Document:

EX-10.2

 Exhibit 10.2 

Execution Version 
 MASTER
SERVICES AGREEMENT 
 This MASTER SERVICES AGREEMENT (this “Agreement”), dated as of December 15, 2020 (the
“Execution Date”), is by and among, Apartment Investment and Management Company, a Maryland corporation ( “DevCo”), and Aimco OP, L.P., a Delaware limited partnership (“DevCo OP,” and together with
DevCo, “Recipient”), on the one hand, and Apartment Investment REIT Corp., a Maryland corporation and a subsidiary of DevCo (“SpinCo”), and Aimco Properties, L.P., a Delaware limited partnership and a subsidiary of
DevCo (“SpinCo OP,” and together with SpinCo, “Provider”), on the other hand. Provider and Recipient are referred to individually as a “Party” and collectively the “Parties.”
Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the SDA (as defined below). 
 W
I T N E S S E T H: 
 WHEREAS, pursuant to that certain Separation and
Distribution Agreement, dated December 15, 2020, by and among DevCo, DevCo OP, SpinCo and SpinCo OP (the “SDA”), the Parties have agreed to undertake certain transactions, including the Restructuring; 

WHEREAS, in connection with the transactions contemplated by the SDA, including the Restructuring, Recipient desires to receive certain
services from Provider and Provider desires to provide such services to Recipient; and 
 WHEREAS, in connection with the transactions
contemplated by the SDA, the Parties have agreed to enter into this Agreement. 
 NOW THEREFORE, in consideration of the premises and of the
mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which the Parties hereby acknowledge, the Parties, intending to be legally bound, agree as follows: 

ARTICLE I 
 SERVICES

 Section 1.1 Services. On the terms and subject to the conditions of this Agreement, Provider shall provide, or cause one
or more of its Representatives or a third party to provide, to Recipient the services set forth in Annex A hereto (collectively, the “Services”). The Services shall be limited to those services described in Annex A
unless specifically modified by amendment in accordance with Section 11.1. On the terms and subject to the conditions of this Agreement, Provider shall provide the Services in a manner consistent with the service levels set
forth in Annex B. 
 Section 1.2 Commercial Unreasonableness; Other Service Interruption. Without limitation of
Section 9.1, Provider shall not be required to provide any Service to the extent the performance of such Services would require Provider to violate any Laws or could reasonably be expected to result in the breach of any
applicable contract, license, lease or other agreement due to a failure to obtain a third-party consent. In addition, without limiting Section 9.1, Provider will have the right to temporarily interrupt or suspend
(a) the provision of Services 

 
for emergency maintenance purposes or (b) the operation of the facilities or systems of Provider providing any Services if it is the commercially reasonable judgment of Provider that such
action is necessary for maintenance or safety purposes. Provider will be relieved of its obligations to provide Services for the period of time that the relevant facilities or systems are shut down during maintenance. Upon becoming aware of the
occurrence thereof, Provider shall use commercially reasonable efforts to provide Recipient reasonable notice of the occurrence of any event which would cause Provider to interrupt, suspend, curtail or cease providing any Service pursuant to this
Section 1.2. 
 Section 1.3 Additional Resources. In providing the Services, Provider shall not be
obligated to: (a) hire or train any additional employees; (b) maintain the employment of any specific employee; or (c) expand its facilities or incur long-term capital expenses. 

Section 1.4 Additional Services. 

(a) If, during the term of this Agreement, Recipient reasonably determines that additional services that are not set forth in Annex A
and that are not Excluded Services (as defined below) are necessary to conduct the Recipient’s business substantially as conducted immediately prior to the Execution Date, and Recipient is not reasonably able to provide or procure, on
commercially reasonable terms, such services (each such service, an “Additional Service”), then Recipient may, by written notice to Provider, request that Provider provide (or cause to be provided pursuant to Article VI) such
Additional Service. Subject to applicable Law, upon receipt of such request by Provider, Provider will mutually discuss such request with Recipient, including duration, service levels, resource requirements and additional associated fees, expenses
and other costs and Provider will not unreasonably withhold, delay or condition its consent to providing such Additional Service; provided, however, that to the extent Provider consents to so provide any Additional Services, Provider
shall only be required to provide such Additional Services if and to the extent (i) such Additional Services were provided as of immediately prior to the Closing and (ii) Provider is able to provide, or cause to be provided, such
Additional Services without unreasonable difficulty and without violation of Law or any applicable contract, license, lease or other agreement. In no event shall Provider provide or be deemed to provide any services described in Annex C
(“Excluded Services”). 
 (b) With respect to any Additional Service that is to be provided hereunder, the Parties shall
execute amendments to Annex A or Annex B (as described below) (if applicable) that set forth, among other things, (i) the time period during which such Additional Service shall be provided, (ii) a description of such
Additional Service in reasonable detail and (iii) any additional terms and conditions specific to such Additional Service. At such time as any Additional Service is included on Annex A, such Additional Service shall be considered a
Service for purposes of this Agreement. 
 Section 1.5 Title to Equipment; Management and Control; Intellectual Property and
Data. 
 (a) All procedures, methods, systems, strategies, tools, equipment, facilities and other resources owned and used by Provider
in connection with the provision of 

  
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Services hereunder will remain the property of Provider and, except as otherwise expressly provided in this Agreement, will at all times be under the sole direction and control of Provider. 

(b) Except as may otherwise be expressly provided in this Agreement, the management of, and control over, the provision of the Services by
Provider shall reside solely with Provider. Without limiting the foregoing, all employees and Representatives of Provider will be deemed for purposes of all compensation and employee benefits to be employees or Representatives of Provider and not
employees or Representatives of Recipient, and in performing the Services, such employees and Representatives of Provider will be under the direction, control and supervision of Provider, and not of Recipient. Nothing in this Agreement is intended
to transfer the employment of employees engaged in the provision of any Service from one Party to another. 
 (c) Recipient acknowledges
that neither it nor any of its Representatives will acquire any right, title or interest (including any license rights or rights of use) in any Intellectual Property (including software) of Provider or its Subsidiaries, Representatives or licensors,
and the licenses therefor that are owned by Provider or its Subsidiaries, Representatives or licensors, by reason of the provision of the Services provided under this Agreement. 

(d) Each Party shall retain ownership of its and its Representatives’ Intellectual Property and data existing as of the date of this
Agreement. Unless otherwise expressly agreed by the Parties, each Party agrees that any Intellectual Property or data of the other Party or its Representatives or licensors made available to such Party in connection with the Services, and any
derivative works, additions, modifications, translations or enhancements of such Intellectual Property or data created or developed by a Party or its Representatives pursuant to this Agreement (collectively, “New Work”), are and
shall remain the sole property of the original owner of such Intellectual Property or data (the “Original Owner”). Each of the Parties hereby assigns all of its rights, title and interest in and to such New Works to the Original
Owner, and agrees to execute and to cause its Representatives to execute all such further instruments and documents and to take all such further action as the other Party may reasonably require in order to effectuate the terms and purposes of this
Agreement. Subject to and without limiting the foregoing, Provider shall be the sole and exclusive owner of, and nothing in this Agreement shall be deemed to grant Recipient or any of its
Representatives any right, title, license, leasehold right or other interest in or to, any copyrights, patents, trade secrets, other intellectual property rights, ideas, concepts, techniques, inventions, processes, systems, works of authorship,
resources, functionalities, interfaces, computer hardware or software, documentation or other work product developed, created, modified, improved, used or relied upon by Provider or its Representatives in connection with the Services or the
performance of Provider’s obligations hereunder (“Work Product”), except that Recipient shall own all Work Product to the extent exclusively related to Recipient’s business. For the avoidance of doubt, no Work Product
shall be considered a work made for hire within the meaning of Title 17 of the United States Code. Provider hereby assigns to Recipient all right, title and interest in and to the Work Product exclusively related to the Recipient’s business and
Recipient hereby assigns to Provider all right, title and interest in and to any and all other Work Product. 

  
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 Section 1.6 Services Managers. Provider appoints and designates Lisa Cohn, and
Recipient appoints and designates Jennifer Johnson, to act as their respective initial Services manager(s) and shall each designate alternative, successor or additional Services managers, as applicable, in the event that a designated Services
manager is not available to perform such role hereunder (each such person in respect of a Party, a “Services Manager”). Each Services Manager will be directly responsible for coordinating and managing the delivery or receipt of the
Services and will have the authority to act on such Party’s behalf with respect to matters relating to this Agreement. Unless otherwise agreed in writing by the Parties, all communications relating to routine matters involving this Agreement
and the Services, including the termination of any Service, will be directed to the applicable Services Manager or Services Managers of each Party, with copies delivered in accordance with Section 11.4. 

Section 1.7 Obligations. The provision of Services under this Agreement is subject to the following: 

(a) Neither Provider nor any of its Affiliates shall be liable for any action or inaction taken or omitted to be taken by it pursuant to, and
in accordance with, instructions received from Recipient; 
 (b) Each Party may rely upon any written notice or other written or electronic
communication of any nature with the other Party (whether or not such written notice or other written or electronic communication is made in a manner permitted or required by this Agreement), and neither Party shall have any duty to verify the
identity or authority of the other Party signing or making any such notice or communication; 
 (c) Either Party may refuse to take any
action requested by the other Party if it is not an action required to be taken under this Agreement; 
 (d) Provider shall not have any
obligation to perform any Service to the extent that performing such Service is dependent upon, or otherwise requires, Recipient to perform some service, operation or function prior to Provider performing any such Service unless Recipient shall
have, in fact, prior to when Provider is required to perform such Service, performed such other service, operation or function consistent with commercially reasonable business practices; 

(e) Notwithstanding any other term of this Agreement (including the Annexes hereto), Provider shall have no obligation to provide Recipient
with any Excluded Services; and 
 (f) Representatives of Recipient receiving the Services or working with Provider in connection with the
provision of Services shall at all times be instructed to, and Recipient shall take commercially reasonable efforts to cause them to comply with, all generally-applicable, reasonable physical and technological security rules, policies and procedures
of Provider or its Representatives provided in writing or made known or available to Recipient by Provider or its Representatives. 

Section 1.8 Migration. The Parties acknowledge and agree that the Services to be provided under this Agreement are transitional in
nature and are intended to provide Recipient with reasonable time to develop the internal resources and capacities (or to arrange for third-party providers) to provide such Services. Accordingly, Recipient will use commercially

  
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reasonable and diligent efforts to transition off of the Services as soon as reasonably practicable and in any event shall completely transition off of the Services no later than the end of the
Term. At the reasonable request of Recipient, Provider shall provide reasonable assistance to the Recipient in connection with the transfer of the Services to Recipient or its designees; provided, however, that Provider will not be
required to incur any obligation, expend any money, grant any accommodation (financial or otherwise) or otherwise incur any out-of-pocket or other material incremental
cost in the provisions of such assistance. 
 ARTICLE II 

FEES AND PAYMENT 

Section 2.1 Fees and Expenses. The fees for the Services shall be Provider’s fully burdened costs (including allocations of
internal costs consistent with past practice and United States generally accepted accounting principles (GAAP) and any and all third-party costs and expenses incurred by Provider or its Representatives in connection with the Services provided
hereunder, including travel expenses and costs in obtaining third-party consents (including licenses)) (the “Fees”). 

Section 2.2 Taxes. Recipient shall pay to Provider (or reimburse Provider for) amounts equal to any sales, use, excise, value
added or other similar Taxes, however designated or levied, based upon any Fees or other amounts due under this Agreement, the provision of the Services or the provision or use of supplies or inventory provided under this Agreement, as provided to
Recipient by Provider (such Taxes, “Covered Taxes”). The Parties agree that Covered Taxes shall not include any Taxes imposed on or measured by the gross or net income of Provider. If additional Covered Taxes are determined to be
due and payable as a result of an audit by a Taxing Authority, Recipient agrees to reimburse Provider for such additional Covered Taxes to the extent that the Covered Taxes for which Provider seeks reimbursement are linked to Services invoices that
are subject to the imposition by such Taxing Authority of Covered Taxes. All amounts under this Agreement are expressed exclusive of any Covered Taxes. 

Section 2.3 Payment; Disputed Amounts. 

(a) Provider’s invoices with respect to the Services shall be paid by Recipient within thirty (30) calendar days after
Recipient’s receipt of each such invoice (the “Due Date”). If Recipient fails to make any payment by the Due Date (other than failure to make any payment in good faith disputed as not in accordance with this Agreement),
Recipient shall be required to pay, in addition to the amount of any unpaid Fees and expenses, interest on such amount at (i) the rate per annum equal to the prime rate as published in the Wall Street Journal from time to time, measured
as of the applicable Due Date, plus 2.0%, or (ii) if lower, the highest rate of interest permitted by applicable Law at such time, in each case compounded monthly from, and including, the relevant Due Date through, but excluding, the
actual date of payment. 
 (b) Recipient shall promptly notify Provider in writing of any amounts billed to it that it disputes in good
faith and reasonably detail the basis therefor. Upon receipt of such notice, Provider will research the items in question in a reasonably prompt manner and negotiate in good faith with Recipient to attempt to resolve any such dispute. The amount of
invoiced Fees payable by Recipient shall be reduced by the amount of any Fees disputed in 

  
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accordance with this Section 2.3(b), which disputed Fees shall be paid to Provider within thirty (30) calendar days after settlement of such dispute to the extent
owed to Provider; provided that any undisputed portion of such amount shall be included in the calculation of the amount due and paid in accordance with Section 2.3(a). If the Parties are unable to resolve any
disputed amounts under this Section 2.3(b) within thirty (30) calendar days after notice to Provider of the dispute, each Party is free to seek relief as otherwise set forth in this Agreement. 

Section 2.4    No Right to Set-Off. Recipient shall pay to Provider
the full amount of Fees and other amounts required to be paid by Recipient under this Agreement and shall not set-off, counterclaim or otherwise withhold any amount owed or claimed to be owed to Provider under
this Agreement on account of any obligation owed by Provider, whether or not such obligation has been finally adjudicated, settled or otherwise agreed upon by the Parties in writing. 

Section 2.5    REIT Requirements. Recipient acknowledges that: (1) Provider is indirectly owned by one or
more entities that intends to qualify as a real estate investment trust (each, a “Provider Parent REIT”), within the meaning of Sections 856 through 860 of the Code; (b) Provider and the Provider Parent REITs are therefore
subject to certain operating and other restrictions under the Code (the “REIT Requirements”). As determined by counsel or independent accountants for any Provider Parent REIT, any amounts paid to Provider pursuant to any provision
of this Agreement in any tax year may not exceed the maximum amount that can be paid to Provider in such year without causing such Provider Parent REIT to fail to meet the REIT Requirements for such year. If the amount payable for any tax year under
the preceding sentence is less than the amount that Recipient would otherwise be obligated to pay to Provider pursuant to this Agreement (the “Excess Amount”), then Recipient shall place the Excess Amount in escrow and shall not
release any portion thereof to Provider, and Provider shall not be entitled to any such amount, unless and until Provider delivers to Recipient, at the sole option of the applicable Provider Parent REIT, (i) notice that it has received advice
of such Provider Parent REIT’s tax counsel, (ii) a letter from the independent accountants of such Provider Parent REIT, or (iii) a private letter ruling issued by the Internal Revenue Service to the applicable Provider Parent REIT,
in each case, indicating that the receipt of any Excess Amount hereunder would not cause such Provider Parent REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not paid as a result of this provision shall
terminate five years from the original date such amount would have been payable without regard to this provision and Provider shall have no further right to receive any such amount. 

ARTICLE III 
 STANDARD OF
CARE; GENERAL OBLIGATIONS 
 Section 3.1    Provider Standard of Care. Subject to
Section 1.2, Section 1.3 and Section 9.1 hereof, and any other terms and conditions of this Agreement, Provider shall perform, or have any Representative or third-party
perform, the Services (a) at a relative level of service (in terms of quantity and quality, subject to increases consistent with the reasonably foreseeable natural growth of the Recipient’s business) substantially similar to the services
provided during the twelve (12) months prior to the Closing and (b) in compliance with all applicable Law; provided, further, that notwithstanding the foregoing, the service levels set forth in Annex B shall apply with
respect to the Services referenced therein. 

  
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 Section 3.2    Recipient Standard of Care. In connection
with the receipt of the Services, Recipient shall follow and shall cause its Representatives to follow the generally applicable policies, procedures and practices of Provider in effect from time-to-time and communicated to Recipient in writing during the Term, including with respect to physical, technical and administrative measures to secure premises and computer systems (including computer
networks). Recipient shall (a) provide instructions, information or documentation reasonably sufficient for Provider to perform, or cause to be performed, the Services as they were performed during such period prior to the Execution Date and
(b) make available, as reasonably requested by Provider, sufficient access to personnel, locations, systems, resources, timely decisions, approvals and acceptances so that Provider may accomplish its obligations hereunder in a timely manner;
provided that to the extent Recipient fails to fulfill its obligations set forth in the preceding clauses (a) and (b) in a timely manner, or at all, Provider will have no obligations to provide the corresponding Services in a timely
manner, or at all, as the case may be. Recipient will pay any additional costs or expenses, including labor, resulting from any delay by Recipient in providing or making available the items set forth in the preceding clauses (a) and (b). 

Section 3.3    Services Changes. The Parties acknowledge that, upon written notice to Recipient, Provider may
modify, change or enhance the manner, methodology, systems or applications used in the performance of any Service to the extent Provider is making a similar change in the performance of such services for their respective businesses or to the extent
such change does not have a material adverse effect on the standard of service set forth in Section 3.1. 

Section 3.4    Performance Remedy. In the event Provider fails to provide a Service hereunder it is otherwise
required to provide under this Agreement, or the quality of a Service is not in accordance with Section 3.1 above, in addition to any other remedies to which Recipient may be entitled, Recipient shall be entitled, at the
option of Recipient, to (a) a refund of the amount paid to Provider and attributable to such defective Service in respect of the period the Service was defective, (b) reperformance (or performance, as the case may be) by Provider of such
defective Service, or (c) performance of such Service by an alternative provider for such Service or by Recipient itself, in which case Provider shall be responsible for the reasonable, incremental costs (above that amount which Provider would
charge for such Service hereunder) incurred by Recipient in respect of the period the Service was defective, in seeking and obtaining an alternative provider for such Service or in providing the Service itself.  
 Section 3.5    Good Faith Cooperation; Consents. During
the Term and subject to the terms of this Agreement, the Parties shall, and shall cause each of their respective Affiliates and each of the Parties’ and the foregoing entities’ respective directors, officers, employees, agents or advisors
(collectively, “Representatives”) to use good faith efforts to (a) cooperate with each other in all matters relating to the provision and receipt of the Services and (b) enable Provider to provide, or cause to be provided,
the Services in accordance with this Agreement. Such cooperation shall include exchanging relevant information and using commercially reasonable efforts to obtain all third-party consents, licenses, sublicenses or approvals necessary
(“Consents”) to permit each Party to perform its obligations hereunder; provided, however, that Provider shall not be required to pay any amounts to any third parties or to grant any accommodation, financial or
otherwise, to obtain the same, unless such third party is a Subcontractor (as defined below) retained by Provider as provided in Section 6.1, in which 

  
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case, if Provider chooses to engage a Subcontractor, the associated costs shall be paid by Provider unless otherwise mutually agreed in writing by Provider and Recipient. Recipient shall use
commercially reasonable efforts to avoid taking any action that would interfere with or materially increase the unreimbursed cost of Provider providing the Services. For the avoidance of doubt, Recipient shall be permitted to delegate the receipt of
Services or performance of its obligations to any of its Representatives hereunder, but Recipient shall not be relieved of any obligations hereunder by such delegation and Recipient shall be responsible for all acts or omissions of its
Representatives in connection with this Agreement. 
 Section 3.6 Alternatives. If Provider reasonably believes it is unable to
provide any Service because of inability to obtain necessary Consents in accordance with Section 3.5 hereof, the Parties shall reasonably cooperate to determine the best alternative approach for seeking to provide the
impacted Services to Recipient. Until such alternative approach is agreed upon or the problem is otherwise resolved to the satisfaction of the Parties, Provider shall have no obligation to perform the related Services. To the extent an agreed upon
alternative approach results in Provider incurring additional expense beyond what would otherwise have been incurred in connection with providing the underlying Service, Recipient shall make prompt payment to Provider in the amount of such
additional expense in accordance with Section 2.3 hereof; provided that neither Party shall be required to pay any amounts to any third parties or to grant any accommodation, financial or otherwise, or to take any
action or bring any claim against any third party, in connection with obtaining any necessary Consents or implementing any alternative approaches thereto. 

ARTICLE IV 
 TERM AND
TERMINATION 
 Section 4.1 Term. The term of this Agreement shall commence on the Execution Date and shall remain in effect
until the date on which this Agreement is terminated in accordance with the terms of this Article IV (the “Term”); provided that with respect to any individual Service, (i) a limited term may be set forth on
Annex A and if so set forth, the end of such term shall be the expiration date with respect only to that specific Service or (ii) such Service may be terminated pursuant to Section 4.2, and after such expiration or earlier
termination of such Service, Provider shall no longer be required to provide such Service. 
 Section 4.2 Termination. 

(a) Either Party may terminate this Agreement immediately upon written notice following the termination of any Property Management Agreement.

 (b) Recipient may terminate this Agreement, either with respect to all or with respect to any one or more of the Services to be provided
to Recipient hereunder, for any reason or for no reason, at any time upon not less than the longer of (i) sixty (60) calendar days’ prior written notice to Provider (a “Termination Notice”) or (ii) such other period
as may be specified in Annex A. Within thirty (30) calendar days following receipt of a Termination Notice, Provider shall notify Recipient in writing as to whether the termination of any Service or Services that are the subject of the
Termination Notice (x) will require termination or partial termination of any other Service or Services, or (y) will result in the imposition of any 

  
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additional costs to Provider and, if so, a good faith estimate of the aggregate amount of such additional costs (an “Early Termination Consequence Notice”). If Provider delivers
an Early Termination Consequence Notice to Recipient as provided in this Section 4.2(a), Recipient may withdraw its Termination Notice within seven (7) calendar days of such notification. If Recipient does not withdraw
such Termination Notice within such seven (7)-calendar day period, termination of such Services will be final, including with respect to (A) the termination of any other Service or Services identified by Provider in its Early Termination
Consequence Notice, and (B) Recipient’s obligation to pay the actual amount of any additional costs to Provider as a result of such early termination as identified by Provider in its Early Termination Consequence Notice (notwithstanding
that such actual amount may be greater than the estimated amount). For the avoidance of doubt, Recipient shall not have the right to reinstitute any Service if such Service has been terminated. 

(c) At any time after December 31, 2023, Provider may terminate this Agreement with respect to an individual Service, for any reason or
for no reason, upon not less than sixty (60) calendar days’ prior written notice to Recipient. 
 (d) Either Party may terminate
this Agreement with respect to an individual Service if the other Party breaches a material provision of this Agreement with regard to such Service and does not cure such breach within thirty (30) calendar days after being given written notice
of the breach. 
 (e) Any Service, or this Agreement in its entirety, may be terminated by mutual consent of the Parties in writing at any
time. 
 (f) Either Party may terminate this Agreement, effective immediately, if the other Party files, or has filed against it, a petition
for voluntary or involuntary bankruptcy or pursuant to any other insolvency law or makes or seeks to make a general assignment for the benefit of its creditors or applies for or consents to the appointment of a trustee, receiver or custodian for it
or a substantial part of its property. 
 Section 4.3 Survival. The following shall survive the termination of this Agreement:
(a) Recipient’s obligations under Article VII, (b) the obligations of each Party under Article X; (c) Recipient’s obligation to make payment in accordance with Article II (including with respect to any
Covered Taxes) for those Services rendered to Recipient prior to termination of this Agreement; (d) Section 1.5, Section 4.2(a), this Section 4.3, Article V,
Article VIII and Article XI and (e) any provisions of Annex A or Annex B that expressly provide for continuing obligations after termination of such Service. Notwithstanding the foregoing, in the event of any
termination with respect to one or more, but less than all, of the Services, this Agreement shall continue in full force and effect with respect to any Services not terminated under Section 4.1. 

ARTICLE V 
 RELATIONSHIP
BETWEEN THE PARTIES 
 Section 5.1 Relationship. Except as specifically provided in this Agreement, neither Party will
(a) act or represent or hold itself out as having authority to act as an agent or partner of the other Party, or (b) in any way bind or commit the other Party to any obligations or 

  
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agreement. Nothing contained in this Agreement will be construed as creating a partnership, joint venture, agency, trust, fiduciary relationship or other association of any kind, each Party being
individually responsible only for its obligations as set forth in this Agreement. The Parties’ respective rights and obligations under this Agreement will be limited to the contractual rights and obligations expressly set forth in this
Agreement on the terms and conditions set forth in this Agreement. Except as otherwise specifically provided for in this Agreement, each Party shall be responsible for compliance with all applicable Laws. 

ARTICLE VI 

SUBCONTRACTORS 

Section 6.1 Subcontractors. Subject to Section 3.1 hereof, Provider shall have the right (but not the
obligation), at its cost and expense, directly or indirectly through one or more of its Representatives, to hire or engage one or more subcontractors or other third parties that is not a Subsidiary or Affiliate of Provider (each, a
“Subcontractor”) to perform all or any of its obligations under this Agreement, in each case, with the prior written consent of Recipient, which consent is not to be unreasonably withheld, conditioned or delayed; provided
that Provider shall use reasonable care and prudence in the selection and monitoring of any such Subcontractor and shall remain responsible for the performance of such Subcontractor. Provider shall have the right to designate which of its personnel
or permitted Subcontractors will furnish Services to Recipient, and may remove or replace any such personnel or permitted Subcontractor in its sole discretion (but, with respect to Subcontractors, subject to Recipient’s prior written consent
pursuant to the first sentence of this Section 6.1). Without limiting the foregoing, Provider shall be permitted to delegate any of its rights or obligations hereunder to any of its Subsidiaries; provided that Provider shall remain
responsible for the performance of its obligations hereunder and for all acts or omissions of any of its Subsidiaries in connection with this Agreement. 

Section 6.2 Third-Party Non-Disclosure Agreements. To the extent that any third-party
proprietor of information or software to be disclosed or made available to Recipient in connection with performance of the Services hereunder requires a specific form of non-disclosure agreement as a condition
of such third-party proprietor’s consent to use of the same for the benefit of Recipient or to permit Recipient access to such information or software, Recipient will execute (and will cause Recipient’s employees to execute, if required)
any such form (which shall not be unreasonably withheld or delayed). Should Recipient not execute any such form for which consent has not been reasonably withheld or delayed, Provider shall not be required to provide Services related to such
information or software. 
 ARTICLE VII 

CONFIDENTIALITY 

Section 7.1 Confidentiality. 

(a) The Party (a “Receiving Party”) receiving Confidential Information (as defined below) of the other Party (a
“Disclosing Party”) shall, and shall cause each of its Representatives to, hold in strict confidence any Confidential Information of the Disclosing Party disclosed to the Receiving Party or its Representatives by reason of or in
connection with this Agreement. The Receiving Party shall maintain the Confidential 

  
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Information (and any information generated or developed while using such Confidential Information) in confidence using the same degree of care that it employs to protect similar information of
its own. 
 (b) For the purposes of this Agreement, “Confidential Information” shall mean any information that derives
independent economic value, actual or potential, from not being generally known to the public or to other Persons who can obtain economic value from its disclosure or use, and includes information of the Disclosing Party, its Affiliates and any
Person with whom the Disclosing Party or any of its Affiliates does business; provided that Confidential Information shall not include (1) information that is or becomes available to the public generally without breach of
Section 7.1(a), (2) information that becomes available to the Receiving Party on a non-confidential basis from a source other than the Disclosing Party or its Affiliates;
provided that such source was not known by the Receiving Party to be bound by a confidentiality obligation to the Disclosing Party and its Affiliates or any other third party, (3) information that was already in the possession of the
Receiving Party prior to the entering into of this Agreement on a non-confidential basis, (4) information that was or is independently developed by the Receiving Party without reliance on the Confidential
Information or (5) in the case of information provided to Recipient in connection with the Services, information that would reasonably be expected to be used or disclosed on a non-confidential basis in
the ordinary course of Recipient’s business. The Receiving Party agrees that it will use any Confidential Information received under this Agreement only as specifically provided herein and in furtherance of this Agreement. Notwithstanding
anything to the contrary herein, the Receiving Party may disclose (1) information required to be disclosed by applicable Laws; (2) information required to be disclosed pursuant to an order, subpoena or legal process; and
(3) information to Representatives of the Receiving Party; provided that such Persons have been informed of the confidential nature of the information and directed to keep such information confidential; provided, further,
that any disclosure pursuant to the preceding clauses (1), (2) or (3) of this sentence shall be made only subject to such procedures the Receiving Party determines in good faith are reasonable and appropriate in the circumstances, taking into
account the need to maintain the confidentiality of such information; and provided, further, that to the extent that the Receiving Party may become legally compelled to disclose any Confidential Information, it may only disclose such
information if it will first have provided prompt notice to the Disclosing Party of such required disclosure and used commercially reasonable efforts to, and, if practicable, will have afforded the Disclosing Party the opportunity to, obtain an
appropriate protective order or other satisfactory assurance of confidential treatment for the information required to be so disclosed, and if such protective order or other remedy is not obtained, or the Disclosing Party waives the Receiving
Party’s compliance with the provisions of this Section 7.1(b), the Receiving Party will only furnish that portion of the Confidential Information which is legally required to be so disclosed. Nothing contained in this
Article VII shall limit or affect in any way the obligations of any Party to maintain the confidentiality of information pursuant to the SDA or any other applicable Ancillary Agreement. 

Section 7.2 Duties Upon Termination. As soon as practicable, and in any event no later than thirty (30) calendar days after
the termination or expiration of this Agreement, the Receiving Party shall return to the Disclosing Party in accordance with the Disclosing Party’s instructions and at the Receiving Party’s expense, all of the Disclosing Party’s
materials and 

  
 11 

 
Confidential Information in its (or its Representatives’) possession or control, including any copies thereof, and, if requested, the Receiving Party will confirm compliance with this
requirement. The Receiving Party shall (and shall cause its Representatives to) also comply with this Section 7.2 upon the termination or expiration of any specific Service with respect to any materials and Confidential
Information exclusively related to such Service. 
 ARTICLE VIII 

DISCLAIMER AND LIMITATION OF LIABILITY 

Section 8.1 DISCLAIMER OF WARRANTY. RECIPIENT ACKNOWLEDGES AND AGREES THAT, EXCEPT AND ONLY TO THE EXTENT PROVIDED IN
SECTION 3.1 OR ANNEX B HERETO, THE SERVICES ARE PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND, AND THAT RECIPIENT ASSUMES ALL RISKS AND LIABILITIES ARISING FROM OR RELATING TO ITS AND RECIPIENT
SUBSIDIARIES’ USE OF AND RELIANCE UPON THE SERVICES. ACCORDINGLY, SUBJECT TO SECTION 3.1 AND ANNEX B HERETO, NONE OF PROVIDER OR ITS REPRESENTATIVES MAKES ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND
WHATSOEVER, EXPRESS OR IMPLIED, AT LAW OR IN EQUITY, IN CONNECTION WITH OR WITH RESPECT TO ANY OF THE SERVICES, INCLUDING WITH RESPECT TO ANY REPRESENTATIONS OR WARRANTIES IN REGARD TO QUALITY, PERFORMANCE, NONINFRINGEMENT, COMMERCIAL UTILITY,
MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR USE. SUBJECT TO SECTION 3.1 AND ANNEX B HERETO, ALL SUCH REPRESENTATIONS AND WARRANTIES ARE HEREBY EXPRESSLY DISCLAIMED; PROVIDED, THAT THIS AGREEMENT
SHALL NOT IN ANY WAY LIMIT THE REPRESENTATIONS AND WARRANTIES OF ANY PERSON UNDER THE SDA. 
 Section 8.2 LIMITATION OF
LIABILITY. 
 (a) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, EXCEPT WITH RESPECT TO ANY LIABILITY ARISING UNDER
ARTICLE VII, ARTICLE X OR SECTION 11.7, NEITHER PARTY NOR ANY OF ITS REPRESENTATIVES SHALL BE LIABLE TO THE OTHER PARTY OR ANY THIRD PARTY FOR ANY INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR LOSSES OF
ANY KIND (REGARDLESS OF WHETHER SUCH DAMAGES ARE FORESEEABLE), INCLUDING ANY SUCH DAMAGES OR LOSSES RESULTING FROM BUSINESS INTERRUPTION OR LOST PROFITS, ARISING FROM ANY CLAIM RELATING TO THIS AGREEMENT OR THE SERVICES TO BE PROVIDED HEREUNDER. IN
NO EVENT SHALL EITHER PARTY OR ANY OF ITS REPRESENTATIVES BE LIABLE FOR ANY DAMAGES OR LOSSES CAUSED BY THE OTHER PARTY’S FAILURE TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT. 

(b) NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, EXCEPT WITH RESPECT TO ANY LIABILITY ARISING UNDER ARTICLE VII,
ARTICLE X OR SECTION 11.7, THE AGGREGATE MAXIMUM LIABILITY OF PROVIDER (INCLUDING ANY LIABILITY FOR THE ACTS AND 

  
 12 

 
OMISSIONS OF ITS AFFILIATES, REPRESENTATIVES, SUBCONTRACTORS OR ITS OR THEIR RESPECTIVE REPRESENTATIVES) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT SHALL NOT EXCEED AN AMOUNT EQUAL TO
THE AMOUNT ACTUALLY PAID OR PAYABLE TO PROVIDER FOR THE SERVICES IN THE TWELVE (12) MONTHS PRECEDING THE ACCRUAL OF THE CLAIMS GIVING RISE TO SUCH LIABILITY. 

ARTICLE IX 
 FORCE
MAJEURE 
 Section 9.1 Force Majeure. Neither Provider, its Representatives nor any Subcontractor providing any Services
shall be required to perform or be liable for any interruption, delay or failure to fulfill any obligation under this Agreement, including, without limitation, any non-performance, interruption, delay or
failure of any Service or the quality or quantity thereof if such non-performance, interruption, delay or failure results from causes beyond its reasonable control, including acts of God, acts of any public
enemy, nuclear event, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by governmental, civil or military authorities, declaration, continuation, escalation or acts of war or terrorism, strike, walkout, lockout
or other labor dispute, pandemic or epidemic (including in connection with SARS-CoV-2, Covid-19 or any similar virus or disease)
or other similar events outside the control of Provider, its Representatives or any applicable Subcontractor (“Force Majeure Event”). Upon the occurrence of a Force Majeure Event, Provider shall take all reasonable steps to mitigate
the impact of such Force Majeure Event on the Recipient, Provider shall provide notice to Recipient, the Services, solely while and to the extent materially and adversely affected by the Force Majeure Event (the “Affected
Services”), will be suspended during the period of such Force Majeure Event, and Provider will have no obligation to perform or liability to Recipient or any other Party in connection with such Affected Services and Recipient will have no
obligation to pay any Fees for such Affected Services. If the Force Majeure Event in question prevents performance for a continuous period in excess of three (3) months after the date on which the Force Majeure Event begins, Recipient shall be
entitled to terminate the Affected Services by giving written notice to Provider. The notice to terminate must specify the termination date, which must be not less than ten (10) calendar days after the date on which the notice to terminate is
given. Once a notice to terminate has been validly given, the Affected Services will terminate on the termination date set out in the notice. Neither Party shall have any liability to the other in respect of termination of the Affected Services due
to a Force Majeure Event, but rights and liabilities which have accrued prior to termination shall not be affected thereby. 
 ARTICLE X

 INDEMNIFICATION 

Section 10.1 Indemnification. 

(a) Without limitation of the Fee, Tax, and expense and other obligations of Recipient expressly set forth in other provisions of this
Agreement, Recipient shall indemnify, defend and hold harmless Provider, its Affiliates, their respective successors and assigns and the Representatives of each of the foregoing (collectively, “Provider 

  
 13 

 
Indemnitees”) from and against any and all damages, losses, fines, penalties, costs and expenses, including reasonable attorneys’ fees and expenses incurred in investigating or
defending a claim (“Damages”) arising from, relating to or in connection with the gross negligence or willful misconduct of Recipient or any of its Representatives in connection with this Agreement, except to the extent that such
Damages were caused by the breach, gross negligence or willful misconduct of Provider or its Representatives, in which case, such Provider Indemnitee shall not be entitled to the benefits of this Section 10.1(a) to the
extent that such Damages were caused by such breach, gross negligence or willful misconduct. 
 (b) Except as limited in this Agreement,
including Article VIII, Provider shall indemnify, defend and hold harmless Recipient and its successors and assigns and the Representatives of each of the foregoing (collectively, “Recipient Indemnitees”) from and against any
and all Damages arising from, relating to or in connection with the breach, gross negligence or willful misconduct of Provider or any of its Representatives in connection with this Agreement, except to the extent that such Damages were caused by the
breach, gross negligence or willful misconduct of Recipient or its Representatives, in which case, such Recipient Indemnitee shall not be entitled to the benefits of this Section 10.1(b) to the extent that such Damages were
caused by such breach, gross negligence or willful misconduct. 
 (c) Each Party agrees that it shall, in all circumstances, use
commercially reasonable efforts to mitigate and otherwise minimize its and its Representatives’ Damages, whether direct or indirect, due to, resulting from or arising in connection with any matter for which the other Party is obligated to
indemnify such Party and its Representatives pursuant to this Section 10.1. 
 (d) Promptly after receipt of
written notice of the assertion or the commencement of a third-party claim asserted against a Party for which the other Party has an indemnification obligation under this Article X, the indemnified Party shall provide the indemnifying Party
with written notice describing an indemnification claim (“Claim”) in reasonable detail in light of the circumstances then known and then providing the indemnifying Party with further notices to keep it reasonably informed with
respect thereto; provided, however, that failure of the indemnified Party to provide timely notice or to keep the indemnifying Party reasonably informed as provided herein shall not relieve the indemnifying Party of its obligations
hereunder except to the extent that the indemnified Party is materially prejudiced thereby. If any proceeding shall be commenced against any indemnified Party by a third party, the indemnifying Party shall be entitled to participate in such Claim
and assume the defense thereof with counsel reasonably satisfactory to the indemnified Party, at the indemnifying Party’s sole cost and expense, and the indemnified Party shall reasonably cooperate with the indemnifying Party, at the
indemnifying Party’s sole cost and expense, in the defense of any Claim and shall be entitled to participate in any proceeding at its expense, and the indemnifying Party shall not settle such proceeding unless the settlement shall include as an
unconditional term thereof the giving by the claimant or the plaintiff of a full and unconditional release of the indemnified Party, from all liability with respect to the matters that are subject to such Claim, without the indemnified Party’s
prior written consent, which consent shall not be unreasonably withheld or delayed. The indemnified Party may participate in the defense of any claim with counsel reasonably acceptable to the indemnifying Party, at the indemnified Party’s own
expense. 

  
 14 

 ARTICLE XI 

MISCELLANEOUS 

Section 11.1 Amendments and Waivers. 

(a) Subject to Section 4.2, this Agreement may not be amended except by an agreement in writing signed by all
Parties. 
 (b) Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by the Party
entitled to the benefit thereof and any such waiver shall be validly and sufficiently given for the purposes of this Agreement if it is in writing signed by an authorized representative of such Party. No delay or failure in exercising any right,
power or remedy hereunder shall affect or operate as a waiver thereof; nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or
of any other right, power or remedy. The rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that either Party would otherwise have. 

Section 11.2 Entire Agreement. This Agreement and the Annexes referenced herein and attached hereto, constitute the entire
agreement and understanding between the Parties with respect to the subject matter hereof and supersede all prior negotiations, agreements, commitments, writings, courses of dealing and understandings with respect to the subject matter hereof. 

Section 11.3 Third-Party Beneficiaries. Except as provided in Article X relating to Indemnitees, this Agreement is solely
for the benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

Section 11.4 Notices. All notices, requests, permissions, waivers and other communications hereunder shall be in writing and shall
be deemed to have been duly given (a) five (5) Business Days following sending by registered or certified mail, postage prepaid, (b) when sent, if sent by facsimile or email of a PDF document (with confirmation of transmission) if
sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, (c) when delivered, if delivered personally to the intended recipient, and (d) one (1) Business Day
following sending by overnight delivery via a national courier service and, in each case, addressed to a Party at the following address for such Party (as updated from time to time by notice in writing to the other Party): 

(a) If to DevCo or DevCo OP: 

c/o Apartment Investment and Management Company 

4582 S. Ulster St. 
 Suite 1450
Denver, CO 80237 
 Attention: General Counsel; Chief Financial Officer 

  
 15 

 (b) If to SpinCo or SpinCo OP: 

c/o Apartment Income REIT Corp. 

4582 S. Ulster St. 
 Suite 1700
Denver, CO 80237 
 Attention: General Counsel; Chief Financial Officer 

Section 11.5 Counterparts; Electronic Delivery. This Agreement may be executed in multiple counterparts, each of which when
executed shall be deemed to be an original, but all of which together shall constitute one and the same agreement. Execution and delivery of this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic means
shall be deemed to be, and shall have the same legal effect as, execution by an original signature and delivery in person. 

Section 11.6 Severability. If any term or other provision of this Agreement or the Annexes attached hereto is determined by a
nonappealable decision by a court, administrative agency or arbitrators to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the Transactions is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the court, administrative agency or arbitrators shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner to the end that the Transactions are fulfilled to the fullest
extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable. 

Section 11.7 Assignability; Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their
successors and permitted assigns; provided, however, that neither this Agreement nor any of the rights or obligations of any Party under this Agreement shall be assignable, in whole or in part, directly or indirectly, whether by
operation of law or otherwise, by such Party without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed) and any attempt to assign any rights or obligations under this Agreement without
such consent shall be null and void. Notwithstanding the foregoing, either Party may assign its rights and obligations under this Agreement to any of their respective Affiliates; provided that no such assignment shall release such assigning
Party from any liability or obligation under this Agreement. 
 Section 11.8 Governing Law. This Agreement shall be
governed by, and construed and enforced in accordance with, the substantive Laws of the State of Delaware, without regard to any conflicts of law provisions thereof that would result in the application of the Laws of any other jurisdiction. 

Section 11.9 Dispute Resolution. Article X (Dispute Resolution) of the SDA shall govern dispute resolution under this Agreement,
mutatis mutandis.  

  
 16 

 Section 11.10 Construction. This Agreement shall be construed as if jointly
drafted by the Parties and no rule of construction or strict interpretation shall be applied against either Party. The Parties represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have.
The Parties have relied upon their own knowledge and judgment. The Parties have had access to independent legal advice, have conducted such investigations they thought appropriate, and have consulted with such other independent advisors as they
deemed appropriate regarding this Agreement and their rights and asserted rights in connection therewith. The Parties are not relying upon any representations or statements made by the other Party, or such other Party’s employees, agents,
representatives or attorneys, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The Parties are not relying upon a legal duty, if one exists, on the part of the other Party
(or such other Party’s employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or their preparation, it being expressly understood that neither Party shall ever assert any
failure to disclose information on the part of the other Party as a ground for challenging this Agreement. 
 Section 11.11
Performance. Each Party shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary or Affiliate of such Party. 

Section 11.12 Title and Headings. Titles and headings to Sections and Articles are inserted for the convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 Section 11.13 Exhibits
and Schedules. The Annexes attached hereto are incorporated herein by reference and shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. 

Section 11.14 Interpretation. In this Agreement and the Ancillary Agreements, unless the context clearly indicates otherwise: 

(a) words used in the singular include the plural and words used in the plural include the singular; 

(b) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without
limitation”; 
 (c) the word “or” shall have the inclusive meaning represented by the phrase “and/or”; 

(d) relative to the determination of any period of time, “from” means “from and including,” “to” means “to
but excluding” and “through” means “through and including”; 
 (e) accounting terms used herein shall have the
meanings historically ascribed to them by DevCo and its Subsidiaries in their internal accounting and financial policies and procedures in effect immediately prior to the date of this Agreement; 

  
 17 

 (f) reference to any agreement, instrument or other document means such agreement,
instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement; 

(g) reference to any Law means such Law (including any and all rules and regulations promulgated thereunder) as amended, modified, codified or
reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 
 (h) references to any Person
include such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement; a reference to such Person’s “Affiliates” shall be deemed to mean such Person’s Affiliates
following the Distribution and any reference to a third party shall be deemed to mean a Person who is not a Party or an Affiliate of a Party; 

(i) if there is any conflict between the provisions of the main body of this Agreement and the Annexes hereto, the provisions of the main body
of this Agreement shall control unless explicitly stated otherwise in such Annex; 
 (j) any portion of this Agreement obligating a Party to
take any action or refrain from taking any action, as the case may be, shall mean that such Party shall also be obligated to cause its relevant Subsidiaries to take such action or refrain from taking such action, as the case may be. 

[Signature Page Follows] 

  
 18 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their
respective officers as of the date first set forth above. 
  

			
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY
		
	By:	 	/s/ H. Lynn C.Stanfield
		 	Name: H. Lynn C.Stanfield
		 	Title: Authorized Person
	
	APARTMENT INCOME REIT CORP.
		
	By:	 	/s/ Paul L. Beldin
		 	Name: Paul L. Beldin
		 	Title: Authorized Person
	
	AIMCO PROPERTIES, L.P.
		
	By:	 	/s/ Paul L. Beldin
		 	Name: Paul L. Beldin
		 	Title: Authorized Person
	
	AIMCO OP L.P.
		
	By:	 	/s/ H. Lynn C.Stanfield
		 	Name: H. Lynn C.Stanfield
		 	Title: Authorized Person

 [Signature Page to Master Services Agreement] 

 ANNEX A 

SERVICE SCHEDULE 
 The services that are
material to the Recipient’s business substantially as conducted immediately prior to the Execution Date, in each case to the extent such services were provided by Provider to Recipient prior to the Execution Date and the assets, resources or
personnel used in connection therewith are retained or otherwise possessed by Provider. For the avoidance of doubt, the Services include continued access to PeopleSoft and, notwithstanding Section 2.1 of this Agreement, Recipient shall pay as
Fees for such Service 50% of the applicable annual depreciation. 

  
 A-1 

 ANNEX B 

SERVICE LEVELS 
 Provider shall use
commercially reasonable efforts to provide the Services in a manner, timeliness and at a level of quality generally consistent with that provided by Provider to Recipient prior to the Execution Date. 

  
 B-1 

 ANNEX C 

EXCLUDED SERVICES 
  

	 	a)	 Legal, financial, accounting, insurance, regulatory and tax advice. 

 

	 	b)	 Property management, construction services and other services of the type provided or required to be provided
pursuant to the Property Management Agreements. 

  
 C-1EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 

by and among 
 APARTMENT
INVESTMENT AND MANAGEMENT COMPANY, 
 AIMCO OP L.P., 

APARTMENT INCOME REIT CORP. 

and 
 AIMCO PROPERTIES,
L.P. 
 dated as of 

December 15, 2020 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
		  	ARTICLE I	  			
			
		  	DEFINITIONS AND INTERPRETATION	  			
			
	 Section 1.1
	  	General	  	 	3	 
	 Section 1.2
	  	References; Interpretation	  	 	8	 
			
		  	ARTICLE II	  			
			
		  	GENERAL PRINCIPLES	  			
			
	 Section 2.1
	  	Nature of Liabilities	  	 	9	 
	 Section 2.2
	  	Transfers of Employees Generally	  	 	9	 
	 Section 2.3
	  	Assumption and Retention of Liabilities Generally	  	 	9	 
	 Section 2.4
	  	Service Recognition	  	 	10	 
	 Section 2.5
	  	Collective Bargaining Agreements	  	 	11	 
	 Section 2.6
	  	Information and Consultation	  	 	11	 
	 Section 2.7
	  	WARN	  	 	11	 
			
		  	ARTICLE III	  			
			
		  	CERTAIN BENEFIT PLAN PROVISIONS	  			
			
	 Section 3.1
	  	Benefits Generally	  	 	11	 
	 Section 3.2
	  	Health and Welfare Benefit Plans	  	 	12	 
	 Section 3.3
	  	Savings Plans	  	 	12	 
	 Section 3.4
	  	Deferred Compensation Plan	  	 	12	 
	 Section 3.5
	  	Executive Severance Policy	  	 	12	 
			
		  	ARTICLE IV	  			
			
		  	EQUITY INCENTIVE AWARDS	  			
			
	 Section 4.1
	  	Treatment of DevCo Stock Options	  	 	13	 
	 Section 4.2
	  	Treatment of DevCo Restricted Stock Awards	  	 	14	 
	 Section 4.3
	  	Treatment of DevCo Performance Restricted Stock Awards	  	 	14	 
	 Section 4.4
	  	Treatment of DevCo Restricted LTIP Units	  	 	15	 
	 Section 4.5
	  	Treatment of DevCo Performance Restricted LTIP Unit Awards	  	 	15	 
	 Section 4.6
	  	SpinCo Stock Plan	  	 	15	 
	 Section 4.7
	  	General Terms	  	 	15	 
	 Section 4.8
	  	Employee Stock Purchase Plan	  	 	17	 

  
 i 

							
			
		  	ARTICLE V	  			
			
		  	ADDITIONAL MATTERS	  			
			
	 Section 5.1
	  	Cash Incentive Programs	  	 	18	 
	 Section 5.2
	  	Time-Off Benefits	  	 	18	 
	 Section 5.3
	  	COBRA Compliance	  	 	19	 
	 Section 5.4
	  	Code Section 409A	  	 	19	 
	 Section 5.5
	  	Payroll Taxes and Reporting	  	 	19	 
	 Section 5.6
	  	Regulatory Filings	  	 	19	 
	 Section 5.7
	  	Disability	  	 	19	 
	 Section 5.8
	  	Certain Requirements	  	 	20	 
			
		  	ARTICLE VI	  			
			
		  	GENERAL AND ADMINISTRATIVE	  			
			
	 Section 6.1
	  	Employer Rights	  	 	21	 
	 Section 6.2
	  	Effect on Employment	  	 	21	 
	 Section 6.3
	  	Consent of Third Parties	  	 	21	 
	 Section 6.4
	  	Access to Employees	  	 	22	 
	 Section 6.5
	  	Beneficiary Designation/Release of Information/Right to Reimbursement	  	 	22	 
	 Section 6.6
	  	No Third-Party Beneficiaries	  	 	22	 
	 Section 6.7
	  	No Acceleration of Benefits	  	 	22	 
	 Section 6.8
	  	Employee Benefits Administration	  	 	22	 
			
		  	ARTICLE VII	  			
			
		  	MISCELLANEOUS	  			
			
	 Section 7.1
	  	Entire Agreement	  	 	22	 
	 Section 7.2
	  	Counterparts	  	 	23	 
	 Section 7.3
	  	Survival of Agreements	  	 	23	 
	 Section 7.4
	  	Notices	  	 	23	 
	 Section 7.5
	  	Waivers	  	 	23	 
	 Section 7.6
	  	Assignment	  			
	 Section 7.7
	  	Successors and Assigns	  			
	 Section 7.8
	  	Termination and Amendment	  			
	 Section 7.9
	  	Subsidiaries	  			
	 Section 7.10
	  	Title and Headings	  			
	 Section 7.11
	  	Governing Law	  	 	25	 
	 Section 7.12
	  	Severability	  			
	 Section 7.13
	  	Interpretation	  			
	 Section 7.14
	  	No Duplication; No Double Recovery	  			
	 Section 7.15
	  	No Waiver	  			
	 Section 7.16
	  	No Admission of Liability	  			

  
 ii 

 EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT (this “Agreement”), is entered into as of December 15, 2020, by and among Apartment Investment
and Management Company, a Maryland corporation (“DevCo”), Aimco OP L.P., a Delaware limited partnership and a subsidiary of SpinCo OP (“DevCo OP”), Apartment Income REIT Corp., a Maryland corporation and a
subsidiary of DevCo (“SpinCo”), and AIMCO Properties, L.P., a Delaware limited partnership and a subsidiary of SpinCo (“SpinCo OP”). DevCo, DevCo OP, SpinCo, and SpinCo OP are sometimes referred to herein
individually as a “Party,” and collectively as the “Parties”. Capitalized terms used in this Agreement, but not otherwise defined in this Agreement or the Separation and Distribution Agreement by and between the
Parties, dated as of December 15, 2020 (the “Separation Agreement”), shall have the meanings set forth in Section 1.1. 

W I T N E S E T H: 

WHEREAS, the DevCo Board has determined that it is advisable and in the best interests of DevCo and its stockholders to restructure the Assets
and Liabilities of DevCo into two companies: (i) DevCo (together with DevCo OP) which, following consummation of the transactions contemplated under the Separation Agreement, will own and conduct the DevCo Business; and (ii) SpinCo
(together with SpinCo OP) which, following consummation of the transactions contemplated under the Separation Agreement, will own and conduct the SpinCo Business, in the manner contemplated by the Separation Agreement; 

WHEREAS, the Separation Agreement sets forth the terms and conditions applicable to the Restructuring and the Distribution; and 

WHEREAS, pursuant to the Separation Agreement, DevCo and SpinCo have agreed to enter into this Agreement for the purpose of allocating Assets,
Liabilities and responsibilities with respect to certain employee matters and employee compensation and benefit plans and programs between them and to address certain other employment-related matters. 

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this Agreement, the Parties
hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

Section 1.1 General. As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control with, the specified Person. 
 “Agreement” shall have
the meaning set forth in the Preamble. 

 “Aimco Benefit Arrangement” shall mean any Benefit Arrangement sponsored,
maintained or contributed to by DevCo prior to the Effective Time. 
 “Aimco 401(k) Plan” shall have the meaning set forth
in Section 3.3. 
 “Applicable Exchange” shall mean the securities exchange as may at the applicable time be the
principal market for shares of DevCo Common Stock or shares of SpinCo Common Stock, as applicable. 
 “Benefit Arrangement”
shall mean, with respect to an entity, each compensation or employee benefit plan, program, policy, agreement or other arrangement, whether or not “employee benefit plans” (within the meaning of Section 3(3) of ERISA, whether or not
subject to ERISA), including any benefit plan, program, policy, agreement or arrangement providing cash- or equity-based compensation or incentives, health, medical, dental, vision, disability, accident or life insurance benefits or vacation, paid
or unpaid leave, severance, retention, change in control, termination, deferred compensation, individual employment, retirement, pension or savings benefits, supplemental income, retiree benefit or other fringe benefit (whether or not taxable), or
employee loans, that are sponsored or maintained by such entity (or to which such entity contributes or is required to contribute or in which it participates), and excluding workers’ compensation plans, policies, programs and arrangements. 

“Code” shall have the meaning set forth in Section 5.9(i). 

“Collective Bargaining Agreement” shall mean all agreements with the collective bargaining representatives, employee
representatives, trade unions, labor or management organizations, groups of employees, or works councils or similar representative bodies of Employees, including all national or sector specific collective agreements which are applicable to Employees
that set forth terms and conditions of employment of Employees, and all modifications of, or amendments to, such agreements and any rules, procedures, awards or decisions of competent jurisdiction interpreting or applying such agreements. 

“DevCo” shall have the meaning set forth in the Preamble. 

“DevCo Benefit Arrangement” shall mean any Benefit Arrangement sponsored, maintained or contributed to by any member of the
DevCo Group as of immediately following the Effective Time. 
 “DevCo Deferred Compensation Plan” shall mean the Apartment
Investment and Management Company Deferred Compensation Plan. 
 “DevCo Employee” shall mean each individual identified on
Schedule 1.1 hereto. 
 “DevCo ESPP” shall mean the Apartment Investment and Management Company 2020 Employee Stock
Purchase Plan. 
 “DevCo Excess Amount” shall have the meaning set forth in Section 5.9(ii). 

  
 4 

 “DevCo Option” shall mean an option to purchase shares of DevCo Common
Stock granted pursuant to a DevCo Stock Plan. 
 “DevCo Performance Restricted LTIP Unit Award” shall mean an award granted
by DevCo pursuant to the DevCo Stock Plans and the Partnership Unit Designation of the LTIP Units of Aimco Properties L.P. under the Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, that is subject to
performance-based vesting. 
 “DevCo Performance Restricted Stock Award” shall mean an award granted by DevCo pursuant to a
DevCo Stock Plan that was denominated as “Performance Restricted Stock” under the terms of such plan and the related award agreement. 

“DevCo Ratio” shall mean the quotient obtained by dividing (a) the Post-Separation DevCo Stock Value by (b) the Pre-Separation DevCo Stock Value. 
 “DevCo Alternate Ratio” shall mean (i) the
volume-weighted average per-share price of DevCo Common Stock trading during the period commencing on December 15, 2021 and continuing through and including December 17, 2021, divided by (ii) the sum of (A) the volume-weighted average per-share
price of DevCo Common Stock trading during the period commencing on December 15, 2021 and continuing through and including December 17, 2021 plus (B) the volume-weighted average per-share price of SpinCo Shares trading during the period commencing
on December 15, 2021 and continuing through and including December 17, 2021. 
 “DevCo REIT” shall have the meaning set
forth in Section 5.9(ii). 
 “DevCo Restricted LTIP Unit Award” shall mean an award granted by DevCo pursuant to the
DevCo Stock Plans and the Partnership Unit Designation of the LTIP Units of Aimco Properties L.P. under the Amended and Restated Agreement of Limited Partnership of the Aimco Operating Partnership, that is subject to solely time-based vesting. 

“DevCo Restricted Stock Award” shall mean an award granted by DevCo pursuant to a DevCo Stock Plans, that was denominated as
“Restricted Stock” under the terms of such plan and the related award agreement. 
 “DevCo Stock Plans” shall
mean the DevCo Second Amended and Restated 2015 Stock Award and Incentive Plan (as amended and restated on February 22, 2018), the DevCo 2015 Stock Award and Incentive Plan (as amended and restated January 31, 2017) and the DevCo 2007
Stock Award and Incentive Plan. 
 “DevCo Welfare Plans” shall mean any Welfare Plan maintained by DevCo or any member of
the DevCo Group. 
 “Employee” shall mean a DevCo Employee, SpinCo Employee, Terminating Employee or the Specified
Employee. 
 “Employee Representative” shall mean any employee representative, trade union, labor or management
organization, group of employees or similar representative body for Employees. 
 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended. 
 “LTIP Unit” shall have the meaning set forth under the DevCo Stock
Plans. 
 “Nonqualifying Income” shall have the meaning set forth in Section 5.9(i). 

“Party” and “Parties” shall have the meanings set forth in the Preamble. 

  
 5 

 “Person” means an individual, a partnership, a corporation, an association,
a joint stock company, a trust, a joint venture, a limited liability company, a union, an unincorporated organization or other legal entity, including a governmental entity or any department, agency or political subdivision thereof. 

“Plan Transition Date” shall mean the date that is (i) the Distribution Date or (ii) such earlier date as agreed
between the Parties. 
 “Post-Separation DevCo Awards” shall mean Post-Separation DevCo Option Awards, Post-Separation
DevCo Restricted Stock Awards, Post-Separation DevCo Performance Restricted Stock Awards, Post-Separation DevCo Restricted LTIP Unit Awards and Post-Separation DevCo Performance Restricted LTIP Unit Awards, collectively. 

“Post-Separation DevCo Option Award” shall mean a DevCo Option Award adjusted as of the Effective Time in accordance with
Section 4.1. 
 “Post-Separation DevCo Performance Restricted LTIP Unit Award” shall mean a DevCo Performance
Restricted LTIP Award adjusted as of the Effective Time in accordance with Section 4.5. 
 “Post-Separation DevCo Performance
Restricted Stock Award” shall mean a DevCo Performance Restricted Stock Award adjusted as of the Effective Time in accordance with Section 4.3. 

“Post-Separation DevCo Restricted LTIP Unit Award” shall mean a DevCo Restricted LTIP Unit Award adjusted as of the Effective
Time in accordance with Section 4.4. 
 “Post-Separation DevCo Restricted Stock Award” shall mean a DevCo Restricted
Stock Award adjusted as of the Effective Time in accordance with Section 4.2. 
 “Post-Separation DevCo Stock Value”
shall mean the simple average of the volume-weighted average per-share price of DevCo Common Stock trading “ex distribution” on the Applicable Exchange during each of the last ten (10) full
Trading Sessions, or such shorter number of Trading Sessions that the DevCo Common Stock is trading “ex distribution”, immediately prior to the Effective Time. 

“Pre-Separation DevCo Stock Value” shall mean the simple average of the
volume-weighted average per-share price of DevCo Common Stock trading “regular way with due bills” on the Applicable Exchange during each of the last ten (10) full Trading Sessions, or such
shorter number of Trading Sessions that the DevCo Common Stock is trading “regular way with due bills”, immediately prior to the Effective Time. 

“REIT Requirements” shall have the meaning set forth in Section 5.9(i). 

“Separation Agreement” shall have the meaning set forth in the Recitals. 

“Specified Employee” shall mean Terry Considine. 

  
 6 

 “SpinCo” shall have the meaning set forth in the Preamble. 

“SpinCo Alternate Ratio” shall mean (i) the volume-weighted average per-share price of SpinCo Shares trading during the
period commencing on December 15, 2021 and continuing through and including December 17, 2021, divided by (ii) the sum of (A) the volume-weighted average per-share price of DevCo Common Stock trading during the period commencing on December 15, 2021
and continuing through and including December 17, 2021 plus (B) the volume-weighted average per-share price of SpinCo Shares trading during the period commencing on December 15, 2021 and continuing through and including December 17, 2021. 

“SpinCo Awards” shall mean SpinCo Options, SpinCo Restricted Stock Awards, DevCo Performance Restricted Stock Awards, SpinCo
Restricted LTIP Unit Awards and SpinCo Performance Restricted LTIP Unit Awards, collectively. 
 “SpinCo Benefit
Arrangement” shall mean any Benefit Arrangement sponsored, maintained or contributed to exclusively by any member of the SpinCo Group other than a SpinCo Transferred Benefit Arrangement. 

“SpinCo Employee” shall mean each individual who is an employee of DevCo or any of its Subsidiaries or Affiliates immediately
prior to the Effective Time and who is not identified on Schedule 1.1 as a DevCo Employee and who is neither the Specified Employee nor a Terminating Employee. 

“SpinCo Excess Amount” shall have the meaning set forth in Section 5.9(i). 

“SpinCo Option” shall mean an award of options to purchase shares of SpinCo Common Stock assumed by SpinCo in accordance with
Section 4.1. 
 “SpinCo Performance Restricted Stock Award” shall mean an award of shares of performance restricted
stock of SpinCo assumed by SpinCo in accordance with Section 4.3. 
 “SpinCo Performance Restricted LTIP Unit Award”
shall mean an award of performance LTIP Units assumed by SpinCo in accordance with Section 4.5. 
 “SpinCo Ratio”
shall mean the quotient obtained by dividing (a) the SpinCo Stock Value by (b) the Pre-Separation DevCo Stock Value. 

“SpinCo REIT” shall have the meaning set forth in Section 5.9(i). 

“SpinCo Restricted LTIP Unit Award” shall mean an award of LTIP Units assumed by SpinCo in accordance with Section 4.4.

 “SpinCo Restricted Stock Award” shall mean an award of shares of restricted stock of SpinCo assumed by SpinCo in
accordance with Section 4.2. 
 “SpinCo Stock Plan” shall have the meaning set forth in
Section 4.6. 
 “SpinCo Stock Value” shall mean the simple average of the volume-weighted average
per-share price of SpinCo Shares trading “as when issued” on the Applicable Exchange during each of the first ten (10) full Trading Sessions, or such shorter number of Trading Sessions that the
SpinCo Shares are trading “as when issued”, immediately prior to the Effective Time. 
 “SpinCo Transferred Benefit
Arrangement” shall have the meaning set forth in Section 3.1(a). 

  
 7 

 “SpinCo Welfare Plans” shall mean any Welfare Plan maintained by SpinCo or
any member of the SpinCo Group. 
 “Terminating Employee” shall mean any employee of the DevCo Group whose employment is
terminated prior to the Effective Time. 
 “Trading Session” shall mean the period of time during any given calendar day,
commencing with the determination of the opening price on the Applicable Exchange and ending with the determination of the closing price on the Applicable Exchange, in which trading in shares of DevCo Common Stock or shares of SpinCo Common Stock
Shares (as applicable) is permitted on the Applicable Exchange. 
 “Welfare Plan” shall mean, where applicable, a
“welfare plan” (as defined in Section 3(1) of ERISA and in 29 C.F.R. §2510.3-1) or a “cafeteria plan” under Section 125 of the Code, and any benefits offered thereunder, and
any other plan offering health benefits (including medical, prescription drug, dental, vision and mental health and substance use disorder), disability benefits, or life, accidental death and disability,
pre-tax premium conversion benefits, dependent care assistance programs, employee assistance programs, contribution funding toward a health savings account, flexible spending accounts, tuition reimbursement or
adoption assistance programs or cashable credits. 
 Section 1.2 References; Interpretation. References in this Agreement to any
gender include references to all genders, and references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include,” “includes” and “including” when used
in this Agreement shall be deemed to be followed by the phrase “without limitation.” Unless the context otherwise requires, references in this Agreement to Articles, Sections, Annexes, Exhibits and Schedules shall be deemed references to
Articles and Sections of, and Annexes, Exhibits and Schedules to, this Agreement. Unless the context otherwise requires, the words “hereof,” “hereby” and “herein” and words of similar meaning when used in this Agreement
refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement. The words “written request” when used in this Agreement shall include email. Unless the context requires otherwise,
references in this Agreement to “DevCo” shall also be deemed to refer to the applicable member of the DevCo Group, references to “SpinCo” shall also be deemed to refer to the applicable member of the SpinCo Group and, in
connection therewith, any references to actions or omissions to be taken, or refrained from being taken, as the case may be, by DevCo or SpinCo shall be deemed to require DevCo or SpinCo, as the case may be, to cause the applicable members of the
DevCo Group or the SpinCo Group, respectively, to take, or refrain from taking, any such action. In the event of any inconsistency or conflict which may arise in the application or interpretation of any of the definitions set forth in
Section 1.1, for the purpose of determining what is and is not included in such definitions, any item explicitly included on a Schedule referred to in any such definition shall take priority over any provision of the text
thereof. 

  
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 ARTICLE II 

GENERAL PRINCIPLES 

Section 2.1 Nature of Liabilities. All Liabilities assumed or retained by a member of the DevCo Group under this Agreement shall
be DevCo Liabilities for purposes of the Separation Agreement. All Liabilities assumed or retained by a member of the SpinCo Group under this Agreement shall be SpinCo Liabilities for purposes of the Separation Agreement. 

Section 2.2 Transfers of Employees Generally. 

(a) Effective as of no later than the Effective Time and except as otherwise agreed by the Parties, (i) the applicable members of the
DevCo Group and the SpinCo Group shall have taken such actions as are necessary to ensure that each SpinCo Employee is employed by a member of the SpinCo Group as of immediately following the Effective Time and (ii) the applicable member of the
DevCo Group shall have taken such actions as are necessary to ensure that each individual who is intended to be a DevCo Employee as of immediately following the Effective Time is employed by a member of the DevCo Group as of the Effective Time. 

(b) The DevCo Group and SpinCo Group agree to execute, and to seek to have the applicable SpinCo Employees execute, such documentation, if
any, as may be necessary to reflect the transfer of employment described in this Section 2.2. 
 Section 2.3
Assumption and Retention of Liabilities Generally. 
 (a) Except as pursuant to this Agreement, in connection with the Restructuring
and the Distribution, or, if applicable, from and after the Effective Time, DevCo shall, or shall cause one or more members of the DevCo Group to, accept, assume (or, as applicable, retain) and perform, discharge and fulfill (i) all Liabilities
with respect to the employment and termination of employment of all DevCo Employees and all Terminating Employees (and related Liabilities with respect to their respective dependents and beneficiaries), including Liabilities arising under any Aimco
Benefit Arrangements (including SpinCo Transferred Benefit Arrangements) and DevCo Benefit Arrangements, whenever incurred; (ii) all Liabilities with respect to the employment, or termination of employment, of all SpinCo Employees (and related
Liabilities with respect to their respective dependents and beneficiaries), including Liabilities arising under any Aimco Benefit Arrangements, solely to the extent incurred on or prior to the Distribution Date, provided that, SpinCo shall accept
and assume Liabilities for any health claims and workers’ compensation claims incurred by SpinCo Employees, but not yet reported and recognized, as of the Distribution Date; (iii) all Liabilities with respect to the employment of the
Specified Employee (and related Liabilities with respect to his dependents and beneficiaries, other than any such dependent or beneficiary who otherwise constitutes a SpinCo Employee), to the extent incurred on or prior to the Distribution Date or
to the extent pursuant an arrangement entered into between a member of the DevCo Group and the Specified Employee effective as of the Distribution Date; and (iv) all other Liabilities or obligations expressly assigned to or assumed by member of
DevCo Group under this Agreement. 

  
 9 

 (b) Except as pursuant to this Agreement, in connection with the Restructuring and the
Distribution, or, if applicable, from and after the Effective Time, SpinCo shall, or shall cause one or more members of the SpinCo Group to, accept, assume (or, as applicable, retain) and perform, discharge and fulfill (i) all Liabilities under
all SpinCo Benefit Arrangements, whenever incurred; (ii) all Liabilities with respect to the employment, or termination of employment of all SpinCo Employees and their respective dependents and beneficiaries, including under any Aimco Benefit
Arrangements and SpinCo Transferred Benefit Arrangements, solely to the extent incurred following the Distribution Date provided that, SpinCo shall accept and assume Liabilities for any health claims and workers’ compensation claims incurred by
SpinCo Employees, but not yet reported and recognized, as of the Distribution Date; (iii) all Liabilities with respect to the employment of the Specified Employee with SpinCo (and related Liabilities with respect to his dependents and
beneficiaries, other than any such dependent or beneficiary who otherwise constitutes a SpinCo Employee), to the extent incurred following the Distribution Date or to the extent pursuant to an arrangement entered into between a member of the SpinCo
Group and the Specified Employee effective as of the Distribution Date; and (iv) other Liabilities or obligations expressly assigned to or assumed by a member of the SpinCo Group under this Agreement. 

(c) The Parties shall promptly reimburse one another, upon reasonable request of the Party requesting reimbursement and the presentation by
such Party of such substantiating documentation as the other Party shall reasonably request, for the cost of any obligations or Liabilities satisfied or assumed by the Party requesting reimbursement or its Affiliates that are, or that have been made
pursuant to this Agreement, the responsibility of the other Party or any of its Affiliates. 
 (d) Notwithstanding any provision of this
Agreement or the Separation Agreement to the contrary, SpinCo shall, or shall cause one or more members of the SpinCo Group to, accept, assume (or, as applicable, retain) and perform, discharge and fulfill all Liabilities that have been accepted,
assumed or retained under this Agreement irrespective of whether accruals for such Liabilities have been transferred to SpinCo or a member of the SpinCo Group or included on a combined balance sheet of the SpinCo Business or whether any such
accruals are sufficient to cover such Liabilities. 
 Section 2.4 Service Recognition. 

(a) From and after the Effective Time, to the extent permitted by the terms of the applicable SpinCo Benefit Arrangement, SpinCo shall, and
shall cause each member of the SpinCo Group to, give each SpinCo Employee full credit for purposes of eligibility, vesting and determination of level of benefits under any SpinCo Benefit Arrangement for such SpinCo Employee’s prior service with
any member of the DevCo Group or SpinCo Group or any predecessor thereto, to the same extent such service was recognized by the applicable Aimco Benefit Arrangement; provided that, such service shall not be recognized to the extent it would result
in the duplication of benefits. 
 (b) Except to the extent prohibited by applicable Law and to the extent permitted under the terms of the
applicable SpinCo Benefit Arrangement, as soon as administratively practicable on or after the Plan Transition Date: (i) SpinCo shall waive or cause 

  
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to be waived all limitations as to preexisting conditions or waiting periods with respect to participation and coverage requirements applicable to each SpinCo Employee under any SpinCo Welfare
Plan in which SpinCo Employees participate (or are eligible to participate) to the same extent that such conditions and waiting periods were satisfied or waived under an analogous Aimco Benefit Arrangement, and (ii) SpinCo shall provide or
cause each SpinCo Employee to be provided with credit for any co-payments, deductibles or other out-of-pocket amounts paid
pursuant to an Aimco Benefit Arrangement during the plan year in which the SpinCo Employees become eligible to participate in the SpinCo Welfare Plans in satisfying any applicable co-payments, deductibles or
other out-of-pocket requirements under any such plans for such plan year. 

Section 2.5 Collective Bargaining Agreements. Notwithstanding anything in this Agreement to the contrary, DevCo and SpinCo shall
take or cause to be taken all actions that are necessary (if any) for SpinCo or a member of the SpinCo Group to continue to maintain or to assume and honor any Collective Bargaining Agreements and any
pre-existing collective bargaining relationships (in each case including obligations that arise in respect of the period both before and after the date Effective Time) in respect of any Employees, other than
that certain Agreement with the Residential Division of Service Employees International Union, Local 1 (the “Hyde Park CBA”), all Liabilities under which will be assumed and retained by DevCo. Neither DevCo nor any member of the
DevCo Group shall have, or shall be deemed to have, any Liability under any Collective Bargaining Agreement other than the Hyde Park CBA, and all Liabilities and any Liability under any Collective Bargaining Agreement, other than the Hyde Park CBA,
whenever arising, shall be a SpinCo Liability. Neither SpinCo nor any member of the SpinCo Group shall have, or shall be deemed to have, any Liability under the Hyde Park CBA, and all Liabilities and any Liability under the Hyde Park CBA, whenever
arising, shall be a DevCo Liability. 
 Section 2.6 Information and Consultation. The Parties shall comply with all requirements
and obligations to inform, consult or otherwise notify any SpinCo Employees or DevCo Employees or Employee Representatives in relation to the transactions contemplated by this Agreement and the Separation Agreement, whether required pursuant to any
Collective Bargaining Agreement or applicable Law. 
 Section 2.7 WARN. Notwithstanding anything set forth in this Agreement to
the contrary, none of the transactions contemplated by or undertaken by this Agreement is intended to and shall not constitute or give rise to an “employment loss” or employment separation within the meaning of the federal Worker
Adjustment and Retraining Notification (WARN) Act, or any other federal, state or local law or legal requirement addressing mass employment separations. 

ARTICLE III 
 CERTAIN
BENEFIT PLAN PROVISIONS 
 Section 3.1 Benefits Generally. Effective as of the Plan Transition Date, the DevCo Group
shall have taken all necessary or appropriate actions to ensure that each Aimco Benefit Arrangement that is intended to be transferred to SpinCo, as set forth on Schedule 3.1 hereto 

  
 11 

 
(each, a “SpinCo Transferred Benefit Arrangement”), is transferred to a member of the SpinCo Group. 

Section 3.2 Health and Welfare Benefit Plans. DevCo shall or shall cause a member of the DevCo Group to have in effect, no later
than the Business Day immediately prior to the Plan Transition Date, DevCo Welfare Plans providing health and welfare benefits for the benefit of each DevCo Employee with terms that are, in the aggregate, substantially similar to those provided to
the applicable DevCo Employee immediately prior to the date on which such DevCo Welfare Plans become effective. 
 Section 3.3
Savings Plans(a) . Effective no later than the Plan Transition Date, DevCo shall take all steps necessary or appropriate to cause (i) the Aimco 401(k) Retirement Plan and all applicable accounts, underlying Assets, and related trusts and
agreements (collectively, the “Aimco 401(k) Plan”), and all Liabilities related thereto, to be transferred to a member of the SpinCo Group; (ii) a member of the SpinCo Group to assume and adopt the Aimco 401(k) Plan and all
Liabilities related thereto; and (iii) DevCo to become a participating employer in the Aimco 401(k) Plan. Effective as of the Plan Transition Date, SpinCo Employees and DevCo Employees shall continue to be eligible to participate in the Aimco
401(k) Plan, as so transferred to, and assumed by, SpinCo. 
 Section 3.4 Deferred Compensation Plan. (i) Effective no
later than the Plan Transition Date, DevCo shall take all steps necessary or appropriate to cause the DevCo Deferred Compensation Plan, and all applicable accounts, underlying Assets and related trusts and agreements (collectively, the DevCo
Deferred Compensation Plan”), and all Liabilities related thereto, to be transferred to a member of the SpinCo Group; and (ii) a member of the SpinCo Group to assume and adopt the DevCo Deferred Compensation Plan and all Liabilities
related thereto. To the extent that any DevCo Employee has an account under the DevCo Deferred Compensation Plan as of the Effective Time, DevCo shall cause a member of the DevCo Group to adopt a deferred compensation plan with terms that are
substantially similar to those under the DevCo Deferred Compensation Plan and the accounts, Assets and Liabilities with respect to such DevCo Employees under the DevCo Deferred Compensation Plan shall be , transferred
in-kind to such new deferred compensation plan sponsored by a member of the DevCo Group, and DevCo hall fully pay, perform and discharge, all obligations thereunder. It is the intent of the Parties that no
DevCo Employee or SpinCo Employee will experience a “separation from service,” as that term is defined in the DevCo Deferred Compensation Plan solely as a result of the Transaction or the transfer of SpinCo Employees to employment by a
member of the SpinCo Group. 
 Section 3.5 Flexible Spending Account Plans. (i) Effective no later than the Distribution
Date, DevCo shall take all steps necessary or appropriate to cause a member of the DevCo Group to have in effect a flexible spending plan providing flexible spending accounts for medical and dependent care expenses (the “DevCo Flexible Spending
Plan”) with terms that are substantially similar to those provided to DevCo Employees under the DevCo flexible spending account plan that shall become a SpinCo Transferred Benefit Arrangement (the “SpinCo Flexible Spending Plan”),
(ii) each DevCo Employee shall cease to participate in the DevCo flexible spending account plan effective upon the date on which such plan becomes a SpinCo Transferred Benefit Arrangement, (iii) as soon as practicable after the SpinCo Flexible
Spending Plan 

  
 12 

 
becomes effective, SpinCo will transfer all of the obligations and Liabilities attributable to the DevCo Employees, including the account balances of DevCo Employees, to the DevCo Flexible
Spending Plan, and the DevCo Flexible Spending Plan shall credit each such DevCo Employee’s’ flexible spending accounts with the full account balances (i.e., the amounts collected from participating DevCo Employees and not
reimbursed) as of the Effective Time that were transferred from the SpinCo Flexible Spending Plan. 
 Section 3.6 Executive
Severance Policy(a) . (i) Effective no later than the Distribution Date, DevCo and SpinCo shall take all steps necessary or appropriate to cause a member of the SpinCo Group to have in effect an executive severance policy (the “SpinCo
Executive Severance Policy”) with terms that are substantially similar to those provided to SpinCo Employees who were eligible under the DevCo Executive Severance Policy prior to the Distribution Date, (ii) each SpinCo Employee who is
eligible under the DevCo Executive Severance Policy shall automatically cease to be eligible effective upon the date on which the SpinCo Executive Severance Policy becomes effective and (iii) effective as of date the SpinCo Executive Severance
Policy becomes effective, SpinCo shall fully pay, perform and discharge, all obligations thereunder. 
 ARTICLE IV 

EQUITY INCENTIVE AWARDS 

Section 4.1 Treatment of DevCo Stock Options. Each DevCo Option that is outstanding immediately prior to the Distribution Date
shall be converted, as of the Effective Time, into both a Post-Separation DevCo Option Award and a SpinCo Option Award and shall, except as otherwise provided in this Section 4.1, be subject to the same terms and conditions (including with
respect to vesting and expiration) after the Effective Time as were applicable to such DevCo Option Award immediately prior to the Effective Time; provided, however, that from and after the Effective Time: 

(a) the number of shares of DevCo Common Stock subject to such Post-Separation DevCo Option Award shall be equal to the number of shares of
DevCo Common Stock subject to the corresponding DevCo Option Award immediately prior to the Effective Time; 
 (b) the number of shares of
SpinCo Common Stock subject to such SpinCo Option Award shall be equal to the number of shares of DevCo Common Stock subject to the corresponding DevCo Option Award immediately prior to the Effective Time; 

(c) the per share exercise price of such Post-Separation DevCo Option Award shall be equal to the product, rounded up to the nearest cent,
obtained by multiplying (i) the per share exercise price of the corresponding DevCo Option Award immediately prior to the Effective Time by (ii) the DevCo Ratio; provided that if the Specified Employee and SpinCo board members Robert
Miller and Thomas Keltner, determine that trading in SpinCo “when issued” markets during first ten (10) full Trading Sessions, or such shorter number of Trading Sessions that shares of DevCo Common Stock Shares are trading
“ex-distribution,” immediately prior to the Effective Time, is not sufficiently robust to ensure that that applicable trading prices fairly represent how the general marketplace values DevCo post-Distribution, then subsection (ii)
shall be the DevCo Alternate Ratio; and 
 (d) the per share exercise price of such SpinCo Option Award shall be equal to the product,
rounded up to the nearest cent, obtained by multiplying (i) the per share 

  
 13 

 
exercise price of the corresponding DevCo Option Award immediately prior to the Effective Time by (ii) the SpinCo Ratio; provided that if the Specified Employee and SpinCo board members
Robert Miller and Thomas Keltner, determine that trading in SpinCo “when issued” markets during first ten (10) full Trading Sessions, or such shorter number of Trading Sessions that the SpinCo Shares are trading “as when
issued,” immediately prior to the Effective Time, is not sufficiently robust to ensure that that applicable trading prices fairly represent how the general marketplace values SpinCo post-Distribution, then subsection (ii) shall be the
SpinCo Alternate Ratio. 
 Notwithstanding anything to the contrary in this Section 4.01, the exercise price, the number of shares of
DevCo Common Stock and shares of SpinCo Common Stock subject to each Post-Separation DevCo Option Award and SpinCo Option Award, as applicable, and the terms and conditions of exercise of such options, shall be determined in a manner consistent with
the requirements of Section 409A of the Code; provided, further, that, in the case of any DevCo Option Award to which Section 421 of the Code applies by reason of its qualification under Section 422 of the Code as of immediately prior
to the Effective Time, the exercise price, the number of shares of DevCo Common Stock and shares of SpinCo Common Stock subject to such option award, and the terms and conditions of exercise of such option award shall be determined in a manner
consistent with the requirements of Section 424(a) of the Code. 
 Section 4.2 Treatment of DevCo Restricted Stock Awards.
Each DevCo Restricted Stock Award that is outstanding as of immediately prior to the Effective Time shall be converted, as of the Effective Time, into both a Post-Separation DevCo Restricted Stock Award and a SpinCo Restricted Stock Award and each
such award shall, except as otherwise provided in this Section 4.2, be subject to the same terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such DevCo Restricted Stock Award prior to the
Effective Time; provided, however, that from and after the Effective Time the number of shares subject to (i) the Post-Separation DevCo Restricted Stock Award shall be equal to the number of shares of DevCo Common Stock subject to the
corresponding DevCo Restricted Stock Award immediately prior to the Effective Time and (ii) the SpinCo Restricted Stock Award shall be equal to the number of shares of DevCo Common Stock subject to the DevCo Restricted Stock Award immediately
prior to the Effective Time. 
 Section 4.3 Treatment of DevCo Performance Restricted Stock Awards. Each DevCo Performance
Restricted Stock Award that is outstanding immediately prior to the Effective Time shall be converted, as of the Effective Time, into both a Post-Separation DevCo Performance Restricted Stock Award and a SpinCo Performance Restricted Stock Award and
each award shall, except as otherwise provided in this Section 4.3, be subject to the same terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such DevCo Performance Restricted Stock Award
prior to the Effective Time; provided, however, that from and after the Effective Time the number of shares subject to (i) the Post-Separation DevCo Performance Restricted Stock Award shall be equal to the number of shares of DevCo Common Stock
subject to the corresponding DevCo Performance Restricted Stock Award immediately prior to the Effective Time, and (ii) the SpinCo Performance Restricted Stock Award shall be equal to the number of shares of DevCo Common Stock subject to the
DevCo Performance Restricted Stock Award immediately prior to the Effective Time; provided, further, that, in the case of (i) and (ii), the number of shares of DevCo Common Stock subject to any DevCo Performance Restricted Stock Award granted
in calendar year 2018 (each, a “2018 Performance Award”) and that is outstanding immediately prior to the Effective Time shall be determined by measuring actual performance of the applicable performance goals as of immediately prior
to the Distribution Date, with the ending share price for purposes of determining “TSR” (as defined under the applicable 2018 Performance Award agreement) determined based on the nine day period commencing with December 3, 2020 and
continuing up to and including December 11, 2020, and following the Effective Time, such Post-Separation DevCo Performance Restricted Stock Awards and the SpinCo Performance Restricted Stock Awards, in each case, with respect to such awards granted

  
 14 

 
in calendar year 2018 shall be subject solely to time-based and service-based vesting through the vesting dates applicable to each such award. 

Section 4.4 Treatment of DevCo Restricted LTIP Units. Each DevCo Restricted LTIP Unit Award that is outstanding as of immediately
prior to the Effective Time shall be converted, as of the Effective Time, into both a Post-Separation DevCo LTIP Unit Award and a SpinCo Restricted LTIP Unit Award and each such award shall, except as otherwise provided in this Section 4.4, be
subject to the same terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such DevCo Restricted LTIP Unit Award prior to the Effective Time; provided, however, that from and after the Effective Time
the number of units subject to (i) the Post-Separation DevCo Restricted LTIP Unit Award shall be equal to the number of LTIP Units subject to the corresponding DevCo Restricted LTIP Unit Award immediately prior to the Effective Time and
(ii) the SpinCo Restricted LTIP Unit Award shall be equal to the number of LTIP Units subject to the DevCo Restricted LTIP Unit Award immediately prior to the Effective Time. 

Section 4.5 Treatment of DevCo Performance Restricted LTIP Unit Awards. Each DevCo Performance Restricted LTIP Unit Award that is
outstanding immediately prior to the Effective Time shall be converted, as of the Effective Time, into both a Post-Separation DevCo Performance Restricted LTIP Unit Award and a SpinCo Performance Restricted LTIP Unit Award and each award shall,
except as otherwise provided in this Section 4.5, be subject to the same terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such DevCo Performance Restricted LTIP Unit Award prior to the
Effective Time; provided, however, that from and after the Effective Time the number of LTIP Units subject to (i) the Post-Separation DevCo Performance Restricted LTIP Unit Award shall be equal to the number of LTIP Units subject to the
corresponding DevCo Performance Restricted LTIP Unit Award immediately prior to the Effective Time, and (ii) the SpinCo Performance Restricted LTIP Unit Award shall be equal to the number of LTIP Units subject to the DevCo Performance
Restricted LTIP Unit Award immediately prior to the Effective Time; provided, further, that, in the case of (i) and (ii), the number of LTIP Units subject to any DevCo Performance Restricted LTIP Unit Award granted in calendar year 2018 (each,
a “2018 Performance LTIP Award”) and that is outstanding immediately prior to the Effective Time shall be determined by measuring actual performance of the applicable performance goals as of immediately prior to the Distribution
Date, with the ending share price for purposes of determining “TSR” (as defined under the applicable 2018 Performance LTIP Award agreement) determined based on the nine day period commencing with December 3, 2020 and continuing up
to and including December 11, 2020, and following the Effective Time, such Post-Separation DevCo Performance Restricted LTIP Unit Awards and SpinCo Performance Restricted LTIP Unit Awards, in each case, with respect to such awards granted in in
calendar year 2018, shall be subject solely to time-based and service-based vesting through the vesting dates applicable to each such award. 

Section 4.6 SpinCo Stock Plan. Effective as of the Effective Time, SpinCo shall have adopted the SpinCo Corporation 2020 Stock
Award and Incentive Plan (the “SpinCo Stock Plan”), which shall permit the grant and issuance of equity incentive awards denominated in SpinCo Common Stock as described in this Article IV. 

Section 4.7 General Terms. 

(a) All of the adjustments described in this Article IV shall be effected in accordance with Sections 424 and 409A of the Code, in each
case to the extent applicable. 

  
 15 

 
The Parties shall, prior to the Effective Time, take all actions, including obtaining appropriate resolutions of the DevCo Board and the SpinCo Board, and providing all notices and obtaining all
consents, that are necessary or desirable to give effect to the transactions contemplated by this Article IV. 
 (b) With respect to
Post-Separation DevCo Awards and SpinCo Awards, (A) employment with the DevCo Group shall be treated as employment with SpinCo with respect to SpinCo Awards held by a DevCo Employee who is employed by a member of the DevCo Group immediately
following the Effective Time and (B) employment with the SpinCo Group shall be treated as employment with DevCo with respect to Post-Separation DevCo Awards held by a SpinCo Employee who is employed by a member of the SpinCo Group immediately
following the Effective Time. In addition, none of the Restructuring, the Distribution or any employment transfer described in Section 2.2 shall constitute a termination of employment for any Employee for purposes of any DevCo Award,
Post-Separation DevCo Award or any SpinCo Award, as applicable. After the Effective Time, for any award adjusted under this Article IV, any reference to a “change in control,” “change of control” or similar definition in an award
agreement, employment agreement or DevCo Stock Plan applicable to such award (x) with respect to Post-Separation DevCo Awards, shall be deemed to refer to a “change in control,” “change of control” or similar definition as
set forth in the applicable award agreement, employment agreement or DevCo Stock Plan (a “DevCo Change in Control”), and (y) with respect to SpinCo Awards, shall be deemed to refer to a “Change in Control” as defined
in the SpinCo Stock Plan or applicable award agreement (a “SpinCo Change in Control”). Without limiting the foregoing, with respect to provisions related to vesting of awards, a DevCo Change in Control shall be treated as a SpinCo
Change in Control for purposes of SpinCo Awards held by DevCo Employees, and a SpinCo Change in Control shall be treated as a DevCo Change in Control for purposes of Post-Separation DevCo Awards held by SpinCo Employees. 

(c) Except as otherwise provided in this Section 4.8(c) or Article VI, after the Effective Time, Post-Separation DevCo Awards, regardless
of by whom held, shall be settled by DevCo, and SpinCo Awards, regardless of by whom held, shall be settled by SpinCo. Upon the vesting, payment or settlement, as applicable, of SpinCo Awards, SpinCo shall be solely responsible for ensuring the
satisfaction of all applicable tax withholding requirements on behalf of each SpinCo Employee and for ensuring the collection and remittance of applicable employee withholding Taxes to the DevCo Group with respect to each DevCo Employee (with DevCo
Group being responsible for remittance of the applicable employee Taxes and payment and remittance of the applicable employer Taxes relating to DevCo Employees to the applicable Governmental Authority). Upon the vesting, payment or settlement, as
applicable, of Post-Separation DevCo Awards, DevCo shall be solely responsible for ensuring the satisfaction of all applicable Tax withholding requirements on behalf of each DevCo Employee and for ensuring the collection and remittance of applicable
employee withholding Taxes to the SpinCo Group with respect to each SpinCo Employee (with SpinCo Group being responsible for remittance of the applicable employee Taxes and payment and remittance of the applicable employer Taxes relating to SpinCo
Employees to the applicable Governmental Authority). Following the Effective Time, DevCo shall be responsible for all income tax reporting in respect of Post-Separation DevCo Awards held by DevCo Employees and SpinCo shall be responsible for all
income tax reporting in respect of SpinCo Awards held by SpinCo Employees. 

  
 16 

 (d) SpinCo shall be responsible for the settlement of cash dividends on any Post-Separation
DevCo Award or SpinCo Award held by a SpinCo Employee. Prior to the date any such settlement is due, DevCo shall pay SpinCo in cash amounts required to settle any dividends with respect to Post-Separation DevCo Awards. DevCo shall be responsible for
the settlement of cash dividends on any Post-Separation DevCo Awards or SpinCo Awards held by a DevCo Employee. Prior to the date any such settlement is due, SpinCo shall pay DevCo in cash amounts required to settle any dividends accrued following
the Effective Time with respect to SpinCo Awards. 
 (e) Following the Effective Time, if any Post-Separation DevCo Award shall fail to
become vested, such Post-Separation DevCo Award shall be forfeited to DevCo, and if any SpinCo Award shall fail to become vested, such SpinCo Award shall be forfeited to SpinCo. 

(f) Each of the Parties shall establish an appropriate administration system to administer, in an orderly manner, (i) exercises of vested
Post-Separation DevCo Options and SpinCo Options, (ii) the vesting and forfeiture of unvested Post-Separation DevCo Awards and SpinCo Awards and (iii) the withholding and reporting requirements with respect to all awards. Each of the
Parties shall work together to unify and consolidate all indicative data and payroll and employment information in order to make certain that each applicable Person’s data and records in respect of the applicable equity awards are correct as of
the Effective Time. 
 (g) The Parties shall use their reasonable best efforts to maintain effective registration statements with the
Securities Exchange Commission with respect to the awards described in this Article IV, to the extent any such registration statement is required by applicable Law. 

(h) The Parties hereby acknowledge that the provisions of this Article IV are intended to achieve certain tax, legal and accounting
objectives and, in the event such objectives are not achieved, the Parties agree to negotiate in good faith regarding such other actions that may be necessary or appropriate to achieve such objectives. 

Section 4.8 Employee Stock Purchase Plan. The administrator of the DevCo ESPP shall take all actions necessary and appropriate to
(a) cease payroll deductions and other contributions by SpinCo Employees no later than the Effective Time; (b) cease payroll deductions and other contributions by DevCo Employees effective as of the end of the calendar quarter in which the
Effective Time occurs; and (c) terminate the DevCo ESPP effective as of the end of the calendar quarter in which the Effective Time occurs. Prior to the Effective Time, SpinCo shall adopt an employee stock purchase plan in a form substantially
similar to the DevCo ESPP (the “SpinCo ESPP”), and the SpinCo Employees shall be eligible to participate in the SpinCo ESPP effective no later than January 1, 2021. 

  
 17 

 ARTICLE V 

ADDITIONAL MATTERS 

Section 5.1 Annual Bonus Programs; Additional Payments. Annual cash bonuses payable under any Aimco Benefit Arrangement
that provides for payments of annual bonuses or other annual cash incentive awards in respect of the 2020 fiscal year (the “2020 Cash Bonuses”) shall be determined following the Effective Time based on actual performance results and
level of performance achieved in respect of the 2020 fiscal year measured against the applicable targets under the Aimco Benefit Arrangement and, if and to the extent earned, the 2020 Cash Bonuses shall be paid to the eligible DevCo Employees and
SpinCo Employees at the time or times DevCo otherwise would pay such 2020 Cash Bonuses in the ordinary course of business. For purposes of such payments of 2020 Cash Bonuses that are payable to SpinCo Employees, DevCo shall make a cash payment
to SpinCo equal to the amount determined to be payable to any SpinCo Employee pursuant to the terms of this Section 5.1, along with an additional amount relating to the employer portion of employment taxes required to paid with respect to such
cash payments, and SpinCo shall pay such cash payments, less any amounts required to be withheld for Taxes, to SpinCo Employees (and shall timely pay such employment taxes and withholding taxes to the appropriate Governmental Authority) promptly
upon receipt of such cash amounts from DevCo. DevCo or the applicable member of the DevCo Group shall reimburse SpinCo or the applicable member of the SpinCo Group for services provided to DevCo and any member of the DevCo Group by the Specified
Employee, on the basis of the time and effort spent by the Specified Employee for the benefit of DevCo and the DevCo Group, in accordance with the principles set forth on Schedule 5.1. 

Section 5.2 Time-Off Benefits. Unless otherwise required under applicable Law,
(i) SpinCo shall (A) credit each SpinCo Employee with the amount of accrued but unused vacation time, paid time-off and other time-off benefits as such SpinCo
Employee had with the DevCo Group as of immediately before the Distribution Date and (B) permit each such SpinCo Employee to use such accrued but unused vacation time, paid time off and other time-off
benefits in the same manner and upon the same terms and conditions as the SpinCo Employee would have been so permitted under the terms and conditions of the applicable DevCo policies in effect for the year in which such Distribution Date occurs, up
to and including full exhaustion of such transferred unused vacation time, paid-time off and other time-off benefits (if such full exhaustion would be permitted under the applicable DevCo policies in effect
for that year in which the Distribution Date occurs) and (ii) DevCo shall (A) credit each DevCo Employee with the amount of accrued but unused vacation time, paid time-off and other time-off benefits as such DevCo Employee had with the DevCo Group as of immediately before the Distribution Date and (B) permit each DevCo Employee to use such accrued but unused vacation time, paid time off
and other time-off benefits in the same manner and upon the same terms and conditions as the DevCo Employee would have been so permitted under the terms and conditions of the applicable DevCo Group policies in
effect for the year in which the Distribution Date occurs, up to and including full exhaustion of such transferred unused vacation time, paid-time off and other time-off benefits (if such full exhaustion would
be permitted under the applicable DevCo policies in effect for that year in which the Distribution Date occurs). 

  
 18 

 Section 5.3 COBRA Compliance. Effective as of
the Plan Transition Date, SpinCo shall assume and be responsible for administering compliance with the health care continuation requirements of COBRA, in accordance with the provisions of (i) the SpinCo Benefit Arrangements that are SpinCo
Welfare Plans, with respect to SpinCo Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the SpinCo Welfare Plans at any time after the Plan Transition Date and (ii) the SpinCo Transferred
Benefit Arrangements with respect to Terminating Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the SpinCo Transferred Benefit Arrangements at any time prior to the Plan Transition Date. 

Section 5.4 Code Section 409A. Notwithstanding anything in this Agreement to the contrary, the Parties
shall negotiate in good faith regarding the need for any treatment different from that otherwise provided herein with respect to the payment of compensation to ensure that the treatment of such compensation does not cause the imposition of a Tax
under Section 409A of the Code. In no event, however, shall any Party be liable to another in respect of any Taxes imposed under, or any other costs or Liabilities relating to, Section 409A of the Code. 

Section 5.5 Payroll Taxes and Reporting. The Parties shall (i) to the extent practicable,
treat SpinCo (or the appropriate member of the SpinCo Group) and DevCo (or the appropriate member of the DevCo Group) as a “successor employer” or “predecessor,” as applicable, within the meaning of Sections 3121(a)(1) and
3306(b)(1) of the Code, with respect to SpinCo Employees and DevCo Employees for purposes of Taxes imposed under the United States Federal Unemployment Tax Act or the United States Federal Insurance Contributions Act, and (ii) cooperate with
each other to avoid, to the extent possible, the filing of more than one IRS Form W-2 with respect to each SpinCo Employee and DevCo Employee for the calendar year in which the Effective Time occurs. 

Section 5.6 Regulatory Filings. Subject to applicable Law, DevCo shall retain responsibility for all employee-related regulatory
filings for reporting periods ending at or prior to the Effective Time, except for Equal Employment Opportunity Commission EEO-1 reports and affirmative action program (AAP) reports and responses to Office of
Federal Contract Compliance Programs (OFCCP) submissions, for which DevCo shall provide data and information (to the extent permitted by applicable Laws) to SpinCo, which shall be responsible for making such filings in respect of SpinCo Employees.

 Section 5.7 Disability. To the extent any DevCo Employee is, as of the Plan Transition Date,
receiving payments as part of any short-term disability program that is part of a DevCo Welfare Plan and that will become a SpinCo Transferred Benefit Arrangement as of the Plan Transition Date, such DevCo Employee’s rights to continued
short-term disability benefits (a) will end under any such DevCo Welfare Plan as of the Plan Transition Date; and (b) all remaining rights will be recognized under a DevCo Benefit Arrangement as of the Plan Transition Date, and the
remainder (if any) of such DevCo Employee’s short-term disability benefits will be paid by a DevCo Welfare Plan that is a DevCo Benefit Arrangement. In the event that any DevCo Employee described above shall have any dispute with the short-term
disability benefits they are receiving under a DevCo Welfare Plan that is a DevCo Benefit Arrangement, any and all appeal rights of such employees shall be realized through such DevCo Welfare Plan (and any appeal rights such DevCo Employee may have
under any such DevCo 

  
 19 

 
Welfare Plan will be limited to benefits received and time periods occurring prior to the Plan Transition Date). 

Section 5.8 Certain Requirements. Notwithstanding anything in this Agreement to the contrary, if the terms of a Collective
Bargaining Agreement or applicable Law require that any Assets or Liabilities be retained by the DevCo Group or transferred to or assumed by the SpinCo Group in a manner that is different from that set forth in this Agreement, such retention,
transfer or assumption shall be made in accordance with the terms of such Collective Bargaining Agreement or applicable Law and shall not be made as otherwise set forth in this Agreement. 

Section 5.9 REIT Protections. 

(a) DevCo acknowledges that certain SpinCo Affiliates (each, a “SpinCo REIT”) have elected to be classified as real estate
investment trusts (“REITs”) and, as a result, must comply with certain requirements, including, without limitation, the provisions of Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the
“Code”) (the “REIT Requirements”). In the event that counsel or independent accountants for any SpinCo REIT determine that there exists a material risk that any amounts due to SpinCo or any SpinCo Affiliate pursuant
to this Agreement would be treated as gross income not described in Section 856(c)(2) or 856(c)(3) of the Code (“Nonqualifying Income”), the amount paid to SpinCo or any SpinCo Affiliate under this Agreement in any tax year may
not exceed the maximum amount that can be paid to SpinCo or the applicable SpinCo Affiliate in such year without causing any SpinCo REIT to fail to meet the REIT Requirements for such year, determined as if the payment of such amount were
Nonqualifying Income. If the amount payable for any tax year under the preceding sentence is less than the amount that DevCo or its Affiliates would otherwise be obligated to pay to SpinCo pursuant to the Agreement (the “SpinCo Excess
Amount”), then DevCo or the applicable DevCo Affiliate shall place the SpinCo Excess Amount in escrow and shall not release any portion thereof to SpinCo or the applicable SpinCo Affiliate, and neither SpinCo nor such Affiliate shall be
entitled to any such amount, unless and until SpinCo or its Affiliate delivers to DevCo or its Affiliate at the sole option of the applicable SpinCo REIT, (A) notice that it has received advice of such SpinCo REIT’s tax counsel to the
effect that such amount, if and to the extent paid, would not constitute Nonqualifying Income, (B) a letter from the independent accountants of such SpinCo REIT indicating the maximum amount that can be paid at that time to SpinCo or the SpinCo
Affiliate without causing such SpinCo REIT to fail to meet the REIT Requirements for any relevant taxable year, in which case such maximum amount shall be paid to SpinCo or the applicable SpinCo Affiliate, or (C) a private letter ruling issued
by the Internal Revenue Service to the applicable SpinCo REIT indicating that the receipt of any SpinCo Excess Amount hereunder would not cause such SpinCo REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not
paid as a result of this provision shall terminate five years from the original date such amount would have been payable without regard to this provision and neither SpinCo nor any SpinCo Affiliate shall have any further right to receive any such
amount. 
 (b) SpinCo acknowledges that certain DevCo Affiliates (each, a “DevCo REIT”) have elected to be classified as
REITs and, as a result, must comply with the REIT Requirements. In the event that counsel or independent accountants for any DevCo REIT determine that there exists a material risk that any amounts due to DevCo or DevCo Affiliates

  
 20 

 
hereunder would be treated as Nonqualifying Income, the amount paid to DevCo or to any DevCo Affiliate under this Agreement in any tax year may not exceed the maximum amount that can be paid to
DevCo or the applicable DevCo Affiliate in such year without causing any DevCo REIT to fail to meet the REIT Requirements for such year, determined as if the payment of such amount were Nonqualifying Income. If the amount payable for any tax year
under the preceding sentence is less than the amount that SpinCo or its Affiliates would otherwise be obligated to pay to DevCo pursuant to this Agreement (the “DevCo Excess Amount”), then SpinCo or the applicable SpinCo Affiliate
shall place the DevCo Excess Amount in escrow and shall not release any portion thereof to DevCo or the applicable DevCo Affiliate, and neither DevCo nor such Affiliate shall be entitled to any such amount, unless and until DevCo or its Affiliate
delivers to SpinCo or its Affiliate at the sole option of the applicable DevCo REIT, (A) notice that it has received advice of such DevCo REIT’s tax counsel to the effect that such amount, if and to the extent paid, would not constitute
Nonqualifying Income, (B) a letter from the independent accountants of such DevCo REIT indicating the maximum amount that can be paid at that time to DevCo or the DevCo Affiliate without causing such DevCo REIT to fail to meet the REIT
Requirements for any relevant taxable year, in which case such maximum amount shall be paid to DevCo or the applicable DevCo Affiliate, or (C) a private letter ruling issued by the Internal Revenue Service to the applicable DevCo REIT
indicating that the receipt of any DevCo Excess Amount hereunder would not cause such DevCo REIT to fail to satisfy the REIT Requirements. The obligation to pay any amount which is not paid as a result of this provision shall terminate five years
from the original date such amount would have been payable without regard to this provision and neither DevCo nor any DevCo Affiliate shall have any further right to receive any such amount. 

ARTICLE VI 
 GENERAL
AND ADMINISTRATIVE 
 Section 6.1 Employer Rights. Nothing in this Agreement shall be
deemed to be an amendment to any Aimco Benefit Arrangement, DevCo Benefit Arrangement or SpinCo Benefit Arrangement or to prohibit any member of the DevCo Group or SpinCo Group, as the case may be, from amending, modifying or terminating any Aimco
Benefit Arrangement, DevCo Benefit Arrangement or SpinCo Benefit Arrangement at any time within its sole discretion. 
 Section 6.2
Effect on Employment. Nothing in this Agreement is intended to or shall confer upon any employee or former employee of DevCo, SpinCo or any of their respective Affiliates any right to continued employment, or any recall or similar rights to
any such individual on layoff or any type of approved leave. 
 Section 6.3 Consent of Third
Parties. If any provision of this Agreement is dependent on the Consent of any third party and such Consent is withheld, the Parties shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest
extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties hereto shall negotiate in good faith to implement the provision (as applicable) in a mutually satisfactory
manner. 

  
 21 

 Section 6.4 Access to Employees. On and after the Effective Time, DevCo and
SpinCo shall, or shall cause each of their respective Affiliates to, make available to each other those of their employees who may reasonably be needed in order to defend or prosecute any legal or administrative action (other than a legal action
between DevCo and SpinCo) to which any employee or director of the DevCo Group or the SpinCo Group or any DevCo Benefit Arrangement or SpinCo Benefit Arrangement is a party and which relates to a DevCo Benefit Arrangement or SpinCo Benefit
Arrangement. The Party to whom an employee is made available in accordance with this Section 6.4 shall pay or reimburse the other Party for all reasonable expenses which may be incurred by such employee in connection
therewith, including all reasonable travel, lodging and meal expenses, but excluding any amount for such employee’s time spent in connection herewith. 

Section 6.5 Beneficiary Designation/Release of Information/Right to Reimbursement. To the extent
permitted by applicable Law and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of information and rights to reimbursement made by or relating to SpinCo Employees under DevCo Benefit
Arrangements shall be transferred to and be in full force and effect under the corresponding SpinCo Benefit Arrangements until such beneficiary designations, authorizations or rights are replaced or revoked by, or no longer apply, to the relevant
SpinCo Employee. 
 Section 6.6 No Third-Party Beneficiaries. This Agreement is solely for the benefit of the Parties and,
except to the extent otherwise expressly provided herein, nothing in this Agreement, express or implied, is intended to confer any rights, benefits, remedies, obligations or Liabilities under this Agreement upon any Person, including any SpinCo
Employee or other current or former employee, officer, director or contractor of the DevCo Group or SpinCo Group, other than the Parties and their respective successors and assigns. 

Section 6.7 No Acceleration of Benefits. Except as otherwise provided in this Agreement, no
provision of this Agreement shall be construed to create any right, or accelerate vesting or entitlement, to any compensation or benefit whatsoever on the part of any SpinCo Employee or other former, current or future employee of the DevCo Group or
SpinCo Group under any Benefit Arrangement of the DevCo Group or SpinCo Group. 
 Section 6.8 Employee Benefits Administration.
At all times following the date hereof, the Parties will cooperate in good faith as necessary to facilitate the administration of employee benefits and the resolution of related employee benefit claims with respect to SpinCo Employees and DevCo
Employees, as applicable, including with respect to the provision of employee level information necessary for the other Party to manage, administer, finance and file required reports with respect to such administration. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.1 Amendments and Waivers. 

  
 22 

 (1) This Agreement may not be amended except by an agreement in writing signed by both
Parties. 
 (2) Any term or provision of this Agreement may be waived, or the time for its performance may be extended, by the Party
entitled to the benefit thereof and any such waiver shall be validly and sufficiently given for the purposes of this Agreement if it is in writing signed by an authorized representative of such Party. No delay or failure in exercising any right,
power or remedy hereunder shall affect or operate as a waiver thereof; nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power or remedy preclude any further exercise thereof or
of any other right, power or remedy. The rights and remedies hereunder are cumulative and not exclusive of any rights or remedies that either Party would otherwise have. 

Section 7.2 Entire Agreement. This Agreement and the Separation Agreement, including the Exhibits and Schedules referenced herein
and therein and attached hereto and thereto, constitute the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersede all prior negotiations, agreements, commitments, writings, courses of dealing
and understandings with respect to the subject matter hereof. 
 Section 7.3 Survival of Agreements. Except as otherwise
contemplated by this Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms. 

Section 7.4 Third-Party Beneficiaries. This Agreement is solely for the benefit of the Parties and should not be deemed to confer
upon third parties any remedy, claim, liability, reimbursement, cause of action or other right in excess of those existing without reference to this Agreement. 

Section 7.5 Notices. All notices, requests, permissions, waivers and other communications hereunder shall be in writing and shall
be deemed to have been duly given (a) five (5) Business Days following sending by registered or certified mail, postage prepaid, (b) when sent, if sent by facsimile or email of a PDF document (with confirmation of transmission) if
sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, (c) when delivered, if delivered personally to the intended recipient, and (d) one (1) Business Day
following sending by overnight delivery via a national courier service and, in each case, addressed to a Party at the following address for such Party (as updated from time to time by notice in writing to the other Party): 

i. If to DevCo or DevCo OP: 
 c/o
Apartment Investment and Management Company 
 4282 S. Ulster St. 

Suite 1450 
 Denver, CO 80237

  
 23 

 Attention: General Counsel; Chief Financial Officer 

ii. If to SpinCo or SpinCo OP: 

Apartment Income REIT Corp. 4282 S. Ulster St. Suite 1700 Denver, CO 80237 

Attention: General Counsel; Chief Financial Officer 

Section 7.6 Counterparts; Electronic Delivery. This Agreement may be executed in multiple counterparts, each of which when
executed shall be deemed to be an original, but all of which together shall constitute one and the same agreement. Execution and delivery of this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic means
shall be deemed to be, and shall have the same legal effect as, execution by an original signature and delivery in person. 

Section 7.7 Severability. If any term or other provision of this Agreement or the Schedules attached hereto is determined by
a nonappealable decision by a court, administrative agency or arbitrators to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the court, administrative agency or arbitrators shall interpret this Agreement so as to affect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions are fulfilled to the fullest
extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only as broad as is enforceable. 

Section 7.8 Assignability; Binding Effect. This Agreement shall be binding upon and inure to the benefit of the Parties and their
successors and permitted assigns; provided, however, that the rights and obligations of each Party under this Agreement shall not be assignable, in whole or in part, directly or indirectly, whether by operation of law or otherwise, by such Party
without the prior written consent of the other Party (such consent not to be unreasonably withheld, conditioned or delayed) and any attempt to assign any rights or obligations under this Agreement without such consent shall be null and void.
Notwithstanding the foregoing, either Party may assign its rights and obligations under this Agreement to any of their respective Affiliates; provided that no such assignment shall release such assigning Party from any liability or obligation under
this Agreement. 
 Section 7.9 Termination; Effect of Termination. Upon written notice, this Agreement may be terminated at any
time prior to the Effective Time by and in the sole discretion of DevCo 

  
 24 

 
without the approval of SpinCo or any other party thereto. In the event of termination pursuant to this Section 7.9, neither Party shall have any Liability of any kind to the other Party as
a result of such termination. 
 Section 7.10 Governing Law. This Agreement shall be governed
by, and construed and enforced in accordance with, the substantive Laws of the State of Delaware, without regard to any conflicts of law provisions thereof that would result in the application of the Laws of any other jurisdiction. 

Section 7.11 Construction. This Agreement shall be construed as if jointly drafted by the Parties and no rule of construction or
strict interpretation shall be applied against either Party. The Parties represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have. The Parties have relied upon their own knowledge and
judgment. The Parties have had access to independent legal advice, have conducted such investigations they thought appropriate, and have consulted with such other independent advisors as they deemed appropriate regarding this Agreement and their
rights and asserted rights in connection therewith. The Parties are not relying upon any representations or statements made by the other Party, or such other Party’s employees, agents, representatives or attorneys, regarding this Agreement,
except to the extent such representations are expressly set forth or incorporated in this Agreement. The Parties are not relying upon a legal duty, if one exists, on the part of the other Party (or such other Party’s employees, agents,
representatives or attorneys) to disclose any information in connection with the execution of this Agreement or their preparation, it being expressly understood that neither Party shall ever assert any failure to disclose information on the part of
the other Party as a ground for challenging this Agreement. 
 Section 7.12 Performance. Each Party shall cause to be performed,
and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Subsidiary or Affiliate of such Party. 

Section 7.13 Title and Headings. Titles and headings to Sections and Articles are inserted for the convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.. 
 Section 7.14
Schedules. The Schedules attached hereto are incorporated herein by reference and shall be construed with and as an integral part of this Agreement to the same extent as if the same had been set forth verbatim herein. 

[Signature Page Follows] 

  
 25 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day
and year first above written. 
  

			
	APARTMENT INVESTMENT AND MANAGEMENT COMPANY
		
	By:	 	/s/ H. Lynn C. Stanfield
		 	Name: H. Lynn C. Stanfield
		 	Title: Authorized Person

  

			
	AIMCO OP L.P.
		
	By:	 	/s/ H. Lynn C. Stanfield
		 	Name: H. Lynn C. Stanfield
		 	Title: Authorized Person

  

			
	APARTMENT INCOME REIT CORP.
		
	By:	 	/s/ Paul L. Beldin
		 	Name: Paul L. Beldin
		 	Title: Authorized Person

  

			
	AIMCO PROPERTIES, L.P.
		
	By:	 	/s/ Paul L. Beldin
		 	Name: Paul L. Beldin
		 	Title: Authorized Person

 [Signature Page to Employee Matters Agreement] 

  
 26 

 Schedule 1.1 

 

					
	 First Name
	  	 Last Name
	  	 Proposed Title

	Wes	  	Powell	  	President and Chief Executive Officer
	Lynn	  	Stanfield	  	Executive Vice President and Chief Financial Officer
	Jennifer	  	Johnson	  	Executive Vice President, Chief Administrative Officer and General Counsel
	Elizabeth “Tizzie”	  	Likovich	  	Senior Vice President, Central Division
	Derek	  	Ullian	  	Senior Vice President, West Division
	Lee	  	Hodges	  	Senior Vice President, Southeast Division
	Matt	  	Konrad	  	Senior Vice President, Northeast Division & Transactions
	Matt	  	Hopkins	  	Vice President, Development
	Chad	  	Levine	  	Vice President, Investment Finance
	James	  	Huang	  	Vice President, Development
	Tom	  	Marchant	  	Vice President, Tax and FP&A
	John	  	Nicholson	  	Vice President, Capital Markets & Treasurer
	Kelly	  	Terry	  	Director, Administration (Legal, Risk, HR)
	Matthew	  	Foster	  	Director, Capital Markets & Investor Relations
	Michael	  	Hodgkinson	  	Acquisitions Associate
	Joni	  	Burkitt	  	Contracts Manager
	Jonathan	  	Runge	  	Manager, Investment Finance
	Cody	  	Buck	  	Development Associate
	Dannell	  	Williams	  	Office Manager
	Christian	  	Lemon	  	Development Director
	Ahmad	  	Raza	  	Development Project Engineer
	Joseph	  	Smith	  	Development Project Engineer
	Amanda	  	Trainor	  	Development Project Manager
	Victor	  	Adalid Guzman	  	Development Project Manager
	Colin	  	Lienhard	  	Development Project Manager
	William	  	Strehse	  	Development Regional Project Manager
	Benjamin	  	Fleming	  	Development Senior Project Manager
	Jared	  	Hazard	  	Development Senior Project Manager
	Daniel	  	Chaviano	  	Deveolopment Project Manager
	Mark	  	Sinclair	  	Director of Transactions
	Monica	  	Lawson	  	Executive Assistant
	Heather	  	Stewart	  	Senior Director of Asset Management
	Caitlin	  	Whitham	  	Senior Director of Development
	Andrew	  	Juiris	  	Senior Director of Development
	Gavin	  	McNiven	  	Senior Director of Development
	Vanessa	  	Acosta	  	Senior Director of Development
	John (Tony)	  	Fracchia	  	Senior Director of Development

  
 27 

					
	Edward (Ted)	  	Hogan	  	Transactions Associate
	Cherokii	  	Ferguson	  	Assistant Project Manager
	Angela	  	Bruscato	  	Contracts Administrator
	Michael	  	Fasone	  	Finance Manager
	Brian	  	Cordes	  	Development Accounting Manager
	Candace	  	Dixon	  	Tax Manager
	Scott	  	Dickey	  	Finance Associate
	Patricia	  	Molloy	  	Executive Assistant
	Daniel	  	Morrey	  	Director of Finance
	Isis	  	Burgos	  	Senior Internal Auditor
	Justin	  	Frenzel	  	Vice President and Chief Accounting Officer
	David	  	Peterson	  	Director of Accounting
	Patrick	  	Carney	  	Development Associate
	Ivy	  	Oliver	  	Accounting Manager

  
 28 

 Schedule 3.1 

 

	1.	 Aimco 401(k) Retirement Plan 

 

	2.	 Apartment Investment and Management Company Deferred Compensation Plan 

 

	3.	 Apartment Investment and Management Co. Open Access Plus Medical Benefits—QHDHP Health Savings Plan; Open
Access Plus Medical Benefits Choice Care Plan; Open Access Plus Medical Benefits Qualified High Deductible Health Plan—Basic Health Plan 

  

	4.	 Apartment Investment and Management Company Health Savings Accounts 

 

	5.	 Apartment Investment and Management Company Bridge to Retirement Medical Plan 

 

	6.	 Apartment Investment and Management Company Group Vision Insurance Policy 

 

	7.	 Apartment Investment and Management Company Dental PPO 

 

	8.	 Apartment Investment and Management Company Flex Plan (including Health Care Flexible Spending Account and
Dependent Care Flexible Spending Account) 

  

	9.	 Apartment Investment and Management Company Employee Benefit Plan (wrap plan) 

 

	10.	 Apartment Investment and Management Company Group Life Insurance 

 

	11.	 Apartment Investment and Management Company Group Long Term Disability 

 

	12.	 Apartment Investment and Management Company Short Term Disability Income Plan 

 

	13.	 Apartment Investment and Management Company Accidental Coverage (High and Low) 

 

	14.	 Apartment Investment and Management Company Hospital Indemnity 

 

	15.	 Apartment Investment and Management Company Voluntary Short Term Disability Income Plan 

 

	16.	 Apartment Investment and Management Company Employee Assistance Program 

 

	17.	 Aimco Take Charge (Wellness Plan) 

 

	18.	 Apartment Investment and Management Company Executive Severance Policy 

 

	19.	 Apartment Investment and Management Company Provide Tuition Reimbursement 

 

	20.	 Apartment Investment and Management Company Transportation Benefit Plan 

  
 29 

 Schedule 5.1 

Following the Effective Time the Specified Employee shall report to the DevCo Board and shall provide services and assistance to DevCo and the DevCo Group
with respect to (i) short and long-term strategic direction and advice; (ii) transition and executive support to officers of DevCo and (iii) advice and consultation with respect to DevCo strategic growth and acquisition
activities. In respect of such advice and services, the Parties agree that, following the Effective Time, DevCo or a member of the DevCo Group shall reimburse SpinCo or a member of the SpinCo Group for all base salary, short-term incentive
amounts and long-term incentive amounts payable by SpinCo or the SpinCo Group to the Specified Employee in any calendar year under the terms of that certain Employment Agreement entered into between SpinCo OP and the Specified Employee as of
December 29, 2017, as amended, that are in excess of $1 million, collectively. 

  
 30

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