Document:

Exhibit 10.2

 

FORM OF 

ROFIN-SINAR
TECHNOLOGIES INC.

EXECUTIVE
TRANSITION agreement

 

AGREEMENT
made as of the 16th day of March, 2016, by and between ROFIN-SINAR TECHNOLOGIES INC. (the “Company”) and [·]
(the “Executive”).

 

RECITALS:

 

A. The Company expects
to enter into a merger agreement pursuant to which the Company would become a wholly-owned indirect subsidiary of another public
company (the “Acquirer”) in a transaction (the “Transaction”) that would constitute a Change in Control
(as defined below).

 

B. The Board of Directors
of the Company (the “Board”) recognizes that the possibility or threat of a Change in Control may lead to personal,
professional and financial uncertainties that, in turn, may result in the departure or distraction of key management personnel
of the Company and its Affiliates to the detriment of the Company and its stockholders.

 

C. The Executive has made
and is expected to continue to make substantial contributions to the management and operation of the business of the Company and/or
its Affiliates and is expected to play an essential role in the process leading to the consummation of the Transaction.

 

D. The Board has determined
that it is in the best interests of the Company and its stockholders to enter into this Agreement in order to assure the Company
of the Executive’s continuing dedication and focus notwithstanding the possibility or likelihood of a Change in Control.

 

NOW, THEREFORE, the Company
and the Executive agree as follows:

 

1.          Definitions.
For the purposes of this Agreement, the following terms shall have the meanings ascribed to them below.

 

(a)          “Affiliate”
means any direct or indirect subsidiary of the Company, including, without limitation, ROFIN-BAASEL Lasertech GmbH & Co. KG,
ROFIN-SINAR LASER GmbH and ROFIN-SINAR Technologies Europe S.L.

 

(b)          “Cause”
means the Executive’s (i) conviction or plea of nolo contendre to a felony; (ii) commission of fraud or a material act or
omission involving dishonesty with respect to the Company or any of its Affiliates, (iii) willful and continued failure to substantially
carry out the material responsibilities of the Executive’s employment (other than a failure attributable to illness or injury)
that is not cured by the Executive within a reasonable time after notice thereof is provided by the Board (or the Board of an Affiliate,
as the case may be) to the Executive; or (iv) gross negligence or willful misconduct in the performance of the Executive’s
duties which has had or is reasonably likely to have a material adverse effect on the Company or any of its Affiliates.

 

(c)          “Change
in Control” means any of the following events:

 

     

     

    

 

(i)          the
acquisition in one or more transactions by any "Person" (as the term person is used for purposes of Section 13(d) or
14(d) of the Exchange Act) of "Beneficial Ownership" (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of forty per cent (40%) or more of the combined voting power of the Company's then outstanding voting securities (the "Voting
Securities"), provided, however, that Voting Securities acquired directly from the Company by any Person shall be excluded
from the determination of such Person's Beneficial Ownership of Voting Securities (but such Voting Securities shall be included
in the calculation of the total number of Voting Securities then outstanding); or

 

(ii)         the
consummation of a merger or consolidation involving the Company if the stockholders of the Company, immediately before such merger
or consolidation, do not own, directly or indirectly immediately following such merger or consolidation, more than fifty percent
(50%) of the combined voting power of the outstanding Voting Securities of the corporation resulting from such merger or consolidation
in substantially the same proportion as their ownership of the Voting Securities immediately before such merger or consolidation;
or

 

(iii)        the
individuals who, as of the date hereof, are members of the Board (the "Incumbent Board"), cease for any reason to constitute
more than fifty percent (50%) of the Board, provided, however, that if the election, or nomination for election by the Company's
stockholders of any new director was approved by a vote of at least two-thirds of the Incumbent Board, such new director shall,
for purposes of the Plan, be considered as a member of the Incumbent Board, but excluding for this purpose, any such individual
whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than
the Board; or

 

(iv)        a
complete liquidation or dissolution of the Company or the sale or other disposition of all or substantially all of the assets of
the Company.

 

Notwithstanding the foregoing,
a Change in Control shall not be deemed to occur solely because forty percent (40%) or more of the then outstanding Voting Securities
is acquired by (1) a trustee or other fiduciary holding securities under one or more employee benefit plans maintained by the Company
or any of its Affilliates, or (2) any corporation which, immediately prior to such acquisition, is owned directly or indirectly
by the stockholders of the Company in the same proportion as their ownership of stock in the Company immediately prior to such
acquisition.

 

(d)          “Company”
means Rofin-Sinar Technologies Inc., any Affiliate that is the Executive’s principal employer and, following a Change in
Control, any direct or indirect successor to the business of the Company.

 

(e)          “Good
Reason” means actions or omissions by the Company or an Affiliate at the time of or following a Change in Control resulting
in a material negative change in the employment relationship with the Executive which, for the purposes hereof, means, without
the advance written consent of the Executive:

 

(i)          the
assignment to the Executive of any duties materially inconsistent with the Executive’s position, authority, duties or responsibilities
as in effect immediately prior to the

 

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Change in Control, or any
other material diminution in such position, authority, duties or responsibilities;

 

(ii)         a
reduction of the Executive’s annual base salary rate below the rate in effect immediately prior to the Change in Control;

 

(iii)        a
reduction of the bonus opportunities provided to Executive immediately prior to the Change in Control;

 

(iv)        a
failure by the Company to timely pay any compensation earned by the Executive;

 

(v)         relocation
of the Executive’s principal office by more than fifty (50) miles from the location of the Executive’s principal office
immediately prior to the Change in Control, or material increase in the Executive’s business travel requirements compared
to what was required immediately prior to the Change in Control; or

 

(vi)        the
failure or refusal by the successor or acquiring company to expressly assume the obligations of the Company under this Agreement
upon the consummation of a Change in Control.

 

Notwithstanding the foregoing,
the Executive will not have “Good Reason” to terminate employment merely because the Executive is no longer a senior
executive of a public company and/or has a change in title, duties, authority, responsibilities or reporting structure as a result
of the Change in Control transaction (including having a reporting relationship within a larger company) provided that the Executive
retains a substantially similar level of responsibilities over the other portions and areas of the business for which the Executive
exercised responsibility prior to the Change in Control. In order to terminate employment for Good Reason, the Executive must,
within 90 days after the occurrence of the event or condition giving rise to Good Reason, furnish written notice to the Company
indicating Executive’s intention to terminate employment for Good Reason and describing the act(s) and/or omission(s) that
the Executive deems to constitute Good Reason. The Company shall have 30 days after receipt of such notice to review and correct
(or cause one or more Affiliates to correct) the situation and thus prevent Executive’s termination for Good Reason.

 

(f)          “Severance
Event” means a termination of the Executive’s employment with the Company and its Affiliates (1) by the Company or
an Affiliate without Cause, or (2) by the Executive for Good Reason, in either case occurring within one year following the date
of a Change in Control.

 

2.          Change
in Control Severance Protection. If a Severance Event occurs, then the Executive will be entitled to receive any accrued and
unpaid compensation, consisting of the unpaid amount, if any, of Executive’s previously earned base salary; the unpaid amount,
if any, of the bonus earned by the Executive for the preceding year; and any vested payments and benefits accrued by the Executive
under and in accordance with the terms of any employee plan in which the Executive was a participant. In addition, subject to the
provisions hereof, including, as applicable, the release and other conditions set forth in Section 4 and the non-duplication

 

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provisions of Section 6,
the Executive will be entitled to receive a single sum cash payment equal to the sum of:

 

(a)          an
amount equal to the product of (i) the amount of the Executive’s target bonus opportunity, if any, for the fiscal year in
which the Executive’s employment terminates, or, if there is no target bonus opportunity for such year, the amount of the
annual bonus earned by the Executive for the preceding year, multiplied by (ii) a fraction, the numerator of which is the number
of days elapsed from the beginning of the fiscal year in which the Executive’s employment terminates until the date of such
termination, and the denominator of which is 365; plus

 

(b)          an
amount equal to the greater of (i) [·] times the sum of (A) the Executive’s
annual rate of salary in effect on the date the Executive’s employment terminates (or, if greater, the rate in effect immediately
before the Change in Control), plus (B) the annual bonus amount described in Section 2(a)(i) above, or (ii) the aggregate amount
of the severance, salary continuation or other payments the Executive would be entitled to receive by reason of such termination
of employment pursuant to the terms of any employment or other agreement by or among the Executive, the Company and/or any Affiliates
of the Company and/or pursuant to the requirements of applicable law; plus

 

(c)          if
the Executive is a covered participant in health insurance under German law, an amount equal to the sum of (i) 50% of the total
contributions to such health insurance coverage for the Executive for the 12 months following the termination of the Executive’s
employment, or, if less, $7,000.00, plus (ii) an income tax gross-up amount sufficient to enable the Executive to retain the full
amount described in (i) on an after tax basis.

 

Notwithstanding the foregoing,
if the Executive is a covered participant in a Company-sponsored group health plan maintained in the United States, then, in lieu
of the cash payment described in Section 2(c) above, the Executive will have access to continuing and uninterrupted participation
in such group health plan for 12 months following the date of such termination at the same benefit and contribution levels and
on the same basis as if the Executive’s employment had continued (which continuing participation will, to the extent permitted,
be deemed to be in addition to and not in lieu of continuation coverage that may be available under the Consolidated Budget Reconciliation
Act of 1986 or similar state law), provided that, if such continuing group health plan participation is not permitted by the terms
of the plan and if the Executive (and/or the Executive’s spouse or a covered dependent) shall be entitled to receive such
statutory continuation coverage, the Company shall pay the full cost of such coverage for up to 12 months following the termination
of the Executive’s employment (or, if earlier, until the Executive becomes eligible to receive corresponding coverage under
a successor employer’s plan). If the Executive’s employment ends before the expiration of the applicable notice period,
then the duration of the applicable notice period will be deemed as job tenure of the Executive for the purposes of any employer
pension arrangements.

 

3.          Accelerated
Vesting of Equity Awards. If a Change in Control occurs, then, immediately prior to the Change in Control, any previously unvested
outstanding stock options, stock appreciation rights, restricted stock units, shares of restricted stock and other forms of equity-based
incentive awards held by the Executive will become fully vested.

 

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4.          Release
of Claims and Other Conditions; Timing of Payments. The Executive’s right to receive and retain any severance payments
or benefits pursuant to Section 2(a) – 2(c) may be conditioned upon (a) the Executive’s delivery to the Company of
a signed release of claims (substantially in the form attached hereto as Exhibit A) and the Executive’s not revoking such
release within 60 days after the date of the Severance Event, and (b) if such release is not fully enforceable by a non-U.S. Affiliate,
Executive’s delivery to the Company within such 60-day period of a signed separation agreement between the Executive and
any such Affiliate (in such form as the Company may reasonably require in order to comply with applicable law) pursuant to which
the Executive and the Affiliate waive any and all mutual claims in connection with the service relationship and its termination.
If the Company decides to impose the release/separation agreement condition, it must furnish written notification of its decision
to the Executive within ten days after the date of the Severance Event. Severance payments and benefits that are subject to a release/separation
agreement condition under this paragraph will be made on the day following the date on which the release/separation agreement condition
is satisfied; provided that, if the 60-day period during which the release/separation agreement condition may be satisfied straddles
two calendar years, then, to the extent necessary in order to avoid any additional U.S. tax under Section 409A of the Code, payment
will be made on the later of the date on which the release/separation agreement condition is satisfied and January 2 of the calendar
year following the calendar year in which the Severance Event occurs. If the Company does not provide the written release/separation
agreement notice to the Executive within ten days after the date of the Severance Event, then the severance amounts and benefits
payable to the Executive under Section 2(a)–2(c), if any, shall be paid to the Executive within ten business days after the
date of the Severance Event. Notwithstanding the foregoing, (i) the group health benefits, if any, described in Section 2(c) will
begin when the Severance Event occurs and, if the release/separation agreement condition applies and is not satisfied, will thereupon
terminate, subject to the right of the Company to recoup premium payments made prior to such termination; and (ii) the Executive
will not be entitled to payments or benefits described in Sections 2(a) – (c) and 3 if, at any time from the date hereof
until the date of the Change in Control, the Executive fails to use Executive’s best efforts to perform the duties and responsibilities
of the Executive’s employment with the Company (including participating positively and constructively with respect to the
discussions, negotiation of and process leading up to a possible Change in Control), all to the reasonable satisfaction of the
Board.

 

5.          Golden
Parachute Tax Limitation for U.S. Taxpayers. If, when combined with the payments and benefits the Executive is entitled to
receive under any other agreement, plan, program or arrangement of the Company, the Executive would be subject to excise tax under
Section 4999 of the Code and the Company would be denied a deduction under Section 280G of the Code, then the severance amounts
otherwise payable to the Executive under this Agreement will be reduced by the minimum amount necessary to ensure that the Executive
will not be subject to such excise tax; provided, however, that no such reduction will be made if, after the payment of income
tax and such excise tax, the Executive would be in a better economic position than would otherwise have been the case if such reduction
had been made.

 

6.          Effect
of Other Agreements. Notwithstanding the provisions hereof (including, without limitation, Section 16), if the Executive is
entitled to receive separation payments or benefits (including, without limitation, salary payments to which the Executive may
be entitled during an applicable notice period) pursuant to another agreement with the Company or an

 

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Affiliate or pursuant to
applicable law, then the separation payments and benefits otherwise payable to the Executive under Section 2(a) – 2(c) of
this Agreement shall be reduced by any corresponding payments and benefits that the Executive receives or will receive pursuant
to such other agreement or applicable law, in order to avoid duplication. Notwithstanding the foregoing, such reduction shall not
apply if and to the extent that the Executive waives the right to receive such salary or other payments pursuant to an agreement
with the Company and/or an Affiliate that is binding under the laws of the jurisdiction(s) governing the Executive’s rights
to such salary and other payments.

 

7.          No
Duty to Mitigate. Except as otherwise specifically provided herein, the Executive’s entitlement to payments and benefits
hereunder is not subject to mitigation or a duty to mitigate by the Executive.

 

8.          Successors
and Assigns. The Company shall require any successor or assignee, whether direct or indirect, by purchase, merger, consolidation,
or otherwise, to all or substantially all the business or assets of the Company and its Affiliates taken as a whole, and as a condition
to any such purchase, merger, consolidation or other form of transaction, expressly and unconditionally to assume and agree to
perform or cause to be performed the Company’s obligations under this Agreement. In any such event, the term “Company,”
as used herein shall include any such successor or assignee.

 

9.          Legal
Fees to Enforce Rights after a Change in Control. If, following a Change in Control, the Company fails to comply with any of
its obligations under this Agreement or the Company takes any action to declare this Agreement void or unenforceable or institutes
any arbitration, litigation or other legal action designed to deny, diminish or to recover from the Executive the payments and
benefits intended to be provided, then the Executive shall be entitled to select and retain counsel at the expense of the Company
to represent the Executive in connection with the good faith initiation or defense of any arbitration, litigation or other legal
action, whether by or against the Company or any director, officer, stockholder or other person affiliated with the Company or
any successor thereto in any jurisdiction, in connection with the enforcement by the Executive of the Executive’s rights
hereunder.

 

10.         Not
a Contract of Employment. This Agreement shall not be deemed to constitute a contract of employment between the Executive and
the Company. Nothing contained herein shall be deemed to give the Executive a right to be retained in the employ or other service
of the Company or to interfere with the right of the Company to terminate the Executive’s employment at any time.

 

11.         Arbitration.
Any claim or controversy arising out of or relating to this Agreement or the breach hereof shall be resolved exclusively by arbitration.
Any such arbitration will be administered in accordance with the Employment Dispute Resolution Rules of the American Arbitration
Association (“AAA”), in or near the area of Plymouth, Michigan before an experienced employment law arbitrator licensed
to practice law in that jurisdiction who has been selected in accordance with such Rules. Each party may be represented by counsel.
The arbitrator’s award will be enforceable, and a judgment may be entered thereon, in a federal or state court of competent
jurisdiction in the state where the arbitration was held. The decision of the arbitrator will be final and binding.

 

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12.         Governing
Law. This Agreement shall be governed by the laws of the state of Michigan, excluding its conflict of law rules.

 

13.         Continuing
Indemnification. If the Executive is made, or threatened to be made, a party to any legal action or proceeding, whether civil
or criminal, including any governmental or regulatory proceedings or investigations, and whether commencing before or after the
termination of the Executive’s employment with the Company and its Affiliates, by reason of the fact that the Executive is
or was an employee, officer or director of the Company or any of its Affiliates, the Executive shall be indemnified by the Company,
and the Company shall pay the Executive's related expenses when and as incurred, all to the fullest extent permitted by applicable
law and the Company's organizational documents and as may be covered by liability insurance, to the same extent as is applicable
to other officers of the Company. The foregoing shall be in addition to any other indemnification rights which the Executive may
have at the time of the Change in Control.

 

14.         Counterparts.
This Agreement may be executed in separate counterparts, each of which will be an original and all of which taken together shall
constitute one and the same agreement, and any party hereto may execute this Agreement by signing any such counterpart.

 

15.         Tax
Withholding; Section 409A Compliance.

 

(a)          Withholding.
The payment of any amount pursuant to this Agreement shall be subject to all applicable tax withholding.

 

(b)          Section
409A. This Section 15(b) applies only if the Executive is a U.S. taxpayer for U.S. income tax purposes. It is intended that
any amounts payable to the Executive under this Agreement will be exempt from the provisions of Section 409A of the Internal Revenue
Code of 1986 and the regulations issued thereunder (“Section 409A”). Nevertheless, if and to the extent that a payment
under the Agreement is deemed to be subject to Section 409A (a “Covered Payment”), then, for the purposes of the Agreement
and Section 409A:

 

(i)          Each
Covered Payment will be treated as a separate payment under Section 409A.

 

(ii)         The
term “termination of employment” or words of like import shall be deemed to mean a “separation from service”
within the meaning of Section 409A.

 

(iii)        If
the Executive is treated as a “specified employee” within the meaning of Section 409A at the time of the termination
of the Executive’s employment, then any Covered Payment that would otherwise be due within six months after such termination
of employment will be delayed until the first business day of the seventh month following the date of termination or, if earlier,
the date of the Executive’s death, to the extent such delay is required by Section 409A. On the delayed payment date, the
Executive (or, if applicable, the deceased Executive’s estate) will receive a catch-up payment equal to the aggregate amount
of the Covered Payments that were delayed pursuant to the preceding sentence.

 

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(iv)        Notwithstanding
the foregoing, the Executive shall be solely responsible for, and the Company shall have no liability for or with respect to any
taxes, acceleration of taxes, interest or penalties arising under Section 409A.

 

16.         Entire
Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof
and supersedes any prior and/or contemporaneous understandings, agreements or representations, written or oral, relating to the
subject matter hereof. This Agreement may be amended only by a written instrument signed by both parties.

 

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

 

	 	ROFIN-SINAR TECHNOLOGIES INC.
	 	 
	 	By:	 
	 	 	 
	 	 
	 	[·]

 

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exhibit a

RELEASE AGREEMENt

 

This Release Agreement
(“Agreement”) is made as of [●] by and between [●] (“Executive”) and ROFIN-SINAR TECHNOLOGIES
INC. (the “Company”). Capitalized terms used but not defined herein shall have the meanings ascribed to them by the
Change in Control Agreement made by and between the Company and the Executive as of the 16th day of March, 2016 (the “Change
in Control Agreement”).

 

1.          This
will confirm that a Severance Event has occurred. In accordance with the Change in Control Agreement, the Company has timely notified
the Executive that the Executive’s right to receive and retain certain severance payments and benefits under Section 2 of
the Change in Control Agreement is conditioned upon the timely receipt by the Company of a release by the Executive which is no
longer subject to revocation. Accordingly, in consideration of the severance payments and benefits under the Change in Control
Agreement and other good and valuable consideration, Executive for himself/herself and for the executors and administrators of
the Executive’s estate, and the Executive’s heirs, successors and assigns, hereby releases and forever discharges the
Company and its officers, directors, employees and stockholders from any and all claims, actions, causes of action, suits, sums
of money, debts, dues, accounts, reckonings, bonds, bills, covenants, contracts, controversies, agreements, promises, demands or
damages of any nature whatsoever or by reason of any matter, cause or thing regardless of whether known or unknown at present,
which against the Company or any of its officers, directors, employees or stockholders Executive ever had, now has or may have
arising out of or relating to the Executive’s employment with the Company or the termination of such employment occurring
or existing at any time prior to and including the date of this Release (collectively defined herein as “Claims”).
This Release includes, but is not limited to, all Claims the Executive might have under Title VII of the Civil Rights Act of 1964,
as amended, 42 U.S.C. §§2000e, et. seq.; 42 U.S.C. §§1981, et. seq.; the Americans with Disabilities
Act, 29 U.S.C. §§2000e, et. seq.; the Age Discrimination in Employment Act; the Older Workers Benefits Protection
Act; the federal Family and Medical Leave Act; Section 451 et. seq.; similar Michigan or other laws, and any and all statutory
and common law causes of action for defamation; slander; slander per se; defamation per se; false light; tortious
interference with prospective business relationships; assault; sexual assault; battery; sexual harassment; sexual discrimination;
hostile work environment; discrimination; retaliation; workers’ compensation retaliation; wrongful termination; intentional
infliction of emotional distress; breach of a duty or obligation of any kind or description, including any implied covenant of
good faith and fair dealing; and for breach of contract or any tort whatsoever, as well as any expenses or attorney’s fees
associated with such Claims. The parties acknowledge that this Release does not either affect the rights and responsibilities of
the Equal Employment Opportunity Commission to enforce the Age Discrimination in Employment Act, or justify interfering with the
protected right of an employee to file a charge or participate in an investigation or proceeding conducted by the Equal Employment
Opportunity Commission under the Age Discrimination in Employment Act. In the event the Equal Employment Opportunity Commission
commences a proceeding against the Company in which Executive is a named party, the Executive agrees to waive and forego any monetary
claims which may be alleged by the Equal Employment Opportunity Commission to be owed to Executive. Notwithstanding the foregoing,
nothing in the provisions of this Release shall act as a release by the Executive of any Claims against the Company with respect
to (i) any amounts or benefits to which the Executive may become entitled to receive under the Change in

 

     

     

    

 

Control Agreement, (ii) any
right the Executive may have to indemnification under the terms of the Change in Control Agreement or under the terms of any other
applicable indemnification agreement, the organizational documents of the Company, the terms of any insurance policy, the terms
of any Company indemnification policy, the terms of applicable law or otherwise, (iii) the Executive’s rights under and in
accordance with the terms of any employee benefit plan in which Executive participates, and (iii) any Claims arising with respect
to acts, events or occurrences taking place after the date of this Release.

 

2.          Executive
has been advised to consult with an attorney prior to executing this Agreement. By executing this Agreement, Executive acknowledges
that (a) Executive has been provided with an opportunity to consult with an attorney or other advisor of his/her choice regarding
the terms of this Agreement, (b) this is a final offer and Executive has been given [21 or 45, as applicable] days in which
to consider whether Executive wishes to enter into this Agreement, (c) Executive has elected to enter into this Agreement knowingly
and voluntarily and (d) if Executive does so within fewer than [21]/[45] days from receipt of the final document the Executive
has knowingly and voluntarily waived the remaining time. This Agreement shall be fully effective and binding upon all parties hereto
immediately upon execution of this Agreement except as to rights or claims arising under the ADEA, in which case Executive has
7 days following execution of this Agreement to change his/her mind.

 

	 	 
	 	Executive
	 	 
	 	NAME OF COMPANY
	 	 
	 	By:	 
	 	Title:	 

 

    - 2 -EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) dated as of March 16, 2016, is entered into by and between Colony
Starwood Homes, a Maryland real estate investment trust formerly known as Starwood Waypoint Residential Trust (the “Company”), and Frederick C. Tuomi (the “Employee”). 

WHEREAS, the Company wishes to secure the continued services of the Employee; and 

WHEREAS, the Employee wishes to continue his service with the Company and to enter into this Agreement on the terms and conditions
hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and
valuable consideration, the receipt and adequacy of which are mutually acknowledged, the Company and the Employee agree as follows: 
 1.
Start Date. The Employee’s start date will be January 5, 2016, the effective date of the merger of Colony American Homes, Inc. into a wholly-owned subsidiary of the Company (the “Start Date”). 

2. Term. The term of the Employee’s employment with the Company under this Agreement will commence on the Start Date and
continue until the third (3rd) anniversary thereof, unless the Employee’s employment is earlier terminated by the Employee or the Company, in either case with or without
“Cause” (as such term is defined in Section 9(c)) or reason (the term of the Employee’s employment, the “Term”). After the expiration of the initial Term, the Term shall automatically renew for additional
one (1) year periods on each anniversary of the Start Date, unless either party to this Agreement gives written notice of non-renewal to the other party at least sixty (60) days prior to the applicable anniversary of the Start Date. The
Employee acknowledges that the Employee’s employment hereunder is terminable at will, subject to the terms and conditions herein. 
 3.
Position and Duties. During the Term, the Employee will be the Chief Executive Officer of the Company and will be responsible for the management and operation of the Company. The Employee will report to the Board. All other officers
and employees will report to the Employee, unless otherwise determined by the Board. Notwithstanding the foregoing, all major decisions involving the Company shall be made under the supervision of the Board consistent with the terms of the
Company’s organizational documents. During the Term, the Employee agrees to devote substantially all the Employee’s business time, attention and skill to the performance of the Employee’s duties to the Company, subject to reasonable
allowances for illness and vacation. Notwithstanding the foregoing, during the Term, the Employee will be permitted to engage in (a) management of the Employee’s personal investments, so long as such activities do not interfere or conflict
in more than an immaterial manner with the performance of the Employee’s responsibilities as an employee or officer of the Company in accordance with this Agreement; (b) continued membership on any boards of companies or charitable
institutions on which the Employee currently serves; and (c) such board memberships as the Board may approve in advance at its sole discretion. 

 4. Location. During the Term, the Employee will perform the Employee’s duties
in offices provided by the Company in Scottsdale, Arizona (the “Principal Location”) or such other location as agreed to between the Company and the Employee, and the Employee will be expected to travel to other areas as may
be reasonably necessary to fulfill the Employee’s duties and responsibilities hereunder. 
 5. Salary. During the Term,
the Employee will receive from the Company a base salary at the annual rate of no less than $550,000 (the “Base Salary”), payable in substantially equal installments at such intervals as may be determined by the Company in
accordance with its ordinary payroll practices as established from time to time. For the avoidance of doubt, any increase to the Base Salary shall be in the sole discretion of the Compensation Committee (the “Committee”) of
the Board of Trustees of the Company (the “Board”). 
 6. Annual Bonus. Commencing with calendar year
2016 and during each year during the Term thereafter, and subject to the terms herein, the Employee will be eligible to receive a discretionary annual bonus that has a target amount equal to 145.45% of the Base Salary in effect for the relevant year
(“Target Bonus”); provided, however, that the actual amount of the annual bonus earned by and payable to the Employee for any year shall be determined by the Committee in its sole discretion, based on the Employee’s
achievement of individual and/or Company performance criteria. The Company performance criteria for calendar year 2016 are set forth on Schedule A attached hereto. The Employee’s bonus will be paid annually to the Employee, when annual
bonuses are paid generally (but no later than March 15 of the fiscal year following the fiscal year with respect to which the bonus was earned), and to be eligible to receive a bonus, the Employee must remain in the employment of the Company or
any of its Affiliates until the last day of the fiscal year with respect to which the bonus is earned. 
 7. Equity
Compensation. The Company shall grant to the Employee an award of restricted share units (“RSUs”) representing the right to receive the number of the Company’s common shares (the “Underlying
Shares”) in an amount equal to the quotient obtained by dividing (i) $3,000,000, by (ii) the fair market value per share of the Company’s common shares on the date of grant (the “RSU Award”).
Subject to the Employee’s continued service with the Company through the applicable vesting date, one-fourth (1/4) of the RSU Award shall vest and become non-forfeitable on each of the first, second, third and fourth anniversaries of the
date of grant. Upon vesting, RSUs shall be settled in common shares of the Company. The Employee shall also have the right to receive on a current basis dividend equivalent payments and/or distribution equivalent payments. The terms and conditions
of the RSU Award will be set forth in a separate award agreement (the “RSU Award Agreement”), to be entered into by the Company and the Employee, which will evidence the grant of the RSU Award. The Company may grant
additional equity awards to the Employee during the Term in the sole discretion of the Committee. 
 8. Benefits. During the
Term, the Employee (and, as applicable, the Employee’s dependents) will be entitled to participate in the Company’s standard benefits package on the same terms as similarly situated employees of the Company, with health benefits to be
effective as of the Employee’s Start Date. These plans and benefits may be changed at any time, for any reason, by the Company. 

  
 2 

 9. Termination. 

(a) Termination Without Cause or for Good Reason. In the event of the Employee’s termination of employment
by the Company without Cause or by the Employee for Good Reason, the Employee will be entitled to receive (i) in a single lump-sum payment on the termination date, the aggregate amount of the Employee’s earned but unpaid Base Salary, any
earned but unpaid bonus in respect of service for the prior year (in accordance with Section 6) (by way of illustration, if the Employee’s termination date is March 15, 2017, the Employee will be eligible to receive the
Employee’s annual bonus for calendar year 2016 in an amount determined in accordance with Section 6) and accrued but unpaid vacation pay through the termination date (together, the “Accrued Obligations”),
(ii) an amount equal to the sum of (A) eighteen (18) months’ gross Base Salary (calculated based on the Employee’s annualized rate in effect on the Employee’s termination date), plus (B) the Employee’s Target
Bonus for the year in which the Employee’s termination occurs, payable in one cash lump sum on the sixtieth (60th) day following the Employee’s termination date, (iii) an amount equal to a pro rated portion of the Target Bonus
for the year in which the Employee’s termination occurs (pro rated based on the number of days in the calendar year in which the Employee’s termination date occurs through the Employee’s termination date) (by way of illustration, if
the Employee’s termination date is March 1, 2017, the Employee will be eligible to receive an amount equal to the product of: (A) the Employee’s Target Bonus for calendar year 2017 multiplied by (B) the quotient obtained by
dividing (x) the number of days between January 1, 2017 and March 1, 2017 by (y) 365), payable in one cash lump sum on the sixtieth (60th) day following the Employee’s termination date, (iv) for a period of twelve
(12) months following the Employee’s termination date, provided that the Employee timely elects to receive continuation coverage under the Company’s group health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (“COBRA”), Company-paid continued healthcare coverage under its group health plans at the same levels and the same cost to the Employee as would have applied if the Employee’s employment had not been
terminated (based on the Employee’s elections in effect on the Employee’s termination date), and (v) acceleration and vesting in full (and, to the extent applicable, exercisability) of all outstanding time-based equity awards held by
the Employee on the termination date (but not performance-based awards, which shall continue to vest in accordance with their terms), in each case subject to the conditions herein. It shall be a condition to the Employee’s right to receive and
retain the amounts set forth in sub-clauses (ii) - (v) above that the Employee (A) timely executes and returns (and does not revoke or breach) a valid confidential general release agreement in the form attached hereto as Schedule B, and
(B) complies fully and in all respects with the Employee’s obligations under Section 12 herein. 
 (b)
Termination For Cause or Due to Death or Disability; Resignation of Employment. If the Employee is terminated from employment for Cause or due to death or disability or if the Employee resigns for any reason, the Employee will be
entitled to receive the Accrued Obligations only and will not be eligible to receive any portion of the annual bonus described in Section 6 for the year in which the Employee’s termination of employment occurs. However, if the

  
 3 

 
Employee is terminated from employment due to death or disability, all outstanding equity awards held by the Employee on the termination date will immediately become fully vested and, as
applicable, exercisable. 
 (c) Definition of “Cause”. For purposes of this Agreement,
“Cause” means 
 i. any actions or omissions by the Employee representing a fraud or willful
misconduct against the Company or an Affiliate of the Company; 
 ii. the Employee’s conviction of (or plea of guilty
or no contest to) an Applicable Felony (as defined below) (unless reversed, overturned or vacated on appeal); or 
 iii. any
action or omission by the Employee representing a grossly negligent, willful or reckless disregard of any of the Employee’s duties and obligations under this Agreement or otherwise to the Company or an Affiliate of the Company and such action
or omission results in materially adverse consequences to the Company or an Affiliate of the Company, provided that, if such action or omission is capable of correction, the Employee do not fully correct such circumstances within fifteen
(15) days after a written notice is delivered to the Employee by the Board, which notice specifically identifies the manner in which the Board believes that the Employee have grossly negligently, willfully or recklessly disregarded such duties
and obligations. 
 For purposes of this Agreement, (A) no act or failure to act shall be considered “willful” unless it is
done, or omitted to be done, without reasonable belief that such action or omission was in the best interests of the Company or an Affiliate of the Company and (B) an “Applicable Felony” means a felony (i) relating
to the Company’s or any of its Affiliates’ operations or affairs, or to any other Company business or financial matters, (ii) resulting in incarceration for a period of at least forty-five (45) consecutive days or for a total
period of ninety (90) days in any 360-day period, or (iii) which would materially interfere with the ability of the Company or an Affiliate of the Company to acquire real estate related interests or to obtain financing from any federal,
state or local governmental agency or authority regularly engaged in the selling or financing of real estate related interests or which results in a default or an event of default under a joint venture agreement, or any mortgage or other instrument
or agreement by which the Company or an Affiliate of the Company or any of their respective direct or indirect assets are bound. 

(d) Definition of “Good Reason”. For purposes of this Agreement, “Good Reason”
means the occurrence of any one or more of the following events without the Employee’s prior written consent, unless the Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction)
as provided below: 
 i. a material diminution in the Employee’s position (including status, offices, titles and
reporting requirements), authority, duties or responsibilities as contemplated by Section 3; 

  
 4 

 ii. a material reduction of the Base Salary or Target Bonus opportunity, as the
same may be increased from time to time; 
 iii. a change in the geographic location of the Principal Location by more than
twenty-five (25) miles from its existing location; or 
 iv. the Company’s material breach of this Agreement. 

Notwithstanding the foregoing, the Employee will not be deemed to have resigned for Good Reason unless (1) the Employee provide the
Company with written notice setting forth in reasonable detail the facts and circumstances claimed to constitute Good Reason within sixty (60) days after the date of the occurrence of any event that the Employee know or should reasonably have
known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within thirty (30) days following its receipt of such notice, and (3) the effective date of the Employee’s termination for Good Reason occurs
no later than sixty (60) days after the expiration of the Company’s cure period. 
 (e) Termination as a
Result of Retirement. Notwithstanding the foregoing or the terms of any equity award agreement to the contrary, if the Employee’s service with the Company terminates as a result of the Employee’s “Retirement,” any equity
award granted thereunder will continue to become vested and payable as if the Employee’s service with the Company had not terminated upon such Retirement. For this purpose, “Retirement” shall mean the Employee’s
termination of service upon the attainment of age 65, provided that the Employee give the Company at least six (6) months’ prior written notice of such termination. 

10. Reduction in Benefits. If at any time, any payment or other benefit to the Employee pursuant to this Agreement (all such
payments and benefits, the “Potential Parachute Payments”) is or will become subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code or any similar tax payable under any United States federal,
state, local, foreign or other law (“Excise Taxes”), then the Employee may, at the Employee’s sole and exclusive discretion, determine that payments under this Agreement shall be reduced, to the extent necessary so that
no portion of the Potential Parachute Payments is subject to Excise Taxes. For purposes of this Section 10, whenever there is to be a reduction in a Potential Parachute Payment, such reduction shall be done first by reducing any cash payments
with the last payment reduced first; next any equity or equity derivatives that are included under Section 280G of the Code at full value rather than accelerated value; next any equity or equity derivatives based on acceleration value shall be
reduced with the highest value reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24); finally any other non-cash benefits will be reduced. 

11. Successors. 

(a) This Agreement is personal to the Employee and, without the prior written consent of the Company, shall not be assignable
by the Employee otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Employee’s legal representatives. 

  
 5 

 (b) This Agreement shall inure to the benefit of and be binding upon the Company
and its successors and assigns. The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume and agree to
perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

12. Restrictive Covenants. The Employee hereby agree to the following restrictive covenants: 

(a) Non-Competition. During the Employee’s employment and for a period of twelve (12) months following
the effective date of the termination of the Employee’s employment from the Company for any reason, the Employee shall not, directly or indirectly (whether as a principal, agent, employee, employer, consultant, partner, member, officer,
director, shareholder of a closely or privately held corporation or shareholder in excess of five percent (5%) of a publicly traded corporation), engage or invest in activities or businesses, or establish any new businesses, within any
geographic location in which the Company, or any of its Affiliates conducted, or was planning to conduct, business on or before the effective date hereof that are substantially in competition with the Company or any of its Affiliates, including
(A) soliciting any customer or prospective customer of the Company or any of Affiliates to purchase any goods or services sold by the Company or any of its Affiliates, from anyone other than the Company and/or its Affiliates, and
(B) assisting any Person in any way to do, or attempt to do, anything prohibited by clause (A) above. 
 (b)
Non-Solicitation of Employees. During the Employee’s employment and for a period of twelve (12) months following the effective date of the termination of the Employee’s employment from the Company for any reason, the
Employee shall not solicit or recruit for other employment any of the employees of the Company or any of its Affiliates, or encourage any of such employees to leave the employment of the Company or any of its Affiliates. 

(c) Confidentiality. 

i. The Employee shall not, either during or after the Employee’s employment with the Company, make any unauthorized
disclosure or use of any confidential, proprietary, secret or other non-public information about the Company or its business, including any business or investment opportunities the Employee learned of in the Employee’s capacity as an employee
of the Company. This information includes, but is not limited to, information regarding the amount and nature of the capital and assets owned or controlled by, or net worth of, the Company and/or any of our partners, employees or investors, the
investments made, directly or indirectly, by the Company (including, but not limited to, any partnerships, corporations or other entities in which we invest and the assets which any of those entities acquires); the expected or actual rates of return
or holding periods of any investment by the Company; any opportunity the Employee has learned about in connection with, or as a consequence of the Employee’s employment with the Company, the respective interest in any

  
 6 

 
investment of any of our partners or investors or the manner in which those interests are held; the identities of the other persons or entities who participate in any investment made by the
Company; and financial statements, projections, budgets and market information (collectively, the “Information”). 

ii. The Employee is prohibited from using, and the Employee agrees not to use, opportunities discovered in the course of the
Employee’s employment for the Employee’s own personal gain or benefit. For example, if, in the Employee’s capacity as an employee, the Employee is approached about or otherwise becomes aware of a potential investment that may be
appropriate for the Company, the Employee must not take that opportunity for the Employee’s self, or share or disclose it to any third party, but rather must instead bring it to the attention of appropriate Company personnel for consideration
and potential action. 
 iii. If the Employee should leave the Company’s employ for any reason, the Employee shall
return to the Company and certify, in writing, within three days of the Employee’s departure or termination, that the Employee no longer possess any documents (including emails) and copies of documents prepared or received by the Employee
during the Employee’s employment that relate to the Company and the Employee shall not utilize any transaction structures that are of a proprietary nature to the Company or any other proprietary information of the Company in any business
endeavor which the Employee may undertake following the Employee’s leaving the Company’s employ for any reason. Without limitation on the foregoing, transaction structures or other information shall be deemed to be of a proprietary nature
if the same was developed by or in conjunction with the Company and the same is not generally available in the public domain. 

(d) Intellectual Property. The Employee acknowledges and agrees that the services and/or work the Employee
provide is “work for hire” services within the definition of Sections 101 and 201(b) of the United States Copyright Act, 17 U.S.C. §§101 and 201(b), and as such the Company is deemed to be the author of the work and owns all
rights, title and interest in and to the work under any and all laws of any nation or territory and under any and all conventions or treaties including, but not limited to, the Berne Convention and the Universal Copyright Convention. The Employee
waives and releases any and all rights, title and/or interest in and to the work, now and/or in the future, including, but not limited to, any and all copyrights, patents, trademarks, service marks, proprietary rights, or intellectual property. The
Employee agrees that if the services and/or work may not be considered work for hire under 17 U.S.C. §§101 and 201(b), the Employee transfers and assigns any and all rights, title and/or interest in and to the work and any inventions or
other products, ideas, methods, creations, or property arising therefrom or relating thereto, including, but not limited to, any and all moral rights or related non-economic rights whatsoever, and shall, without further consideration but at the
expense of the Company, execute any additional documents that may be necessary to effect this transfer. In the event the Company is unable for any reason whatsoever to secure the Employee’s signature to any lawful and necessary documents
required, including those necessary for the assignment of, application for, or prosecution, including, but not limited to, renewal, of any applications and/or registrations for 

  
 7 

 
copyright, patent, trademark, service mark and/or other protection of intellectual property or proprietary rights in the United States or in any other country, territory or jurisdiction, the
Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as agent and attorney in fact, to act for and in the Employee’s behalf and stead to execute and file any such application and to do all
other lawfully permitted acts to further the assignment, prosecution and issuance of copyright, patent, trademark or service mark thereof with the same legal force and effect as if executed by the Employee. The Employee hereby waives and quitclaims
to the Company any and all claims of any nature whatsoever which the Employee may now have or hereafter have for infringement of any copyright, patent, trademark, service mark, proprietary right or intellectual property resulting from any such
application or use thereof. 
 (e) Remedies. It is understood and agreed that remedies at law would be
inadequate in the case of any breach or threatened breach of the covenants contained in this Section 12, and thus the Company shall be entitled to equitable relief, including specific performance and temporary, preliminary, and permanent
injunction relief, without the necessity of showing actual damage and without any bond or other security being required, with respect to any breach or threatened breach of such covenants, as contemplated by this Section 12. 

13. Representation. The Employee represents and warrants to the Company, and the Employee’s signature below will confirm,
that performance of the Employee’s obligations as an employee of the Company, or any other matter contemplated by this Agreement, will not conflict with or violate any agreement, court order, obligation or other restriction to which the
Employee is a party or is subject. In the event of a demand, claim or proceeding by any third party alleging obligations that are inconsistent with the foregoing confirmation, the Company will have the discretion to terminate the Employee’s
employment, and such termination will not be deemed to have been a termination without cause for purposes of any other termination-related obligation, nor result in any liability by the Company or by any of its Affiliates to the Employee (i.e., no
severance or any other payments will be due to the Employee hereunder). 
 14. Miscellaneous. 

(a) Governing Law; Arbitration. 

i. This Agreement will be governed by and construed in accordance with the laws of the State of Arizona (other than its choice
of laws rules). 
 ii. All controversies, claims or disputes arising out of or related to this Agreement will be settled
under the rules of the American Arbitration Association then in effect in the State of Arizona, applying Arizona law, as the sole and exclusive remedy of either party, and judgment upon such award rendered by the arbitrator(s) may be entered in any
court of competent jurisdiction in the State of Arizona. Any such arbitration will be conducted in Scottsdale, Arizona, on an individual (and not a class, collective, or representative) claim basis by a single arbitrator selected as hereinafter
provided (the “Arbitrator”) in accordance with the Employment Arbitration Rules of the American Arbitration Association (“AAA”), provided that in the event of a conflict between the provisions of this
Agreement and such Employment Arbitration Rules, the provisions of this Agreement shall control. 

  
 8 

 iii. The Arbitrator shall be determined from a list of names of five impartial
arbitrators each of whom shall be an attorney experienced in arbitration matters concerning executive employment disputes, supplied by the AAA, and chosen by the Employee and the Company each in turn striking a name from the list until one name
remains (with the Employee being the first to strike a name). 
 iv. The Arbitrator shall not have the power to add to or to
modify any of the terms or conditions of this Agreement. The Arbitrator’s decision shall not go beyond what is necessary for the interpretation and application of the provision(s) of this Agreement in respect of the issue before the Arbitrator.
The Arbitrator shall have the authority to award any remedy or other relief (including provisional remedies and relief) that a court of competent jurisdiction could order or grant. The Arbitrator’s written decision shall be rendered within
sixty (60) days of the closing of the hearing. The decision reached by the Arbitrator shall be final and binding upon the parties as to the matter in dispute. To the extent that the relief or remedy granted by the Arbitrator is relief or remedy
on which a court could enter judgment, a judgment upon the award rendered by the Arbitrator shall be entered in any court having jurisdiction thereof (unless in the case of an award of damages, the full amount of the award is paid within ten
(10) days of its determination by the Arbitrator). The arbitration proceeding and all filing, testimony, documents and information relating to or presented during the arbitration proceeding shall be disclosed exclusively for the purpose of
facilitating the arbitration process and in any court proceeding relating to the arbitration, and for no other purpose, and shall be deemed to be information subject to the confidentiality provisions of this Agreement. 

v. The parties may obtain a pre-hearing exchange of information including depositions, interrogatories, production of
documents, exchange of summaries of testimony or exchange of statements of position, and the Arbitrator shall limit such disclosure to avoid unnecessary burden to the parties and shall schedule promptly all discovery and other procedural steps and
otherwise assume case management initiative and control to effect an efficient and expeditious resolution of the dispute. At any oral hearing of evidence in connection with an arbitration proceeding, each party and its counsel shall have the right
to examine its witness and to cross-examine the witnesses of the other party. No testimony of any witness, or any evidence, shall be introduced by affidavit, except as the parties otherwise agree in writing. All discovery shall be completed by that
date which is ninety (90) days after the date the Arbitrator is selected. 
 vi. Notwithstanding the dispute resolution
procedures contained in this Agreement, either party may apply exclusively to any court sitting in the State of Arizona (i) to enforce this agreement to arbitrate, (ii) to seek provisional injunctive relief so as to maintain the status quo
until the arbitration award is rendered or the dispute is otherwise resolved, (iii) to 

  
 9 

 
confirm any arbitration award, or (iv) to challenge or vacate any final judgment, award or decision of the Arbitrator that does not comport with the express provisions of this Agreement. In
the event any party initiates litigation against any other party (other than litigation to compel arbitration, in aid of arbitration or to enforce an arbitration award so long as such litigation does not exhibit a principal motivation to evade the
confidential nature of a dispute resolution procedure through arbitration), then the party initiating such litigation shall be liable to the other party for any attorneys’ fees, costs or expenses incurred by such party in defense of such
litigation, in addition to any other damages actually incurred by that party as a result of the initiation of such litigation. 

(b) This Agreement, together with the RSU Award Agreement, constitutes the entire understanding and agreement between the
parties with respect to the subject matter hereof, and supersedes any prior discussions, negotiations or other written materials in respect of the subject matter hereof. This Agreement may not be amended, unless such amendment is in writing and
signed by both of the parties hereto. 
 (c) The Employee shall not be required to mitigate the amount of any payment
provided for in this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for in this Agreement be reduced by any compensation earned by the Employee as the result of employment by another employer after
the termination date of the Employee employment with the Company, or otherwise. The Company’s obligation to make the severance payments provided for in Section 9 of this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the Employee or others. 

(d) This Agreement is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and
construed consistently with such intent. Certain payments to the Employee pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, as short-term deferrals pursuant to Treasury
Regulation §1.409A-1(b)(4). In the event the terms of this Agreement would subject the Employee to taxes or penalties under Section 409A of the Code (“409A Penalties”), the Company and the Employee shall cooperate
diligently to amend the terms of the Agreement to avoid such 409A Penalties, to the extent possible; provided that in no event shall the Company be responsible for any 409A Penalties that arise in connection with any amounts payable under this
Agreement. To the extent any amounts under this Agreement are payable by reference to the Employee’s “termination of employment,” such term shall be deemed to refer to the Employee’s “separation from service,” within
the meaning of Section 409A of the Code to the extent necessary to avoid 409A Penalties. To the extent necessary to avoid 409A Penalties, to the extent that the Employee is a “specified employee” (within the meaning of the final
regulations promulgated under Section 409A of the Code) as of the date of the Employee’s “separation from service” (within the meaning of Section 409A of the Code) from the Company, no amount that constitutes a deferral of
compensation that is payable upon such separation from service and is subject to the six-month delay rule of Section 409A(a)(2)(B)(i) of the Code will be paid to the Employee before the date (the “Delayed Payment Date”)
that is the first day of the seventh month after the 

  
 10 

 
date of the Employee’s separation from service or, if earlier, the date of the Employee’s death following such separation from service. All such amounts that would, but for this
Section, become payable prior to the Delayed Payment Date will be accumulated, together with simple interest calculated at LIBOR as of the date of such separation from service, and paid on the Delayed Payment Date. Each severance payment payable to
the Employee hereunder or otherwise shall be treated as a separate payment in a series of separate payments under Treasury Regulation Section 1.409A-2(b)(2)(iii). Any reimbursement or advancement payable to the Employee pursuant to this
Agreement shall be conditioned on the submission by the Employee of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to the Employee within 30 days following receipt of such
expense reports, but in no event later than the last day of the calendar year following the calendar year in which the Employee incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during
a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to this Agreement shall not be subject
to liquidation or exchange for any other benefit. 
 (e) For purposes of this Agreement, the term
“Affiliate” means with respect to any person or entity (1) any officer, director, employee, trustee, beneficiary, shareholder, partner, member or relative within the third degree of kindred of such person or entity;
(2) any corporation, partnership, trust or other entity controlling, controlled by or under common control with such person or entity or any such relative of such person or entity; (3) any officer, director, trustee, beneficiary, general
partner, member or employee of any entity described in (2) above; or (4) any trust or other entity established for the benefit of such person or entity or for members of such person’s immediate family. 

(f) The respective rights and obligations of the parties hereunder will survive any termination of the Employee’s term of
employment with the Company to the extent necessary to preserve the intended rights and obligations of the parties. 
 (g)
The invalidity or unenforceability of any provision of this Agreement, or any provisions of any agreement referred to herein, will not affect the validity or enforceability of any other provision herein or therein. In the event any provision herein
is found to be invalid or unenforceable, such provision will be modified and reformed to the minimum extent necessary to make it valid and enforceable. 

(h) Failure on the Company’s part to exercise any rights or privileges granted to it by this Agreement or to insist upon
the full performance of all obligations or duties assumed by the Employee shall not be construed as waiving any such rights, privileges, obligations or duties, or as creating any custom contrary thereto. 

(i) This Agreement may be executed in one or more counterparts, including by fax or PDF, each of which will be deemed to be an
original but all of which together will constitute one and the same instrument. 

  
 11 

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

 

			
	The Company
	
	COLONY STARWOOD HOMES
		
	By:	 	 /s/ Arik Prawer

	Name:	 	Arik Prawer
	Title:	 	Chief Financial Officer
	
	The Employee
		
		 	 /s/ Frederick C. Tuomi

		 	Frederick C. Tuomi

  
 12 

 SCHEDULE A 

Performance Criteria 
  

									
	 Metric
	  	Weighting	 	Threshold (75%)	 	Target (100%)	 	Stretch (125%)
	 Stabilized Occupancy(1)
	  	10%	 	94.0%	 	94.5%	 	95.0%
	 Blended Rent Growth(2)
	  	20%	 	3.5%	 	4.5%	 	5.5%
	 Core NOI Margin(3)
	  	20%	 	62.0%	 	63.0%	 	64.0%
	 Single-Family Core FFO Per Share(4)
	  	20%	 	$1.55	 	$1.60	 	$1.65
	 Run-Rate Year-End Synergies(5)
	  	20%	 	$48M	 	$50M	 	$52M
	 Subjective Evaluation
	  	10%	 	N/A	 	N/A	 	N/A
	 Total
	  	100%	 		 		 	

  

	(1)	Represents the average stabilized occupancy over the year, defined as number of occupied homes divided by the sum of the number of stable homes. 

	(2)	Weighted average rental rate increase percentage of lease renewals, replacement leases, and multi-year lease escalations within the period; adjusted for net impact of pool maintenance fee implementation.

	(3)	Represents stabilized NOI divided by core revenue, defined as rental revenue less bad debt expense; excludes revenues and expenses related to the NPL segment. 

	(4)	Single-family Core FFO begins with NAREIT FFO as defined by the NAREIT White Paper, which is adjusted for: revenues and expenses related to the NPL segment, share-based compensation, non-recurring costs associated with
the merger, acquisition fees and other expenses, write-off of loan costs, loss on derivative financial instruments, amortization of derivative financial instruments cost, severance expense, non-cash interest expense related to amortization on
convertible senior notes and deferred financing fees and expenses, and other non-comparable items as applicable; assumes interest expense based on forward LIBOR curve and 2 floating-rate securitizations executed in 2016 — adjusted for interest
rate market movements and financing decisions adversely impacting interest expense subsequent to 3/1/2016. 

	(5)	Annualized run-rate synergies of the merger at year-end 2016. Includes removal of external management fee to former SWAY Manager. 

  
 13 

 SCHEDULE B 

CONFIDENTIAL GENERAL RELEASE AGREEMENT 

This Confidential General Release Agreement (this “Release”) is entered into and provided by Frederick C. Tuomi
(“Executive”), with reference to the following facts: 
 RECITALS 

A. Executive and Colony Starwood Homes (the “Company”) are parties to an employment agreement effective as of
January 5, 2016 (the “Employment Agreement”), pursuant to which the parties agreed, in Section 9(a) thereof, that upon the occurrence of certain conditions, Executive would become eligible for certain termination
amounts (such termination amounts, the “Termination Payments”) in exchange for Executive’s release of Company from all claims which Executive may have against Company and the other terms set forth herein. Capitalized
terms not otherwise defined herein shall have the respective meanings ascribed to them in the Employment Agreement. 
 B. Executive is
providing this Release in exchange for and as a condition of receiving the Termination Payments set forth in Section 9(a) of the Employment Agreement, and Executive hereby acknowledges that those payments constitute adequate and valuable
consideration therefor. 
 C. By executing and providing this Release, Executive desires and intends to dispose of, fully and finally, all
claims which Executive may have against Company and the other released parties below in the manner set forth in this Release. 
 AGREEMENT

 1. Release. Executive, for himself and his heirs, successors and assigns, fully releases, and discharges a) the Company, b)
the Company’s affiliates, c) the parents, subsidiaries, sister companies and co-venturers of each of them, and d) the officers, directors, members, owners, partners, employees, shareholders, attorneys, accountants, other professionals,
representatives, insurers and agents of each of them (collectively the “Company Released Parties”), from all rights, claims, demands, actions, causes of action, liabilities and obligations of every kind, nature and
description whatsoever, known or unknown, that Executive now has, owns or holds or has at anytime had, owned or held or may have against the Company Released Parties, or any of them, based upon, arising out of, concerning, relating to, or resulting
from any act, omission, matter, fact, occurrence, transaction, thing, state of facts, claim, contention, statement, or event occurring or existing at any time in the past up to and including the date Executive has signed this Agreement. Without
limiting the generality of the foregoing, this General Release applies to any and all rights, claims, demands, actions, causes of action, liabilities and obligations (i) for wages, bonuses, commissions, incentive compensation, compensation,
penalties or interest, (ii) which in any way are based upon, relate to, arise out of, or result from Executive’s hiring by, employment with, or separation from the Company or any of its affiliates, or (iii) which could be asserted by
Executive under any federal, state, or local law, regulation, ordinance, or executive order, including, but not limited to, the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the federal Family Medical Leave Act, as amended, the
Americans with Disabilities Act, the 

  
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Employment Retirement Income Security Act (ERISA), any other statute or law prohibiting discrimination, or any common law or equity theory. Without waiver of the generality of the foregoing,
nothing in this Agreement shall affect Executive’s (i) rights to file claims for workers’ compensation or unemployment insurance benefits, (ii) vested retirement, pension, health or welfare plan, or equity plan benefits, if any,
(iii) rights, if any, to indemnification under applicable state law or arising under any indemnification agreement between Executive and the Company or under the bylaws, amended and restated declaration of trust or other similar governing
document of the Company with respect to any third-party claims (other than shareholder derivative claims), (iv) rights to reimbursement of expenses, the Termination Payments, COBRA benefits or payments or make-whole payments, (v) rights
with respect to Executive’s ownership interest in the Company, and (vi) rights under any applicable state or federal law that creates rights that may not be waived, compromised, exchanged, and relinquished. 

2. Age Discrimination in Employment Release. Executive expressly recognizes and agrees that, by entering into this Release, Executive
is waiving any and all rights or claims that Executive may have arising under the Age Discrimination in Employment Act (“ADEA”), as amended by the Older Workers Benefit Protection Act, which have arisen on or before the date
of the execution of this Release. By Executive’s execution of this Release, Executive warrants and represents: (i) in return for Executive’s execution of this Release, Executive will receive payments and benefits which are beyond
those to which Executive was otherwise entitled; (ii) Executive was advised (by this Release) to consult with an attorney before signing this Release; (iii) Executive has been given twenty-one (21) days to review this ADEA release and
seven (7) days to revoke it; and, (4) Executive has voluntarily elected to execute this Release. 
 3. No Undue Influence.
This Release is executed voluntarily and without any duress or undue influence. Executive acknowledges he has read this Release and executed it with his full and free consent. No provision of this Release shall be construed against any party by
virtue of the fact that such party or its counsel drafted such provision or the entirety of this Release. 
 4. Governing Law. This
Release will be governed by the laws of the State of Arizona. 
 5. Severability. If any provision of this Release is held to be
invalid, void or unenforceable, the balance of the provisions of this Release shall, nevertheless, remain in full force and effect and shall in no way be affected, impaired or invalidated. 

6. Consultation with Counsel. Executive acknowledges and agrees that Executive has had the opportunity to consult and review this
Release with counsel. 
 7. Confidentiality. This Release, and all the terms herein are confidential. Executive agrees that Executive
will not disclose or release this Agreement or any information contained herein to anyone other than Executive’s attorneys, tax advisors, financial advisors and, where required, to taxing authorities; provided that the foregoing shall not
restrict Executive from making any disclosures that are required by law. 

  
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 8. Effective Date. This Release shall become effective on the eighth day following the
date it has been signed and not revoked by Executive. 
  

	
	  

	Frederick C. Tuomi
	
	Date:                     

  
 16

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