Document:

THIS WARRANT AND THE SHARES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED. EXCEPT AS OTHERWISE SET FORTH HEREIN OR IN AN AGREEMENT, NEITHER THIS WARRANT NOR ANY OF SUCH
SHARES MAY BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH SECURITIES UNDER SAID
ACT OR, AN OPINION OF COUNSEL, IN FORM, SUBSTANCE AND SCOPE, REASONABLY ACCEPTABLE TO THE COMPANY’S COUNSEL, THAT REGISTRATION
IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 OR REGULATION S UNDER SUCH ACT.

 

	 	Right to Purchase 25,000,000 Shares of Common Stock, par value $.01 per share

 

STOCK PURCHASE WARRANT

 

THIS CERTIFIES THAT, for value received,
Accent Healthcare Advisors, LLC, a California limited liability corporation, or its registered assigns, is entitled
to purchase from Vantage Health Inc, a Nevada corporation (the “Company”), at any time or from time to time
during the period specified in Paragraph 2 hereof, 25,000,000 fully paid and non assessable shares of the Company’s
Common Stock, par value $.01 per share (the “Common Stock”), at an exercise price per share equal to $.049 (the
“Exercise Price”). The term “Warrant Shares,” as used herein, refers to the shares of Common Stock purchasable
hereunder. The Warrant Shares and the Exercise Price are subject to adjustment as provided in Paragraph 4 hereof. The term “Warrants”
means this Warrant, by and among the Company and the Entity listed on the execution page thereof. This Warrant is subject to the
following terms, provisions, and conditions:

 

1. Manner
of Exercise; Issuance of Certificates; Payment for Shares.

 

Subject to the provisions hereof, this Warrant may be exercised
by the holder hereof, in whole or in part, by the surrender of this Warrant, together with a completed exercise agreement in the
form attached hereto (the “Exercise Agreement”), to the Company during normal business hours on any business day at
the Company’s principal executive offices (or such other office or agency of the Company as it may designate by notice to
the holder hereof), and upon payment to the Company in cash, by certified or official bank check or by wire transfer for the account
of the Company of the Exercise Price for the Warrant Shares specified in the Exercise Agreement or, if the resale of the Warrant
Shares by the holder is not then registered pursuant to an effective registration statement under the Securities Act of 1933, as
amended (the “Securities Act”), or an exemption from registration is not available for the resale of the Warrant Shares,
delivery to the Company of a written notice of an election to effect a “Cashless Exercise” (as defined in Section 10(c)
below) for the Warrant Shares specified in the Exercise Agreement. The Warrant Shares so purchased shall be deemed to be issued
to the holder hereof or such holder’s designee, as the record owner of such shares, as of the close of business on the date
on which this Warrant shall have been surrendered, the completed Exercise Agreement shall have been delivered, and payment shall
have been made for such shares as set forth above. In no event shall the Company be obligated to pay to the Holder any cash or
other consideration or otherwise “net cash settle” this Warrant. Certificates for the Warrant Shares so purchased,
representing the aggregate number of shares specified in the Exercise Agreement, shall be delivered to the holder hereof within
a reasonable time, not exceeding five (5) business days, after this Warrant shall have been so exercised. The certificates so delivered
shall be in such denominations as may be requested by the holder hereof and shall be registered in the name of such holder or such
other name as shall be designated by such holder. If this Warrant shall have been exercised only in part, then, unless this Warrant
has expired, the Company shall, at its expense, at the time of delivery of such certificates, deliver to the holder a new Warrant
representing the number of shares with respect to which this Warrant shall not then have been exercised.

 

    	 

    	 

    

 

Notwithstanding anything in this Warrant to the
contrary, in no event shall the holder of this Warrant be entitled to exercise a number of Warrants (or portions thereof) in excess
of the number of Warrants (or portions thereof) upon exercise of which the sum of (i) the number of shares of Common Stock beneficially
owned by the holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership
of the unexercised Warrants and the unexercised or unconverted portion of any other securities of the Company (including the Notes
(as defined in the Securities Purchase Agreement)) subject to a limitation on conversion or exercise analogous to the limitation
contained herein) and (ii) the number of shares of Common Stock issuable upon exercise of the Warrants (or portions thereof) with
respect to which the determination described herein is being made, would result in beneficial ownership by the holder and its affiliates
of more than 4.9% of the outstanding shares of Common Stock. For purposes of the immediately preceding sentence, beneficial ownership
shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13D-G thereunder,
except as otherwise provided in clause (i) of the preceding sentence. Notwithstanding anything to the contrary contained herein,
the limitation on exercise of this Warrant set forth herein may not be amended without the written consent of the holder hereof
and the Company.

 

2. Period of Exercise.

 

This Warrant is exercisable at any time or from
time to time on or after the date herein and before 5:00 p.m., New York, New York time on the seventh (7th) anniversary
of the date of issuance (the “Exercise Period”).

 

3. Certain Agreements of the Company.

 

The Company hereby covenants and agrees as follows:

 

(a) Shares to be Fully Paid.
All Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be validly issued, fully paid, and non assessable
and free from all taxes, liens, and charges with respect to the issue thereof.

 

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(b) Reservation of Shares. During
the Exercise Period, the Company shall at all times have authorized, and reserved for the purpose of issuance upon exercise of
this Warrant, a sufficient number of shares of Common Stock to provide for the exercise of this Warrant.

 

(c) Listing. The Company shall
promptly secure the listing of the shares of Common Stock issuable upon exercise of the Warrant upon each national securities exchange
or automated quotation system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance
upon exercise of this Warrant) and shall maintain, so long as any other shares of Common Stock shall be so listed, such listing
of all shares of Common Stock from time to time issuable upon the exercise of this Warrant; and the Company shall so list on each
national securities exchange or automated quotation system, as the case may be, and shall maintain such listing of, any other shares
of capital stock of the Company issuable upon the exercise of this Warrant if and so long as any shares of the same class shall
be listed on such national securities exchange or automated quotation system.

 

(d) Certain Actions Prohibited.
The Company will not, by amendment of its charter or through any reorganization, transfer of assets, consolidation, merger, dissolution,
issue or sale of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms to be observed or performed by it hereunder, but will at all times in good faith assist in the carrying out of all the provisions
of this Warrant and in the taking of all such action as may reasonably be requested by the holder of this Warrant in order to protect
the exercise privilege of the holder of this Warrant against dilution or other impairment, consistent with the tenor and purpose
of this Warrant. Without limiting the generality of the foregoing, the Company (i) will not increase the par value of any shares
of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, and (ii) will take all such
actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non assessable
shares of Common Stock upon the exercise of this Warrant.

 

(e) Successors and Assigns. This
Warrant will be binding upon any entity succeeding to the Company by merger, consolidation, or acquisition of all or substantially
all the Company’s assets.

 

4. Adjustment of Exercise Price and Shares.

 

During the Exercise Period, the Exercise Price
and the number of Warrant Shares shall be subject to adjustment from time to time as provided in this Paragraph 4.

 

In the event that any adjustment of the Exercise
Price as required herein results in a fraction of a cent, such Exercise Price shall be rounded up to the nearest cent.

 

(a) Subdivision or Combination of Common
Stock. If the Company at any time subdivides (by any stock split, stock dividend, recapitalization, reorganization, reclassification
or other similar transaction) the shares of Common Stock acquirable hereunder into a greater number of shares, then, after the
date of record for effecting such subdivision, the number of shares available for purchase and the corresponding Exercise Price
in effect immediately prior to such subdivision will be proportionately reduced. If the Company at any time combines (by reverse
stock split, recapitalization, reorganization, reclassification or other similar transaction) the shares of Common Stock acquirable
hereunder into a smaller number of shares, then, after the date of record for effecting such combination, the number of shares
available for purchase and the corresponding Exercise Price in effect immediately prior to such combination will be proportionately
increased.

 

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(b) Consolidation, Merger or Sale.
In case of any consolidation of the Company with, or merger of the Company into any other corporation, or in case of any sale or
conveyance of all or substantially all of the assets of the Company other than in connection with a plan of complete liquidation
of the Company, then as a condition of such consolidation, merger or sale or conveyance, adequate provision will be made whereby
the holder of this Warrant will have the right to acquire and receive, at the Company’s option and in its sole discretion,
either (a) upon exercise of this Warrant in lieu of the shares of Common Stock immediately theretofore acquirable upon the exercise
of this Warrant, such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for the
number of shares of Common Stock immediately theretofore acquirable and receivable upon exercise of this Warrant had such consolidation,
merger or sale or conveyance not taken place or (b) cash equal to the value of the Warrant as determined in accordance with the
Black-Scholes option pricing formula. In any such case, the Company will make appropriate provision to insure that the provisions
of this Paragraph 4 hereof will thereafter be applicable as nearly as may be in relation to any shares of stock or securities thereafter
deliverable upon the exercise of this Warrant. The Company will not effect any consolidation, merger or sale or conveyance unless
prior to the consummation thereof, the successor corporation (if other than the Company) assumes by written instrument the obligations
under this Paragraph 4 and the obligations to deliver to the holder of this Warrant such shares of stock, securities or assets
as, in accordance with the foregoing provisions, the holder may be entitled to acquire.

 

(c) Distribution of Assets. In
case the Company shall declare or make any distribution of its assets (including cash) to holders of Common Stock as a partial
liquidating dividend, by way of return of capital or otherwise, then, after the date of record for determining shareholders entitled
to such distribution, but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise of this
Warrant for the purchase of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets which
would have been payable to the holder had such holder been the holder of such shares of Common Stock on the record date for the
determination of shareholders entitled to such distribution.

 

(d) No Fractional Shares. No
fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Warrant
Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining whether the exercise
would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional
share, the number of Warrant Shares to be issued will be rounded up to the nearest whole share.

 

(e) Other Notices. In case at
any time:

 

(i) the Company shall declare any dividend
upon the Common Stock payable in shares of stock of any class or make any other distribution (including dividends or distributions
payable in cash out of retained earnings) to the holders of the Common Stock;

 

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(ii) there shall be any capital reorganization
of the Company, or reclassification of the Common Stock, or consolidation or merger of the Company with or into, or sale of all
or substantially all its assets to, another corporation or entity; or

 

(iii) there shall be a voluntary or
involuntary dissolution, liquidation or winding up of the Company;

 

then, in each such case, the Company shall
give to the holder of this Warrant (a) notice of the date on which the books of the Company shall close or a record shall be taken
for determining the holders of Common Stock entitled to receive any such dividend, distribution, or subscription rights or for
determining the holders of Common Stock entitled to vote in respect of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up and (b) in the case of any such reorganization, reclassification, consolidation,
merger, sale, dissolution, liquidation or winding-up, notice of the date (or, if not then known, a reasonable approximation thereof
by the Company) when the same shall take place. Such notice shall also specify the date on which the holders of Common Stock shall
be entitled to receive such dividend, distribution, or subscription rights or to exchange their Common Stock for stock or other
securities or property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation,
or winding-up, as the case may be. Such notice shall be given at least 30 days prior to the record date or the date on which the
Company’s books are closed in respect thereto. Failure to give any such notice or any defect therein shall not affect the
validity of the proceedings referred to in clauses (i), (ii), (iii) and (iv) above.

 

(f) Certain Definitions.

 

(i) “Common Stock Deemed Outstanding”
shall mean the number of shares of Common Stock actually outstanding (not including shares of Common Stock held in the treasury
of the Company), plus (x) pursuant to Paragraph 4(b)(i) hereof, the maximum total number of shares of Common Stock issuable upon
the exercise of Options, as of the date of such issuance or grant of such Options, if any, and (y) pursuant to Paragraph 4(b)(ii)
hereof, the maximum total number of shares of Common Stock issuable upon conversion or exchange of Convertible Securities, as of
the date of issuance of such Convertible Securities, if any.

 

(ii) “Market Price,”
as of any date, (i) means the average of the last reported sale prices for the shares of Common Stock on the OTCBB or the “pink
sheets” for the five (5) Trading Days immediately preceding such date as reported by Bloomberg, or (ii) if the OTCBB or the
“pink sheets” is not the principal trading market for the shares of Common Stock, the average of the last reported
sale prices on the principal trading market for the Common Stock during the same period as reported by Bloomberg, or (iii) if market
value cannot be calculated as of such date on any of the foregoing bases, the Market Price shall be the fair market value as reasonably
determined in good faith by (a) the Board of Directors of the Company or, at the option of a majority-in-interest of the holders
of the outstanding Warrants by (b) an independent investment bank of nationally recognized standing in the valuation of businesses
similar to the business of the corporation. The manner of determining the Market Price of the Common Stock set forth in the foregoing
definition shall apply with respect to any other security in respect of which a determination as to market value must be made hereunder.

 

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(iii) “Common Stock,”
for purposes of this Paragraph 4, includes the Common Stock, par value $.01 per share, and any additional class of stock of the
Company having no preference as to dividends or distributions on liquidation, provided that the shares purchasable pursuant to
this Warrant shall include only shares of Common Stock, par value $.01 per share, in respect of which this Warrant is exercisable,
or shares resulting from any subdivision or combination of such Common Stock, or in the case of any reorganization, reclassification,
consolidation, merger, or sale of the character referred to in Paragraph 4(e) hereof, the stock or other securities or property
provided for in such Paragraph.

 

5. Issue Tax.

 

The issuance of certificates for Warrant Shares
upon the exercise of this Warrant shall be made without charge to the holder of this Warrant or such shares for any issuance tax
or other costs in respect thereof, provided that the Company shall not be required to pay any tax which may be payable in respect
of any transfer involved in the issuance and delivery of any certificate in a name other than the holder of this Warrant.

 

6. No Rights or Liabilities as a Shareholder.

 

This Warrant shall not entitle the holder hereof
to any voting rights or other rights as a shareholder of the Company. No provision of this Warrant, in the absence of affirmative
action by the holder hereof to purchase Warrant Shares, and no mere enumeration herein of the rights or privileges of the holder
hereof, shall give rise to any liability of such holder for the Exercise Price or as a shareholder of the Company, whether such
liability is asserted by the Company or by creditors of the Company.

 

7. Transfer, Exchange, and Replacement
of Warrant.

 

(a) Restriction on Transfer.
This Warrant and the rights granted to the holder hereof are transferable, in whole or in part, upon surrender of this Warrant,
together with a properly executed assignment in the form attached hereto, at the office or agency of the Company referred to in
Paragraph 7(e) below, provided, however, that any transfer or assignment shall be subject to the conditions set forth in Paragraph
7(f) hereof and to the applicable provisions of the Securities Purchase Agreement. Until due presentment for registration of transfer
on the books of the Company, the Company may treat the registered holder hereof as the owner and holder hereof for all purposes,
and the Company shall not be affected by any notice to the contrary.

 

(b) Warrant Exchangeable for Different
Denominations. This Warrant is exchangeable, upon the surrender hereof by the holder hereof at the office or agency of
the Company referred to in Paragraph 7(e) below, for new Warrants of like tenor representing in the aggregate the right to purchase
the number of shares of Common Stock which may be purchased hereunder, each of such new Warrants to represent the right to purchase
such number of shares as shall be designated by the holder hereof at the time of such surrender.

 

(c) Replacement of Warrant. Upon
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and,
in the case of any such loss, theft, or destruction, upon delivery of an indemnity agreement reasonably satisfactory in form and
amount to the Company, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Company, at
its expense, will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

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(d) Cancellation; Payment of Expenses.
Upon the surrender of this Warrant in connection with any transfer, exchange, or replacement as provided in this Paragraph 7, this
Warrant shall be promptly canceled by the Company. The Company shall pay all taxes (other than securities transfer taxes) and all
other expenses (other than legal expenses, if any, incurred by the holder or transferees) and charges payable in connection with
the preparation, execution, and delivery of Warrants pursuant to this Paragraph 7.

 

(e) Register. The Company shall
maintain, at its principal executive offices (or such other office or agency of the Company as it may designate by notice to the
holder hereof), a register for this Warrant, in which the Company shall record the name and address of the person in whose name
this Warrant has been issued, as well as the name and address of each transferee and each prior owner of this Warrant.

 

(f) Exercise or Transfer Without Registration.
If, at the time of the surrender of this Warrant in connection with any exercise, transfer, or exchange of this Warrant, this Warrant
(or, in the case of any exercise, the Warrant Shares issuable hereunder), shall not be registered under the Securities Act of 1933,
as amended (the “Securities Act”) and under applicable state securities or blue sky laws, the Company may require,
as a condition of allowing such exercise, transfer, or exchange, (i) that the holder or transferee of this Warrant, as the case
may be, furnish to the Company a written opinion of counsel, which opinion and counsel are acceptable to the Company, to the effect
that such exercise, transfer, or exchange may be made without registration under said Act and under applicable state securities
or blue sky laws, (ii) that the holder or transferee execute and deliver to the Company an investment letter in form and substance
acceptable to the Company and (iii) that the transferee be an “accredited investor” as defined in Rule 501(a) promulgated
under the Securities Act; provided that no such opinion, letter or status as an “accredited investor” shall be required
in connection with a transfer pursuant to Rule 144 under the Securities Act. The first holder of this Warrant, by taking and holding
the same, represents to the Company that such holder is acquiring this Warrant not with a view to the distribution thereof.

 

8. Notices.

 

All notices, requests, and other communications
required or permitted to be given or delivered hereunder to the holder of this Warrant shall be in writing, and shall be personally
delivered, or shall be sent by certified or registered mail or by recognized overnight mail courier, postage prepaid and addressed,
to such holder at the address shown for such holder on the books of the Company, or at such other address as shall have been furnished
to the Company by notice from such holder. All notices, requests, and other communications required or permitted to be given or
delivered hereunder to the Company shall be in writing, and shall be personally delivered, or shall be sent by certified or registered
mail or by recognized overnight mail courier, postage prepaid and addressed, to the office of the Company at 575 Madison Avenue,
New York, NY 10022, Attention: Chief Executive Officer, or at such other address as shall have been furnished to the holder of
this Warrant by notice from the Company. Any such notice, request, or other communication may be sent by facsimile, but shall in
such case be subsequently confirmed by a writing personally delivered or sent by certified or registered mail or by recognized
overnight mail courier as provided above. All notices, requests, and other communications shall be deemed to have been given either
at the time of the receipt thereof by the person entitled to receive such notice at the address of such person for purposes of
this Paragraph 9, or, if mailed by registered or certified mail or with a recognized overnight mail courier upon deposit with the
United States Post Office or such overnight mail courier, if postage is prepaid and the mailing is properly addressed, as the case
may be.

 

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9. Governing Law.

 

THIS WARRANT SHALL BE ENFORCED, GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN
SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION
OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK, NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS
ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT SERVICE OF PROCESS UPON
A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT
OR PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY’S RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. BOTH
PARTIES AGREE THAT A FINAL NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER
THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING ATTORNEYS’ FEES, INCURRED BY THE PREVAILING PARTY
IN CONNECTION WITH SUCH DISPUTE.

 

10. Miscellaneous.

 

(a) Amendments. This Warrant
and any provision hereof may only be amended by an instrument in writing signed by the Company and the holder hereof.

 

(b) Descriptive Headings. The
descriptive headings of the several paragraphs of this Warrant are inserted for purposes of reference only, and shall not affect
the meaning or construction of any of the provisions hereof.

 

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(c) Cashless Exercise. Notwithstanding
anything to the contrary contained in this Warrant, if the resale of the Warrant Shares by the holder is not then registered pursuant
to an effective registration statement under the Securities Act, this Warrant may be exercised by presentation and surrender of
this Warrant to the Company at its principal executive offices with a written notice of the holder’s intention to effect
a cashless exercise, including a calculation of the number of shares of Common Stock to be issued upon such exercise in accordance
with the terms hereof (a “Cashless Exercise”). In the event of a Cashless Exercise, in lieu of paying the Exercise
Price in cash, the holder shall surrender this Warrant for that number of shares of Common Stock determined by multiplying the
number of Warrant Shares to which it would otherwise be entitled by a fraction, the numerator of which shall be the difference
between the then current Market Price per share of the Common Stock and the Exercise Price, and the denominator of which shall
be the then current Market Price per share of Common Stock. For example, if the holder is exercising 100,000 Warrants with a per
Warrant exercise price of $0.75 per share through a cashless exercise when the Common Stock’s current Market Price per share
is $2.00 per share, then upon such Cashless Exercise the holder will receive 62,500 shares of Common Stock.

 

(d) Remedies. The Company acknowledges
that a breach by it of its obligations hereunder will cause irreparable harm to the holder, by vitiating the intent and purpose
of the transaction contemplated hereby. Accordingly, the Company acknowledges that the remedy at law for a breach of its obligations
under this Warrant will be inadequate and agrees, in the event of a breach or threatened breach by the Company of the provisions
of this Warrant, that the holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition
to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Warrant
and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without any bond
or other security being required.

 

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IN WITNESS WHEREOF, the Company has caused
this Warrant to be signed by its duly authorized officer.

 

	 	VANTAGE HEALTH
	 	 	 
	 	By:	 
	 	 	Jeremy Barbera
	 	 	Chairman and Chief Executive Officer
	 	 	 
	Dated as of: December 31, 2013	 	 

 

    	 

    	 

    

 

FORM OF EXERCISE AGREEMENT

 

Dated: ___________

 

To: ______________________

 

The undersigned, pursuant to the provisions set
forth in the within Warrant, hereby agrees to purchase ________ shares of Common Stock covered by such Warrant, and makes payment
herewith in full there for at the price per share provided by such Warrant in cash or by certified or official bank check in the
amount of, or, if the resale of such Common Stock by the undersigned is not currently registered pursuant to an effective registration
statement under the Securities Act of 1933, as amended, by surrender of securities issued by the Company (including a portion of
the Warrant) having a market value (in the case of a portion of this Warrant, determined in accordance with Section 10(c) of the
Warrant) equal to $_________. Please issue a certificate or certificates for such shares of Common Stock in the name of and pay
any cash for any fractional share to:

 

	 	Name:	 
	 	 	 
	 	Signature:	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Note:	The above signature should correspond exactly with the name on the face of the within Warrant, if applicable.

 

and, if said number of shares of Common Stock
shall not be all the shares purchasable under the within Warrant, a new Warrant is to be issued in the name of said undersigned
covering the balance of the shares purchasable thereunder less any fraction of a share paid in cash.

 

    	 

    	 

    

 

FORM OF ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns, and transfers all the rights of the undersigned under the within Warrant, with respect to the number of
shares of Common Stock covered thereby set forth here in below, to:

 

	Name of Assignee	 	Address	 	No of Shares

 

, and hereby irrevocably constitutes and appoints ___________________________________
as agent and attorney-in-fact to transfer said Warrant on the books of the within-named corporation, with full power of substitution
in the premises.

 

Dated: ______________

 

	In the presence of:	 	 
	 	Name:	 
	 	 	 
	 	Signature:	 
	 	Title of Signing Officer or Agent (if any):
	 	 	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 
	 	Note:	The above signature should correspond exactly with the name on the face of the within Warrant, if applicable.ARPI_ex.10.1

Exhibit 10.1

Execution Version

AMERICAN RESIDENTIAL PROPERTIES, INC.

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL VESTING AGREEMENT

(Jay Byce)

THIS EXECUTIVE SEVERANCE AND CHANGE IN CONTROL VESTING AGREEMENT (the “Agreement”) is entered into by and between AMERICAN RESIDENTIAL PROPERTIES, INC., a Maryland corporation (hereinafter referred to as the “Company”), and Christopher J. “Jay” Byce (hereinafter referred to as the “Executive”) and is effective as of the Effective Date defined in Section 1 below.  
WHEREAS, the Company wishes to employ the Executive as the Company’s Senior Vice President – Investments and the Executive wishes to accept such offer on the terms set forth herein as of the Effective Date defined in Section 1 below; and
WHEREAS, the Company acknowledges that the Executive is expected to make significant contributions to the growth and success of the Company; and
WHEREAS, the Company and Executive wish to memorialize the compensation and benefits that will be payable to the Executive in connection with his employment with the Company pursuant to the Offer Letter provided to Executive on November 24, 2013, including upon the termination of the Executive’s employment under certain circumstances and in the event of a change in control of the Company; and
WHEREAS, the Company is willing to provide such assurances only in accordance with the terms and conditions of this Agreement and most especially in exchange for the Executive’s covenants and promises set forth in Section 7 of this Agreement; and,
WHEREAS, the Executive is willing to accept the Company’s assurances only in accordance with the terms and conditions of this Agreement and in exchange for the promises and consideration contained herein.
Accordingly, the parties hereto agree as follows: 
1.    Term.  The Effective Date of this Agreement is January 6, 2014.  The Term of this Agreement begins on the Effective Date and ends on the date the Executive’s employment by the Company terminates for any reason, subject to the surviving provisions of this Agreement as described in Section 8.14.
2.    No Employment Contract; Employment At Will.  This Agreement is not a contract for employment with the Company and this Agreement does not confer upon the Executive any right to continuance of employment with the Company.  The Executive’s employment with the Company is on an at-will basis and either the Company or the Executive may terminate the Executive’s employment for any reason or no reason.

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3.    Duties.  The Executive, in his capacity as Senior Vice President ‐ Investments of the Company, shall faithfully perform for the Company the duties of said office and shall perform such other duties of an executive, managerial or administrative nature as shall be specified and designated from time to time by the Chief Executive Officer or the President of the Company.  Such duties may include, without limitation, the performance of services for, and serving as an officer or director of, any subsidiary of the Company without any additional compensation.  The Executive shall report directly to the Chief Executive Officer or the President of the Company and shall devote substantially all of the Executive’s business time and effort to the performance of the Executive’s duties hereunder.  Provided that the following activities do not interfere with the Executive’s duties to the Company and provided that the following activities do not violate the Executive’s covenant against competition as described at Section 7.2 hereof, during the Term the Executive may perform personal, charitable and other business activities, including, without limitation, serving as a member of one or more boards of directors of charitable or other non-profit professional organizations.  
4.    Compensation and Benefits.  
4.1    Salary.  The Company has agreed in the Offer Letter to pay the Executive during the Term a salary at the rate of Two Hundred Fifty Thousand and No/100s Dollars ($250,000) per annum (the “Annual Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives generally.  The Annual Salary may be increased from time to time by an amount and on such conditions as may be approved by the Board or the Compensation Committee of the Board (the “Compensation Committee”), and upon the effective date of such increase, the increased amount shall thereafter be deemed to be the Annual Salary.  
4.2    Bonus Compensation; Equity Awards.  
(a)    Signing Bonus.  The Company has agreed in the Offer Letter to pay the Executive a one-time cash signing bonus in the amount of Fifty Thousand and No/100s Dollars ($50,000) in lieu of reimbursement of any real estate brokerage commission with respect to the sale of the Executive’s personal residence in Atlanta.  Such signing bonus will payable to the Executive within fifteen (15) days after the Effective Date, subject to continued employment through the payment date.  Such signing bonus shall be fully refundable to the Company by the Executive in the event, prior to January 6, 2015, either (i) the Executive’s employment terminates or is terminated by the Company with “Cause” (as defined below) or (ii) the Executive resigns for any reason other than Good Reason.
(b)    Initial Equity Grant.  The Company has agreed in the Offer Letter to grant to the Executive an initial award of LTIP Units valued at $150,000 pursuant to the Company’s 2012 Equity Incentive Plan (as amended from time to time, the “2012 Equity Incentive Plan”).  Subject to approval by the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”), the number of LTIP Units granted to the Executive will be determined by dividing $150,000 by the average closing price of the Company’s common stock on the NYSE during the ten (10) trading day immediately preceding the grant date, with the grant date being January 6, 2014.  Subject to approval of the Compensation Committee, these LTIP Units will be subject to forfeiture restrictions that will lapse in equal 1/3 installments on each of the first three anniversaries of the date of grant; namely, on January 6, 2015, January 6, 2016 and January 6, 2017, subject to the Executive’s continued employment until the applicable vesting date and subject to accelerated vesting to the extent the conditions for accelerated vesting, as provided in the Long Term Incentive Plan Unit Vesting Agreement which evidences the grant of such LTIP Units, which Agreement shall be in the form attached as Attachment B, are satisfied.  

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(c)    Annual Bonus and Other Discretionary Awards.  The Executive will be eligible to earn annual cash bonuses (each an “Annual Bonus”) upon approval by the Compensation Committee in its discretion.  The Compensation Committee shall approve a target level (the “Target Level”) each year for the Annual Bonus within 60 days after the beginning of the applicable year.  The initial Target Level will be equal to 60% of the Annual Salary (the “Initial Target Level”), subject to approval of the actual Annual Bonus by the Compensation Committee in its discretion; provided, however, if the Annual Bonus earned for the year ended December 31, 2014 exceeds Thirty Thousand and no/100 Dollars ($30,0000), then such bonus shall be reduced by $30,000 (but such $30,000 reduction shall not be deemed to reduce the Initial Target Level for purposes of calculating the Severance Package pursuant to Section 6, if applicable) and, if such bonus is $30,000 or less, then no bonus shall be paid for such year.  Each Annual Bonus will be paid within 60 days after the end of the fiscal year to which such Annual Bonus relates.  Additionally, the Executive will be eligible to participate in the 2012 Equity Incentive Plan and any subsequent equity incentive plan approved by the Board (each and any of the foregoing is a “Company Incentive Plan”) for equity bonus compensation (any equity compensation granted to the Executive by the Company, whether under this Agreement, a Company Incentive Plan or otherwise approved by the Board, and whether in the form of restricted stock, stock options, long-term incentive plan units, stock appreciation rights or other equity or equity-linked awards, is, collectively, “Equity Compensation”).  The terms of any Annual Bonus, any other bonus or Equity Compensation will be established by the Compensation Committee and will not be deemed to be “earned or accrued” until approved by the Compensation Committee for payment or award.
4.3    Acceleration of Rights upon Change in Control.  Upon the occurrence of a “Change in Control” (as such term is defined in the 2012 Equity Incentive Plan as in effect as of the Effective Date), all Equity Compensation awarded to the Executive under this Agreement or in the future, to the extent not vested as of the date of the Change in Control or to the extent that any such award is subject to forfeiture restrictions as of the date of the Change in Control, shall, immediately prior to the effectiveness of the Change in Control, be deemed vested and all forfeiture restrictions shall lapse (treating any applicable performance criteria as fully satisfied).  Notwithstanding the foregoing, to the extent necessary for the Executive to avoid taxes and/or penalties under Section 409A of the Internal Revenue Code of 1986, as amended (the “Tax Code”), a Change in Control shall not be deemed to occur unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations promulgated under Section 409A of the Tax Code.  
4.4    Benefits - In General.  The Executive shall be permitted during his employment with the Company to participate in any group life, hospitalization or disability insurance plan, health program, pension and profit sharing plan, 401(k) plan, relocation program and similar benefits that may be available to other senior executives of the Company generally, on the same terms as may be applicable to such other executives, in each case to the extent that the Executive is eligible under the terms of such plans or programs.  

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4.5    Earned and Accrued Benefits.  For purposes of this Agreement, with respect to “earned and accrued benefits” to which the Executive becomes entitled in connection with the termination of his employment hereunder, benefits shall be deemed to be “earned and accrued” if the Executive is employed with the Company as of the date such benefit becomes payable, becomes vested or is scheduled to occur. For purposes of this Agreement, with respect to “earned and accrued Annual Bonus” payments to be made to the Executive in connection with certain termination events as specified herein, Annual Bonus payments shall be deemed to be “earned and accrued” as of the effective date of termination (a) if the Executive is employed with the Company as of the date of the last day of the period for which such Annual Bonus payment shall be made; and (b) to the extent that the criteria or performance goals, if any, for determining the amount of such payment are objective and measurable criteria, such objective and measurable criteria have been satisfied or achieved.  Earned and accrued Annual Bonus specifically includes, without limitation, any bonus payments payable to Executive under any approved bonus plan or arrangement that is awarded and vested.  A pro rated portion of any Annual Bonus for the year in which termination occurs, based on the Target Level for the year in which the termination occurs and the portion of the year that has elapsed as of the date of termination, shall be deemed to be “earned and accrued” in the event of any termination of the Executive’s employment with respect to which the Executive is entitled under this Agreement to receive payment of the earned and accrued Annual Bonus. 
4.6    Paid Time Off.  The Executive shall be entitled to no fewer than fifteen (15) days of paid time off per year, plus Company-scheduled holidays.  Any unused days of paid time off will be forfeited at the end of the year.
4.7    Expenses.  The Company shall pay or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses actually incurred and, in the case of reimbursement, actually paid by the Executive during the Term in connection with the performance of the Executive’s services under this Agreement, provided that the Executive shall submit such expenses in accordance with the policies applicable to senior executives of the Company generally.  
4.8    Moving Expenses.  The Company shall pay the Executive’s documented moving expenses from Atlanta, Georgia to the Phoenix, Arizona area.  The Executive shall obtain competitive bids for moving expenses and review these bids with the Company prior to contracting for moving services.
4.9    Management and Leasing of Atlanta Home.  Until such time as the Executive sells his family home in Atlanta, Georgia located at 4575 Angelo Drive Atlanta, Georgia 30319, the Company will manage and arrange for the leasing out of the Executive’s home for the benefit of the Executive.  Leasing commissions and out-of-pocket expenses incurred by the Company in connection with the management and leasing of the home will be reimbursable by the Executive, and may be deducted by the Company from rent payments received from tenants at the home.  The Company will not charge any management fee for managing the home.
4.10    Attorney’s Fees Relating to this Agreement.  The Company agrees to pay or reimburse Executive for attorney’s fees incurred by the Executive in connection with the review and negotiation of this Agreement in amount not to exceed Four Thousand and No/100s Dollars ($4,000).

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5.    Termination of Employment.  The Company may terminate the Executive’s employment with or without Cause (as defined herein below).  The Executive may terminate the Executive’s employment with the Company for Good Reason (as defined herein below) or without Good Reason.  In addition, the Company or the Executive may terminate the Executive’s employment upon the Executive’s disability as provided in Section 5.1.  The survival provisions of this Agreement described in Section 8.14 contemplate, without limitation, that, upon any termination of his employment, the Executive shall be subject to the provisions of the Covenant Against Competition set forth in Section 7.2.  
5.1    Termination upon the Executive’s Death or Disability.  
(a)    If the Executive dies during the Term the obligations of the Company to or with respect to the Executive under this Agreement shall terminate in their entirety except as otherwise provided in this Section 5.1 and except for the surviving provisions of this Agreement as described in Section 8.14.  
(b)    If the Executive becomes eligible for disability benefits under the Company’s long-term disability plans and arrangements (or, if none applies, would have been so eligible under a competitive plan as reasonably determined by the Compensation Committee), the Company or the Executive shall have the right, to the extent permitted by law, to terminate the employment of the Executive upon at least ninety (90) days’ prior written notice to the other party, provided that the Company shall not have the right to terminate the Executive’s employment pursuant to this Section 5.1(b) if, (i) in the opinion of a qualified physician reasonably acceptable to both parties, it is reasonably certain that the Executive will be able to resume his duties on a regular full-time basis within one hundred eighty (180) days of the date that the notice of such termination is delivered, and (ii) on or before the expiration of such one hundred eighty (180) day period, the Executive has resumed his or her duties on a regular full-time basis.  
(c)    Upon the Executive’s death or the termination of the Executive’s employment by virtue of disability, all of the following shall apply:
(i)    The Executive, or the Executive’s estate or beneficiaries in the case of the death of the Executive, shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment, except that the Company shall reimburse Executive’s COBRA premium under the Company’s major medical group health and dental plan (including the costs of Executive’s premium required to maintain coverage for his dependents), and the Company will continue to provide such additional continuing benefits as the Executive and his dependents would have been entitled to under this Agreement, on a monthly basis, for a period of 18 months after such termination or until the expiration of the period in which COBRA coverage must be provided, whichever is less. In addition, the Executive, or the Executive’s estate or beneficiaries in the case of the death of the Executive, shall be entitled to receive the Executive’s Annual Salary and other benefits that are earned and accrued under this Agreement prior to the date of termination, the Executive’s earned and accrued Annual Bonus, vesting of or lapsing of any forfeiture restrictions on any Equity Compensation as provided in clause (ii) below, and reimbursement of expenses incurred by the Executive prior to the date of such termination for expenses that are reimbursable expenses under the terms of this Agreement; provide that if the Executive is a “specified employee” within the meaning of Section 409A of the Tax Code, any payments of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)), shall not commence until the first day of the seventh month beginning after the date of the Executive’s “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), or, if earlier, within 15 days after the appointment of the personal representative or executor of the Executive’s estate following his or her death if a delay in payment is required, to avoid the imposition of the additional 20% tax under Section 409A of the Tax Code (and in the case of installment payments, the first payment shall include all installment payments required by this subsection that otherwise would have been made during such period).  If no deferral is required pursuant to the preceding sentence, the payment will be made within five (5) business days after the date of termination; 

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(ii)    Subject to Section 4.2(b), all of the Equity Compensation previously awarded to Executive, to the extent not vested or to the extent subject to forfeiture restrictions, as of the date of termination of the Executive’s employment, shall immediately be deemed vested and all forfeiture restrictions shall immediately lapse (treating any performance criteria as fully satisfied), and any outstanding options to acquire shares of Company stock shall immediately be vested and shall be, as determined in the discretion of the Board, either (A) exercisable by the Executive or, in the case of the Executive’s death, by the beneficiaries of the Executive’s estate, for one (1) year following the termination (or, if shorter, the balance of the regular term of the options) or (B) cashed out or cancelled, as if in accordance with a Change in Control event, pursuant to the conditions set forth in Section 15.03 of the 2012 Equity Incentive Plan as in effect on the Effective Date hereof; and 
(iii)    This Agreement shall otherwise terminate and there shall be no further rights with respect to the Executive hereunder except for the surviving provisions of this Agreement as provided in Section 8.14.  The payments to be made pursuant to this Section 5.1(c) shall be in addition to, rather than in lieu of, the entitlement of Executive or his estate to any other insurance or benefit proceeds as a result of his death or disability.  
5.2    Termination by the Company for Cause.  The Company may terminate the Executive’s employment at any time for “Cause” upon written notice to the Executive following the occurrence of any the following events: 
(a)    the Executive is convicted of (or pleads guilty or nolo contendere to) any felony, or a misdemeanor involving moral turpitude; 
(b)    the Executive is indicted for or charged with the commission of any felony or misdemeanor involving moral turpitude, if such indictment or charge is not dismissed or otherwise discharged without any finding or admission of guilt within twelve (12) months; 
(c)    the Executive’s commission of an act of fraud, theft, dishonesty or breach of fiduciary duty related to the Company, its Business (as defined in Section 7.1) or the performance of the Executive’s duties hereunder; 
(d)    the continuing failure or habitual neglect by the Executive to perform the Executive’s duties hereunder, except that, if such failure or neglect is curable, the Executive shall have thirty (30) days from his receipt of a notice of such failure or neglect to cure such condition and, if the Executive does so to the reasonable satisfaction of the Board (such cure opportunity being available only once), then such failure or neglect shall not constitute Cause hereunder; 

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(e)    any violation by the Executive of the Restrictive Covenants set forth in Section 7 except that, if such violation is not willful and is curable, the Executive shall first have thirty (30) days from his receipt of notice of such violation to cure such condition and, if the Executive does so to the reasonable satisfaction of the Board, such violation shall not constitute Cause hereunder; or 
(f)    the Executive’s material breach of this Agreement, except that, if such breach is curable, the Executive shall first have thirty (30) days from his receipt of notice of such breach to cure such breach and, if the Executive does so to the reasonable satisfaction of the Board, such breach shall not constitute Cause hereunder.  
If the Company terminates the Executive’s employment for Cause, the Executive shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment, except that the Executive shall be entitled to receive the Executive’s Annual Salary, earned and accrued Annual Bonus, all other benefits that are earned and accrued under this Agreement prior to the date of termination, and reimbursement of expenses incurred by the Executive prior to the date of such termination for expenses that are reimbursable expenses under the terms of this Agreement;  provided, however, that if the Company terminates Executive’s employment for Cause specifically pursuant to Section 5.2 (a), (b), or (c) above, then no earned and accrued Annual Bonus shall be payable hereunder.  This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this Agreement as described at Section 8.14.  
5.3    Termination by the Company without Cause.  The Company may terminate the Executive’s employment at any time without Cause upon thirty (30) days’ prior written notice to the Executive.  If the Company terminates the Executive’s employment without Cause and the termination is not due to the Executive’s death or disability, then the termination by the Company will be deemed to be without Cause.  If the Company terminates the Executive’s employment without Cause, then the Severance Package provisions of Section 6 shall apply, and this Agreement shall otherwise terminate and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this Agreement as described at Section 8.14.  

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5.4    Termination of Employment by the Executive for Good Reason.  Subject to the notice and cure provisions set forth below, the Executive may terminate the Executive’s employment with the Company for Good Reason and receive the Severance Package provisions of Section 6 if any of the following have occurred without the Executive’s written consent (“Good Reason”): 
(a)    any material diminution in the Executive’s title, authorities, duties or responsibilities (including without limitation the assignment of duties inconsistent with his position, the imposition of a requirement that the Executive report directly to any person other than the Chief Executive Officer or the President, a significant adverse alteration of the nature or status of his responsibilities, or a significant adverse alteration of the conditions of his employment);
(b)    after there has occurred a Change in Control, any of the following has occurred: (i) a duplication with other Company personnel of the Executive’s title, authorities, duties or responsibilities; or (ii) a duplication with other Company personnel of the title, authority, duties, or responsibilities of the supervisor to whom the Executive is required to report;
(c)    any material reduction of the Executive’s Annual Salary; 
(d)    the Company’s material breach of this Agreement; or
(e)    a determination by the Company to relocate its corporate headquarters to a new location that is more than fifty (50) miles from the current address of the Company’s corporate headquarters in Scottsdale, Arizona.  
Notwithstanding the forgoing, the Executive shall not be deemed to have terminated this Agreement for Good Reason unless: (y) the Executive terminates this Agreement no later than six (6) months following the initial existence of the above referenced event or condition which is the basis for such termination (it being understood that each instance of any such event shall constitute a separate basis for such termination and a separate event or condition occurring on the date of such instance for purposes of calculating the six- (6)-month period); and (z) the Executive provides to the Company a written notice of the existence of the above referenced event or condition which is the basis for the termination within sixty (60) days following the initial existence of such event or condition, and the Company fails to remedy such event or condition within 30 days following the receipt of such notice.  This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this Agreement as described in Section 8.14.  
5.5    Termination of Employment by the Executive without Good Reason.  The Executive may terminate the Executive’s employment with the Company at any time without Good Reason.  If the Executive terminates his employment without the occurrence of any of the events constituting “Good Reason” and the termination is not due to the Executive’s death or disability, then the termination by the Executive is without Good Reason.  If the Executive terminates the Executive’s employment with the Company without Good Reason, the Executive shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment, except that the Executive shall be entitled to receive the Executive’s Annual Salary, all other benefits that are earned and accrued under this Agreement or under applicable Company benefit plans prior to the date of termination and reimbursement of expenses incurred by the Executive prior to the date of such termination for expenses that are reimbursable expenses under the terms of this Agreement.  This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this Agreement as described in Section 8.14.  

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6.    Severance Package in the Event of Certain Terminations of Employment.  The Executive shall be entitled to certain rights and shall be bound by certain obligations as described in this Section 6 (the “Severance Package”) if the Executive’s employment terminates under any of the following conditions:  (x) if the Company terminates the Executive’s employment without Cause, or (y) if the Executive terminates the Executive’s employment for Good Reason.  For purposes of this Agreement, the “Severance Package” shall consist of all of the following rights and obligations: 
(a)    The Executive shall be entitled to receive the Executive’s Annual Salary, earned and accrued Annual Bonus, all other benefits that are earned and accrued under this Agreement and under applicable Company benefit plans prior to the date of termination, and reimbursement of expenses incurred by the Executive prior to the date of such termination for expenses that are reimbursable expenses under the terms of this Agreement; 
(b)    If the Executive signs the general release of claims in favor of the Company in the form set forth in Attachment “A” and the general release becomes irrevocably effective not later than forty-five (45) days after the date of the termination event, the Executive shall also be entitled to all of the following: 
(i)    a cash payment equal to one (1) times the sum of (A) the Executive’s Annual Salary (as in effect on the effective date of such termination excluding any reduction not permitted by this Agreement), plus (B) the average Annual Bonus actually paid for the two fiscal years preceding the date of termination (“Average Annual Bonus”), payable in twelve (12) equal monthly installments in accordance with the Company’s usual and customary salary payroll practices (and made payable to the Executive’s estate in the event that the Executive dies prior to the expiration of such period).  If the date of termination occurs before Annual Bonuses have been paid for two fiscal years, then the Average Annual Bonus shall equal the most recently paid Annual Bonus.  If the date of termination occurs before any Annual Bonus has been paid, then the Average Annual Bonus shall be based on the Initial Target Level specified in Section 4.2(c).  Notwithstanding the foregoing, if the Executive is a “specified employee” within the meaning of Section 409A of the Tax Code, any payments of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)), shall not commence until the first day of the seventh month beginning after the date of the Executive’s “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)) to avoid the imposition of the additional 20% tax under Section 409A of the Tax Code (and in the case of installment payments, the first payment shall include all installment payments required by this subsection that otherwise would have been made during such period); and

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(ii)    Subject to Section 4.2(b), all of the Equity Compensation awarded to the Executive, to the extent not vested or to the extent subject to forfeiture restrictions as of the date of the termination of the Executive’s employment, shall immediately be deemed vested and any forfeiture restrictions shall immediately lapse (treating the performance criteria for the year in which the date of termination occurs as fully satisfied), and any outstanding options to acquire shares of Company stock shall immediately be vested and shall be, as determined in the discretion of the Board, either (A) exercisable by the Executive or, in the case of the Executive’s death, by the beneficiaries of Executive’s estate, for one (1) year following the termination (or, if shorter, the balance of the regular term of the options), or (B) cashed out or cancelled, as if in accordance with a Change in Control event, pursuant to the terms set forth in Section 15.03 of the 2012 Equity Incentive Plan as in effect on the Effective Date hereof.  
Unless a later payment date is required under Code section 409A (as described above or pursuant to Section 8.2 of this Agreement), payments due under the Severance Package shall be paid to the Executive (or installment payments shall commence) on the fiftieth (50th) day following the date of the termination event.  This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further rights hereunder except for surviving provisions of this Agreement as provided in Section 8.14.  
7.    Covenants of the Executive.  
7.1    General Covenants of the Executive.  The Executive acknowledges that (a) the principal business of the Company is the acquisition, rental, management and financing of single-family residential properties (such business, and any and all other businesses that after the date hereof, and from time to time during the Term, become material with respect to the Company’s then-overall business, herein being collectively referred to as the “Business”) (for purposes of this Agreement, “Single-family Residential Business” shall mean a company, partnership, limited liability company or other entity that invests in primarily single-family residential rental properties; (b) the Company knows of a limited number of persons who have developed the Business; (c) the Business is, in part, national in scope; (d) the Executive’s work for the Company and its subsidiaries has given and will continue to give the Executive access to the confidential affairs and proprietary information of the Company and to “trade secrets,” (as defined under the laws of the State of Arizona) of the Company and its subsidiaries; (e) the covenants and agreements of the Executive contained in this Section 7.1 are essential to the business and goodwill of the Company; and (f) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 7.1.  
7.2    Covenant Against Competition.  The covenant against competition herein described shall apply as follows: 
(a)    during the Term; 
(b)    for a period of one (1) year following a termination of the Executive’s employment by the Company without Cause or by the Executive with Good Reason;

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(c)    for a period of one-hundred eighty (180) days following a termination of the Executive’s employment by the Company for Cause or by the Executive for any reason other than disability or without Good Reason; provided, however, that the Company shall have the option to extend the period for up to an additional one-hundred eighty (180) days if the Company pays the Executive his Annual Salary and a pro rated portion of his Annual Bonus at the then applicable Target Level as in effect on the date of termination during such extended period; and 
(d)    as to Section 7.2(bb) and (dd), at any time during and after the Executive’s employment with the Company and its subsidiaries.  
During the time periods described hereinabove, the Executive covenants as follows: 
(aa)    The Executive shall not, directly or indirectly, own, manage, control or participate in the ownership, management, or control of, or be employed or engaged by or otherwise affiliated or associated as an employee, employer, consultant, agent, principal, partner, stockholder, corporate officer, director or in any other individual or representative capacity, engage or participate in any Single-family Residential Business or other financial investment business which owns single-family residential rental properties as its primary business and that has assets in excess of Two Hundred Million and No/00 Dollars ($200,000,000), if such business is in competition in any manner whatsoever with the Business of the Company in any state or country or other jurisdiction in which the Company conducts its Business as of the date of termination; provided, however, that, notwithstanding the foregoing, (i) the Executive may own or participate in the ownership of any entity which he owned or managed or participated in the ownership or management of prior to the Effective Date which ownership, management or participation has been disclosed to the Company; and (ii) the Executive may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (A) such securities are traded on any national securities exchange or the National Association of Securities Dealers Automated Quotation System or equivalent non-U.S. securities exchange, (B) the Executive is not a controlling person of, or a member of a group which controls, such entity and (C) the Executive does not, directly or indirectly, own one percent (1%) or more of any class of securities of such entity.  
(bb)    Except in connection with the business and affairs of the Company and its affiliates: the Executive shall keep secret and retain in strictest confidence, and shall not use for his benefit or the benefit of others, all confidential matters relating to the Business and the business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or any of its subsidiaries (or any predecessor of either) (the “Confidential Company Information”), including, without limitation, information with respect to the Business and any aspect thereof, profit or loss figures, and the Company’s or its affiliates’ (or any of their predecessors) properties, and shall not disclose such Confidential Company information to anyone outside of the Company except with the Company’s express written consent and except for Confidential Company Information which (i) at the time of receipt or thereafter becomes publicly known through no wrongful act of the Executive; (ii) is clearly obtainable in the public domain; (iii) was not acquired by the Executive in connection with the Executive’s employment or affiliation with the Company; (iv) was not acquired by the Executive from the Company or its representatives or from a third-party who has an agreement with the Company not to disclose such information; (v) was legally in the possession of or developed by the Executive prior to the Effective Date; or (vi) is required to be disclosed by rule of law or by order of a court or governmental body or agency.  For purposes of this Agreement, "affiliate” means, with respect to the Company, any person, partnership, corporation or other entity that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act of 1933, as now in effect or as hereafter amended.  

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(cc)    The Executive shall not, without the Company’s prior written consent, directly or indirectly, (i) knowingly solicit or knowingly encourage to leave the employment or other service of the Company or any of its affiliates, any employee employed by the Company at the time of the termination thereof or knowingly hire (on behalf of the Executive or any other person or entity) any employee employed by the Company at the time of the termination who has left the employment or other service of the Company or any of its affiliates (or any predecessor of either) within one (1) year of the termination of such employee’s or independent contractor’s employment or other service with the Company and its affiliates; or (ii) whether for the Executive’s own account or for the account of any other person, firm, corporation or other business organization, intentionally interfere with the Company’s or any of its affiliates, relationship with, or endeavor to entice away from the Company or any of its affiliates, any person who during the Executive’s employment with the Company is or was a customer or client of the Company or any of its affiliates (or any predecessor of either).  Notwithstanding the above, nothing shall prevent the Executive from soliciting loans, investment capital, or the provision of management services from third parties engaged in the Business if the activities of the Executive facilitated thereby do not otherwise adversely interfere with the operations of the Business.  
(dd)    All memoranda, notes, lists, records, property and any other tangible product and documents (and all copies thereof) made, produced or compiled by the Executive or made available to the Executive during the Term concerning the Business of the Company and its affiliates shall be the Company’s property and shall be delivered to the Company at any time on request.  Notwithstanding the above, the Executive’s contacts and contact data base shall not be the Company’s property.  Notwithstanding the above, software, methods and material developed by the Executive prior to the Term of the Agreement shall not be the Company’s property.  
7.3    Rights and Remedies upon Breach.  The Executive acknowledges and agrees that any breach by him of any of the provisions of Sections 7.1 or 7.2 (the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy.  Therefore, if the Executive breaches, or threatens to commit a breach of, any of the Restrictive Covenants, the Company and its affiliates shall have the right and remedy to have the Restrictive Covenants specifically enforced (without posting bond and without the need to prove damages) by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants.  This right and remedy shall be in addition to, and not in lieu of, any other rights and remedies available to the Company and its affiliates under law or in equity (including, without limitation, the recovery of damages).  The existence of any claim or cause of action by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of the Restrictive Covenants.  The Company has the right to cease making the payments provided as part of the Severance Package in the event of a material breach of any of the Restrictive Covenants that, if capable of cure and not willful, is not cured within thirty (30) days after receipt of notice thereof from the Company.  

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8.    Other Provisions.  
8.1    Severability.  The Executive acknowledges and agrees that the Executive has had an opportunity to seek advice of counsel in connection with this Agreement and that the Restrictive Covenants are reasonable in geographical and temporal scope and in all other respects.  If it is determined that any of the provisions of this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions.  
8.2    Duration and Scope of Covenants.  If any court or other decision maker of competent jurisdiction determines that any of the Executive’s covenants contained in this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, are unenforceable because of the duration or geographical scope of such provision, then, after such determination has become final and unappealable, the duration or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced.  
8.3    Enforceability of Restrictive Covenants; Jurisdictions.  Subject to the parties obligations under Section 8.4, the Company and the Executive intend to and hereby consent to jurisdiction to enforce the Restrictive Covenants in the courts of any jurisdiction within the geographical scope of the Restrictive Covenants.  If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly unenforceable by reason of breadth of scope or otherwise it is the intention of the Company and the Executive that such determination not bar or in any way affect the Company’s right, or the right of any of its affiliates, to the relief provided above in the courts of any other jurisdiction within the geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdictions, such Restrictive Covenants as they relate to each jurisdiction’s being, for this purpose, severable, diverse and independent covenants, subject, where appropriate, to the doctrine of res judicata. 
8.4    Arbitration.  Except with respect to any claims or disputes arising from or relating to the Restrictive Covenants or arising after a Change in Control, any disputes arising under or in connection with this Agreement shall be resolved by binding arbitration, to be held in Phoenix, Arizona in accordance with the Commercial Arbitration Rules, as amended from time to time, of the American Arbitration Association (the “AAA”).  The Company and the Executive will each select an arbitrator, and a third arbitrator will be selected jointly by the arbitrators selected by the Company and the Executive within fifteen (15) days after demand for arbitration is made by a Party.  If the arbitrators selected by the Company and the Executive are unable to agree on a third arbitrator within that period, then either the Company or the Executive may request that the AAA select the third arbitrator.  The arbitrators will possess substantive legal experience in the principle issues in dispute and will be independent of the Company and the Executive.  To the extent permitted by applicable law and not prohibited by the Company’s certificate of incorporation and bylaws, the Company will pay all expenses (including the reasonable expenses of the Executive, including his reasonable legal fees, if the Executive is the prevailing party in such arbitration) incurred in connection with arbitration and the fees and expenses of the arbitrators and will advance such expenses from time to time as required.  Except as may otherwise be agreed in writing by the parties or as ordered by the arbitrators upon substantial justification shown, the hearing for the dispute will be held within 60 days of submission of the dispute to arbitration.  The arbitrators will render their final award within 30 days following conclusion of the hearing and any required post-hearing briefing or other proceedings ordered by the arbitrators.  The arbitrators will state the factual and legal basis for the award.  The decision of the arbitrators will be final and binding and not subject to judicial review and final judgment may be entered upon such an award in any court of competent jurisdiction, but entry of such judgment will not be required to make such award effective.  

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8.5    Attorneys’ Fees.  If litigation after a Change in Control shall be brought to enforce or interpret any provision contained herein, the Company, to the extent permitted by applicable law and not prohibited by the Company’s certificate of incorporation and bylaws, shall indemnify the Executive for the Executive’s reasonable attorneys’ fees and disbursements incurred in such litigation if the Executive is the prevailing party in such litigation.  
8.6    Notices.  Any notice, consent or other communication required or permitted hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid.  Any such notice, consent or other communication shall be deemed given when so delivered personally, delivered by overnight courier, telexed or sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mails as follows: 
(a)    If to the Company, to:
American Residential Properties, Inc.
7033 E Greenway Parkway Suite 210 
Scottsdale, AZ 85254 
Attention:  Stephen G. Schmitz, CEO 

with copies, in the case of notice, to:

Hunton & Williams LLP 
Riverfront Plaza, East Tower 
951 East Byrd Street 
Richmond, Virginia 23219 
Attention: Daniel M. LeBey, Esq. 
(b)    If to the Executive, to:
Mr. Christopher J. “Jay”  Byce
c/o Taylor English Duma LLP
1600 Parkwood Circle, Suite 400
Atlanta, Georgia 30339
Attention:  Rachael Lee Zichella, Esq. and Donald Kohla, Esq.

with a copy in either case to:

Taylor English Duma LLP
1600 Parkwood Circle, Suite 400
Atlanta, Georgia 30339
Attention:  Rachael Lee Zichella, Esq. and Donald Kohla, Esq.

Any such person may by notice given in accordance with this Section to the other parties hereto designate another address or person for receipt by such person of notices hereunder.  

14

8.7    Entire Agreement.  This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with the Company or its subsidiaries (or any predecessor of either).  
8.8    Waivers and Amendments.  This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance.  No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.  
8.9    GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED EXCLUSIVELY IN ACCORDANCE WITH THE LAWS OF THE STATE OF ARIZONA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.  Subject to the provisions of Section 8.3 and the parties’ obligations under Section 8.4, the Executive and the Company each hereby expressly consents to the exclusive venue and jurisdiction of the state and federal courts located in Phoenix, Arizona, for any lawsuit arising from or relating to this Agreement.  
8.10    Assignment.  This Agreement shall be binding upon and inure to the benefit of the executors, administrators, heirs, successors and assigns of the parties; provided, however, that except as herein expressly provided, this Agreement shall not be assignable either by the Company (except to an affiliate of the Company, in which event the Company shall remain liable if the affiliate fails to meet any of the Company’s obligations hereunder, including without limitation to provide the employment opportunities offered hereby and to make payments or provide benefits or otherwise) or by the Executive.  In the event that the Executive consents to the assignment of this Agreement to a successor in interest of the Company upon a Change in Control, such consent shall not be deemed to waive or diminish the Executive’s rights under Section 4.3.  
8.11    Withholding.  The Company shall be entitled to withhold from any payments or deemed payments any amount of withholding required by law.  In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting in or delivery of any Equity Compensation, the Company shall have the right to require such payments from the Executive or withhold such amounts from other payments due to the Executive from the Company or any affiliate, or to withhold such Equity Compensation that would otherwise have been issued to the Executive.  The Executive shall have the right to recommend the manner in which such payments shall be made or withheld.  No other taxes, fees, impositions, duties or other charges or offsets of any kind shall be deducted or withheld from amounts payable hereunder, unless otherwise required by law.  

15

8.12    Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representatives.  
8.13    Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument.  Each counterpart may consist of two copies hereof each signed by one of the parties hereto.  
8.14    Survival.  The rights and obligations of the parties under this Agreement, which by their nature would continue beyond the termination or expiration of this Agreement, shall survive the termination or expiration of this Agreement.  The Company’s obligations hereunder shall not be terminated by reason of any liquidation, dissolution, bankruptcy, cessation of business, or similar event relating to the Company.  This Agreement shall not be terminated by any merger or consolidation or other reorganization of the Company.  In the event any such merger, consolidation or reorganization shall be accomplished by transfer of stock or by transfer of assets or otherwise, the provisions of this Agreement shall be binding upon and inure to the benefit of the surviving or resulting corporation or person.  
8.15    No Duty to Mitigate.  The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor will any payments hereunder be subject to offset in the event the Executive does mitigate.
8.16    Existing Agreements.  Executive represents to the Company that the Executive is not subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit the Executive from executing this Agreement or limit the Executive’s ability to fulfill the Executive’s responsibilities hereunder.  
8.17    Headings.  The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.  

16

8.18    Parachute Provisions.  If any amount payable to or other benefit receivable by the Executive pursuant to this Agreement is deemed to constitute a Parachute Payment (as defined below), alone or when added to any other amount payable or paid to or other benefit receivable or received by the Executive which is deemed to constitute a Parachute Payment (whether or not under an existing plan, arrangement or other agreement), and would result in the imposition on the Executive of an excise tax under Section 4999 of the Tax Code, then, in addition to any other benefits to which the Executive is entitled under this Agreement, the Executive shall be paid by the Company an amount in cash equal to the sum of the excise taxes payable by the Executive by reason of receiving Parachute Payments plus the amount necessary to put the Executive in the same after-tax position (taking into account any and all applicable federal, state and local excise, income or other taxes at the highest applicable rates on such Parachute Payments and on any payments under this Section 8.17) as if no excise taxes had been imposed with respect to Parachute Payments.  The amount of any payment under this Section 8.17 shall be computed by a certified public accounting firm mutually and reasonably acceptable to the Executive and the Company, the computation expenses of which shall be paid by the Company.  “Parachute Payment” shall mean any payment deemed to constitute a “parachute payment” as defined in Section 280G of the Tax Code.  
8.19    Indemnification; Directors and Officer’s Insurance.  The Executive shall be entitled to indemnification in all instances in which the Executive is acting within the scope of his authority to the fullest extent permitted by applicable law and not prohibited by the Company’s charter and bylaws, from and against any damages or liabilities, including reasonable attorney’s fees; provided, however, that the Executive shall not be entitled to indemnification for damages or liabilities which result from or arise out of the Executive’s willful misconduct or gross negligence.  During the Term, the Company will maintain directors’ and officers’ liability insurance in a coverage amount of not less than Ten Million and No/00 Dollars ($10,000,000).  
8.20    409A.  This Agreement and the amounts payable and other benefits hereunder are intended to comply with, or otherwise be exempt from, Section 409A of the Tax Code.  This Agreement shall be administered, interpreted and construed in a manner consistent with Section 409A.  If any provision of this Agreement is found not to comply with, or otherwise not to be exempt from, the provisions of Section 409A, it shall be modified and given effect, in the sole discretion of the Board or Compensation Committee thereof and without requiring the Executive’s consent, in such manner as the Board or Compensation Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A.  Each payment under this Agreement shall be treated as a separate identified payment for purposes of Section 409A.  The preceding provisions shall not constitute or be construed as a guarantee, representation or warranty by the Company of any particular favorable tax effect or result to the Executive of the payments and other benefits under this Agreement.  
With respect to any reimbursement of expenses of, or any provision of in-kind benefits to, the Executive, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions: (a) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Tax Code; (b) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in which such expense was incurred; and (c) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.  
If a payment obligation under this Agreement arises on account of the Executive’s termination of employment and if such payment is subject to Section 409A, the payment shall be paid only in connection with the Executive’s “separation from service” (as defined in Treas. Reg. Section 1.409A-1(h)).  If a payment obligation under this Agreement arises on account of the Executive’s “separation from service” (as defined under Treas. Reg. Section 1.409A-1(h)) while the Executive is a “specified employee” (as defined under Treas. Reg. Section 1.409A-1(h)), any payment of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six months after such separation from service shall accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Executive’s separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor of the Executive’s estate following his death.  
[Signature page follows.] 

17

IN WITNESS WHEREOF, the parties hereto have signed their names to this Agreement as of the day and year set forth below.  
	
					
	

	

	

	

	COMPANY:

	

	

	

	

	
AMERICAN RESIDENTIAL PROPERTIES, INC., 
 a Maryland corporation:

	

	

	

	

	

	Date: December 27, 2013
	By:
	

	   /s/ Stephen G. Schmitz      

	

	

	Name: 
	

	Stephen G. Schmitz

	

	

	Title:  
	

	Chief Executive Officer

	
					
	 
	 
	 
	 
	EXECUTIVE:

	 
 
 
 

Date: December 26, 2013
	 
	 
	 
CHRISTOPHER J. “JAY” BYCE 
 

   /s/ Christopher J. Byce      
      Signature

 

ATTACHMENT “A” 
to
AMERICAN RESIDENTIAL PROPERTIES, INC.

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL VESTING AGREEMENT 

(Jay Byce) 

General Release of Claims 
Consistent with Section 6 of the Executive Severance and Change in Control Vesting Agreement dated _______________, 2014, between AMERICAN RESIDENTIAL PROPERTIES, INC. (the “Company”) and me (the “Severance Agreement”) and in consideration for and contingent upon my receipt of the Severance Package set forth in Section 6(b) of the Severance Agreement, I, for myself, my attorneys, heirs, executors, administrators, successors, and assigns, do hereby fully and forever release and discharge the Company and its affiliated entities (as defined in the Severance Agreement), as well as their predecessors, successors, assigns, and their current or former directors, officers, partners, agents, employees, attorneys, and administrators from all suits, causes of action, and/or claims, demands or entitlements of any nature whatsoever, whether known, unknown, or unforeseen, which I have or may have against any of them arising out of or in connection with my employment by the Company, the Severance Agreement, the termination of my employment with the Company, or any event, transaction, or matter occurring or existing on or before the date of my signing of this General Release, except that I am not releasing any (a) right to indemnification that I may otherwise have, (b) right to Annual Salary and benefits under applicable benefit plans that are earned and accrued but unpaid as of the date of my signing this General Release, (c) right to reimbursement for business expenses incurred and not reimbursed as of the date of my signing this General Release, (d) right to any bonus payment(s), equity compensation, or other compensation due under the Severance Agreement, the Bonus Plan, the Equity Incentive Plan, and any Company Incentive Plan that is earned and accrued for the most recent completed calendar year for which a bonus payment has not then been paid as of the date of my signing this General Release; or (e) claims arising after the date of my signing this General Release.  I agree not to file or otherwise institute any claim, demand or lawsuit seeking damages or other relief and not to otherwise assert any claims, demands or entitlements that are lawfully released herein.  I further hereby irrevocably and unconditionally waive any and all rights to recover any relief or damages concerning the claims, demands or entitlements that are lawfully released herein.  I represent and warrant that I have not previously filed or joined in any such claims, demands or entitlements against the Company or the other persons released herein and that I will indemnify and hold them harmless from all liabilities, claims, demands, costs, expenses and/or attorneys’ fees incurred as a result of any such claims, demands or lawsuits.  
Except as otherwise expressly provided above, this General Release specifically includes, but is not limited to, all claims of breach of contract, employment discrimination (including any claims coming within the scope of Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Equal Pay Act, the Americans with Disabilities Act, the Family and Medical Leave Act, and any comparable Arizona law, all as amended, or any other applicable federal, state, or local law), claims under the Employee Retirement Income Security Act, as amended, claims under the Fair Labor Standards Act, as amended (or any other applicable federal, state or local statute relating to payment of wages), claims concerning recruitment, hiring, termination, salary rate, severance pay, stock options, wages or benefits due, sick leave, holiday pay, vacation pay, life insurance, group medical insurance, any other fringe benefits, worker’s compensation, termination, employment status, libel, slander, defamation, intentional or negligent misrepresentation and/or infliction of emotional distress, together with any and all tort, contract, or other claims which might have been asserted by me or on my behalf in any suit, charge of discrimination, or claim against the Company or the persons released herein.  
I acknowledge that I have been given an opportunity of twenty-one (21) days to consider this General Release and that I have been encouraged by the Company to discuss fully the terms of this General Release with legal counsel of my own choosing.  Moreover, for a period of seven (7) days following my execution of this General Release, I shall have the right to revoke the waiver of claims arising under the Age Discrimination in Employment Act, a federal statute that prohibits employers from discriminating against employees who are age 40 or over.  If I elect to revoke this General Release within this 7-day period, I must inform the Company by delivering a written notice of revocation to the Company’s Director of Human Resources, ____________, no later than 11:59 p.m.  on the seventh calendar day after I sign this General Release.  I understand that, if I elect to exercise this revocation right, this General Release shall be voided in its entirety and the Company shall be relieved of all obligations to make the portion of the Severance Package described in Section 6(b) of the Severance Agreement.  I may, if I wish, 

A-1

elect to sign this General Release prior to the expiration of the 21-day consideration period, and I agree that if I elect to do so, my election is made freely and voluntarily and after having an opportunity to consult counsel.  
AGREED: 
[Form of Agreement Only - Do Not Execute]
_____________________________            ______________________________
_____________________________                    Date

A-2

ATTACHMENT “B” 
to
AMERICAN RESIDENTIAL PROPERTIES, INC.

EXECUTIVE SEVERANCE AND CHANGE IN CONTROL VESTING AGREEMENT 

(Jay Byce) 

Long Term Incentive Plan Unit Vesting Agreement 
Under the American Residential Properties, Inc.
2012 Equity Incentive Plan

[Attached]

B-1

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