Document:

Form of PIU Grant Notice (including Registration Rights)

 Exhibit 10.4 
  
 PROFITS INTEREST UNIT 
 GRANT NOTICE 
  
 American
Campus Communities, Inc. (the “Company”), pursuant to its 2004 Incentive Award Plan (the “Plan”), hereby grants to Holder the number of Profits Interest Units (or “PIUs”) set forth below. The PIUs
are subject to all of the terms and conditions as set forth herein and in the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the same meaning as set forth in the Plan. In the
event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Grant Notice, the Plan shall govern and control. 
  

			
	 Holder:
	  	__________________________
		
	 Date of Grant:
	  	__________________________
		
	 Number of PIUs:
	  	__________________________
		
	 Vesting Schedule:
	  	The PIUs shall vest in accordance with the following schedule, subject to Holder’s continued employment or service with the Company or its Affiliates, as applicable:
		
	 	  	[INSERT VESTING SCHEDULE]
		
	 Confidentiality and
	  	 
	 Noncompetition Agreement:
	  	As an express condition of the grant of PIUs hereunder, Holder shall execute, and be subject to and bound by the provisions of, a Confidentiality and Noncompetition Agreement (the
“Confidentiality and Noncompetition Agreement”), in the form attached hereto as Exhibit A. In the event that Holder breaches any provision of the Confidentiality and Noncompetition Agreement, all PIUs granted hereunder shall
immediately terminate (whether or not vested), and Holder shall have no further rights with respect thereto.
		
	 Registration Rights Agreement:
	  	Holder shall be entitled to certain registration rights, with terms substantially similar to those set forth on Exhibit B hereto, with respect to the Shares of Stock received by Holder upon a
conversion of the PIUs into Units and the subsequent exchange of Units for Shares in accordance with the terms of the Partnership Agreement (the “Partnership Agreement”) of American Campus Communities Operating Partnership, LP (the
“Partnership”).

			
	Additional Terms:	 	 
		
	 	 	 •      As a condition of the grant of PIUs hereunder, if Holder has not previously executed a copy of
the Partnership Agreement, Holder shall be required to execute a copy of the Partnership Agreement and to be bound by the terms and conditions contained therein.

		
	 	 	 •      Distributions on the PIUs shall be paid currently to Holder in accordance with the terms of the
Partnership Agreement.

		
	 	 	 •      So long as Holder holds any PIUs, Holder shall disclose to the Partnership such information as may
reasonably be requested with respect to ownership of the PIUs as the Partnership may deem reasonably necessary to ascertain and establish compliance with the provisions of the Code applicable to the Partnership.

		
	 	 	 •      This Grant Notice does not confer upon Holder any right to continue as an employee or service
provider of the Company or its Affiliates.

		
	 	 	 •      This Grant Notice shall be construed and interpreted in accordance with the laws of the State of
Texas, without regard to the principles of conflicts of law thereof.

  
 THE UNDERSIGNED HOLDER ACKNOWLEDGES
RECEIPT OF THIS GRANT NOTICE AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF PROFITS INTEREST UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS THIS GRANT NOTICE AND THE PLAN. 
  

							
	 AMERICAN CAMPUS COMMUNITIES, INC.
	  	HOLDER
	 	 	 	  	  

	 By:
	 	  

	  	Signature
	 	 	Signature	  	Date:	  	  

				
	 Title:
	 	  

	  	 	  	 
	 Date:
	 	  

	  	 	  	 

  

 EXHIBIT A 
  

CONFIDENTIALITY AND NONCOMPETITION AGREEMENT 
  
 As a condition of my receiving the PIUs granted pursuant to the Grant Notice to which this Agreement is attached, I agree to the following: 
  
 Capitalized terms not otherwise defined herein shall have the same meaning as
set forth in the Grant Notice or the Plan. 
  
 Article I.
Confidential Information. I acknowledge that, during the course of my employment or service, I will have access to information about American Campus Communities, Inc. (the “Company”) and that my employment or service with the
Company or its shall bring me into close contact with confidential and proprietary information of the Company. In recognition of the foregoing, I agree, at all times during the term of my employment or service with the Company and thereafter, to
hold in confidence, and not to use, except for the benefit of the Company, or to disclose to any person, firm, corporation or other entity without written authorization of the Company, any Confidential Information of the Company which I obtain or
create. I further agree not to make copies of such Confidential Information except as authorized by the Company. I understand that “Confidential Information” means any Company proprietary information, technical data, trade secrets
or know-how, including, but not limited to, research, product plans, products, services, suppliers, customer lists and customers (including, but not limited to, customers of the Company on whom I call or with whom I become acquainted during the term
of my employment), prices and costs, markets, software, developments, inventions, protocols, interfaces, laboratory notebooks, processes, formulas, technology, designs, drawings, engineering materials, hardware configuration information, marketing
data, licenses, finances, budgets or other business information disclosed to me by the Company either directly or indirectly in writing, orally or by drawings or observation of parts or equipment or created by me during the period of my employment
or service (the “Employment Period”). I understand that Confidential Information includes, but is not limited to, information pertaining to any aspect of the Company’s business which is either information not known by actual or
potential competitors of the Company or is confidential or proprietary information of the Company or its customers or suppliers, whether of a technical nature or otherwise. Notwithstanding the foregoing, Confidential Information shall not include
(i) any of the foregoing items which have become publicly and widely known through no wrongful act of mine or of others who were under confidentiality obligations as to the item or items involved; or (ii) any information that I am required to
disclose to, or by, any governmental or judicial authority; provided, however, that in such event I will give the Company prompt written notice thereof so that the Company may seek an appropriate protective order and/or waive in
writing compliance with the confidentiality provisions of this Agreement. For purposes of this paragraph 1, the term “Company” shall be deemed to include the Company’s Affiliates. 
  
 Article II. Inventions. I agree that I will, without additional
compensation, promptly make full written disclosure to Company, will hold in trust for the sole right and benefit of the Company, and hereby assign to the Company, or its designee, all my right, title and interest throughout the world in and to any
and all inventions, original works of authorship, developments, concepts, know-how, improvements or trade secrets, whether or not patentable or 

 registerable under copyright or similar laws, which I may solely or jointly conceive or develop or reduce to practice, or
cause to be conceived or developed or reduced to practice during the Employment Period whether or not during regular working hours, provided they either (i) relate at the time of conception or development to the actual or demonstrably proposed
business or research and development activities of the Company or its Affiliates; (ii) result from or relate to any work performed for the Company or its Affiliates; or (iii) are developed through the use of Confidential Information and/or Company
resources or in consultation with personnel of the Company or its Affiliates (collectively referred to as “Inventions”). I further acknowledge that all Inventions which are made by me (solely or jointly with others) are “works
made for hire” (to the greatest extent permitted by applicable law) for which I am, in part, compensated by my salary, unless regulated otherwise by law but that, in the event any such Invention is deemed not to be a work made for hire, I
hereby assign all rights in such Invention to the Company. I agree to assist the Company, or its designee, at the Company’s expense, in every way to secure the Company’s rights in the Inventions and any copyrights, patents, trademarks,
service marks, database rights, domain names, mask work rights, moral rights, or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect
thereto, the execution of all applications, specifications, oaths, assignments, recordations, and all other instruments which the Company shall deem necessary in order to apply for, obtain, maintain and transfer such rights and in order to assign
and convey to the Company, its successors, assigns and nominees the sole and exclusive right, title and interest in and to such Inventions, and any intellectual property or other proprietary rights relating thereto. 
  
 Article III. Restrictions on Competing. During the Employment Period
and for a period of twelve (12) months after the date of the termination of my employment or service for any reason (the “Restricted Period”), I shall not, directly or indirectly, individually or on behalf of any person, company,
enterprise or entity, or as a sole proprietor, partner, stockholder, director, officer, principal, agent, executive, or in any other capacity or relationship, engage in any business or employment, or aid or endeavor to assist any person, business,
enterprise or legal entity (other than the Company), which is engaged in any capacity in a business, anywhere within the United States, which is materially competitive with the Company (a “Competitor”). I, however, may accept
employment with a Competitor whose business is diversified, provided, that (i) I will not, directly or indirectly, render services or assistance to any division or part of the Competitor that is in any way engaged in business materially competitive
with the Company; and (ii) the Company shall receive, prior to me rendering services to or assisting such Competitor, written assurances deemed satisfactory by the Company from me and the Competitor that I will not, directly or indirectly, render
services or assistance to any part of the Competitor that is in any way engaged in business which is materially competitive with the Company. For purposes of this paragraph 3, the term “Company” shall be deemed to include the
Company’s Affiliates. 
  
 Article IV. Solicitation of
Employees and Clients. During the Restricted Period, I shall not, without the prior written consent of the Company, directly or indirectly, either individually or on behalf of or through any other person, business, enterprise or entity (other
than the Company), (i) solicit or induce, or in any manner attempt to solicit or induce, any person employed by, an agent of, or a service provider to, the Company to terminate such person’s employment, agency or service, as the case may be,
with the Company; or (ii) divert, or attempt 

 to divert, any person, concern, or entity from doing business with the Company, or attempt to induce any such person,
concern or entity to cease being a customer or supplier of the Company (persons, concerns and entities doing business with the Company referred to collectively herein as “Clients”). For purposes of this paragraph 4, the term
“Company” shall be deemed to include the Company’s Affiliates. 
  
 Article V. Reasonableness of Restrictions. I acknowledge and recognize the highly competitive nature of the Company’s business, that access to Confidential Information renders me special and unique within
the Company’s industry, and that I will have the opportunity to develop substantial relationships with existing and prospective customers, clients, suppliers, consultants and contractors, investors and strategic partners of the Company during
the course of and as a result of my employment with the Company. I also acknowledge that the business of the Company is or may be conducted throughout the United States and that its Clients are or may be located throughout the United States and that
a business competitive with the Company may be carried on anywhere within the United States. In light of the foregoing, I recognize and acknowledge that the restrictions and limitations set forth in this Agreement are reasonable and valid in
geographical and temporal scope and in all other respects, and are essential to protect the value of the Company’s business and assets. I further acknowledge that the restrictions and limitations set forth in this Agreement will not materially
interfere with my ability to earn a living following the termination of my employment with the Company and that my ability to earn a livelihood without violating such restrictions is a material condition to my employment with the Company.

  
 Article VI. Independence; Severability; Blue Pencil.
Each of the rights enumerated in this Agreement shall be independent of the others and shall be in addition to and not in lieu of any other rights and remedies available to the Company at law or in equity. If any of the provisions of this Agreement
or any part of any of them is hereafter construed or adjudicated to be invalid or unenforceable, the same shall not affect the remainder of this Agreement, which shall be given full effect without regard to the invalid portions. If any of the
covenants contained herein are held to be invalid or unenforceable because of the duration of such provisions or the area or scope covered thereby, I agree that the court making such determination shall have the power to reduce the duration, scope
and/or area of such provision to the maximum and/or broadest duration, scope and/or area permissible by law and in its reduced form said provision shall then be enforceable. 
  
 Article VII. Injunctive Relief. I expressly acknowledge that any breach or threatened breach of any of the terms
and/or conditions set forth in this Agreement may result in substantial, continuing and irreparable injury to the Company. Therefore, I hereby agree that, in addition to any other remedy that may be available to the Company, the Company shall be
entitled to injunctive relief, specific performance or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of this Agreement without the necessity of proving irreparable harm or
injury as a result of such breach or threatened breach. Notwithstanding any other provision to the contrary, I acknowledge and agree that the Restricted Period shall be tolled during any period of violation of any of the covenants in Sections 3 or 4
hereof and during any other period required for litigation during which the Company seeks to enforce such covenants against me if it is ultimately determined that I was in breach of such covenants. 

 Article VIII. General Provisions. 
  
 Section 8.01 Governing Law and Jurisdiction. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Texas, without giving effect to the principles of conflict of laws. 
  
 Section 8.02 Entire Agreement. This Agreement sets forth the entire agreement and understanding between the Company and me relating to the subject
matter herein and merges all prior discussions between us; provided, however, I acknowledge and agree that if I am subject to the terms of an existing agreement which contains noncompetition and other similar restrictive covenants, I
expressly acknowledge that this Agreement and the covenants contained herein are in addition to, and not in lieu of, the covenants contained in such other agreements, and that to the extent there is any inconsistency between this Agreement and any
other agreement as to a particular covenant, the covenant which contains the greatest protection for the Company any its Affiliates shall govern and control. No modification or amendment to this Agreement, nor any waiver of any rights under this
Agreement, will be effective unless in writing signed by the party to be charged. Any subsequent change or changes in my duties, obligations, rights or compensation will not affect the validity or scope of this Agreement. 
  
 Section 8.03 No Right of Continued Employment or Service. I
acknowledge and agree that nothing contained herein shall be construed as granting me any right to continued employment or service by the Company or its Affiliates, and the right of the Company or an Affiliate to terminate my employment at any time
and for any reason, with or without cause, is specifically reserved. 
  
 Section 8.04 Successors and Assigns. This Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, and its assigns. 
  
 Section 8.05 Survival. The provisions of this Agreement shall survive
the termination of my relationship with the Company and/or the assignment of this Agreement by the Company to any successor in interest or other assignee. 
  
 *         *         * 
  
 I,
                        , have executed this Confidentiality and Noncompetition Agreement on the respective date set forth
below: 
  

			
	 Date:                    
	 	  

	 	 	 (Signature)

		
	 	 	  

	 	 	 (Type/Print Name)

 EXHIBIT B 
  

REGISTRATION RIGHTS 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 The following terms and phrases shall, for purposes of this Agreement, have the meanings set forth below: 
  
 “Blackout Termination Right” shall have the meaning set forth in Section 5.3(b). 
  
 “Business Day” means any day on which the New York Stock
Exchange is open for trading. 
  
 “Common Stock”
means the common stock, par value $.01 per share, of the Company. 
  
 “Company” means American Campus Communities, Inc., a Maryland corporation. 
  
 “Company Offering” shall have the meaning set forth in Section 3.1(b). 
  
 “Eligible Securities” means all or any portion of the shares of Common Stock acquired by the Investors upon
their exchange of limited partner interests in the Operating Partnership for shares of Common Stock pursuant to the Operating Partnership Agreement. 
  
 As to any proposed offer or sale of Eligible Securities, such securities shall cease to be Eligible Securities with respect to such proposed offer or sale
when (i) a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (ii) such securities
are permitted to be distributed pursuant to Rule 144(k) (or any successor provision to such Rule) under the Securities Act to be confirmed in a written opinion of counsel to the Company addressed to the Investors, or (iii) such securities shall have
been otherwise transferred pursuant to an applicable exemption under the Securities Act, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and such securities shall be
freely transferable to the public without registration under the Securities Act. 
  
 “Information Blackout” shall have the meaning set forth in Section 5.3(a). 
  
 “Investors” means the PIU Holders (as defined in the Operating Partnership Agreement). 
  
 “IPO” shall have the meaning set forth in Section 2.1.

 “Operating Partnership” means American Campus Communities Operating Partnership LP, a
Maryland limited partnership. 
  
 “Operating Partnership
Agreement” means the Amended and Restated Agreement of Limited Partnership of the Operating Partnership dated August     , 2004. 
  
 “Other Investors” shall have the meaning set forth in Section 3.2. 
  
 “Other Securities” shall have the meaning set forth in
Section 4.1. 
  
 “Person” means an individual, a
partnership (general or limited), corporation, joint venture, business trust, cooperative, association or other form of business organization, whether or not regarded as a legal entity under applicable law, a trust (inter vivos or testamentary), an
estate of a deceased, insane or incompetent person, a quasi-governmental entity, a government or any agency, authority, political subdivision or other instrumentality thereof, or any other entity. 
  
 “Permitted Transferee” means any Person that received any
Eligible Securities from an Investor pursuant to, and in accordance with, the Operating Partnership Agreement. 
  
 “Registration Expenses” means all of the expenses incident to the Company’s performance of or compliance with the registration
requirements set forth herein, including, without limitation, the following: (i) the fees, disbursements and expenses of the Company’s counsel(s) (United States and foreign), accountants and experts in connection with the registration of
Eligible Securities to be disposed of under the Securities Act; (ii) all expenses in connection with the preparation, printing and filing of the registration statement, any preliminary prospectus or final prospectus, any other offering document and
amendments and supplements thereto and the mailing and delivering of copies thereof to the underwriters and dealers; (iii) the cost of printing or producing any agreement(s) among underwriters, underwriting agreement(s) and blue sky or legal
investment memoranda, any selling agreements and any other documents in connection with the offering, sale or delivery of Eligible Securities to be disposed of; (iv) all expenses in connection with the qualification of Eligible Securities to be
disposed of for offering and sale under state securities laws, including the fees and disbursements of counsel for the underwriters in connection with such qualification and in connection with any blue sky and legal investment surveys; (v) the
filing fees incident to securing any required review by the NASD, Inc. of the terms of the sale of Eligible Securities to be disposed of; and (vi) fees and expenses incurred in connection with the listing of Eligible Securities on each securities
exchange on which securities of the same class are then listed; provided, however, that Registration Expenses with respect to any registration pursuant hereto shall not include underwriting discounts or commissions attributable to
Eligible Securities, SEC or blue sky registration fees attributable to Eligible Securities or transfer taxes applicable to Eligible Securities. 
  
 “Sales Blackout Period” shall have the meaning set forth in Section 5.3(a). 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities Act” shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the relevant time. 

 “Selling Investors” shall have the meaning set forth in Section 3.2. 
  
 ARTICLE II 
  
 EFFECTIVENESS OF REGISTRATION RIGHTS 
  
 2.1. Effectiveness of Registration Rights. The registration rights contained herein shall become effective
immediately, provided, however, that the Company’s obligation to file a registration statement under the Securities Act and the exercise of any registration rights granted pursuant to Articles 3 and 4 hereof, with respect to any
Eligible Securities, prior to fourteen (14) months of the date of the prospectus to be used by the Company in its initial public offering of shares of Common Stock (the “IPO”) shall be subject to the Investors first having received
written consent from the Company, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. to the waiver of the restrictions on transfer of the Common Stock held by the Investors under the terms of the letter agreements restricting such
transfers, to be entered into by the Investors and the underwriters in connection with the IPO. 
  
 ARTICLE III 
  
 DEMAND
REGISTRATION RIGHTS 
  
 3.1. Notice and Registration.
Upon written notice from an Investor or Investors owning Eligible Securities requesting that the Company effect the registration under the Securities Act of all or part of the Eligible Securities held by such Investors, which notice shall specify
the intended method or methods of disposition of such Eligible Securities, the Company will use its reasonable efforts to effect the registration, under the Securities Act, of such Eligible Securities for disposition in accordance with the intended
method or methods of disposition stated in such request, provided that: 
  
 (a) if the Company shall have previously effected a registration with respect to Eligible Securities pursuant to Article 4 hereof, the
Company shall not be required to effect a registration pursuant to this Article 3 until the later of (i) the date six months from the effective date of the most recent such previous registration or (ii) the date agreed to by and between the Company
and the underwriters in connection with such previous registration; 
  
 (b) if, upon receipt of a registration request pursuant to this Article 3, the Company is advised in writing (with a copy to the Selling Investors (as defined below)) by an independent investment banking firm selected
by the Company to act as lead underwriter in connection with a public offering of securities by the Company that, in such firm’s opinion, a registration at the time and on the terms requested would materially adversely affect such public
offering of securities by the Company (other than an offering in connection with employee benefit and similar plans) (a “Company Offering”) that had been contemplated by the Company prior to the notice by the Investors who initially
requested registration, the Company shall not be required to effect a registration pursuant to this Article 3 until the earliest of (i) three months after the completion of such Company Offering or (ii) promptly after abandonment of such Company
Offering; provided, however, notwithstanding the foregoing, Company shall 

 not be required to effect a registration pursuant to this Article 3 until the termination of any
“black out” period required by the underwriters to be applicable to the Selling Investors in connection with such Company Offering and agreed to in writing by the Selling Investors; 
  
 (c) if, while a registration request is pending pursuant to
Article 3, the Company determines in the good faith judgment of the Board of Directors of the Company, with the advice of counsel, that the filing of a registration statement or the declaration of effectiveness would require the disclosure of
non-public material information the disclosure of which would have a material adverse effect on the Company or would otherwise adversely affect a material financing, acquisition, disposition, merger or other comparable transaction, the Company shall
deliver a certificate to such effect signed by its President or the Chief Financial Officer to the Selling Investors and the Company shall not be required to effect a registration pursuant to this Article 3 until the later of (i) the date upon which
such material information is disclosed to the public or ceases to be material or (ii) 60 days after the Company makes such good faith determination; and 
  
 (d) the Company shall not be required to effect more than one registration pursuant to this Article 3 in any 12-month period. No
registration of Eligible Securities under this Article 3 shall relieve the Company of its obligation (if any) to effect registrations of Eligible Securities pursuant to Article 4. 
  
 3.2. Other Investor Shares. Upon receipt of the written notice from Investors requesting registration under Section
3.1, the Company shall give written notice to each of the other Investors (the “Other Investors”). Within five (5) Business Days after receipt of such notice by any Other Investor, such Other Investor may request in writing that
Eligible Securities be included in such registration and, subject to Section 3.1 hereof, the Company shall include in such registration the Eligible Securities of any such Other Investor requested to be so included. Each such request by such Other
Investor shall specify the number of shares of Eligible Securities proposed to be sold and the intended method of distribution thereof. The Investor or Investors who initially requested registration pursuant to Section 3.1 and each Other Investor
who elects to participate in such offering pursuant to this Section 3.2 are herein referred to as the “Selling Investors.” 
  
 3.3. Registration Expenses. With respect to any registration of Eligible Securities requested pursuant to this Article 3 in an amount in excess of
$             and any registration arising from an exercise of a Blackout Termination Right (as defined below), the Company shall pay all Registration Expenses; otherwise, the
Selling Investors shall pay all Registration Expenses. 
  
 ARTICLE
IV 
  
 PIGGY-BACK REGISTRATION 
  
 4.1. Notice and Registration. If the Company proposes to register any
shares of Common Stock or other securities issued by it having terms substantially similar to Eligible 

 Securities (“Other Securities”) for public sale under the Securities Act (whether proposed to be offered
for sale by the Company or by any other Person) on a form and in a manner which would permit registration of Eligible Securities for sale to the public under the Securities Act, it will give prompt written notice to Investors of its intention to do
so, which notice the Investors shall keep confidential, and upon the written request of Investors delivered to the Company within five (5) Business Days after the giving of any such notice (which request shall specify the number of Eligible
Securities intended to be disposed of by Investors and the intended method of disposition thereof) the Company will use its reasonable efforts to effect, in connection with the registration of the Other Securities, the registration under the
Securities Act of all Eligible Securities which the Company has been so requested to register by the Selling Investors, to the extent required to permit the disposition (in accordance with the intended method or methods thereof as aforesaid) of
Eligible Securities so to be registered, provided that: 
  
 (a) if, at any time after giving such written notice of its intention to register any Other Securities and prior to the effective date of the registration statement filed in connection with such registration, the
Company shall determine for any reason not to register the Other Securities, the Company may, at its election, give written notice of such determination to Investors and thereupon the Company shall be relieved of its obligation to register such
Eligible Securities in connection with the registration of such Other Securities (but not from its obligation to pay Registration Expenses to the extent incurred in connection therewith as provided in Section 4.2), without prejudice, however, to the
rights (if any) of Investors immediately to request that such registration be effected as a registration under Article 3; 
  
 (b) the Company will not be required to effect any registration pursuant to this Article 4 if the Company shall have been advised in
writing (with a copy to the Selling Investors) by an independent investment banking firm selected by the Company to act as lead underwriter in connection with the public offering of securities by the Company that, in such firm’s opinion, such
registration at that time would materially and adversely affect the Company’s own scheduled offering, provided, however, that if an offering of some but not all of the shares requested to be registered by the Investors would not
materially and adversely affect the Company’s offering, as determined by such lead underwriter, the aggregate number of shares requested to be included in such offering by the Selling Investors shall be reduced accordingly and on a pro rata
basis according to the total number of shares of Common Stock owned by such Investors on the day the Company first delivered its notice to the other Investors of its proposed offering; and 
  
 (c) the Company shall not be required to effect any
registration of Eligible Securities under this Article 4 incidental to the registration of any of its securities in connection with mergers, acquisitions, exchange offers, subscription offers, dividend reinvestment plans or stock options or other
employee benefit plans. 
  
 No registration of Eligible Securities effected under
this Article 4 shall relieve the Company of its obligation (if any) to effect registrations of Eligible Securities pursuant to Article 3. 

 4.2. Registration Expenses. The Company (as between the Company and the Selling Investors) shall
be responsible for the payment of all Registration Expenses in connection with any registration pursuant to this Article 4. 
  
 ARTICLE V 
  
 REGISTRATION PROCEDURES 
  
 5.1. Registration and Qualification. If and whenever the Company is required to use its reasonable efforts to effect the registration of any Eligible Securities under the Securities Act as provided in Articles
3 or 4, the Company will as promptly as is practicable: 
  
 (a) prepare, file and use its reasonable efforts to cause to become effective a registration statement under the Securities Act regarding the Eligible Securities to be offered; 
  
 (b) prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of
all Eligible Securities until the earlier of such time as all of such Eligible Securities have been disposed of in accordance with the intended methods of disposition by the Selling Investors set forth in such registration statement or the
expiration of twelve months after such Registration Statement becomes effective; 
  
 (c) furnish to the Selling Investors and to any underwriter of such Eligible Securities such number of conformed copies of such
registration statement and of each such amendment and supplement thereto (in each case including all exhibits), such number of copies of the prospectus included in such registration statement (including each preliminary prospectus and any summary
prospectus), in conformity with the requirements of the Securities Act, such documents incorporated by reference in such registration statement or prospectus, and such other documents as the Selling Investors or such underwriter may reasonably
request; 
  
 (d) use its reasonable efforts to
register or qualify all Eligible Securities covered by such registration statement under such other securities or blue sky laws of such jurisdictions as the Selling Investors or any underwriter of such Eligible Securities shall reasonably request,
and do any and all other acts and things which may be reasonably requested by the Selling Investors or any underwriter to consummate the disposition in such jurisdictions of the Eligible Securities covered by such registration statement, except the
Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it is not so qualified, or to subject itself to taxation in any jurisdiction where it is not then subject to
taxation, or to consent to general service of process in any jurisdiction where it is not then subject to service of process; 

 (e) use its reasonable efforts to list the Eligible Securities on each national
securities exchange on which the Common Stock is then listed, if the listing of such securities is then permitted under the rules of such exchange; 
  
 (f) (i) furnish to the Selling Investors, an opinion of counsel for the Company, addressed to them, dated the date of the closing under
the underwriting agreement, and (ii) use its reasonable efforts to furnish to the Selling Investors, addressed to them, a “comfort letter” signed by the independent public accountants who have certified the Company’s financial
statements included in such registration statement, addressed to them, each such document covering substantially the same matters with respect to such registration statement (and the prospectus included therein) and, in the case of such
accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters in underwritten public
offerings of securities and such other matters as the Selling Investors may reasonably request; and 
  
 (g) promptly notify the Selling Investors at any time when a prospectus relating to a registration pursuant to Article 3 or 4 hereof is
required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and at the request of the Selling Investors prepare and furnish to the Selling
Investors as many copies of a supplement to or an amendment of such prospectus as the Selling Investors reasonably request so that, as thereafter delivered to the purchasers of such Eligible Securities, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 The Company may require the Selling Investors to furnish the Company such information
regarding the Selling Investors and the distribution of such securities as the Company may from time to time reasonably request in writing and as shall be required by law or by the SEC in connection with any registration, and each Selling Investor
shall promptly notify the Company of the distribution of such securities. 
  
 5.2. Underwriting. (a) If requested by the underwriters for any underwritten offering of Eligible Securities pursuant to a registration requested hereunder, the Company will enter into and perform its
obligations under an underwriting agreement with such underwriters for such offering, such agreement to contain such representations and warranties by the Company and such other terms and provisions as are customarily contained in underwriting
agreements with respect to secondary distributions, including, without limitation, indemnities and contribution to the effect and to the extent provided in Article 7 hereof and the provision of opinions of counsel and accountants’ letters to
the effect and to the extent provided in Section 5.1(f). The holders of Eligible Securities on whose behalf Eligible Securities are to be distributed by such underwriters shall, if requested by such underwriters, be parties to any such underwriting
agreement. Notwithstanding the foregoing, any Selling Investor may elect, in writing prior to the effective date of the registration statement filed in connection with such registration, not to register such Eligible Securities in connection with
such registration. 

 (b) In the event that any registration pursuant to Article 4 hereof shall involve, in whole or in part,
an underwritten offering, the Company may require Eligible Securities requested to be registered pursuant to Article 4 to be included in such underwriting on the same terms and conditions as shall be applicable to the Other Securities being sold
through underwriters under such registration. In such case, the holders of Eligible Securities on whose behalf Eligible Securities are to be distributed by such underwriters shall be parties to any such underwriting agreement. Such agreement shall
contain such representations and warranties by the Selling Investors and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including, without limitation, indemnities and
contribution to the effect and to the extent provided in Article 7. 
  
 5.3. Blackout Periods. (a) At any time when a registration statement filed pursuant to Article 3 relating to Eligible Securities is effective, upon written notice from the Company to Investors that the Company determines in the good
faith judgment of the Board of Directors of the Company, with the advice of counsel, that Selling Investors’ sale of Eligible Securities pursuant to the registration statement would require disclosure of non-public material information the
disclosure of which would have a material adverse effect on the Company (an “Information Blackout”), the Selling Investors shall suspend sales of Eligible Securities pursuant to such registration statement until the later of:

  
 (X) (A) the date upon which such
material information is disclosed to the public or ceases to be material or (B) 60 days after the Company makes such good faith determination, and 
  
 (Y) such time as the Company notifies the Selling Investors that sales pursuant to such registration statement may be resumed (the number
of days from such suspension of sales by the Selling Investors until the day when such sales may be resumed hereunder is hereinafter called a “Sales Blackout Period”). 
  
 (b) Any delivery by the Company of notice of an Information Blackout during the 90 days immediately following effectiveness
of any registration statement effected pursuant to Article 3 hereof shall give the Investors the right, by written notice to the Company within 10 Business Days after the end of such blackout period, to cancel such registration and obtain one
additional registration right during such calendar year (a “Blackout Termination Right”) under Section 3.1(d). 
  
 (c) If there is an Information Blackout and the Investors do not exercise their cancellation right, if any, pursuant to (b) above, or, if such
cancellation right is not available, the time period set forth in Section 5.1(b) shall be extended for a number of days equal to the number of days in the Sales Blackout Period. 
  
 5.4. Qualification for Rule 144 Sales. The Company will take all actions reasonably necessary to comply with the
filing requirements described in Rule 144(c)(1) so as to enable the Investors to sell Eligible Securities without registration under the Securities Act and, upon the written request of any Investor, the Company will deliver to such Investor a
written statement as to whether it has complied with such filing requirements. 

  
 ARTICLE VI 
  
 PREPARATION; REASONABLE INVESTIGATION 
  
 6.1. Preparation: Reasonable Investigation. In connection with the
preparation and filing of each registration statement registering Eligible Securities under the Securities Act, the Company will give the Selling Investors and the underwriters, if any, and their respective counsel and accountants, drafts of such
registration statement for their review and comment prior to filing and such reasonable and customary access to its books and records and such opportunities to discuss the business of the Company with its officers and the independent public
accountants who have certified its financial statements as shall be necessary, in the opinion of the Selling Investors and such underwriters or their respective counsel, to conduct a reasonable investigation within the meaning of the Securities Act,
subject in all cases to mutually acceptable confidentiality arrangements. 
  
 ARTICLE VII 
  
 INDEMNIFICATION
AND CONTRIBUTION 
  
 7.1. Indemnification and
Contribution. (a) In the event of any registration of any Eligible Securities hereunder, the Company will enter into customary indemnification arrangements to indemnify and hold harmless each Investor who exercises his registration rights
hereunder and, to the extent applicable, its directors and officers, its partners, its trustees and each Person who controls any of such Persons, each Person who participates as an underwriter in the offering or sale of such securities, and each
Person, if any, who controls such underwriter within the meaning of the Securities Act against any losses, claims, damages, liabilities and expenses, joint or several, to which such Person may be subject under the Securities Act or otherwise insofar
as such losses, claims, damages, liabilities or expenses (or actions or proceedings in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any registration statement
under which such securities were registered under the Securities Act, any preliminary prospectus or final prospectus included therein, or any amendment or supplement thereto, or any document incorporated by reference therein, or (ii) any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will promptly reimburse each such Person for any legal or any other expenses reasonably
incurred by such Person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding, provided that (i) the Company shall not be liable in any such case to the extent that any such loss, claim,
damage, liability (or action or proceeding in respect thereof) or expenses arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such preliminary
prospectus or final prospectus, amendment or supplement in reliance upon and in conformity with written information furnished to the Company by such Selling Investors or such underwriter expressly for use in the registration statement and (ii) the
Company shall not be liable in any such case to the extent that any such loss, claim, damage, liability (or action or 

 proceeding in respect thereof) or expenses arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such registration statement, any such preliminary prospectus, amendment or supplement, if such person did not receive a copy of the final prospectus (or prospectus as supplemented) from the underwriters at or
prior to the confirmation of the sale of such Eligible Securities in any case where such delivery is required by the Securities Act and such statement was corrected therein. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of Investors or any such Person and shall survive the transfer of such securities by the Investors. The Company also shall agree to provide provision for contribution as shall be reasonably requested by the
Investors or any underwriters in circumstances where such indemnity is held unenforceable. 
  
 (b) The Selling Investors, by virtue of exercising their registration rights hereunder, agree and undertake to enter into customary indemnification arrangements to severally and not jointly indemnify and hold harmless
(in the same manner and to the same extent as set forth in clause (a) of this Article 7) the Company, each director of the Company, each officer of the Company who shall sign such registration statement, each Person who participates as an
underwriter in the offering or sale of such securities, each Person, if any, who controls the Company or any such underwriter within the meaning of the Securities Act, with respect to any statement in or omission from such registration statement,
any preliminary prospectus or final prospectus included therein, or any amendment or supplement thereto, but only to the extent that such statement or omission was made in reliance upon and in conformity with written information furnished by such
Selling Investors to the Company expressly for use in the registration statement and only to the extent of the amount of net proceeds received from the sale of such securities by the Selling Investors. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Company or any such director, officer or controlling Person and shall survive the transfer of the registered securities by the Selling Investors and the expiration of this Agreement.
The Selling Investors also shall agree to provide provision for contribution as shall be reasonably requested by the Company or any underwriters in circumstances where such indemnity is held unenforceable. 
  
 (c) Indemnification and contribution similar to that specified in the
preceding subdivisions of this Article 7 (with appropriate modifications) shall be given by the Company and the Selling Investors with respect to any required registration or other qualification of such Eligible Securities under any federal or state
law or regulation of governmental authority other than the Securities Act. 
  
 ARTICLE VIII 
  
 BENEFITS OF
REGISTRATION RIGHTS 
  
 8.1. Benefits of Registration
Rights. Subject to the limitations of Sections 3.1 and 4.1, Investors and any Permitted Transferees of Eligible Securities may severally or jointly exercise the registration rights hereunder in such manner and in such proportion as they shall
agree among themselves.Form of Indemnification Agreement

 Exhibit 10.5 
  
 FORM OF 
  
 INDEMNIFICATION AGREEMENT 
  
 THIS INDEMNIFICATION AGREEMENT is made and entered into this      day of
                    , 2004 (“Agreement”), by and between American Campus Communities, Inc., a Maryland corporation (the
“Company”), and                      (“Indemnitee”). 
  
 WHEREAS, at the request of the Company, Indemnitee [currently serves] [will serve] as a director or officer of the Company
and may, therefore, be subjected to claims, suits or proceedings arising as a result of his service; and 
  
 WHEREAS, as an inducement to Indemnitee to serve as such director or officer, the Company has agreed to indemnify and to advance expenses and costs
incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law; and 
  
 WHEREAS, the parties to this Agreement desire to set forth their agreement regarding indemnification and advance of expenses. 
  
 NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows: 
  
 Section 1. Definitions. For purposes of this Agreement: 
  
 (a) “Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Act”), whether or not the
Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if after the Effective Date (i) any “person” (as such term is used in Sections
13(d) and 14(d) of the Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing 50.1% or more of the combined voting power of the Company’s
then outstanding securities without the prior approval of at least a majority of the members of the Board of Directors in office immediately prior to such person attaining such percentage interest; (ii) there occurs a proxy contest, or the Company
is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least a majority of the members of the Board of Directors then in office, as a consequence of which members of the Board of
Directors in office immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) during any period of two consecutive years, other than as a result of an event described in clause
(a)(ii) of this Section 1, individuals who at the beginning of such period constituted the Board of Directors (including for this purpose any new director whose election or nomination for election by the Company’s stockholders was approved by a
vote of at least a majority of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the Board of Directors. 

 (b) “Corporate Status” means the status of a person who is or was a director, trustee, officer,
employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company. 
  
 (c) “Disinterested Director” means a director of the Company who is
not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
  
 (d) “Effective Date” means the date set forth in the first paragraph of this Agreement. 
  
 (e) “Expenses” shall include all reasonable and out-of-pocket
attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding. 
  
 (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to or witness in the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors by a majority vote of a
quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a committee of the Board of Directors duly so authorized consisting of two or more Disinterested Directors, or if such quorum cannot be
obtained and such committee cannot be established then by the majority vote of the full Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel
shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld. 
  
 (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the
Company and Indemnitee. 
  
 Section 2. Services by
Indemnitee. Indemnitee will serve as a director [and/or officer] of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period
otherwise required by law or by other agreements or commitments of the parties, if any. 
  

 2 

 Section 3. Indemnification - General. The Company shall indemnify, and advance Expenses to,
Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of
reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this
Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law, as amended from time to time, or any successor statute thereto (“MGCL”). 
  
 Section 4. Proceedings Other Than Proceedings by or in the Right of the
Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed
Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or on his behalf in
connection with a Proceeding by reason of his Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of
active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his conduct was
unlawful. 
  
 Section 5. Proceedings by or in the Right of the
Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending or completed
Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or
on his behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and
deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services; provided, however, that Indemnitee shall not be entitled to such indemnification if it has been adjudged that Indemnitee is
liable to the Company with respect to such Proceeding. 
  
 Section
6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the
following circumstances: 
  
 (a) if it determines Indemnitee is
entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or 
  

 3 

 (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all
the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the
court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section
2-418(c) of the MGCL shall be limited to Expenses actually and reasonably incurred by him or on his behalf in connection with a Proceeding. 
  
 Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, and
without limiting any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable
and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter. 
  
 Section 8. Advance of Expenses. The
Company shall advance all reasonable Expenses actually and reasonably incurred by or on behalf of Indemnitee in connection with any Proceeding (other than a Proceeding brought to enforce indemnification under this Agreement, applicable law, the
Charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors) to which Indemnitee is, or is threatened to be, made a party or a witness,
within twenty days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by
the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect
at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established that the standard of conduct has not been
met and which have not been successfully resolved as described in Section 7. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable
and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses
and without any requirement to post security therefor. 
  

 4 

 Section 9. Procedure for Determination of Entitlement to Indemnification. 
  
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit
to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. 
  
 (b) Upon written request by Indemnitee for indemnification pursuant to the
first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent
Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of
Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a committee of the Board of Directors duly so authorized consisting of two or more Disinterested Directors, (B) by Independent Counsel in a written opinion
to the Board of Directors, a copy of which shall be delivered to Indemnitee or (C) by the stockholders of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within twenty days
after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of
Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 9. Any Expenses actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by
the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom. 
  
 Section 10. Presumptions and Effect of Certain Proceedings. 
  
 (a) In making a determination with respect to entitlement to indemnification
hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this
Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 
  
 (b) The termination of any Proceeding by judgment, order or settlement does not create a presumption that Indemnitee did not
meet the requisite standard of conduct described herein for indemnification; provided, however, that the termination of any Proceeding by conviction or a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to
judgment, creates a rebuttable presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 
  

 5 

 Section 11. Remedies of Indemnitee. 
  
 (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement
within 30 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within twenty days after receipt by the Company of a written request therefor, or (v)
payment of indemnification is not made within twenty days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland,
or in any other court of competent jurisdiction, of his entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the
commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence
such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this Agreement. 
  
 (b) If a determination shall have been made pursuant to Section 9(b) of this
Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an
omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification. 
  
 (c) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce his rights under, or
to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or
arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with
such judicial adjudication or arbitration shall be appropriately prorated. 
  
 Section 12. Defense of the Underlying Proceeding. 
  
 (a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding
which may result in the right to indemnification or the advance of Expenses hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of
Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then
only to the extent the Company is thereby actually so prejudiced. 
  

 6 

 (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the
Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 20 calendar days following
receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee
or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which
release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below. 
  
 (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding
to which Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that he may have
separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which
approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a
timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition,
if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover
from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at
the expense of the Company (subject to Section 11(c)), to represent Indemnitee in connection with any such matter. 
  
 Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance. 
  
 (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights to which Indemnitee may at any time be entitled under applicable law, the Charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of
Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his
Corporate Status prior to such amendment, alteration or repeal. 
  
 (b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to
secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
  

 7 

 (c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 
  
 Section 14. Insurance. The Company will use its reasonable best
efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a
director or officer of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director or officer of the Company. Without in any
way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments,
penalties, fines, settlements and reasonable Expenses actually and reasonably incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. 
  
 Section 15. Indemnification for Expenses of a Witness. Notwithstanding
any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party but in
which the Indemnitee receives a subpoena to testify, he shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 
  
 Section 16. Duration of Agreement; Binding Effect. 
  
 (a) This Agreement shall terminate six years after the date that
Indemnitee’s Corporate Status shall have ceased; provided, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or
advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto. 
  
 (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the
parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an
Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the
written request of the Company, and shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. 
  

 8 

 (c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly 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 if no such succession had taken place. 
  
 Section 17. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason
whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any
section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
  
 Section 18. Exception to Right of Indemnification or Advance of
Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is
brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Sections 8 and 11 of this Agreement, or (b) the Company’s Bylaws, as amended, the Charter, a resolution of the
stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. 
  
 Section 19. Identical Counterparts. This Agreement may be executed in
one or more counterparts, including by facsimile, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom
enforceability is sought shall be sufficient to evidence the existence of this Agreement. 
  
 Section 20. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

  
 Section 21. Modification and Waiver. No supplement,
modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver. 
  
 Section 22. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to
whom said notice or other communication shall have been 
  

 9 

 directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date
on which it is so mailed: 
  

	 	(a)	If to Indemnitee, to: 

  
     The address set forth on the signature page hereto. 
  

	 	(b)	If to the Company to: 

  
     American Campus Communities, Inc. 
     805 Las Cimas Parkway, Suite 400 
     Austin, TX 78746 
     Attn: Chief Executive Officer 
  
 or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
  
 Section 23. Governing Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of
the State of Maryland, without regard to its conflicts of laws rules. 
  
 Section 24. Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above
written. 
  

			
	 AMERICAN CAMPUS COMMUNITIES, INC.

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	INDEMNITEE
	
	  

	Name:	 	  

	Address:	 	  

  

 11 

 EXHIBIT A 
  

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED 
  
 The Board of Directors of American Campus Communities, Inc. 
  
 Re: Undertaking to Repay Expenses Advanced 
  
 Ladies and Gentlemen: 
  
 This undertaking is being provided pursuant to that certain Indemnification Agreement dated the      day of
                    , 200    , by and between American Campus Communities, Inc. (the “Company”) and the
undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of expenses in connection with [DESCRIPTION OF PROCEEDING] (the “Proceeding”). 
  
 Terms used herein and not otherwise defined shall have the meanings specified
in the Indemnification Agreement. 
  
 I am subject to the
Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I was involved as a director [and/or officer] of the Company, in any of the facts or
events giving rise to the Proceeding, I (1) acted in good faith and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that
any act or omission by me was unlawful. 
  
 In consideration of
the advance of Expenses by the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is
established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal
benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the
claims, issues or matters in the Proceeding as to which the foregoing findings have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To the extent that Advanced Expenses do
not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses shall be allocated on a reasonable and proportionate basis. 
  
 IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this      day of
                    , 200    .

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