement (or any amendment thereto), Prospectus (or any amendment or supplement thereto), Issuer Free Writing Prospectus (or any amendment or
supplement thereto) or any preliminary Prospectus. 

  

	 	(c)	 If any suit, action, Proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any
Person in respect of which indemnity may be sought pursuant to paragraph (a) or (b) above, such Person (the “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the
“Indemnifying Party”) in writing of the commencement thereof (but the failure to so notify an Indemnifying Party shall not relieve it from any liability which it may have under this Section 7, except to the extent the
Indemnifying Party is materially prejudiced by the failure to give notice), and the Indemnifying Party, upon request of the Indemnified Party, shall retain counsel reasonably satisfactory to the Indemnified Party to represent the Indemnified Party
and any others the Indemnifying Party may reasonably designate in such Proceeding and shall pay the reasonable fees and expenses actually incurred by such counsel related to such Proceeding. Notwithstanding the foregoing, in any such Proceeding, any
Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party, unless (i) the Indemnifying Party and the Indemnified Party shall have mutually
agreed in writing to the contrary, (ii) the Indemnifying Party failed within a reasonable time after notice of commencement of the action to assume the defense and employ counsel reasonably satisfactory to the Indemnified Party, (iii) the
Indemnifying Party and its counsel do not actively and vigorously pursue the defense of such action or (iv) the named parties to any such action (including any impleaded parties) include both such Indemnified Party and Indemnifying Party, or
any Affiliate of the Indemnifying Party, and such Indemnified Party shall have been reasonably advised by counsel that, either (x) there may be one or more legal defenses available to it which are different from or additional to those available
to the Indemnifying Party or such Affiliate of the Indemnifying Party or (y) a conflict may exist between such Indemnified Party and the Indemnifying Party or such Affiliate of the Indemnifying Party (in which case the Indemnifying Party shall
not have the right to assume nor direct the 

  
 14 

	 	
defense of such action on behalf of such Indemnified Party; it being understood, however, that the Indemnifying Party shall not, in connection with any one such action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) for
all such Indemnified Parties, which firm shall be designated in writing by those Indemnified Parties who sold a majority of the Registrable Shares sold by all such Indemnified Parties and any such separate firm for the Company, the directors, the
officers and such control Persons of the Company as shall be designated in writing by the Company). The Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its written consent, which consent shall not be
unreasonably withheld, but if settled with such consent or if there is a final judgment for the plaintiff, the Indemnifying Party agrees to indemnify any Indemnified Party from and against any loss or liability by reason of such settlement or
judgment. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened Proceeding in respect of which any Indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Party, unless such settlement (i) includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding and (ii) does
not include a statement as to or an admission of, fault, culpability or a failure to act by or on behalf of the Indemnified Party. 

  

	 	(d)	If the indemnification provided for in paragraphs (a) and (b) of this Section 7 is for any reason held to be unavailable to an Indemnified Party in
respect of any Liabilities referred to therein (other than by reason of the exceptions provided therein) or is insufficient to hold harmless a party indemnified thereunder, then each Indemnifying Party under such paragraphs, in lieu of indemnifying
such Indemnified Party thereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities (i) in such proportion as is appropriate to reflect the relative benefits of the Indemnified Party on
the one hand and the Indemnifying Party(ies) on the other in connection with the statements or omissions that resulted in such Liabilities, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying Party(ies) and the Indemnified Party, as well as any other relevant equitable considerations.
The relative fault of the Company on the one hand and any Purchaser Indemnitees on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or by such Purchaser Indemnitees and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. 

  

	 	(e)	 The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even
if such Indemnified Parties were treated as one entity for such purpose), or by any other method of allocation that does not take account of the equitable considerations referred to in Section 7(d) above. The amount paid or payable by an
Indemnified Party as a result of any Liabilities referred to in Section 7(d) above shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Party in
connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall a Purchaser Indemnitee be required to contribute any amount in excess of the amount by which the net
proceeds received by such Purchaser Indemnitee from sales of Registrable Shares exceeds the amount of any damages that such Purchaser Indemnitee has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or
alleged omission. For purposes of this Section 7, each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) FBR or a Holder of Registrable Shares shall have the
same rights to contribution as FBR or such Holder, as the case may be, and each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act) the Company, and each officer,
director, partner, employee, representative, agent or manager of the Company shall have the same rights to contribution as the Company. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action, suit or
Proceeding against such party in respect of which a claim for contribution may be made against another party or parties, notify each party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not
relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that 

  
 15 

	 	
any party is materially prejudiced by the failure to give notice. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

  

	 	(f)	The indemnity and contribution agreements contained in this Section 7 will be in addition to any liability which the Indemnifying Parties may otherwise have to the
Indemnified Parties referred to above. The Purchaser Indemnitee’s obligations to contribute pursuant to this Section 7 are several in proportion to the respective number of Registrable Shares sold by each of the Purchaser Indemnitees
hereunder and not joint. 

  

	8.	Market Stand-off Agreement 

Each Holder hereby agrees that it shall not, to the extent requested by the Company or an underwriter of securities of the Company,
directly or indirectly sell, offer to sell (including without limitation any short sale), grant any option or otherwise transfer or dispose of any Registrable Shares or other shares of Common Stock of the Company or any securities convertible into
or exchangeable or exercisable for shares of Common Stock of the Company then owned by such Holder (other than to donees or partners of the Holder who agree to be similarly bound) for a period (x) in the case of the Company’s officers,
directors, managers or employees, in each case to the extent such Holder holds shares of Common Stock or securities convertible into or exchangeable or exercisable for shares of Common Stock, beginning on the effective date of, and continuing for a
period of up to one hundred eighty (180) days following the effective date of, the IPO Registration Statement of the Company; and (y) in the case of all other Holders, beginning on the effective date of, and continuing for a period of up
to sixty (60) days following the effective date of, the IPO Registration Statement of the Company; provided, however, that: 
  

	 	(a)	with respect to the Holders (other than the Company’s officers, directors, managers or employees), the restrictions above shall not apply to any shares of Common
Stock of the Company acquired in the open market following the effective date of the IPO Registration Statement; 

  

	 	(b)	all executive officers and directors of the Company then holding shares of Common Stock of the Company or securities convertible into or exchangeable or exercisable for
shares of Common Stock of the Company enter into agreements that are no less restrictive; 

  

	 	(c)	the Holders shall be allowed any concession or proportionate release allowed to any officer or director that entered into agreements that are no less restrictive (with
such proportion being determined by dividing the number of shares being released with respect to such officer or director by the total number of issued and outstanding shares held by such officer or director); provided, that nothing in this
Section 8(d) shall be construed as a right to proportionate release for the executive officers and directors of the Company upon the expiration of the sixty (60) day period applicable to all Holders other than the executive officers and
directors of the Company; and 

  

	 	(d)	with respect to the restrictions set forth in clause (y) above, each Holder shall be allowed a proportionate release granted to any other Holder (with such
proportion being determined by dividing the number of shares being released with respect to such Holder by the total number of issued and outstanding shares held by such Holder). 

In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates
representing the securities subject to this Section 8 and to impose stop transfer instructions with respect to the Registrable Shares and such other securities of each Holder (and the securities of every other Person subject to the foregoing
restriction) until the end of such period. 
  

	9.	Termination of the Company’s Obligation 

 The Company shall have no obligation pursuant to this Agreement with respect to any shares of Common Stock proposed to be sold by a Holder in a registration pursuant to this Agreement if, in the opinion
of counsel to the Company, all such shares proposed to be sold by a Holder cease to be Registrable Shares. 

  
 16 

	10.	Limitations on Subsequent Registration Rights 

 After the date of this Agreement, the Company shall not, without the prior written consent of Holders beneficially owning not less than a majority of the then outstanding Registrable Shares (provided,
however, that for purposes of this Section 10, Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company or by an “executive officer” (as defined in Rule 405) of the Company shall not be deemed to
be outstanding), enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (a) to include such securities in any Registration Statement filed pursuant to
the terms hereof, unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of its securities will not reduce the amount of Registrable
Shares of the Holders that is included, or (b) to have its securities registered on a registration statement that could be declared effective prior to, or within one hundred eighty (180) days of, the effective date of any registration
statement filed pursuant to this Agreement. The limitations set forth in this Section 10 shall not apply to any registrations effected by the Company in accordance with the terms and conditions of the Amended and Restated Agreement of Limited
Partnership of American Residential Properties OP, L.P. 
  

	11.	Miscellaneous 

  

	 	(a)	Remedies. In the event of a breach by the Company of any of its obligations under this Agreement, each of FBR and each Holder, in addition to being entitled to
exercise all rights provided herein or, in the case of FBR, in the Purchase/Placement Agreement, or granted by law, including the rights granted in Section 2(f) hereof and recovery of damages, will be entitled to specific performance of its
rights under this Agreement. Subject to Section 7, the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further
agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate. 

 

	 	(b)	Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or
consents to or departures from the provisions hereof may not be given, without the written consent of the Company and Holders beneficially owning not less than a majority of the then outstanding Registrable Shares; provided, however, that for
purposes of this Section 11(b), Registrable Shares that are owned, directly or indirectly, by an Affiliate of the Company or by an “executive officer” (as defined in Rule 405) of the Company shall not be deemed to be outstanding. No
amendment shall be deemed effective unless it applies uniformly to all Holders. Notwithstanding the foregoing, a waiver or consent to or departure from the provisions hereof with respect to a matter that relates exclusively to the rights of a Holder
whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by such Holder; provided that the provisions of this
sentence may not be amended, modified or supplemented except in accordance with the provisions of the first and second sentences of this paragraph. 

  

	 	(c)	Notices. All notices and other communications, provided for or permitted hereunder, shall be made in writing and delivered by facsimile (with receipt confirmed),
overnight courier or registered or certified mail, return receipt requested, or by telegram: 

  

	 	(i)	if to a Holder, at the most current address given by the transfer agent and registrar of the Shares to the Company; and 

 

	 	(ii)	if to the Company, at the offices of the Company at American Residential Properties, Inc., 7047 East Greenway Parkway, Suite 350, Scottsdale, Arizona 85254, Attention:
Chief Executive Officer (facsimile: 480-264-2943), with a copy to Hunton & Williams LLP, 951 East Byrd Street, Richmond, Virginia 23219, Attention: Daniel M. LeBey, Esq. (facsimile: 804-788-8218); and 

 

	 	(iii)	if to FBR, at the offices of FBR at 1001 Nineteenth Street North, Arlington, Virginia 22209, Attention: Gavin Beske, Esq. (facsimile: 703-469-1140); with a copy to
Nelson Mullins Riley & Scarborough LLP, 101 Constitution Avenue, NW, Suite 900, Washington, DC 20001, Attention: Jonathan H. Talcott, Esq. (facsimile: 202-712-2856). 

  
 17 

	 	(d)	Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, including,
without limitation and without the need for an express assignment or assumption, subsequent Holders. The Company agrees that the Holders shall be third party beneficiaries to the agreements made hereunder by FBR and the Company, and each Holder
shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights hereunder; provided, however, that such Holder fulfills all of its obligations hereunder.

  

	 	(e)	Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

  

	 	(f)	Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

  

	 	(g)	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND
PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES OTHER THAN SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATION LAW THAT WOULD REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY STATE COURT IN THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY
OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. 

  

	 	(h)	Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the
parties hereto that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

 

	 	(i)	Entire Agreement. This Agreement, together with the Purchase/Placement Agreement, is intended by the parties hereto as a final expression of their agreement, and
is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. 

 

	 	(j)	Registrable Shares Held by the Company or its Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Shares is required
hereunder, Registrable Shares held by the Company or its Affiliates or by an “executive officer” (as defined in Rule 405) of the Company shall not be counted in determining whether such consent or approval was given by the Holders of such
required percentage. 

  
 18 

	 	(k)	Adjustment for Stock Splits, etc. Wherever in this Agreement there is a reference to a specific number of shares, then upon the occurrence of any subdivision,
combination, or stock dividend of such shares, the specific number of shares so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding shares of such class or series of stock by such
subdivision, combination, or stock dividend. 

  

	 	(l)	Survival. This Agreement is intended to survive the consummation of the transactions contemplated by the Purchase/Placement Agreement. The indemnification and
contribution obligations under Section 7 of this Agreement shall survive the termination of the Company’s obligations under Section 2 of this Agreement. 

 

	 	(m)	Attorneys’ Fees. In any action or Proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a
defense, the prevailing party, as determined by the court, shall be entitled to recover its reasonable attorneys’ fees in addition to any other available remedy. 

[Signature page follows] 

  
 19 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written. 
  

			
	AMERICAN RESIDENTIAL PROPERTIES, INC.
		
	By:	 	 /s/ Laurie A. Hawkes

	Name:	 	Laurie A. Hawkes
	Title:	 	President
	
	FBR CAPITAL MARKETS & CO.
		
	By:	 	 /s/ Paul Dellisola

	Name:	 	Paul Dellisola
	Title:	 	Senior Managing Director

  
 [Signature
Page to Registration Rights Agreement]EX-10.22

 Exhibit 10.22 
 CONTRIBUTION AND SALE AGREEMENT 
 by and among 

AMERICAN RESIDENTIAL MANAGEMENT, INC., 
 STEPHEN G. SCHMITZ 
 (Solely for the purpose
of Section 5.6 hereof), and 
 LAURIE A. HAWKES 

(Solely for the purpose of Section 5.6 hereof), 
 and 
 AMERICAN RESIDENTIAL PROPERTIES OP, L.P. 

dated as of May 11, 2012 

 CONTRIBUTION AND SALE AGREEMENT 

This CONTRIBUTION AND SALE AGREEMENT (this “Agreement”) is made and entered into as of May 11, 2012, by and between
AMERICAN RESIDENTIAL MANAGEMENT, INC., a Delaware corporation (“Contributor”), AMERICAN RESIDENTIAL PROPERTIES OP, L.P., a Delaware limited partnership (“Acquirer”) and, solely for the purpose of Section 5.6
hereof, STEPHEN G. SCHMITZ (“Schmitz”) and Laurie A. Hawkes (“Hawkes”). 
 BACKGROUND

 The Contributor is engaged in the business of managing the acquisition, renovation and management of single-family houses
as investment properties for rental as more fully described in the Offering Memorandum, dated as May 4, 2012, relating to the private offering of 10,500,000 shares of the common stock of American Residential Properties, Inc. (the
“Business”) and in connection therewith has developed a proprietary, vertically integrated real estate acquisition and management platform designed for high volume acquisition activity and focused on the single-family housing sector
(the “Platform”). Stephen G. Schmitz (“Schmitz”) and Laurie A. Hawkes (“Hawkes”) are the record and beneficial owners of 100% of the outstanding shares of capital stock of the Contributor. The
Contributor desires to contribute substantially all of the assets and assign certain contracts used in connection with the Business and related to the Platform to the Acquirer, and the Acquirer desires to acquire such assets and assume such
contracts from the Contributor, on the terms and conditions hereinafter set forth. In connection therewith, the Acquirer is willing to assume certain liabilities relating to the Platform. 

NOW, THEREFORE, in consideration of the representations, warranties, covenants and other agreements set forth herein, the parties hereby
agree as follows: 
 ARTICLE I 
 CONTRIBUTION OF ASSETS; ASSUMPTION OF LIABILITIES 
 Section 1.1
Contribution of Assets. Subject to the terms and conditions set forth herein, Contributor shall contribute, sell, assign, transfer, convey and deliver to the Acquirer, and the Acquirer shall accept and acquire from the Contributor, all of the
Contributor’s right, title and interest in and to all of the assets related to the Business and the Platform (the “Contributed Assets”), free and clear of any mortgage, pledge, lien, charge, security interest, claim or other
encumbrance (“Encumbrance”) other than (a) liens for taxes not yet due and payable or being contested in good faith by appropriate procedures and (b) mechanics’, carriers’, workmens’, repairmen’s or
other similar liens arising or incurred in the ordinary course of business consistent with past practice and which are not material to the Contributed Assets (collectively “Permitted Encumbrances”). 

Section 1.2 Excluded Assets. Notwithstanding the foregoing, the Contributed Assets shall not include the assets set forth on
Schedule 1.2 (the “Excluded Assets”). 
 Section 1.3 Assignment of Contracts and Assumption of
Liabilities. Subject to the terms and conditions set forth herein, the Contributor shall assign, and the Acquirer shall assume, 

 
each of the Assigned Contracts (as defined in Section 3.6), and Acquirer shall assume and agree to pay, perform and discharge the liabilities and obligations set forth on Schedule 1.3
arising after the Closing (as defined herein), but only to the extent that such liabilities and obligations do not relate to any breach, default or violation by the Contributor of any Assigned Contract or of any other contract or obligation on or
prior to the Closing (collectively, the “Assumed Liabilities”). 
 Section 1.4 Excluded
Liabilities. Other than the Assumed Liabilities, the Acquirer shall not assume any liabilities or obligations of the Contributor of any kind, whether known or unknown, contingent, matured or otherwise, whether currently existing or hereinafter
created. 
 Section 1.5 Consideration for the Contributed Assets. 

(a) At the Closing, in consideration for the Contributed Assets that constitute furniture, fixtures and equipment
(“FF&E”), the Acquirer shall pay the Contributor a cash payment in the amount of $85,574. 
 (b) At the
Closing, in consideration for the remaining Contributed Assets and the assumption by the Acquirer of the Assumed Liabilities, the Acquirer shall issue to the Contributor an aggregate of 175,000 common units of limited partnership interest in the
Acquirer (“Common Units”), consisting of 87,500 Common Units that are fully vested and unrestricted, other than restrictions on redemption as set forth in Section 8.04 of the Acquirer’s Agreement of Limited Partnership
(the “Partnership Agreement”) as of the Closing Date (the “Vested Units”) and 87,500 Common Units that are subject to the transfer restrictions described in Section 1.5(d) below (the “Restricted
Units” and, together with the Vested Units, the “Units”). The transfer restrictions described in Section 1.5(d) below are referred to as the “Restrictions” and the period during which the Restricted
Units are subject to the Restrictions is referred to as the “Restriction Period.” For the avoidance of doubt, during the Restriction Period, distributions on the Restricted Units shall be paid currently to the Contributor in
accordance with the terms of the Partnership Agreement. 
 (c) The Contributor’s interest in the Restricted Units shall
become vested, the Restrictions shall lapse and the Restricted Period shall end, upon the first to occur of the events described in sections (1), (2) and (3) below: 
 (1) On May 11, 2015, which is the third anniversary of the Closing Date. 

(2) Upon a Change in Control of American Residential Properties, Inc. (“ARP”), as the term “Change in Control”
is defined in ARP’s 2012 Equity Incentive Plan. 
 (3) Upon the effectiveness of a registration statement under which
shares of ARP’s common stock are registered for sale or resale under the Securities Act of 1933, as amended (the “Securities Act”), or the listing of ARP’s common stock on a national securities exchange. 

(d) During the Restriction Period, the Restricted Units may not be sold, transferred, pledged, redeemed or exchanged (including a
redemption pursuant to Section 8.04 of the Partnership Agreement), hypothecated or otherwise disposed of by the Contributor. 

  
 2 

 Notwithstanding the immediately preceding sentence, the Restricted Units may be transferred to Schmitz and
Hawkes subject to the terms and conditions of the Acquirer’s Partnership Agreement. 
 Section 1.6 Tax Treatment of
the Contribution. Contributor and Acquirer agree to treat (i) the contribution of the Contributed Assets (other than the FF&E) to the Acquirer in exchange for the Units as a tax-deferred contribution of property to Acquirer in exchange
for partnership interests under Section 721 of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) the exchange of the FF&E for the cash consideration described in Section 1.5(a) as a taxable
exchange. Contributor and Acquirer shall take no positions inconsistent with the treatment described in the preceding sentence. Acquirer shall use the “traditional method” (without curative allocations) under Treasury Regulations
section 1.704-3(c) for purposes of making all allocations under Section 704(c) of the Code with respect to the Contributed Assets (other than the FF&E). 
 ARTICLE II 
 CLOSING 

Section 2.1 Closing. The closing of all the transactions contemplated by Sections 1.1 through Section 1.5 of
this Agreement (the “Closing”) will take place on the date hereof (the “Closing Date”) simultaneously with the closing of the transactions contemplated by that certain Purchase/Placement Agreement, dated as of the
date hereof, by and between the Company and FBR Capital Markets & Co. 
 Section 2.2 Closing Deliverables.

 (a) Contributor’s Closing Deliverables. At the Closing, the Contributor shall deliver to the Acquirer the
following: 
 (1) a bill of sale in the form of Exhibit A hereto (the “Bill of Sale”) and duly executed
by the Contributor, transferring the FF&E to the Acquirer; 
 (2) an assignment and assumption agreement in the form of
Exhibit B hereto (the “Assignment and Assumption Agreement”) and duly executed by the Contributor, effecting the assignment to and assumption by the Acquirer of the remaining Contributed Assets (other than certain
Intellectual Property) and the Assumed Liabilities; 
 (3) an IP assignment and assumption agreement in the form of Exhibit
C hereto (the “IP Assignment and Assumption Agreement”) and duly executed by the Contributor, effecting the assignment to and assumption by the Acquirer of the Purchased IP (as defined in Section 3.5(b)); 

(4) an Assignment and Assumption of Lease in the form of Exhibit D hereto (the “Assignment and Assumption of
Lease”) and duly executed by the Contributor; 
 (5) copies of all consents, approvals, waivers and authorizations
referred to in Schedule 2.2(a)(5); 

  
 3 

 (6) a certificate pursuant to Treasury Regulations Section 1.1445-2(b) that the
Contributor is not a foreign person within the meaning of Section 1445 of the Code and duly executed by the Contributor; 

(7) a certificate of the Secretary or Assistant Secretary (or equivalent officer) of the Contributor in form and substance satisfactory
to the Acquirer; 
 (8) such other customary instruments of transfer, assumption, filings or documents, in form and substance
reasonably satisfactory to the Acquirer; and 
 (9) an executed counterpart signature page of the Acquirer’s Agreement of
Limited Partnership (the “Partnership Agreement”). 
 (b) Acquirer’s Closing Deliverables. At the
Closing, the Acquirer shall deliver to the Contributor the following: 
 (1) the Units; 

(2) the Assignment and Assumption Agreement duly executed by the Acquirer; 

(3) the IP Assignment and Assumption Agreement duly executed by the Acquirer; 

(4) the Assignment and Assumption of Lease duly executed by the Acquirer; 

(5) a certificate of the general partner of the Acquirer in form and substance reasonably acceptable to the Contributor; and 

(6) an executed counterpart signature page to the Partnership Agreement. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE CONTRIBUTOR 
 Contributor represents and warrants to Acquirer that the statements contained in this Article III are true and correct as of the date hereof. For purposes of this Article III, “Contributor’s
knowledge,” “knowledge of Contributor” and any similar phrases shall mean the actual or constructive knowledge of Schmitz and Hawkes. 
 Section 3.1 Organization and Authority of Contributor; Enforceability. Contributor is a corporation duly incorporated, validly existing and in good standing under the laws of the state of
Arizona. Contributor has full corporate power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions contemplated hereby. The execution,
delivery and performance by Contributor of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate action on the part of
Contributor. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Contributor, and (assuming due 

  
 4 

 
authorization, execution and delivery by Acquirer) this Agreement and the documents to be delivered hereunder constitute legal, valid and binding obligations of Contributor, enforceable against
Contributor in accordance with their respective terms. 
 Section 3.2 No Conflicts; Consents. The execution,
delivery and performance by Contributor of this Agreement and the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the organizational documents
of Contributor; (b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Contributor or the Contributed Assets; (c) conflict with, or result in (with or without notice or lapse of
time or both) any violation of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit under any contract or other instrument to which Contributor is a party or to which any of
the Contributed Assets are subject; or (d) result in the creation or imposition of any Encumbrance on the Contributed Assets. No consent, approval, waiver or authorization is required to be obtained by Contributor from any person or entity
(including any governmental authority) in connection with the execution, delivery and performance by Contributor of this Agreement and the consummation of the transactions contemplated hereby. No consent, approval, waiver or authorization is
required to be obtained by Contributor from any person or entity (including any governmental authority) in connection with the execution, delivery and performance by Contributor of this Agreement and the consummation of the transactions contemplated
hereby. 
 Section 3.3 Title to Contributed Assets. Contributor owns and has good title to the Contributed Assets,
free and clear of Encumbrances. 
 Section 3.4 Condition of Assets. The tangible personal property included in the
Contributed Assets is in good condition and is adequate for the uses to which it is being put, and none of such tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that are not
material in nature or cost. 
 Section 3.5 Intellectual Property. 

(a) “Intellectual Property” means any and all of the following in any jurisdiction throughout the world:
(i) trademarks and service marks, including all applications and registrations and the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights, including all applications and registrations related to the
foregoing; (iii) trade secrets and confidential know-how; (iv) patents and patent applications; (v) internet domain name registrations; and (vi) other intellectual property and related proprietary rights, interests and
protections (including all rights to sue and recover and retain damages, costs and attorneys’ fees for past, present and future infringement and any other rights relating to any of the foregoing). 

(b) Schedule 3.5 lists all Intellectual Property included in the Contributed Assets (“Purchased IP”). Contributor
owns or has adequate, valid and enforceable rights to use all the Purchased IP, free and clear of all Encumbrances. Contributor is not bound by any outstanding judgment, injunction, order or decree restricting the use of the Purchased IP, or
restricting the licensing thereof to any person or entity. 

  
 5 

 (c) Contributor’s prior and current use of the Purchased IP has not and does not
infringe, violate, dilute or misappropriate the Intellectual Property of any person or entity and there are no claims pending or threatened by any person or entity with respect to the ownership, validity, enforceability, effectiveness or use of the
Purchased IP. No person or entity is infringing, misappropriating, diluting or otherwise violating any of the Purchased IP, and neither Contributor nor any affiliate of Contributor has made or asserted any claim, demand or notice against any person
or entity alleging any such infringement, misappropriation, dilution or other violation. 
 Section 3.6 Assigned
Contracts. Schedule 3.6 includes each contract included in the Contributed Assets and being assigned to and assumed by Acquirer (the “Assigned Contracts”). Each Assigned Contract is valid and binding on Contributor in
accordance with its terms and is in full force and effect. None of Contributor or, to Contributor’s knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under), or has provided or
received any notice of any intention to terminate, any Assigned Contract. No event or circumstance has occurred that, with or without notice or lapse of time or both, would constitute an event of default under any Assigned Contract or result in a
termination thereof or would cause or permit the acceleration or other changes of any right or obligation or the loss of benefit thereunder. Complete and correct copies of each Assigned Contract have been made available to Acquirer. There are no
disputes pending or threatened under any Assigned Contract. 
 Section 3.7 Permits. Schedule 3.7 lists all
permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained from governmental authorities included in the Contributed Assets (the “Transferred Permits”). The
Transferred Permits are valid and in full force and effect. All fees and charges with respect to such Transferred Permits as of the date hereof have been paid in full. No event has occurred that, with or without notice or lapse of time or both,
would reasonably be expected to result in the revocation, suspension, lapse or limitation of any Transferred Permit. 

Section 3.8 Non-foreign Status. Contributor is not a “foreign person” as that term is used in Treasury Regulations
Section 1.1445-2. 
 Section 3.9 Compliance With Laws. Contributor has complied, and is now complying, in all
material respects with all applicable federal, state and local laws and regulations applicable to ownership and use of the Contributed Assets. 
 Section 3.10 Legal Proceedings. There is no claim, action, suit, proceeding or governmental investigation (“Action”) of any nature pending or, to Contributor’s knowledge,
threatened against or by Contributor (a) relating to or affecting the Contributed Assets or the Assumed Liabilities; or (b) that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No
event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action. 
 Section 3.11
Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of
Contributor. 

  
 6 

 Section 3.12 Securities Matters. 

(a) Contributor is an “accredited investor” as defined in Rule 501 of Regulation D promulgated under the Securities Act and is
acquiring the Units for Contributor’s own benefit and account for investment only and not with a view to, or for resale in connection with, a public offering or distribution thereof. 

(b) Contributor acknowledges and agrees as follows: 
 (1) No market for the resale of the Units currently exists, and no such market may ever exist. Accordingly, Contributor must bear the economic and financial risk of an investment in the Units for an
indefinite period of time. 
 (2) The Units have not been registered under the Securities Act or the securities laws of any
other jurisdiction and the offer and sale of the Units are being made in reliance on one or more exemptions for private offerings under Section 4(2) of the Securities Act and applicable securities laws. Accordingly, no transfer or other
disposition of (whether with or without consideration and whether voluntarily or involuntarily or by operation of law) of any of the Units is permitted unless such transfer is registered under the Securities Act and other applicable securities laws,
or an exemption from such registration is available. 
 (3) The Units are subject to restrictions on transfer set forth herein
and the Acquirer’s Partnership Agreement. Accordingly, no transfer of any of the Units is permitted unless such transfer complies with the applicable provisions of this Agreement and the Partnership Agreement. 

Section 3.13 Full Disclosure. No representation or warranty by Contributor in this Agreement and no statement contained in
any schedule attached to this Agreement or any certificate or other document furnished or to be furnished to Acquirer pursuant to this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make
the statements contained therein, in light of the circumstances in which they are made, not misleading. 
 ARTICLE IV

 REPRESENTATIONS AND WARRANTIES OF THE ACQUIRER 

Acquirer represents and warrants to Contributor that the statements contained in this Article IV are true and correct as of the date
hereof. For purposes of this Article IV, “Acquirer’s knowledge,” “knowledge of Acquirer” and any similar phrases shall mean the actual or constructive knowledge of any director or officer of Acquirer, after due inquiry.

 Section 4.1 Organization and Authority of Acquirer; Enforceability. Acquirer is a limited partnership duly
organized, validly existing and in good standing under the laws of the state of Delaware. Acquirer has full limited partnership power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its
obligations hereunder and to consummate the transactions contemplated hereby. The execution, delivery and performance by Acquirer of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated
hereby have been duly authorized by all 

  
 7 

 
requisite corporate action on the part of Acquirer. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Acquirer, and (assuming due authorization,
execution and delivery by Contributor) this Agreement and the documents to be delivered hereunder constitute legal, valid and binding obligations of Acquirer enforceable against Acquirer in accordance with their respective terms. 

Section 4.2 No Conflicts; Consents. The execution, delivery and performance by Acquirer of this Agreement and the documents
to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the organizational documents of Acquirer; or (b) violate or conflict with any judgment, order,
decree, statute, law, ordinance, rule or regulation applicable to Acquirer. No consent, approval, waiver or authorization is required to be obtained by Acquirer from any person or entity (including any governmental authority) in connection with the
execution, delivery and performance by Acquirer of this Agreement and the consummation of the transactions contemplated hereby. 

Section 4.3 Legal Proceedings. There is no Action of any nature pending or, to Acquirer’s knowledge, threatened against
or by Acquirer that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred or circumstances exist that may give rise to, or serve as a basis for, any such Action. 

Section 4.4 Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Acquirer. 
 Section 4.5 Valid Issuance of Units. The Units have been duly authorized and, when issued and paid for in accordance with the terms of this Agreement, will be validly issued to Contributor
free of any Encumbrances, except for restrictions on transfer provided for herein, in the Partnership Agreement or under the Securities Act or other applicable securities laws. 
 ARTICLE V 
 COVENANTS 

Section 5.1 Transferred Employees. At the Closing, Acquirer shall offer employment to those employees of the Contributor
identified on Schedule 5.1 (the “Offered Employees”). Such offers of employment shall be effected at the Closing for the Offered Employees. Nothing in this Agreement shall interfere with the right of the Acquirer to terminate
the employment of any employee thereof, including any Offered Employees who accepts employment with and is employed by the Acquirer effective as of the Closing Date (each, a “Transferred Employee”), at any time, with or without
notice and for any or no reason, or to restrict the Acquirer in modifying in any way the terms or conditions of employment, including wages, salaries, duties and responsibilities, of any such employee, including any Transferred Employee, after the
Closing. Contributor shall cooperate in all reasonable respects with the Acquirer to assume the payroll processing and systems with respect to the Transferred Employees on the Closing Date. 

  
 8 

 Section 5.2 Employee Benefits Plans. 

(a) Schedule 5.2 sets forth a complete list of (i) all “employee benefit plans,” as defined in
Section 3(3) of ERISA, (ii) all other severance pay, salary continuation, bonus, incentive, stock option, or other equity, retirement, pension, profit sharing, welfare, fringe benefit or deferred compensation plans, contracts, programs,
funds, or arrangements of any kind, and (iii) all other employee benefit plans, contracts, programs, funds, or arrangements (whether written or oral, qualified or nonqualified, funded or unfunded, foreign or domestic, currently effective or
terminated) and any trust, escrow, or similar agreement related thereto, in respect of any Transferred Employees or former employees, directors, officers, shareholders, members, managers, consultants, or independent contractors of Contributor (all
of the above being hereinafter individually or collectively referred to as “Employee Plan” or “Employee Plans,” respectively). 
 (b) True and complete copies of the following materials have been delivered or made available to Acquirer: (i) the plan documents for each Employee Plan and all amendments thereto, (ii) all
determination letters from the IRS with respect to each Employee Plan intended to be qualified under Section 401(a) of the Code, (iii) all current and prior summary plan descriptions, summaries of material modifications, annual reports,
summary annual reports, and any other documents used to communicate the Employee Plans to employees, (iv) all trust agreements, insurance contracts, and other documents relating to the funding or payment of benefits under any Employee Plan,
(v) all documents, including without limitations, Form 5500, relating to any Employee Plan required to have been filed prior to the date hereof with respect to each Employee Plan, (vi) any communication, opinion, ruling or determination
from any Governmental Authority, including the IRS, Department of Labor, or Pension Benefit Guaranty Corporation with respect to any Employee Plan, (vii) financial statements and actuarial reports, if any, for each Employee Plan for the three
most recently completed plan years or such shorter period as such Employee plan may have been in effect, and (viii) any other documents, forms or other instruments relating to any Employee Plan reasonably requested by Acquirer. 

(c) Each Employee Plan has, in all material respects, been maintained, operated, and administered in material compliance with its terms
and any related documents or agreements and in compliance with all applicable Laws. 
 (d) Each Employee Plan intended to be
qualified under Section 401(a) of the Code is so qualified and has received a favorable determination letter from the IRS as to the qualification and the tax exempt status of each trust thereunder, and such determination letter remains in
effect and has not been revoked; provided, however, no such determination letter has been received or is in effect as to any such plan which is based on an IRS-approved prototype or mass submitter document. Nothing has occurred that could reasonably
be expected to result in the loss of the qualification of any such Employee Plan or trust under Section 401(a) or 501(a) of the Code. 
 (e) Neither Contributor nor any ERISA Affiliate currently has and at no time in the past has had an obligation to contribute to a “defined benefit plan” as defined in Section 3(35) of
ERISA, a pension plan subject to the funding standards of Section 302 of ERISA or Section 412 or 426 of the Code, a “multiemployer plan” as defined in Section 3(37) of ERISA or Section 414(f) of the Code, or a
“multiple employer plan” within the meaning of Section 210(a) of ERISA or Section 413(c) of the Code. 

  
 9 

 (f) With respect to each Employee Plan that is a group health plan benefitting any current
or former employee of Contributor or any ERISA Affiliate that is subject to Section 4980B of the Code, or was subject to Section 162(k) of the Code, Seller and each ERISA Affiliate has complied, in all material respects, with (i) the
continuation coverage requirements of Section 4980B of the Code and Section 162(k) of the Code, as applicable, and Part 6 of Subtitle B of Title I of ERISA and (ii) the Health Insurance Portability and Accountability
Act of 1996, as amended. 
 (g) No Employee Plan provides benefits, including death or medical benefits, beyond termination of
service or retirement other than retirement benefits under a pension plan, or continuation healthcare coverage mandated by law. 

(h) None of the Acquirer nor any of its Affiliates has any obligation to reimburse, pay or make whole any Person for adverse tax
consequences or any related costs (including interest, penalties or additional excise taxes), including consequences or costs arising under Section 409A, Section 280G or Section 4999 of the Code relating to any payment made, provision
of, omission from or operation of any Employee Plan. 
 (i) Each Employee Plan that is subject to Section 409A of the Code
materially complies in form and in operation with paragraphs (2), (3) and (4) of Code Section 409A(a). 
 (j)
Except as required by law, neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereunder, will, either alone or together with some other event, (i) result in any material payment (including
severance, unemployment compensation, golden parachute or otherwise) becoming due to any director, officer or any employee under any Employee Plan or otherwise, (ii) materially increase any benefits otherwise payable under any Employee Plan, or
(iii) result in any acceleration of the time of payment or vesting of any such benefits to any material extent. 
 (k) At
the Closing or as soon as reasonably practicable thereafter, the Acquirer will assume each of the Employee Plans, or establish substantially similar replacement plans, at no cost or expense to the Transferred Employees or their respective spouses or
dependents. Contributor shall cooperate with the Acquirer in all respects to effectuate the transfer to Acquirer of the Transferred Employees and any Employee Plans to be assumed by Acquirer. 

Section 5.3 Public Announcements. Unless otherwise required by applicable law, neither party shall make any public
announcements regarding this Agreement or the transactions contemplated hereby without the prior written consent of the other party (which consent shall not be unreasonably withheld or delayed). 

Section 5.4 Bulk Sales Laws. The parties hereby waive compliance with the provisions of any bulk sales, bulk transfer or
similar laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Contributed Assets to Acquirer. 

  
 10 

 Section 5.5 Transfer Taxes. All transfer, documentary, sales, use, stamp,
registration, value added and other such taxes and fees (including any penalties and interest) incurred in connection with this Agreement and the documents to be delivered hereunder shall be borne and paid by Acquirer when due. Acquirer shall, at
its own expense, timely file any tax return or other document with respect to such taxes or fees (and Contributor shall cooperate with respect thereto as necessary). 
 Section 5.6 Further Assurances. Following the Closing, each of the parties hereto shall execute and deliver such additional documents, instruments, conveyances and assurances and take such
further actions as may be reasonably required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement and the documents to be delivered hereunder. In addition, following the Closing, Schmitz and Hawkes
covenant and agree to take, or to cause their affiliates to take, all actions within their power as may be reasonably necessary or advisable in order to ensure that all of the material assets relating to the Platform and necessary for the operation
of the Business, other than the Excluded Assets, have been or are transferred, assigned and conveyed to the Acquirer pursuant to this Agreement as soon as reasonably possible. 
 ARTICLE VI 
 MISCELLANEOUS 

Section 6.1 Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by Acquirer. 
 Section 6.2 Notices. All notices, requests, consents, claims, demands, waivers
and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal
business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses
(or at such other address for a party as shall be specified in a notice given in accordance with this Section 6.2): 
  

			
	If to Contributor:	  	 American Residential Management, Inc.
 7033 East Greenway Parkway, Suite 210
 Scottsdale, Arizona 85254

Facsimile: 480-264-2943
 E-mail:
steve.schmitz@americanresidentialproperties.com
 Attention: Stephen G. Schmitz

		
	 If to Acquirer.
 Schmitz
or
 Hawkes:
	  	 American Residential Properties OP, L.P.
 7033 East Greenway Parkway, Suite 210
 Scottsdale, Arizona 85254

Facsimile: 480-264-2943
 E-mail:
steve.schmitz@americanresidentialproperties.com
 Attention: Stephen G.
Schmitz

  
 11 

			
	with a copy to:	  	 Hunton & Williams LLP

Riverfront Plaza, East Tower
 951 East Byrd
Street
 Richmond, Virginia 23219

Facsimile: (804) 343-4543
 Email:
dlebey@hunton.com
 Attention: Daniel M. LeBey

 Section 6.3 Headings. The headings in this Agreement are for reference only and shall not
affect the interpretation of this Agreement. 
 Section 6.4 Severability. If any term or provision of this Agreement
is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. 
 Section 6.5 Entire Agreement. This Agreement and the documents to be delivered hereunder constitute
the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject
matter. In the event of any inconsistency between the statements in the body of this Agreement and the documents to be delivered hereunder, the Exhibits and Schedules (other than an exception expressly set forth as such in the Schedules), the
statements in the body of this Agreement will control. 
 Section 6.6 Successors and Assigns. This Agreement shall
be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party, which
consent shall not be unreasonably withheld or delayed. No assignment shall relieve the assigning party of any of its obligations hereunder. 
 Section 6.7 No Third-party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or
implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 6.8 Amendment and Modification. This Agreement may only be amended, modified or supplemented by an agreement in
writing signed by each party hereto. 
 Section 6.9 Waiver. No waiver by any party of any of the provisions hereof
shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written
waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed
as a 

  
 12 

 
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. 
 Section 6.10 Governing Law. This Agreement and the transactions contemplated herein,
and all disputes between the parties under or related to this Agreement or the facts and circumstances leading to its execution or performance, whether in contract, tort or otherwise, shall be governed by and construed in accordance with the laws of
the State of New York, without reference to the conflict of laws principles thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 
 Section 6.11 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same
agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this Agreement
to be executed by their respective duly authorized representatives as of the date first written above. 
  

					
	CONTRIBUTOR:
	
	AMERICAN RESIDENTIAL MANAGEMENT, INC.
		
	By:	 	 /s/ Stephen G. Schmitz

	Name:	 	Stephen G. Schmitz
	Title:	 	President

 

							
	ACQUIRER:
	
	AMERICAN RESIDENTIAL PROPERTIES OP, L.P.
		
	By:	 	 AMERICAN RESIDENTIAL GP, LLC, its general partner

			
		 	By:	 	AMERICAN RESIDENTIAL PROPERTIES, INC., its sole member
				
		 		 	By:	 	 /s/ Stephen G. Schmitz

		 		 	Name:	 	Stephen G. Schmitz
		 		 	Title:	 	Chief Executive Officer
	
	SCHMITZ: (solely for purposes of section 5.6)
	
	 /s/ Stephen G. Schmitz

	Stephen G. Schmitz
	
	HAWKES: (solely for purposes of section 5.6)
	
	 /s/ Laurie A. Hawkes

	Laurie A. Hawkes

 [Contribution and Sale Agreement] 

 Exhibit A 
 Bill of Sale 
 [Attached] 

 BILL OF SALE 

For good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, American Residential Management, Inc., a
Delaware corporation (“Seller”), does hereby grant, bargain, transfer, sell, assign, convey and deliver to American Residential Properties OP, L.P., a Delaware limited partnership (“Buyer”), all of its right, title
and interest in and to the FF&E, as such term is defined in the contribution and sale agreement, dated as of May 11, 2012 (the “Contribution and Sale Agreement”), by and among Seller, Buyer, Stephen G. Schmitz (solely for
purposes of Section 5.6 thereof) and Laurie A. Hawkes solely for purposes of Section 5.6 thereof), to have and to hold the same unto Buyer, its successors and assigns, forever. 

Buyer acknowledges that Seller makes no representation or warranty with respect to the assets being conveyed hereby except as
specifically set forth in the Contribution and Sale Agreement. 
 IN WITNESS WHEREOF, Seller has duly executed this Bill of Sale
as of May 11, 2012. 
  

			
	AMERICAN RESIDENTIAL MANAGEMENT, INC.
		
	By:	 	 /s/ Stephen G. Schmitz

		
	Name:	 	Stephen G. Schmitz
	Title:	 	President

 Exhibit B 
 Assignment and Assumption Agreement 
 [Attached] 

 ASSIGNMENT AND ASSUMPTION AGREEMENT 

This Assignment and Assumption Agreement (this “Agreement”), effective as of May 11, 2012 (the “Effective
Date”), is by and between American Residential Management, Inc., a Delaware corporation (“Seller”), and American Residential Properties OP, L.P., a Delaware limited partnership (“Buyer”). 

WHEREAS, Seller and Buyer have entered into a certain contribution and sale agreement, dated as of May 11, 2012 (the
“Contribution and Sale Agreement”), by and among Seller, Buyer, Stephen G. Schmitz (solely for purposes of Section 5.6 thereof) and Laurie A. Hawkes solely for purposes of Section 5.6 thereof), pursuant to which, among
other things, Seller has agreed to assign all of its rights, title and interests in, and Buyer has agreed to assume all of Seller’s duties and obligations under, the Contributed Assets (as defined in the Contribution and Sale Agreement) (other
than the assets transferred or assigned and assumed pursuant to the Bill of Sale and the IP Assignment and Assumption Agreement (each as defined in the Contribution and Sale Agreement)) and the Assumed Liabilities (as defined in the Contribution and
Sale Agreement) (other than the Lease Agreement listed therein by and between Bataa/Kierland II, LLC, an Arizona limited liability company, and Seller) (together, the “Assets and Contracted Liabilities”). 

NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	1.	Definitions. All capitalized terms used in this Agreement but not otherwise defined herein are given the meanings set forth in the Contribution and Sale
Agreement. 

  

	2.	Assignment and Assumption. Seller hereby sells, assigns, grants, conveys and transfers to Buyer all of Seller’s right, title and interest in and to the
Assets and Contracted Liabilities. Buyer hereby accepts such assignment and assumes all of Seller’s duties and obligations under the Assets and Contracted Liabilities and agrees to pay, perform and discharge, as and when due, all of the
obligations of Seller under the Assets and Contracted Liabilities accruing on and after the Effective Date. 

  

	3.	 Terms of the Contribution and Sale Agreement. The terms of the Contribution and Sale Agreement, including, but not limited to, the
representations, warranties, covenants, agreements and indemnities relating to the Assets and Contracted Liabilities are incorporated herein by this reference. The parties hereto acknowledge and agree that the representations, warranties, covenants,
agreements and indemnities contained in the Contribution and Sale Agreement shall not be superseded hereby but shall remain in full 

	 	
force and effect to the full extent provided therein. In the event of any conflict or inconsistency between the terms of the Contribution and Sale Agreement and the terms hereof, the terms of the
Contribution and Sale Agreement shall govern. 

  

	4.	Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any
choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of New York. 

 

	5.	Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and
the same agreement. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the date
first above written. 
  

			
	AMERICAN RESIDENTIAL MANAGEMENT, INC.
		
	By:	 	 /s/ Stephen G. Schmitz

		
	Name:	 	Stephen G. Schmitz
	Title:	 	President
	
	AMERICAN RESIDENTIAL PROPERTIES OP, L.P.
	
	By: American Residential GP, LLC, its general partner
	
	By: American Residential Properties, Inc., its sole member
		
	By:	 	 /s/ Stephen G. Schmitz

	Name:	 	Stephen G. Schmitz
	Title:	 	Chief Executive Officer

 [Assignment and Assumption Agreement – Exh B of Contribution and Sale Agreement] 

 Exhibit C 
 IP Assignment and Assumption Agreement 
 [Attached] 

 IP ASSIGNMENT AND ASSUMPTION AGREEMENT 

This IP Assignment and Assumption Agreement (hereinafter “Assignment”), is made and entered into this 11th day of May,
2012 (the “Effective Date”), by and between American Residential Management, Inc., a Delaware corporation (hereinafter “Assignor”), and American Residential Properties OP, L.P., a Delaware limited partnership
(hereinafter “Assignee”). 
 WHEREAS, Assignor is the sole owner of certain software and the Real Estate
Platform and processes as set forth on Exhibit A, attached hereto and incorporated herein, including all copyrights, trade secrets and other intellectual property rights within such software and software platforms and other related assets,
rights, property or equipment (“Assets”); and 
 WHEREAS, the parties intended that all right, title and
interest in any Assets be owned by Assignee as of the Effective Date. 
 NOW THEREFORE, in consideration of the good and
valuable consideration furnished by Assignee to Assignor pursuant to that certain Contribution and Sale Agreement between Assignor and Assignee of even date herewith, the receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound, the parties hereby covenant and agree as follows: 
 1. Assignment and Assumption. Assignor hereby
assigns, transfers, and conveys as of the Effective Date to Assignee, its successors, assigns, or other legal representatives, without the necessity of any additional consideration, all right, title, and interest in and to the Assets throughout the
world. This assignment is operative with respect to all intellectual property rights in and to the Assets, including without limitation, (a) all trade secrets in the United States and elsewhere, (b) all copyrights in the United States and
elsewhere, including without limitation all rights of registration and publication, rights to create derivative works, and all other rights incident to copyright ownership, (c) all patents in the United States and elsewhere, including without
limitation all patent applications and preparations for patent applications owned by Assignor, any foreign or domestic counterparts of the foregoing, and any respective inventions disclosed, claimed or represented therein, and all other patent
rights that may be based thereon, and any renewals, revivals, substitutes, divisions, reissues, reexaminations, continuations, continuations-in-part and extensions thereof, and all patents that may issue on any of the foregoing, and (d) all
causes of action for trade secret, copyright, patent or any other intellectual property right infringement arising prior to the Effective Date or the date of this Assignment and all damages, profits, penalties and other recoveries related thereto.
Assignee hereby accepts the foregoing assignment, transfer and conveyance of the Assets and assumes all rights and obligations incident thereto. 
 2. Future Cooperation. Assignor further agrees to execute and deliver all requested applications, assignments and other documents, and take such other measures as Assignee shall reasonably request
in order to confirm, perfect or evidence more clearly Assignee’s rights in the Assets, and hereby appoints the Assignee its attorney to execute and deliver any such documents on Assignor’s behalf in the event the Assignor fails or refuses
to execute and deliver any such documents. 

 3. Representations. Assignor represents and warrants that it is the sole lawful owner
of all rights, title and interest in and to the Assets, that it has the right and authority to sell, assign and transfer same to Assignee and that it has neither made nor entered into any assignment, sale, agreement or encumbrance that would
conflict with this Assignment or the matters contemplated hereby. 
 [Signatures appear on following page.] 

 IN WITNESS WHEREOF, the parties have executed this Assignment Agreement as of the
date first above written. 
  

			
	ASSIGNOR
	
	American Residential Management, Inc.
		
	By:	 	 /s/ Stephen G. Schmitz

	Name:	 	Stephen G. Schmitz
	Title:	 	President
	
	ASSIGNEE
	
	American Residential Properties OP, L.P.
	By: American Residential GP, LLC, its general partner
	
	By: American Residential Properties, Inc., its sole member
		
	By:	 	 /s/ Stephen G. Schmitz

	Name:	 	Stephen G. Schmitz
	Title:	 	Chief Executive Officer

 [IP Assignment and Assumption Agreement – Exh C of Contribution and Sale Agreement] 

 Exhibit A 
 Assets Description 
 Assets include the entire Real Estate Production Platform and all
pipeline processes developed by Assignor and its predecessors, including but not limited to, all software, systems, research methodology and infrastructure related to acquisition strategies, criteria and models; property screening, sorting and
evaluation processes; pricing algorithms and metrics; renovation specifications and bidding processes; quality control protocol; tenant underwriting and evaluation methodology; leasing policies, procedures and management; tracking of market
comparables and market rents; property repair and maintenance implementation; HOA interface; property management; accounting and financial management; and all information of a technical nature, prototypes, and pipeline documents, including
analytical tools, filing processes and analyses. 
 Assets also include all: (i) trademarks and service marks, including all applications
and registrations and the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights, including all applications and registrations related to the foregoing; (iii) trade secrets and confidential know-how;
(iv) patents and patent applications; (v) internet domain name registrations; and (vi) other intellectual property and related proprietary rights, interests and protections (including all rights to sue and recover and retain damages,
costs and attorneys’ fees for past, present and future infringement and any other rights relating to any of the foregoing), in each case containing or relating to the phrases “American Residential Properties” and “American
Residential” and the letters “ARP” and all related logos. 

 Exhibit D 
 Assignment and Assumption of Lease 
 [Attached] 

 ASSIGNMENT AND ASSUMPTION OF LEASE 

THIS ASSIGNMENT AND ASSUMPTION OF LEASE (this “Assignment”) is made and entered effective this 11th day of May,
2012, by and between AMERICAN RESIDENTIAL MANAGEMENT, INC., a Delaware corporation (“Assignor”), and AMERICAN RESIDENTIAL PROPERTIES OP, L.P., a Delaware limited partnership (“Assignee”). 

W I T N E S S E T H: 
 WHEREAS, Assignor is the lessee pursuant to that certain Lease Agreement dated December 13, 2011, between Bataa/Kierland II, LLC, an Arizona limited liability company, as lessor
(“Lessor”), and Assignor, or lessee for the leased office suite(s) designated as Suite 210, which is a part of the office building located at 7033 East Greenway Parkway, Scottsdale, Arizona 85254 (as amended or modified,
collectively, the “Lease”). 
 WHEREAS, Assignor has agreed, pursuant to a certain Contribution and Sale
Agreement dated May 11, 2012, by and among Assignor, Stephen G. Schmitz (solely for the purpose of Section 5.6 thereof), Laurie A. Hawkes (solely for the purpose of Section 5.6 thereof) and Assignee, to, inter alia, assign the
Lease to Assignee as provided herein and to contribute certain of Assignor’s assets to Assignee. 
 WHEREAS, Assignee has
agreed to accept the assignment and to assume Assignor’s obligations under the Lease as set forth herein and Lessor has agreed to consent to this Assignment pursuant to Section 21.1 of the Lease. 

NOW, THEREFORE, for and in consideration of the conveyance described above, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Assignor and Assignee hereby agree as follows: 
 1. Assignment.
Assignor does hereby grant, bargain, sell, convey, assign, transfer and set over to Assignee all its right, title and interest in and to the Lease. 
 2. Assumption. Assignee hereby accepts the assignment made herein and assumes and agrees to perform the obligations and agreements of Assignor under the Lease accruing on and after the date of this
Assignment. It is acknowledged and agreed that Assignor shall remain responsible and liable for any and all obligations, agreements and liabilities accruing under the Lease before the date of this Assignment. 

3. Execution by Counterparts. To facilitate execution and delivery of this Assignment, the parties may execute and exchange
counterparts of the signature page by facsimile or other electronic format. The signature of any party to any counterpart may be appended to any other counterpart. 
 4. Miscellaneous. This Assignment shall be binding upon and inure to the benefit of the parties hereto and their successors and assigns. This Assignment shall be construed in accordance with and
governed by the laws of the State of Arizona. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment to be duly
executed and to be effective as of the date first above written. 
  

					
	ASSIGNOR:
	
	AMERICAN RESIDENTIAL MANAGEMENT, INC.,
	a Delaware corporation
			
		 	By:	 	 /s/ Stephen G. Schmitz

			
		 	Name:	 	Stephen G. Schmitz
		 	Its:	 	President

  

									
	ASSIGNEE:
	
	 AMERICAN RESIDENTIAL PROPERTIES OP, L.P.,
 a Delaware limited partnership

		
		 	 By: American Residential GP, LLC,
 its general partner

			
		 		 	 By: American Residential REIT, Inc.,
 its sole member

					
		 		 		 	By:	 	 /s/ Stephen G. Schmitz

					
		 		 		 	Name:	 	Stephen G. Schmitz
		 		 		 	Its:	 	Chief Executive Officer

 IN WITNESS WHEREOF, Lessor has, pursuant to Section 21.1 of the Lease, consented to
this Assignment effective as of the date first above written. 
  

							
	LESSOR:
	
	 BATAA/KIERLAND II, LLC,
 an Arizona limited liability company

		
		 	By: Bataa Oil, Inc., sole member/manager
				
		 		 	By:	 	 /s/ David J. Calvin

				
		 		 	Name:	 	David J. Calvin
				
		 		 	Its:	 	Owner

 [Assignment and Assumption of Lease – Exh D Contribution and Sale Agreement]

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