Document:

EX-10.19

 Exhibit 10.19 

COTTONWOOD COMMUNITIES, INC. 

FORM OF PERFORMANCE-BASED 

LTIP UNIT AWARD AGREEMENT 
 Name of the
Participant:                      (the “Participant”) 

Performance Period: [            ] [    ], 2020 through
[            ] [    ], 2022 
 Grant Date Net Asset Value:
                     
 No. of LTIP Units Issued:
                     
 Grant Date:
[            ] [    ], 2020 
 RECITALS 

A.    Cottonwood Communities, Inc., a Maryland corporation (the “Company”) wishes to reward and incentivize the
Participant, who performs valuable services for the benefit of the Company and Cottonwood Communities O.P., L.P., a Delaware partnership (the “Partnership” and, together with the Company, “Cottonwood”). 

B.    Pursuant to the Amended and Restated Limited Partnership Agreement (as amended and supplemented from time to time,
the “LP Agreement”) of the Partnership, the Company hereby grants the Participant this award (the “Award”) and hereby causes the Partnership to issue to the Participant, the number of LTIP Units (as defined in the LP Agreement)
set forth above (the “Award LTIP Units”) having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the LP Agreement. Unless
otherwise indicated, capitalized terms used herein but not otherwise defined shall have the meanings given to those terms in the LP Agreement. 

C.    The Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board (either
such entity shall be referred to herein as the “Committee”) has determined that the Participant is entitled to receive the Award LTIP Units. The exact number of LTIP Units deemed earned shall be determined following the conclusion
of the Performance Period based on the Performance Vesting Percentage as provided for herein such that the LTIP Units will become fully vested on the first anniversary of the last day of the Performance Period, subject to continued employment with
the Company. Any Award LTIP Units not earned upon the end of the Performance Period will be forfeited. 
 NOW, THEREFORE, the Company, the
Partnership and the Participant agree as follows: 
 1.    Effectiveness of Award. The Participant shall be
admitted as a partner of the Partnership with beneficial ownership of the Award LTIP Units as of the Grant Date by (i) signing and delivering to the Partnership a copy of this Agreement and (ii) signing, as a Limited Partner, and
delivering to the Partnership a counterpart signature page to the LP Agreement (attached hereto as Exhibit A). Upon execution of this Agreement by the Participant, the Partnership and the Company, the books and records of the Partnership maintained
by the General Partner shall reflect the issuance to the Participant of the Award LTIP Units. Thereupon, the Participant shall have all the rights of a Limited Partner of the Partnership with respect to a number of LTIP Units equal to the Award LTIP
Units, subject, however, to the restrictions and conditions specified in Section 2 below and elsewhere herein. The LTIP Units are uncertificated securities of the Partnership and upon the Participant’s request the General Partner
shall confirm the number of LTIP Units issued to the Participant. 

 2.    Vesting and Earning of Award LTIP Units. 

(a)    This Award is subject to performance vesting and a continuous service requirement during and for one additional year
following the end of the Performance Period. The Award LTIP Units will be subject to forfeiture based on the Company’s performance to the extent provided in this Agreement. On a date (the “Determination Date”) within 75 calendar days
after the earlier of the end of the Performance Period or the effective date of a Change in Control (as defined below) (the “Measurement Date”), the Committee shall calculate the number of LTIP Units that were earned as follows: 

(b)     (i)    The number of LTIP Units deemed earned will equal the product of (A) the number of
Award LTIP Units multiplied by (B) the Performance Vesting Percentage (the “Earned Units”). 
 (ii)    The
Committee shall calculate the number of additional LTIP Units that would have accumulated if the Participant had received all distributions paid by the Partnership from the Grant Date to the Determination Date with respect to the Earned Units
(reduced by the distributions actually paid with respect to the Award LTIP Units) and such distributions had been invested in Common Limited Partnership Units at a price equal to the fair market value of one Common Limited Partnership Unit on the
ex-dividend date (together with Earned Units, the “Earned LTIP Unit Equivalent”). 
 For purposes of this Section 2(b), the following terms
shall have the following meanings: 
 (A)    The “Internal Rate of Return” shall be equal to the annualized
discount rate (calculated using the “XIRR” function of Microsoft Excel, or if such function no longer exists at the time of such calculation, a comparable methodology) that causes the net present value of investing the Grant Date Net Asset
Value in one share of Common Stock on the Grant Date to equal the net present value of (i) all dividends and distributions paid with respect to one share of Common Stock with a record date occurring during the Performance Period
(including all dividends and distributions paid with respect to such additional securities) and (ii) the Share Value (as defined below) on the Measurement Date. 

(B)    The “Performance Vesting Percentage” shall be equal to the percentage set forth below opposite the
actual Internal Rate of Return calculated in the manner set forth above. 
  

			
	 Internal Rate of Return
	  	 Performance Vesting Percentage*

	Less than 6.0%	  	0%
	6.0%	  	50%
	6 to 10%	  	50 to 100%

  

	*	 If the Internal Rate of Return is between 6.0% and 10.0%, then the Performance Vesting Percentage will be
determined by linear interpolation between 50% and 100% (e.g., an Internal Rate of Return of 8.0% would result in a Performance Vesting Percentage of 75%). 

  
 2 

 (C)    “Per Share Net Asset Value” on any date shall mean
(i) if the shares of Common Stock of the Company are not listed or admitted to trade on a national securities exchange, the most recent price per share of Common Stock as a majority of the Board determines in good faith, and
(ii) if the shares of Common Stock of the Company are listed or admitted to trade on a national securities exchange, the average closing price per share of Common Stock for the previous 30 trading dates, including such date (or such
fewer number of trading days as such shares have traded on such exchange, if such number of trading days is fewer than 30). Any determination of Per Share Net Asset Value made in good faith by the Board in accordance with this Agreement shall be
final, binding and conclusive on all parties. 
 (D)    The “Share Value” as of the Measurement Date shall
generally be equal to the Per Share Net Asset Value, plus the value, calculated in the same manner as the Per Share Net Asset Value, of any securities of Cottonwood paid with respect to a share of Common Stock during the Performance Period.
Notwithstanding the foregoing, if the Measurement Date is the effective date of a Change of Control, the Share Value shall be equal to the cash value, as determined by the Board in good faith, of the consideration paid in the transaction for one
share of Common Stock, plus the cash value, as determined by the Board of Directors in good faith, of the consideration paid in the Change of Control for any securities of Cottonwood paid with respect to one share of Common Stock during the
Performance Period. In the event that the transaction that results in a Change of Control does not involve the payment of any consideration for shares of Common Stock or other securities of Cottonwood, the Board shall determine, in good faith, the
value of shares of Common Stock or such other securities of Cottonwood imputed by the transaction; provided, however, that if no value can be imputed from the transaction, then the value of shares of Common Stock or such other securities of
Cottonwood shall be determined in the same manner as it would have been if the Measurement Date had not been the effective date of a Change of Control. The Board may from time to time employ a third-party appraiser to review and certify the
Board’s methodology for determining Share Value. For purposes of this Agreement, if the Share Value is calculated at a later date than the Grant Date or Measurement Date but is intended to represent the value on that Grant Date or Measurement
Date, then that value shall be the Share Value of the Grant Date or Measurement Date. (For example, if on March 1st the Board of Directors were to approve a Share Value for the preceding December
31st and the Grant Date was on the preceding January 1st then that calculation will be the Share Value for the purposes of calculating the
Performance Vesting Percentage and applicable Share Value). Any determination of Share Value made in good faith by the Board pursuant to this Agreement shall be final, binding and conclusive on all parties. 

(c)    Earned LTIP Unit Equivalent Compared to Award LTIP Units. If the Earned LTIP Unit Equivalent is smaller than
the aggregate number of Award LTIP Units previously issued to the Participant, then the Participant shall forfeit a number of Award LTIP Units equal to the difference without payment of any consideration by the Partnership; thereafter the term Award
LTIP Units will refer only to the Award LTIP Units that were not so forfeited and neither the Participant nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in the LTIP
Units that were so forfeited. If the Earned LTIP Unit Equivalent is greater than the number of Award LTIP Units previously issued to the Participant, then, upon the performance of the calculations set forth in Section 2(b): (A) the
Company shall cause the Partnership to issue to the Participant, as of the Measurement Date, a number of additional LTIP Units equal to the difference; (B) such additional LTIP Units shall be added to the Award LTIP Units previously issued, if
any, and thereby become part of this Award (provided that such additional LTIP Units shall be treated as being issued as of the date they are actually issued for purposes of determining their holding period under the LP Agreement); (C) the

  
 3 

 
Company and the Partnership shall take such corporate and partnership action as is necessary to accomplish the grant of such additional LTIP Units; and (D) thereafter the term Award LTIP Units
will refer collectively to the Award LTIP Units, if any, issued prior to such additional grant plus such additional LTIP Units; provided that such issuance will be subject to the Participant confirming the truth and accuracy of the representations
set forth in Section 14 hereof and executing and delivering such documents, comparable to the documents executed and delivered in connection with this Agreement, as the Company and/or the Partnership reasonably request in order to comply with
all applicable legal requirements, including, without limitation, federal and state securities laws. If the Earned LTIP Unit Equivalent is the same as the number of Award LTIP Units previously issued to the Participant, then there will be no change
to the number of Award LTIP Units. 
 (d)    Continuous Service Vesting. The Award LTIP Units as calculated under
Sections 2(b) and (c) (the “Earned LTIP Units”) shall be subject to continuous service vesting as follows: 

(i)    100 percent of the Earned LTIP Units shall become vested on the first anniversary of the last day of the
Performance Period, conditioned on the Participant’s continued employment with the Company. 
 (ii)    If a Change
in Control occurs following the end of the Performance Period but prior to the vesting of the Earned LTIP Units, any unvested Earned LTIP Units shall become fully vested. 

(e)    Termination of Employment. The continuous service requirements of Section 2(a) of this Agreement shall be
applied to this Award as follows: 
 (i)    In the event of termination of the Participant’s employment
(A) by the Participant for Good Reason, (B) by the Company without Cause or (C) by reason of the Participant’s death or disability (each a “Qualified Termination”) after the Grant Date, but prior to the end of the
Performance Period, the Participant will retain the number of Award LTIP Units previously granted to him or her with respect to the Performance Period, but the following provisions shall modify the determination and vesting of the Award LTIP Units
for the Participant: 
 (A)    the calculations provided in Sections 2(b) and (c) hereof shall be performed as of
the Measurement Date as if the Qualified Termination had not occurred; 
 (B)    the Award LTIP Units calculated
pursuant to Sections 2(b) and (c) shall be multiplied by the Partial Service Factor (as defined below) (with the resulting number being rounded to the nearest whole LTIP Unit or, in the case of 0.5 of a unit, up to the next whole unit), and
such adjusted number of LTIP Units shall be deemed the Participant’s Earned LTIP Units for all purposes under this Agreement. All such Earned LTIP Units shall be fully vested on the date the Committee makes the determination under
Section 2(b). 
 Notwithstanding anything herein to the contrary, to the extent the Participant is party to an employment agreement with the
Employer that provides for the treatment of unvested equity awards in certain employment terminations, and subject to compliance by the Participant with the requirements of such employment agreement related to such termination, the vesting of any
unvested Award LTIP Units shall be subject to the terms of such employment agreement. 
 (ii)    In the event of a
Qualified Termination after the end of the Performance Period but prior to the first anniversary thereof, the Participant will become fully vested in his or her Earned LTIP Units. 

  
 4 

 (iii)    In the event of a termination of the Participant’s
employment for any reason other than a Qualified Termination, then all unvested Award LTIP Units or Earned LTIP Units, as applicable, shall, without payment of any consideration by the Company, automatically and without notice terminate, be
forfeited and be and become null and void, and neither the Participant nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any further rights or interests in any such unvested Award LTIP Units or Earned
LTIP Units. 
 (f)    Change in Control. If a Change in Control occurs prior to the end of the Performance
Period, the Measurement Date shall be the effective date of the Change in Control, and the Earned LTIP Units shall become fully vested. 

3.    Distributions. The Participant shall be entitled to receive distributions with respect to the Award LTIP
Units to the extent provided for in the LP Agreement as follows: 
 (a)    The Award LTIP Units are hereby designated as
“Special LTIP Units.” 
 (b)    The LTIP Unit Distribution Participation Date with respect to the Award LTIP
Units is the Grant Date set forth in this Agreement. 
 (c)    The Special LTIP Unit Full Participation Date with
respect to the Earned LTIP Units is the date on which the Earned LTIP Unit Equivalent is determined pursuant to the applicable clause of Section 2 hereof. 

(d)    The Special LTIP Unit Sharing Percentage with respect to the Award LTIP Units is 10 percent. 

(i)    The Special LTIP Unit Sharing Percentage multiplied by the Award LTIP Units will determine the number of the
Special LTIP Units that are qualified to receive distributions during the period which is after the Grant Date but before the date on which the Earned LTIP Unit Equivalent is determined. Distributions to be paid on an Award LTIP Units or Earned LTIP
Units will equal the distribution paid on a Common Unit at the time the distribution is paid. 
 (e)    All
distributions paid with respect to the Award LTIP Units or Earned LTIP Units shall be fully vested and non-forfeitable when paid, whether or not the Award LTIP Units have been earned based on performance or
have become vested based on continued employment as provided in Section 2 hereof. 
 4.    Adjustments. The
Award LTIP Units and Earned LTIP Units shall be subject to adjustment in the circumstances described in and in accordance with the LP Agreement. 

5.    Compensation Recoupment Policy. This Award shall be subject to any compensation recoupment policy of the
Company that is applicable by its terms to the Participant and to Awards of this type. 
 6.    Interpretation by
Committee. This Agreement is subject in all respects to the terms, conditions, limitations and definitions contained in the LP Agreement. In the event of any discrepancy or inconsistency between this Agreement and the LP Agreement, the terms and
conditions of the LP Agreement shall control except that in the case of a Change in Control, the provisions of this Agreement shall control. The Committee may make such rules and regulations and establish such procedures for the administration of
this Agreement as it deems appropriate. Without limiting the generality of the 

  
 5 

 
foregoing, the Committee may interpret this Agreement, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law. In the
event of any dispute or disagreement as to interpretation of the Agreement or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to this Agreement, the decision of the Committee shall be final
and binding upon all persons. 
 7.    Defined Terms. For purposes of this Agreement, the following defined terms
shall have the meanings specified herein: 
 (a)    “Cause” means (a) if the Participant is a party to an
employment agreement with the Employer, and “Cause” is defined therein, such definition, or (b) if the Participant is not party to an employment agreement that defines “Cause,” Cause shall mean,
(i) conduct by the Participant which would reasonably be expected to result in material injury or reputation harm to the Employer; (ii) conduct by the Participant constituting gross negligence or willful misconduct in the
performance of his or her duties; (iii) the material violation by the Participant of any written policy and ethics, as in effect on the Grant Date and as subsequently changed from time to time; or (iv) the commission by the
Participant of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty or fraud. 

(b)    “Change in Control” means: (i) the acquisition in one or more transactions by any Person, of
the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of 50% or more of (A) the then outstanding shares of Common Stock, or (B) the combined voting power
of the then outstanding securities of the Company entitled to vote generally in the election of directors; (ii) the closing of a sale or other conveyance of all or substantially all of the assets of the Company or the Partnership other
than a sale or other conveyance by the Company to an entity at least 50% of the combined voting power of the voting securities of which are owned by the stockholders of the Company in substantially the same proportion as their ownership of the
Common Stock immediately prior to such sale or other conveyance; (iii) the effective time of any merger, share exchange, consolidation, or other business combination involving the Company or a direct or indirect subsidiary of the Company
that results in the voting securities of the Company outstanding immediately prior to such transaction representing (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) less than 50% of
the combined voting power of the securities of the surviving entity or its parent outstanding immediately after such transaction; or (iv) a Capital Transaction. For the avoidance of doubt, an initial public offering of Common Stock shall
not be considered a Change in Control for purposes of this Agreement. 
 (c)    “Common Stock” means shares of
common stock of the Company. 
 (d)    “Employer” means either the Company, the Partnership or any affiliate
that employs the Participant. 
 (e)    “Good Reason” means (a) if the Participant is party to an
employment agreement with the Employer, and “Good Reason” is defined therein, such definition, or (b) if the Participant is not party to an employment agreement that defines “Good Reason,” Good Reason shall mean that
the Participant has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a material diminution in the Participant’s responsibilities, authority or
duties; (ii) a material diminution in the Participant’s base salary and cash bonus opportunity; (iii) a change in the geographic location at which the Participant provides services to the Company by at least 50 miles; or
(iv) a material breach by the Company of this Agreement. “Good Reason Process” shall mean that (A) the Participant reasonably determines in good faith that a “Good Reason” condition has occurred;
(B) the Participant notifies the Company in writing of the first occurrence of the Good Reason condition within 30 days of the first occurrence of such condition; (C) the Participant cooperates in good faith with the

  
 6 

 
Company’s efforts, if any, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (D) notwithstanding such efforts, the Good
Reason condition continues to exist; and (E) the Participant terminates his or her employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be
deemed not to have occurred. 
 (f)    “Partial Service Factor” means a factor carried out to the sixth
decimal to be used in calculating the number of LTIP Units earned pursuant to Section 2(b) hereof in the event of a Qualified Termination of the Participant’s continuous service prior to the Measurement Date, determined by dividing
(a) the number of calendar days that have elapsed since the Grant Date to and including the date of the Participant’s Qualified Termination by (b) the number of calendar days from the Grant Date to and including the Measurement
Date. 
 (g)    “Person” means any individual, entity or group within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than (i) employee benefit plans sponsored or maintained by the Company and by entities controlled by the Company (ii) an
underwriter of the Common Stock in a registered public offering or (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the Common Stock. 

8.    Restrictions on Transfer. None of the Award LTIP Units granted hereunder nor any of the units of the
Partnership into which such Award LTIP Units may be converted (the “Award Common Units”) shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of, or encumbered, whether voluntarily or by
operation of law or by conversion into units of the Partnership (each such action a “Transfer”) until the later of the date (a) the Earned LTIP Units vest and (b) is two (2) years after the applicable
Grant Date. From and after such date, any Transfer of Earned LTIP Units or Award Common Units shall be in accordance with the provisions of the LP Agreement. Additionally, all Transfers of Earned LTIP Units or Award Common Units must be in
compliance with all applicable securities laws (including, without limitation, the Securities Act of 1933, as amended, the “Securities Act”). In connection with any Transfer of Earned LTIP Units or Award Common Units, the Partnership may
require the Participant to provide an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act). Any attempted Transfer of
LTIP Units or Award Common Units not in accordance with the terms and conditions of this Section 8 shall be null and void, and the Partnership shall not reflect on its records any change in record ownership of any LTIP Units or Award
Common Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer of any LTIP Units or Award Common Units. Except as otherwise provided herein, this
Agreement is personal to the Participant, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. 

9.    Legend. The records of the Partnership and any other documentation evidencing the Award LTIP Units shall bear
an appropriate legend, as determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein and in the LP Agreement. 

10.    Tax Matters; Section 83(b) Election. The Participant may make an election to include in gross income in
the year of transfer the fair market value of the Award LTIP Units hereunder pursuant to Section 83(b) of the Code. 

11.    Withholding and Taxes. No later than the date as of which an amount first becomes includible in the gross
income of the Participant for income tax purposes or subject to the Federal 

  
 7 

 
Insurance Contributions Act withholding with respect to the Award LTIP Units granted hereunder, the Participant will pay to the Company or, if appropriate, any of its Subsidiaries, or make
arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to such amount. The Company may cause the required minimum tax
withholding obligation to be satisfied, in whole or in part, by withholding from Award LTIP Units granted to the Participant with an aggregate value that would satisfy the withholding amount due. The obligations of the Company under this Agreement
will be conditional on such payment or arrangements, and the Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant. 

12.    Amendment; Modification. This Agreement may only be modified or amended in a writing signed by the parties
hereto, provided that the Participant acknowledges that this Agreement may be amended or canceled by the Committee, on behalf of the Company and the Partnership, in each case for the purpose of satisfying changes in law or for any other lawful
purpose, so long as no such action shall adversely affect the Participant’s rights under this Agreement without the Participant’s written consent. No promises, assurances, commitments, agreements, undertakings or representations, whether
oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by the parties which are not set forth expressly in this Agreement. The failure of the Participant or the Company or
the Partnership to insist upon strict compliance with any provision of this Agreement, or to assert any right the Participant or the Company or the Partnership, respectively, may have under this Agreement, shall not be deemed to be a waiver of such
provision or right or any other provision or right of this Agreement. 
 13.    Complete Agreement. Other than as
specifically stated herein or as otherwise set forth in any employment, change in control or other agreement or arrangement to which the Participant is a party which specifically refers to the Award LTIP Units or to the treatment of compensatory
equity held by the Participant generally, this Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties
with respect to the subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may
relate to the subject matter hereof in any way. 
 14.    Investment Representation; Registration. The
Participant hereby warrants and represents to and agrees with the Company as follows: 
 (a)    The LTIP Units issued
pursuant to this Agreement will be acquired for the account of the Participant for investment only and not with a view to, nor with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein.
The Participant acknowledges that the issuance of the LTIP Units has not been, and will not be, registered under the Securities Act, and the rules and regulations thereunder, or the securities or real estate syndication laws of any state or other
jurisdiction, and cannot be disposed of unless they are subsequently registered under the Securities Act and any applicable laws of states or other jurisdictions or an exemption from such registration is available. The Participant acknowledges that
the Company does not have any intention of registering the resale of any LTIP Units issued hereunder under the Securities Act or of supplying the information necessary for the Participant to sell any such LTIP Units; and that the Company and the
Partnership shall be organized and operated so as to be exempt from registration under the Investment Company Act of 1940, as amended, and from the provisions of that statute designed to protect investors. 

  
 8 

 (b)    The Participant also understands that the transfer of any LTIP
Units issued pursuant to this Agreement will be subject to restrictions contained in the LP Agreement, as well as the restrictions set forth in this Agreement. 

(c)    The Participant acknowledges that (i) he or she has no obligation whatsoever to acquire the LTIP Units
issued pursuant to this Agreement, (ii) his or her acquisition of the LTIP Units issued pursuant to this Agreement is not, and will not be, in any way whatsoever a condition of continued employment with the Company or any entity
affiliated with the Company, (iii) neither the offer to the Participant of the opportunity to acquire the LTIP Units or any shares of Common Stock issued pursuant to this Agreement nor this Agreement, shall be deemed to constitute a
contract of employment or to impose any obligation upon the Company or any of its affiliates to continue to employ the Participant, and (iv) nothing stated or implied in this Agreement, in the LP Agreement shall be construed to abrogate,
amend or otherwise affect any rights or obligations with respect to employment which the Company or any of its affiliates or the Participant may otherwise have by agreement or under law. 

(d)    The Participant acknowledges that he or she has been furnished a copy of the LP Agreement, has carefully read and
understands the provisions of the LP Agreement, has had the opportunity to ask questions of the Company and has received answers from the Company concerning the provisions of the LP Agreement, and the terms and conditions of the offering of the LTIP
Units. The Participant further acknowledges that he or she has been furnished information regarding the activities of the Company, has had the opportunity to ask questions of the Company concerning such activities, and is satisfied with all such
information and such answers as he or she has received. The Participant acknowledges that no representation has been made by the Company otherwise by or on behalf of the Company as to any current value of the assets held by the Company or as to any
prospective return on any LTIP Units issued pursuant to this Agreement. The Participant further acknowledges that he or she has not relied, in connection with the acquisition of the LTIP Units, upon any representations, warranties or agreements
other than those set forth in this Agreement or the LP Agreement. The Participant further acknowledges that he or she provides services to the Company on a regular basis and that, in such capacity, the Participant has access to all such information,
and has such experience and involvement in connection with the business and operations of the Company, as the Participant believes to be necessary and appropriate to make an informed decision to accept the LTIP Units granted pursuant to this
Agreement. 
 (e)    The Participant acknowledges that neither the Company nor any of its affiliates is rendering any
tax, legal or financial advice or recommendation to acquire the LTIP Units issued pursuant to this Agreement. The Participant has been informed that he or she should consult his or her own tax, legal and financial advisors to the extent the
Participant seeks advice regarding these matters. 
 (f)    The Participant makes the representation regarding his or
her status as an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act as set forth below the Participant’s name on the signature page hereto. 

(g)    So long as the Participant holds LTIP Units, the Participant shall disclose to the Company in writing such
information as may be reasonably requested with respect to direct or indirect ownership of any LTIP Units issued pursuant to this Agreement as the Company may deem reasonably necessary to ascertain and to establish compliance with provisions of the
Code, applicable to the Company or to comply with requirements of any other appropriate taxing authority. 
 (h)    The
Participant shall indemnify and hold the Company harmless from and against any and all loss, cost, damage or liability due to or arising out of a breach of any representation, warranty or agreement of the Participant in this Agreement or any other
document furnished by it to the Company in connection with this Award, including, without limitation, the LP Agreement. 

  
 9 

 15.    No Obligation to Continue Employment. Neither the Company
nor any Subsidiary is obligated by or as a result of this Agreement to continue the Participant in employment and this Agreement shall not interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the
Participant at any time. 
 16.    No Limit on Other Compensation Arrangements. Nothing contained in this
Agreement shall preclude the Company from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in
specific cases or to specific persons. 
 17.    Status of Award LTIP Units. The Company will have the right at
its option, as set forth in the LP Agreement, to issue shares of Common Stock in exchange for partnership units into which Award LTIP Units may have been converted pursuant to the LP Agreement, subject to certain limitations set forth in the LP
Agreement. The Participant acknowledges that the Participant will have no right to approve or disapprove such election by the Company. 

18.    Severability. If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal
or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without
materially altering the purpose or intent of this Agreement and the grant of Award LTIP Units hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force
and effect). 
 19.    Law Governing. This Agreement shall be governed by and construed in accordance with the
laws of the State of Utah, without regard to any principles of conflicts of law which could cause the application of the laws of any jurisdiction other than the State of Utah. 

20.    Headings. Section, paragraph and other headings and captions are provided solely as a convenience to
facilitate reference. Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof. 

21.    Notices. Notices hereunder shall be mailed or delivered to the Company addressed to Cottonwood Communities,
Inc., 6340 South 3000 East, Suite 500, Salt Lake City, UT 84121, Attention: General Counsel, and shall be mailed or delivered to the Participant at the address on file with the Company or, in either case, at such other address as one party may
subsequently furnish to the other party in writing. 
 22.    Counterparts. This Agreement may be executed in two
or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement. 

23.    Successors and Assigns. The rights and obligations created hereunder shall be binding on the Participant and
his or her heirs and legal representatives and on the successors and assigns of the Partnership. 
 24.    Data
Privacy Consent. In order to administer this Agreement and to implement or structure future equity grants, the Company and its agents may process any and all personal or 

  
 10 

 
professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or
desirable for the administration of this Agreement (the “Relevant Information”). By entering into this Agreement, the Participant (i) authorizes the Company to collect, process, register and transfer to its agents all Relevant
Information; and (ii) authorizes the Company and its agents to store and transmit such information in electronic form. The Participant shall have access to, and the right to change, the Relevant Information. Relevant Information will
only be used in accordance with applicable law and to the extent necessary to administer this Agreement, and the Company and its agents will keep the Relevant Information confidential except as specifically authorized under this paragraph. 

25.    Electronic Delivery of Documents. By accepting this Agreement, the Participant (i) consents to the
electronic delivery of this Agreement, all information with respect to the Plan and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledges that he or she may receive from the Company a paper
copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing; (iii) further acknowledges that he or she may revoke his or her consent to electronic delivery of
documents at any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledges that he or she is not required to consent to electronic delivery of documents. 

[Remainder of the page intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
set forth above. 
  

			
	COTTONWOOD COMMUNITIES, INC.
		
	By:	 	
                     

	Name:	 	  

	Title:	 	  

	
	COTTONWOOD COMMUNITIES O.P., L.P.
	
	 By: COTTONWOOD COMMUNITIES, INC., its General
Partner

  

			
	        By:	 	
                     

	        Name:	 	  

	        Title:	 	  

 

			
	PARTICIPANT
		
	By:	 	
                     

	Name:	 	  

	Address:
	
	
                    

	
                    

	
                    

 Section 14(f) Representation. Please initial or check ALL of the boxes which
correctly describe the Participant. 
  

	 	☐	 The Participant is a natural person: (i) whose individual net worth (assets minus liabilities), or joint
net worth with that person’s spouse, exceeds $1,000,000 ((a) excluding (1) as an asset, the value of such natural person’s primary residence and (2) as a liability, the outstanding indebtedness secured by such natural
person’s primary residence up to the fair market value of such primary residence, provided, however, that if the amount of such outstanding indebtedness has increased within the previous 60 days, other than as a result of the acquisition of the
primary residence, the amount of such excess shall be included as a liability and (b) including, as a liability, the outstanding indebtedness secured by the natural 

  
 12 

	 	
person’s primary residence in excess of the fair market value of such primary residence), or (ii) who had an individual income in excess of $200,000 in each of the two most recent years
or joint income with the person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year. 

 

	 	☐	 The Participant is a natural person who is a director or executive officer (as defined below) of the Company.
As used herein, “executive officer” shall mean the president, any vice president in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making
function, or any other person who performs similar policy-making functions for the Company. 

  

	 	☐	 Neither of the prior boxes correctly describes the Participant. 

  
 13 

 EXHIBIT A 

FORM OF LIMITED PARTNER SIGNATURE PAGE 

The Participant, desiring to become one of the within named Limited Partners of Cottonwood Communities O.P., L.P., hereby becomes a party to
the Fourth Amended and Restated Limited Partnership Agreement of Cottonwood Communities O.P., L.P., as amended through the date hereof (the “LP Agreement”). 

The Participant constitutes and appoints the General Partner and its authorized officers and attorneys-in-fact, and each of those acting singly, in each case with full power of substitution, as the Participant’s true and lawful agent and attorney-in-fact, with full power and authority in the Participant’s name, place and stead to carry out all acts described in Section 8.2 of the LP Agreement, such power of attorney to be
irrevocable and a power coupled with an interest pursuant to Section 8.2 of the LP Agreement. 
 The Participant agrees that this
signature page may be attached to any counterpart of the LP Agreement. 
  

			
	Participant:
		
	By:	 	
                     

	Name:	 	  

	Date:	 	
                     

	
	Address of Limited Partner:
	
	
                    

	
                    

	
                    

  
 14EX-10.20

 Exhibit 10.20 

COTTONWOOD COMMUNITIES, INC. 

FORM OF TIME-BASED 

LTIP UNIT AWARD AGREEMENT 
 Name of the
Participant:                      (the “Participant”) 

No. of LTIP Units Issued:                      

Grant Date: [            ] [    ], 2020 

RECITALS 

A.    Cottonwood Communities, Inc., a Maryland corporation (the “Company”) wishes to reward and incentivize the
Participant, who performs valuable services for the benefit of the Company and Cottonwood Communities O.P., L.P., a Delaware partnership (the “Partnership” and, together with the Company, “Cottonwood”). 

B.    Pursuant to the Amended and Restated Limited Partnership Agreement (as amended and supplemented from time to time,
the “LP Agreement”) of the Partnership, the Company hereby grants the Participant this award (the “Award”) and hereby causes the Partnership to issue to the Participant, the number of LTIP Units (as defined in the LP Agreement)
set forth above (the “Award LTIP Units”) having the rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption and conversion set forth herein and in the LP Agreement. Unless
otherwise indicated, capitalized terms used herein but not otherwise defined shall have the meanings given to those terms in the LP Agreement. 

C.    The Board of Directors of the Company (the “Board”) or the Compensation Committee of the Board (either
such entity shall be referred to herein as the “Committee”) has determined that the Participant is entitled to receive the Award LTIP Units. 

NOW, THEREFORE, the Company, the Partnership and the Participant agree as follows: 

1.    Effectiveness of Award. The Participant shall be admitted as a partner of the Partnership with beneficial
ownership of the Award LTIP Units as of the Grant Date by (i) signing and delivering to the Partnership a copy of this Agreement and (ii) signing, as a Limited Partner, and delivering to the Partnership a counterpart
signature page to the LP Agreement (attached hereto as Exhibit A). Upon execution of this Agreement by the Participant, the Partnership and the Company, the books and records of the Partnership maintained by the General Partner shall reflect the
issuance to the Participant of the Award LTIP Units. Thereupon, the Participant shall have all the rights of a Limited Partner of the Partnership with respect to a number of LTIP Units equal to the Award LTIP Units, subject, however, to the
restrictions and conditions specified in Section 2 below and elsewhere herein. The LTIP Units are uncertificated securities of the Partnership and upon the Participant’s request the General Partner shall confirm the number of LTIP
Units issued to the Participant. 

 2.    Vesting of Award LTIP Units. The Award LTIP Units shall
become vested on the Vesting Date or Dates specified in the following schedule so long as the Participant remains an employee of the Employer on such Dates. If a series of Vesting Dates is specified, then the Award LTIP Units shall become vested
only with respect to the number of Award LTIP Units specified as vested on each such date. There shall be no proportionate or partial vesting of Award LTIP Units in or during the months, days or periods between each Vesting Date. 

 

									
	 Vesting Dates
	  	Number of Units
Vesting Per Year	 	  	Percent of
Units Vested	 
	 January 1, 20XX
	  	 	XX	 	  	 	25	% 
	 January 1, 20XX
	  	 	XX	 	  	 	50	% 
	 January 1, 20XX
	  	 	XX	 	  	 	75	% 
	 January 1, 20XX
	  	 	XX	 	  	 	100	% 
	 Total Vesting
	  	 	XXX	 	  	 	100	% 

 In the event of termination of the Participant’s employment (a) by the Participant for Good Reason,
(b) by the Company without Cause or (c) by reason of the Participant’s death or disability, the Participant shall become fully vested in all of his or her Award LTIP Units. If the Participant’s employment with the Employer
terminates for any other reason, any Award LTIP Units held by the Participant that have not vested as of such date shall automatically and without notice terminate and be terminated and neither the Participant nor any of his or her successors,
heirs, assigns or personal representatives will thereafter have any further rights or interests in such unvested Award LTIP Units. The Participant shall retain his or her right to any vested Award LTIP Units. 

Notwithstanding anything herein to the contrary, to the extent the Participant is party to an employment agreement with the Employer that
provides for the treatment of unvested equity awards in certain employment terminations, and subject to compliance by the Participant with the requirements of such employment agreement related to such termination, the vesting of any unvested Award
LTIP Units shall be subject to the terms of such employment agreement. 
 In the event of the occurrence of a Change in Control, all
outstanding Award LTIP Units shall become fully vested. 
 (a)    Distributions. The LTIP Unit Distribution
Participation Date with respect to the Award LTIP Units is the Grant Date and distributions shall be paid to the Participant to the extent provided for in the LP Agreement. Distributions paid on an Award LTIP Units will equal the distribution paid
on the Common Units at the time the distribution is paid. For the avoidance of doubt, all distributions paid with respect to Award LTIP Units shall be fully vested and non-forfeitable. 

3.    Adjustments. The Award LTIP Units shall be subject to adjustment in the circumstances described in and in
accordance with the LP Agreement. 

  
 2 

 4.    Compensation Recoupment Policy. This Award shall be subject
to any compensation recoupment policy of the Company that is applicable by its terms to the Participant and to Awards of this type. 

5.    Interpretation by Committee. This Agreement is subject in all respects to the terms, conditions, limitations
and definitions contained in the LP Agreement. In the event of any discrepancy or inconsistency between this Agreement and the LP Agreement, the terms and conditions of the LP Agreement shall control except that in the case of a Change in Control,
the provisions of this Agreement shall control. The Committee may make such rules and regulations and establish such procedures for the administration of this Agreement as it deems appropriate. Without limiting the generality of the foregoing, the
Committee may interpret this Agreement, with such interpretations to be conclusive and binding on all persons and otherwise accorded the maximum deference permitted by law. In the event of any dispute or disagreement as to interpretation of the
Agreement or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to this Agreement, the decision of the Committee shall be final and binding upon all persons. 

6.    Defined Terms. For purposes of this Agreement, the following defined terms shall have the meanings specified
herein: 
 (a)    “Cause” means (a) if the Participant is a party to an employment agreement with the
Employer, and “Cause” is defined therein, such definition, or (b) if the Participant is not party to an employment agreement that defines “Cause,” Cause shall mean, (i) conduct by the Participant which would
reasonably be expected to result in material injury or reputation harm to the Employer; (ii) conduct by the Participant constituting gross negligence or willful misconduct in the performance of his or her duties; (iii) the
material violation by the Participant of any written policy and ethics, as in effect on the Grant Date and as subsequently changed from time to time; or (iv) the commission by the Participant of any felony or a misdemeanor involving
moral turpitude, deceit, dishonesty or fraud. 
 (b)    “Change in Control” means: (i) the acquisition in
one or more transactions by any Person, of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of 50% or more of (A) the then outstanding shares of Common Stock,
or (B) the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors; (ii) the closing of a sale or other conveyance of all or substantially all of the
assets of the Company or the Partnership other than a sale or other conveyance by the Company to an entity at least 50% of the combined voting power of the voting securities of which are owned by the stockholders of the Company in substantially the
same proportion as their ownership of the Common Stock immediately prior to such sale or other conveyance; (iii) the effective time of any merger, share exchange, consolidation, or other business combination involving the Company or a
direct or indirect subsidiary of the Company that results in the voting securities of the Company outstanding immediately prior to such transaction representing (either by remaining outstanding or by being converted into voting securities of the
surviving entity or its parent) less than 50% of the combined voting power of the securities of the surviving entity or its parent outstanding immediately after such transaction and (iv) a Capital Transaction. For the avoidance of doubt,
an initial public offering of Common Stock shall not be considered a Change in Control for purposes of this Agreement. 

  
 3 

 (c)    “Common Stock” means shares of common stock of the
Company. 
 (d)    “Employer” means either the Company, the Partnership or any affiliate that employs the
Participant. 
 (e)    “Good Reason” means (a) if the Participant is party to an employment agreement with the
Employer, and “Good Reason” is defined therein, such definition, or (b) if the Participant is not party to an employment agreement that defines “Good Reason,” Good Reason shall mean that the Participant has complied with the
“Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a material diminution in the Participant’s responsibilities, authority or duties; (ii) a material diminution in the
Participant’s base salary and cash bonus opportunity; (iii) a change in the geographic location at which the Participant provides services to the Company by at least 50 miles; or (iv) a material breach by the Company of this Agreement.
“Good Reason Process” shall mean that (A) the Participant reasonably determines in good faith that a “Good Reason” condition has occurred; (B) the Participant notifies the Company in writing of the first occurrence of the Good
Reason condition within 30 days of the first occurrence of such condition; (C) the Participant cooperates in good faith with the Company’s efforts, if any, for a period not less than 30 days following such notice (the “Cure Period”),
to remedy the condition; (D) notwithstanding such efforts, the Good Reason condition continues to exist; and (E) the Participant terminates his or her employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason
condition during the Cure Period, Good Reason shall be deemed not to have occurred. 
 (f)    “Person” means
any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than (i) employee benefit plans sponsored or maintained by the Company and by entities controlled by the
Company (ii) an underwriter of the Common Stock in a registered public offering or (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the
Common Stock. 
 7.    Restrictions on Transfer. None of the Award LTIP Units granted hereunder nor any of the
units of the Partnership into which such Award LTIP Units may be converted (the “Award Common Units”) shall be sold, assigned, transferred, pledged, hypothecated, given away or in any other manner disposed of, or encumbered, whether
voluntarily or by operation of law or by conversion into units of the Partnership (each such action a “Transfer”) until the later of the date that (a) the Award LTIP Units vest and (b) is two (2) years after the Grant Date. From and
after such date, any Transfer of Award LTIP Units or Award Common Units shall be in accordance with the provisions of the LP Agreement. Additionally, all Transfers of Award LTIP Units or Award Common Units must be in compliance with all applicable
securities laws (including, without limitation, the Securities Act of 1933, as amended, the “Securities Act”). In connection with any Transfer of Award LTIP Units or Award Common Units, the Partnership may require the Participant to
provide an opinion of counsel, satisfactory to the Partnership, that such Transfer is in compliance with all federal and state securities laws (including, without limitation, the Securities Act). Any attempted Transfer of Award LTIP Units or Award
Common 

  
 4 

 
Units not in accordance with the terms and conditions of this Section 8 shall be null and void, and the Partnership shall not reflect on its records any change in record ownership of any Award
LTIP Units or Award Common Units as a result of any such Transfer, shall otherwise refuse to recognize any such Transfer and shall not in any way give effect to any such Transfer of any Award LTIP Units or Award Common Units. Except as otherwise
provided herein, this Agreement is personal to the Participant, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and
distribution. 
 8.    Legend. The records of the Partnership and any other documentation evidencing the Award
LTIP Units shall bear an appropriate legend, as determined by the Partnership in its sole discretion, to the effect that such LTIP Units are subject to restrictions as set forth herein and in the LP Agreement. 

9.    Tax Matters; Section 83(b) Election. The Participant may make an election to include in gross income in
the year of transfer the fair market value of the unvested Award LTIP Units hereunder pursuant to Section 83(b) of the Code substantially in the form attached hereto as Exhibit B and to supply the necessary information in accordance with
the regulations promulgated thereunder. 
 10.    Withholding and Taxes. No later than the date as of which an
amount first becomes includible in the gross income of the Participant for income tax purposes or subject to the Federal Insurance Contributions Act withholding with respect to the Award LTIP Units granted hereunder, the Participant will pay to the
Company or, if appropriate, any of its Subsidiaries, or make arrangements satisfactory to the Committee regarding the payment of, any United States federal, state or local or foreign taxes of any kind required by law to be withheld with respect to
such amount. The Company may cause the required minimum tax withholding obligation to be satisfied, in whole or in part, by withholding from Award LTIP Units granted to the Participant with an aggregate value that would satisfy the withholding
amount due. The obligations of the Company under this Agreement will be conditional on such payment or arrangements, and the Company and its Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment
otherwise due to the Participant. 
 11.    Amendment; Modification. This Agreement may only be modified or
amended in a writing signed by the parties hereto, provided that the Participant acknowledges that this Agreement may be amended or canceled by the Committee, on behalf of the Company and the Partnership, in each case for the purpose of satisfying
changes in law or for any other lawful purpose, so long as no such action shall adversely affect the Participant’s rights under this Agreement without the Participant’s written consent. No promises, assurances, commitments, agreements,
undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, with respect to the subject matter hereof, have been made by the parties which are not set forth expressly in this Agreement. The
failure of the Participant or the Company or the Partnership to insist upon strict compliance with any provision of this Agreement, or to assert any right the Participant or the Company or the Partnership, respectively, may have under this
Agreement, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement. 

  
 5 

 12.    Complete Agreement. Other than as specifically stated
herein or as otherwise set forth in any employment, change in control or other agreement or arrangement to which the Participant is a party which specifically refers to the Award LTIP Units or to the treatment of compensatory equity held by the
Participant generally, this Agreement (together with those agreements and documents expressly referred to herein, for the purposes referred to herein) embody the complete and entire agreement and understanding between the parties with respect to the
subject matter hereof, and supersede any and all prior promises, assurances, commitments, agreements, undertakings or representations, whether oral, written, electronic or otherwise, and whether express or implied, which may relate to the subject
matter hereof in any way. 
 13.    Investment Representation; Registration. The Participant hereby warrants and
represents to and agrees with the Company as follows: 
 (a)    The LTIP Units issued pursuant to this Agreement will be
acquired for the account of the Participant for investment only and not with a view to, nor with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein. The Participant acknowledges that
the issuance of the LTIP Units has not been, and will not be, registered under the Securities Act, and the rules and regulations thereunder, or the securities or real estate syndication laws of any state or other jurisdiction, and cannot be disposed
of unless they are subsequently registered under the Securities Act and any applicable laws of states or other jurisdictions or an exemption from such registration is available. The Participant acknowledges that the Company does not have any
intention of registering the resale of any LTIP Units issued hereunder under the Securities Act or of supplying the information necessary for the Participant to sell any such LTIP Units; and that the Company and the Partnership shall be organized
and operated so as to be exempt from registration under the Investment Company Act of 1940, as amended, and from the provisions of that statute designed to protect investors. 

(b)    The Participant also understands that the transfer of any LTIP Units issued pursuant to this Agreement will be
subject to restrictions contained in the LP Agreement, as well as the restrictions set forth in this Agreement. 

(c)    The Participant acknowledges that (i) he or she has no obligation whatsoever to acquire the LTIP Units
issued pursuant to this Agreement, (ii) his or her acquisition of the LTIP Units issued pursuant to this Agreement is not, and will not be, in any way whatsoever a condition of continued employment with the Company or any entity affiliated with the
Company, (iii) neither the offer to the Participant of the opportunity to acquire the LTIP Units or any shares of Common Stock issued pursuant to this Agreement nor this Agreement, shall be deemed to constitute a contract of employment or to impose
any obligation upon the Company or any of its affiliates to continue to employ the Participant, and (iv) nothing stated or implied in this Agreement, in the LP Agreement shall be construed to abrogate, amend or otherwise affect any rights or
obligations with respect to employment which the Company or any of its affiliates or the Participant may otherwise have by agreement or under law. 

(d)    The Participant acknowledges that he or she has been furnished a copy of the LP Agreement, has carefully read and
understands the provisions of the LP Agreement, has had the opportunity to ask questions of the Company and has received answers from the Company concerning the provisions of the LP Agreement, and the terms and conditions of the

  
 6 

 
offering of the LTIP Units. The Participant further acknowledges that he or she has been furnished information regarding the activities of the Company, has had the opportunity to ask questions of
the Company concerning such activities, and is satisfied with all such information and such answers as he or she has received. The Participant acknowledges that no representation has been made by the Company otherwise by or on behalf of the Company
as to any current value of the assets held by the Company or as to any prospective return on any LTIP Units issued pursuant to this Agreement. The Participant further acknowledges that he or she has not relied, in connection with the acquisition of
the LTIP Units, upon any representations, warranties or agreements other than those set forth in this Agreement or the LP Agreement. The Participant further acknowledges that he or she provides services to the Company on a regular basis and that, in
such capacity, the Participant has access to all such information, and has such experience and involvement in connection with the business and operations of the Company, as the Participant believes to be necessary and appropriate to make an informed
decision to accept the LTIP Units granted pursuant to this Agreement. 
 (e)    The Participant acknowledges that
neither the Company nor any of its affiliates is rendering any tax, legal or financial advice or recommendation to acquire the LTIP Units issued pursuant to this Agreement. The Participant has been informed that he or she should consult his or her
own tax, legal and financial advisors to the extent the Participant seeks advice regarding these matters. 
 (f)    The
Participant makes the representation regarding his or her status as an “accredited investor” as defined in Rule 501(a) of Regulation D promulgated under the Securities Act as set forth below the Participant’s name on the
signature page hereto. 
 (g)    So long as the Participant holds LTIP Units, the Participant shall disclose to the
Company in writing such information as may be reasonably requested with respect to direct or indirect ownership of any LTIP Units issued pursuant to this Agreement as the Company may deem reasonably necessary to ascertain and to establish compliance
with provisions of the Code, applicable to the Company or to comply with requirements of any other appropriate taxing authority. 

(h)    The Participant shall indemnify and hold the Company harmless from and against any and all loss, cost, damage or
liability due to or arising out of a breach of any representation, warranty or agreement of the Participant in this Agreement or any other document furnished by it to the Company in connection with this Award, including, without limitation, the LP
Agreement. 
 14.    No Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by
or as a result of this Agreement to continue the Participant in employment and this Agreement shall not interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Participant at any time. 

15.    No Limit on Other Compensation Arrangements. Nothing contained in this Agreement shall preclude the Company
from adopting or continuing in effect other or additional compensation plans, agreements or arrangements, and any such plans, agreements and arrangements may be either generally applicable or applicable only in specific cases or to specific persons.

  
 7 

 16.    Status of Award LTIP Units. The Company will have the
right at its option, as set forth in the LP Agreement, to issue shares of Common Stock in exchange for partnership units into which Award LTIP Units may have been converted pursuant to the LP Agreement, subject to certain limitations set forth in
the LP Agreement. The Participant acknowledges that the Participant will have no right to approve or disapprove such election by the Company. 

17.    Severability. If any term or provision of this Agreement is or becomes or is deemed to be invalid, illegal
or unenforceable in any jurisdiction or under any applicable law, rule or regulation, then such provision shall be construed or deemed amended to conform to applicable law (or if such provision cannot be so construed or deemed amended without
materially altering the purpose or intent of this Agreement and the grant of Award LTIP Units hereunder, such provision shall be stricken as to such jurisdiction and the remainder of this Agreement and the award hereunder shall remain in full force
and effect). 
 18.    Law Governing. This Agreement shall be governed by and construed in accordance with the
laws of the State of Utah, without regard to any principles of conflicts of law which could cause the application of the laws of any jurisdiction other than the State of Utah. 

19.    Headings. Section, paragraph and other headings and captions are provided solely as a convenience to
facilitate reference. Such headings and captions shall not be deemed in any way material or relevant to the construction, meaning or interpretation of this Agreement or any term or provision hereof. 

20.    Notices. Notices hereunder shall be mailed or delivered to the Company addressed to Cottonwood Communities,
Inc., 6340 South 3000 East, Suite 500, Salt Lake City, UT 84121, Attention: General Counsel, and shall be mailed or delivered to the Participant at the address on file with the Company or, in either case, at such other address as one party may
subsequently furnish to the other party in writing. 
 21.    Counterparts. This Agreement may be executed in two
or more separate counterparts, each of which shall be an original, and all of which together shall constitute one and the same agreement. 

22.    Successors and Assigns. The rights and obligations created hereunder shall be binding on the Participant and
his or her heirs and legal representatives and on the successors and assigns of the Partnership. 
 23.    Data
Privacy Consent. In order to administer this Agreement and to implement or structure future equity grants, the Company and its agents may process any and all personal or professional data, including but not limited to Social Security or other
identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of this Agreement (the “Relevant Information”). By entering into this Agreement, the
Participant (i) authorizes the Company to collect, process, register and transfer to its agents all Relevant Information; and (ii) authorizes the Company and its agents to store and transmit such information in electronic
form. The Participant shall have access to, and 

  
 8 

 
the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law and to the extent necessary to administer this Agreement, and the Company
and its agents will keep the Relevant Information confidential except as specifically authorized under this paragraph. 

24.    Electronic Delivery of Documents. By accepting this Agreement, the Participant (i) consents to
the electronic delivery of this Agreement, all information with respect to the Plan and any reports of the Company provided generally to the Company’s stockholders; (ii) acknowledges that he or she may receive from the Company a
paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing; (iii) further acknowledges that he or she may revoke his or her consent to electronic delivery of documents at
any time by notifying the Company of such revoked consent by telephone, postal service or electronic mail; and (iv) further acknowledges that he or she is not required to consent to electronic delivery of documents. 

[Remainder of the page intentionally left blank] 

  
 9 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
set forth above. 
  

			
	COTTONWOOD COMMUNITIES, INC.
		
	By:	 	
                     

	Name:	 	  

	Title:	 	  

	
	COTTONWOOD COMMUNITIES O.P., L.P.
	
	 By: COTTONWOOD COMMUNITIES, INC., its General
Partner

  

			
	        By:	 	
                     

	        Name:	 	  

	        Title:	 	  

 

			
	PARTICIPANT
		
	By:	 	
                     

	Name:	 	  

	Address:	 	
	
	     

	     

	     

 Section 14(f) Representation. Please initial or check ALL of the boxes which
correctly describe the Participant. 
  

	 	☐	 The Participant is a natural person: (i) whose individual net worth (assets minus liabilities), or joint
net worth with that person’s spouse, exceeds $1,000,000 ((a) excluding (1) as an asset, the value of such natural person’s primary residence and (2) as a liability, the outstanding indebtedness secured by such natural
person’s primary residence up to the fair market value of such primary residence, provided, however, 

  
 10 

	 	
that if the amount of such outstanding indebtedness has increased within the previous 60 days, other than as a result of the acquisition of the primary residence, the amount of such excess shall
be included as a liability and (b) including, as a liability, the outstanding indebtedness secured by the natural person’s primary residence in excess of the fair market value of such primary residence), or (ii) who had an
individual income in excess of $200,000 in each of the two most recent years or joint income with the person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current
year. 

  

	 	☐	 The Participant is a natural person who is a director or executive officer (as defined below) of the Company.
As used herein, “executive officer” shall mean the president, any vice president in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making
function, or any other person who performs similar policy-making functions for the Company. 

  

	 	☐	 Neither of the prior boxes correctly describes the Participant. 

  
 11 

 EXHIBIT A 

FORM OF LIMITED PARTNER SIGNATURE PAGE 

The Participant, desiring to become one of the within named Limited Partners of Cottonwood Communities O.P., L.P., hereby becomes a party to
the Amended and Restated Limited Partnership Agreement of Cottonwood Communities O.P., L.P., as amended through the date hereof (the “LP Agreement”). 

The Participant constitutes and appoints the General Partner and its authorized officers and attorneys-in-fact, and each of those acting singly, in each case with full power of substitution, as the Participant’s true and lawful agent and attorney-in-fact, with full power and authority in the Participant’s name, place and stead to carry out all acts described in Section 8.2 of the LP Agreement, such power of attorney to be
irrevocable and a power coupled with an interest pursuant to Section 8.2 of the LP Agreement. 
 The Participant agrees that this
signature page may be attached to any counterpart of the LP Agreement. 
  

			
	Participant:
		
	By:	 	
                    

	Name:	 	  

	Date:	 	          

	
	Address of Limited Partner:
	
	
                    

	
	
                    

	
	
                    

  
 12 

 EXHIBIT B 

Section 83(b) Election1 

The undersigned hereby elects pursuant to §83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as
compensation for services the excess (if any) of the fair market value of the units described below over the amount paid for those shares. 
  

	1.	 The name, taxpayer identification number, address of the undersigned, and the taxable year for which this
election is being made are: 

Taxpayer’s Name:                   
                                         
                                         
                                         
                                         
                       

Taxpayer’s Social Security Number:              
                                         
                                         
                                         
                                        

Address:
                                         
                                         
                                         
                                         
                                         
               
  

                       
                                         
                                         
                                         
                                         
                                         
       
 Taxable Year: Calendar Year 201     

 

	2.	 The property which is the subject of this election is
                     LTIP Units in Cottonwood Communities O.P., L.P. 

 

	3.	 The property was transferred to the undersigned on
                    , 201    . 

 

	4.	 The property is subject to the following restrictions: 

The LTIP Units will be subject to restrictions on transfer and risk of forfeiture upon termination of service relationship and in certain other
events 
  

	5.	 The fair market value of the property at time of transfer (determined without regard to any restrictions other
than nonlapse restrictions as defined in §1.83-3(h) of the Income Tax Regulations) is $0. 

  

	6.	 For the property transferred, the undersigned paid $0. 

 

	7.	 The amount to include in gross income is $0. 

 
  

	1	 The 83(b) Election must be filed no later than 30 days after the date on which the property is transferred. The
IRS has indicated that the election form should be sent to the IRS address listed for the taxpayer’s state under “Are you requesting a refund or are not enclosing a check or money order...” given in Where Do You File in the
Instructions for Form 1040 and the Instructions for Form 1040A (this information can also be found by looking up your state at: https://www.irs.gov/filing/where-to-file-addresses-for-taxpayers-and-tax-professionals-filing-form-1040).
 

  
 13 

 The undersigned taxpayer will file this election with the Internal Revenue Service Office with which the
taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the property. A copy of the election will also be furnished to the person for whom the services were performed. Additionally, the undersigned
will include a copy of the election with his or her income tax return for the taxable year in which the property is transferred. The undersigned is the person performing services in connection with which the property was transferred. 

 

					
	Dated:             , 201    	 		 	
                     

	 	 	 	 	Taxpayer

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]