Document:

EX-10.6

 Exhibit 10.6 
 COLONY AMERICAN HOMES, INC. 
 2013 EQUITY INCENTIVE PLAN 

FORM OF RESTRICTED STOCK AGREEMENT 
 Colony American Homes, Inc., a Maryland corporation (the “Company”), hereby grants its shares of common stock, par value $0.01 (“Restricted Stock”) to the Grantee named
below, subject to the vesting and other conditions set forth below. Additional terms and conditions of the grant are set forth in this cover sheet and in the attachment (collectively, the “Agreement”) and in the Company’s 2013
Equity Incentive Plan (as amended from time to time, the “Plan”). 
 Name of
Grantee:                                       
                                         
                                         
 
 Grantee’s Social Security
Number:         -        -         

Number of Restricted
Shares:                                      
                   
 Grant
Date:                      
 Vesting Schedule: The Restricted Shares shall vest on each vesting date set forth below:1 
  

	 	•	 	 [insert#] on [Vest Date] 

  

	 	•	 	 [insert#] on [Vest Date] 

  

	 	•	 	 [insert#] on [Vest Date] 

Purchase Price per Share of Stock: $        . 

The granting of this Award is explicitly conditioned upon the Grantee’s execution of the Lock-Up
Agreement, as provided by the Company.2

 By your signature below, you agree to all of the terms and conditions described herein, in the attached
Agreement and in the Plan, a copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this cover sheet or Agreement should appear to be
inconsistent. 
  

									
	Grantee:	 	 	 	 	Date:	  	  	 
		 	(Signature)	 				  	
	Company:	 	 	 	 	Date:	  	  	 
		 	(Signature)	 				  	

							
	Title:	 	   
	 		  	

 Attachment 
 This is not a stock certificate or a negotiable instrument. 
  

	1 	Include performance-based criteria, if applicable. 

	2 	 To be included in grants made in connection with the Company’s initial public offering. 

 COLONY AMERICAN HOMES, INC. 

2013 EQUITY INCENTIVE PLAN 
 FORM OF RESTRICTED STOCK AGREEMENT 
  

			
		
	 Restricted Stock
	  	This Agreement evidences an award of shares of Stock in the number set forth on the cover sheet and subject to the vesting and other conditions set forth herein, in the Plan and
on the cover sheet (the “Restricted Stock”). The purchase price is deemed paid by your prior Service to the Company.
		
	 Transfer of Unvested Restricted Stock
	  	Unvested Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered, whether by operation of law or otherwise, nor may the Restricted
Stock be made subject to execution, attachment or similar process. If you attempt to do any of these things, the Restricted Stock will immediately become forfeited.
		
	 Issuance and Vesting
	  	The Company will issue your Restricted Stock in the name set forth on the cover sheet.
		
		  	Your rights under this Restricted Stock grant and this Agreement shall vest in accordance with the vesting schedule set forth on the cover sheet so long as you continue in
Service on the vesting dates set forth on the cover sheet.
		
		  	Notwithstanding your vesting schedule, the Restricted Stock will become 100% vested upon your termination of Service due to your death or Disability.
		
	 Change in Control
	  	Notwithstanding the vesting schedule set forth above, upon the consummation of a Change in Control, the Restricted Stock will become 100% vested (i) if the Restricted Stock
is not assumed, or equivalent restricted securities are not substituted for the Restricted Stock, by the Company or its successor, or (ii) if assumed or substituted for, upon your Involuntary Termination (as defined below) within the 12-month
period following the consummation of the Change in Control.
		
		  	“Involuntary Termination” means termination of your Service by reason of (i) your involuntary dismissal by the Company or its successor for reasons other
than Cause; or (ii) your voluntary resignation for “Good Reason” as defined in any applicable employment or severance agreement, plan, or arrangement between you and the Company, or if none, then the occurrence of any of the following
without your consent: (x) a substantial adverse alteration in your title or responsibilities from those in effect immediately prior to the Change in Control; (y) a reduction in your annual base salary as of immediately prior to the Change
in Control (or as the same may be increased from time to time) or a material reduction in your annual target bonus opportunity as of immediately prior to the Change in Control; or (z) the relocation of your principal place of employment to a
location more than 35 miles from your principal place of employment as of the Change in Control or the Company’s requiring you to be based anywhere other than such principal place of employment (or permitted relocation thereof) except for
required travel on the Company’s business to an extent substantially consistent with your business travel obligations as of immediately prior to the Change in Control. To

  
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		  	qualify as an Involuntary Termination for “Good Reason,” you must provide notice to the Company of any of the foregoing occurrences within 90 days of the initial
occurrence and the Company shall have 30 days to remedy such occurrence.
		
	 Evidence of Issuance
	  	The issuance of the Shares under the grant of Restricted Stock evidenced by this Agreement shall be evidenced in such a manner as the Company, in its discretion, deems
appropriate, including, without limitation, book-entry, direct registration or issuance of one or more stock certificates, with any unvested Restricted Stock bearing the appropriate restrictions imposed by this Agreement. As your interest in the
Restricted Stock vests, the recordation of the number of shares of Restricted Stock attributable to you will be appropriately modified if necessary.
		
	 Forfeiture of Unvested Restricted Stock
	  	Unless the termination of your Service triggers accelerated vesting of your Restricted Stock or other treatment pursuant to the terms of this Agreement, the Plan, or any other
written agreement between the Company or an Applicable Entity and you, you will automatically forfeit to the Company all of the unvested Restricted Stock in the event you are no longer providing Service.
		
	 Forfeiture of Rights
	  	If you should take actions in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition agreement, (c) agreement prohibiting
solicitation of employees or clients of the Company or any Affiliate, (d) confidentiality obligation with respect to the Company or any Affiliate, (e) secondment agreement or (f) other agreement or any confidentiality obligation with
respect to the Company or any Affiliate or otherwise in competition with the Company or any Affiliate, the Company has the right to cause an immediate forfeiture of your rights to the Restricted Stock awarded under this Agreement and the Restricted
Stock shall immediately expire.
		
		  	In addition, if you have vested in Restricted Stock during the two year period prior to your actions (as described above), you will owe the Company a cash payment (or forfeiture
of shares of Stock) in an amount determined as follows: (1) for any shares of Stock that you have sold prior to receiving notice from the Company, the amount will be the proceeds received from the sale(s), and (2) for any shares of Stock
that you still own, the amount will be the number of shares of Stock owned times the Fair Market Value of the shares of Stock on the date you receive notice from the Company (provided, that the Company may require you to satisfy your payment
obligations hereunder either by forfeiting and returning to the Company the Restricted Stock or any other shares of Stock or making a cash payment or a combination of these methods as determined by the Company in its sole
discretion).
		
	 Leaves of Absence
	  	For purposes of this Agreement, your Service does not terminate when you go on a bona fide leave of absence that was approved by your employer in writing if the terms of
the leave provide for continued Service crediting, or when continued Service crediting is required by Applicable Law. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee
work.

  
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		  	Your employer may determine, in its discretion, which leaves count for this purpose, and when your Service terminates for all purposes under the Plan in accordance with the
provisions of the Plan. Notwithstanding the foregoing, the Company may determine, in its discretion, that a leave counts for this purpose even if your employer does not agree.
		
	 Section 83(b) Election
	  	Under Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), the difference between the purchase price paid for the shares of Stock and
their fair market value on the date any forfeiture restrictions applicable to such shares lapse will be reportable as ordinary income at that time. For this purpose, “forfeiture restrictions” include the forfeiture as to unvested Stock
described above. Subject to the prior approval of the Company, you may elect to be taxed at the time the shares are acquired, rather than when such shares cease to be subject to such forfeiture restrictions, by filing an election under
Section 83(b) of the Code with the Internal Revenue Service within thirty (30) days after the Grant Date. You will have to make a tax payment to the extent the purchase price is less than the fair market value of the shares on the Grant Date.
No tax payment will have to be made to the extent the purchase price is at least equal to the fair market value of the shares on the Grant Date. The form for making this election is attached as Exhibit A hereto. Failure to make this filing
within the thirty (30) day period will result in the recognition of ordinary income by you (in the event the fair market value of the shares as of the vesting date exceeds the purchase price) as the forfeiture restrictions lapse. If the shares
of Stock are forfeited after a Code Section 83(b) election is made, you will not be entitled to take a tax deduction with respect to such forfeiture. The forfeiture will be treated as a sale or exchange which will allow you to take a loss, if any,
equal to the excess of the amount paid by you for such property, over the amount realized upon such forfeiture.
		
		  	YOU MUST RECEIVE PRIOR APPROVAL FROM THE COMPANY IN ORDER TO MAKE AN 83(b) ELECTION. IN ADDITION, YOU ACKNOWLEDGE THAT IT IS YOUR SOLE RESPONSIBILITY, AND NOT THE
COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF YOU REQUEST THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON YOUR BEHALF. YOU ARE RELYING SOLELY ON YOUR OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT
TO FILE ANY 83(b) ELECTION.
		
	 Withholding Taxes
	  	You agree as a condition of this grant that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting or receipt of
the Restricted Stock. In the event that the Applicable Entity determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting or receipt of shares of Stock arising from this grant, the Applicable
Entity shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Applicable Entity (including withholding the delivery of vested shares of Stock otherwise deliverable under this
Agreement).
		
	 Retention Rights
	  	This Agreement and the grant evidenced hereby do not give you the right to be retained by the Applicable Entity in any capacity. Unless otherwise specified in an employment or
other written agreement between the Applicable Entity and you, the Applicable Entity reserves the right to terminate your Service at any time and for any reason.

  
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	 Stockholder Rights
	  	You will be entitled to receive any dividends on any shares of Restricted Stock (whether or not then subject to restrictions) which have not been forfeited if and when dividends
are paid to holders of the Company’s Stock. No adjustments are made for dividends or other rights if the applicable record date occurs before an appropriate book entry is made (or your certificate is issued), except as described in the
Plan.
		
		  	Your grant shall be subject to the terms of any applicable agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate
activity.
		
	 Legends
	  	If and to the extent that the Stock is represented by certificates rather than book entry, all certificates representing the Stock issued under this grant shall, where
applicable, have endorsed thereon the following legends:
		
		  	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING, FORFEITURE AND OTHER RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN
AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY
THE HOLDER OF RECORD OF THE SHARES REPRESENTED BY THIS CERTIFICATE.”
		
		  	To the extent the Stock is represented by a book entry, such book entry will contain an appropriate legend or restriction similar to the foregoing.
		
	 Clawback
	  	This Award is subject to mandatory repayment by you to the Company to the extent you are or in the future become subject to any Company “clawback” or recoupment policy
that requires the repayment by you to the Company of compensation paid by the Company to you in the event that you fail to comply with, or violate, the terms or requirements of such policy.
		
		  	If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting
requirement under the securities laws and you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or were grossly negligent in failing to prevent the misconduct, you
shall reimburse the Company the amount of any payment in settlement of this Award earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first
occurred) of the financial document that contained such material noncompliance.

  
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		  	[Notwithstanding any other provision of the Plan or any provision of this Agreement, if the Company is required to prepare an accounting restatement, then you shall forfeit any
cash or Stock received in connection with this Award (or an amount equal to the fair market value of such Stock on the date of delivery if you no longer hold the shares of Stock) if pursuant to the terms of this Agreement, the amount of the Award
earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in this Agreement (including earnings, gains, or other criteria) that are later determined, as a result of the accounting
restatement, not to have been achieved.] [Include if any performance goals are included in award]
		
	 Applicable Law
	  	This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	 The Plan
	  	The text of the Plan is incorporated in this Agreement by reference.
		
		  	Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.
		
		  	This Agreement and the Plan constitute the entire understanding between you and the Company regarding this grant. Any prior agreements, commitments or negotiations concerning
this grant are superseded; except that any written employment, consulting, confidentiality, non-competition, non-solicitation and/or severance agreement between you and any Applicable Entity shall supersede this Agreement with respect to its subject
matter.
		
	 Data Privacy
	  	In order to administer the Plan, the Company may process personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any
changes thereto, other appropriate personal and financial data about you such as your contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the administration of the
Plan.
		
		  	By accepting this grant, you give explicit consent to the Company to process any such personal data.
		
	 Code Section 409A
	  	It is intended that this Award comply with Code Section 409A or an exemption to Code Section 409A.

 By signing this Agreement, you agree to all of the terms and conditions described above and in the
Plan. 

  
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 EXHIBIT A 
 GRANTEE ELECTION UNDER SECTION 83(b) OF 
 THE INTERNAL REVENUE CODE

 The undersigned Grantee hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect
to the property described below and supplies the following information in accordance with the regulations promulgated thereunder: 
  

	 	1.	The name, address and social security number of the undersigned:

 Name:                                
                                         
                                         
                                         
  

Address:                     
                                         
                                         
                                         
         
 Social Security
No.:                                        
                                         
                                         
                   
  

	 	2.	Description of property with respect to which the election is being made: 

              shares of common stock, par value $0.01 per share, Colony American Homes, Inc., a Maryland corporation, (the
“Company”). 
  

	 	3.	The date on which the property was transferred
is             , 20    . 

  

	 	4.	The taxable year to which this election relates is calendar year 20            .

  

	 	5.	Nature of restrictions to which the property is subject: 

 The shares of stock are subject to the provisions of a Restricted Stock Agreement between the undersigned and the Company. The shares of stock are subject to forfeiture under the terms of the Agreement.

  

	 	6.	The fair market value of the property at the time of transfer (determined without regard to any lapse restriction) was
$             per share, for a total of $            . 

 

	 	7.	The amount paid by taxpayer for the property was $            . 

 

	 	8.	A copy of this statement has been furnished to the Company. 

 Dated             , 20     

 

			
		 	 
		 	Taxpayer’s Signature

  

			
		 	 
		 	Taxpayer’s Printed Name

  
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 PROCEDURES FOR GRANTEE MAKING ELECTION 

UNDER INTERNAL REVENUE CODE SECTION 83(b) 
 The following procedures must be followed with respect to the attached form for making an election under Internal Revenue Code section 83(b) in order for the election to be effective:3 

1. You must file one copy of the completed election form with the IRS Service Center where you file your federal income tax returns within
30 days after the Grant Date of your Restricted Stock. 
 2. At the same time you file the election form with the
IRS, you must also give a copy of the election form to the Secretary of the Company. 
 3. You must file another
copy of the election form with your federal income tax return (generally, Form 1040) for the taxable year in which the stock is transferred to you. 

 

	3 	Whether or not to make the election is your decision and may create tax consequences for you. You are advised to consult your tax advisor if you are unsure whether or
not to make the election. 

  
 - 8 -EX-10.7

 Exhibit 10.7 
 COLONY AMERICAN HOMES, INC. 
 2013 EQUITY INCENTIVE PLAN 

FORM OF NON-QUALIFIED OPTION AGREEMENT 
 Colony American Homes, Inc., a Maryland corporation (the “Company”), hereby grants an option to purchase shares of its common stock, par value $0.01 (the “Option”), to
the optionee named below, subject to the vesting and other conditions set forth below. Additional terms and conditions of the grant are set forth in this cover sheet and in the attachment (collectively, the “Agreement”), and in the
Company’s 2013 Equity Incentive Plan (as amended from time to time, the “Plan”). 
 Grant
Date:         , 20         
 Name of
Optionee:                                       
                                         
                                         
                                    

Optionee’s Social Security Number:
            -            -            
 
 Number of Shares Covered by Option:
                                     

Option Price per Share: $        . (At least 100% of Fair Market Value) 

Vesting Schedule [            ] 

By your signature below, you agree to all of the terms and conditions described herein, in the attached Agreement and in the Plan,
a copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this cover sheet or Agreement should appear to be inconsistent. 

 
  

									
	Optionee:	 	 	 		 	Date:	 	 
		 	(Signature)	 		 		 	
	 Company:
	 		 		 	Date:	 	 
		 	(Signature)	 		 		 	
	 Title:
	 	 	 		 		 	

 Attachment 
 This is not a stock certificate or a negotiable instrument. 

 COLONY AMERICAN HOMES, INC. 

2013 EQUITY INCENTIVE PLAN 
 FORM OF NON-QUALIFIED OPTION AGREEMENT 
  

			
		
	 Non-qualified Option
	  	This Agreement evidences an award of an Option exercisable for that number of shares of Stock set forth on the cover sheet and subject to the vesting and other conditions set forth
herein, in the Plan and on the cover sheet. This option is not intended to be an incentive option under Section 422 of the Internal Revenue Code and will be interpreted accordingly.
		
	 Transfer of Option
	  	During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may exercise the Option. The Option may not be
sold, assigned, transferred, pledged, hypothecated or otherwise encumbered, whether by operation of law or otherwise, nor may the Option be made subject to execution, attachment or similar process.
		
		  	If you attempt to do any of these things, this Option will immediately become forfeited.
		
		  	Notwithstanding these restrictions on transfer, the Plan administrator may authorize, in its sole discretion, the transfer of a vested Option (in whole or in part) to a member of
your immediate family or a trust for the benefit of your immediate family.
		
	 Vesting
	  	Your Option shall vest in accordance with the vesting schedule shown on the cover sheet so long as you continue in Service on the vesting dates set forth on the cover sheet and is
exercisable only as to its vested portion.
		
		  	No additional shares of Stock will vest after your Service has terminated for any reason.
		
	 Change in Control
	  	Notwithstanding the vesting schedule set forth above, upon the consummation of a Change in Control, this option will become 100% vested (i) if it is not assumed, or equivalent
options are not substituted for the options, by the Company or its successor, or (ii) if assumed or substituted for, upon your Involuntary Termination (as defined below) within the 12-month period following the consummation of the Change in
Control. Notwithstanding any other provision in this Agreement, if assumed or substituted for, any vested portion of the option that remains outstanding under the terms of this Agreement as of your termination of Service, will expire one year after
the date of such termination of Service, within such 12-month period.
		
		  	“Involuntary Termination” means termination of your Service by reason of (i) your involuntary dismissal by the Company or its successor for reasons other than
Cause; or (ii) your voluntary resignation for “Good Reason” as defined in any applicable employment or severance agreement, plan, or arrangement between you and the Company, or if none, then the occurrence of any of the following
without your consent: (x) a substantial adverse alteration in your title or responsibilities from those in effect immediately prior to the Change in Control; (y) a reduction in your annual base salary as of immediately prior to the Change
in Control (or as the same may be

  
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		  	increased from time to time) or a material reduction in your annual target bonus opportunity as of immediately prior to the Change in Control; or (z) the relocation of your
principal place of employment to a location more than 35 miles from your principal place of employment as of the Change in Control or the Company’s requiring you to be based anywhere other than such principal place of employment (or
permitted relocation thereof) except for required travel on the Company’s business to an extent substantially consistent with your business travel obligations as of immediately prior to the Change in Control. To qualify as an Involuntary
Termination for “Good Reason” you must provide notice to the Company of any of the foregoing occurrences within 90 days of the initial occurrence and the Company shall have 30 days to remedy such occurrence.
		
	 Forfeiture of Unvested Options / Term
	  	Unless the termination of your Service triggers accelerated vesting or other treatment of your Option pursuant to the terms of this Agreement, the Plan, or any other written
agreement between an Applicable Entity and you, you will automatically forfeit to the Company those portions of the Option that have not yet vested in the event your Service terminates for any reason.
		
		  	Your option will expire in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Grant Date, as shown on the cover sheet. Your
option will expire earlier if your Service terminates, as described below.
		
	 Expiration of Vested Options
After Service Terminates
	  	If your Service terminates for any reason, other than death, Disability or Cause, then the vested portion of your Option will expire at the close of business at Company headquarters
on the 90th day after your termination date.
		
		  	If your Service terminates because of your death or Disability, or if you die during the 90-day period after your termination for any reason (other than Cause), then the vested
portion of your Option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of your death or termination for Disability. During that twelve (12) month period, your estate or heirs may
exercise the vested portion of your Option.
		
		  	If your Service is terminated for Cause, then you shall immediately forfeit all rights to your entire Option and the Option shall immediately expire.
		
	 Forfeiture of Rights
	  	If you should take actions in violation or breach of or in conflict with any (a) employment agreement, (b) non-competition agreement, (c) agreement prohibiting
solicitation of employees or clients of the Company or any Affiliate, (d) confidentiality obligation with respect to the Company or any Affiliate, (e) secondment agreement, or (f) other agreement or any confidentiality obligation with
respect to the Company or any Affiliate or otherwise in competition with the Company or any Affiliate, the Company has the right to cause an immediate forfeiture of your rights to this Option and the Option shall immediately expire.
		
		  	In addition, if you have exercised any options during the two year period prior to your actions (as described above), you will owe the

  
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		  	Company a cash payment (or forfeiture of shares of Stock) in an amount determined as follows: (1) for any shares of Stock that you have sold prior to receiving notice from the
Company, the amount will be the proceeds received from the sale(s), less the option exercise price, and (2) for any shares of Stock that you still own, the amount will be the number of shares of Stock owned times the Fair Market Value of the
shares of Stock on the date you receive notice from the Company, less the option exercise price (provided, that the Company may require you to satisfy your payment obligations hereunder either by forfeiting and returning to the Company the shares or
any other shares of Stock or making a cash payment or a combination of these methods as determined by the Company in its sole discretion).
		
	 Leaves of Absence
	  	For purposes of this Agreement, your Service does not terminate when you go on a bona fide leave of absence that was approved by your employer in writing if the terms of the
leave provide for continued Service crediting, or when continued Service crediting is required by Applicable Law. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee
work.
		
		  	Your employer may determine, in its discretion, which leaves count for this purpose, and when your Service terminates for all purposes under the Plan in accordance with the
provisions of the Plan. Notwithstanding the foregoing, the Company may determine, in its discretion, that a leave counts for this purpose even if your employer does not agree.
		
	 Notice of Exercise
	  	The Option may be exercised, in whole or in part, to purchase a whole number of vested shares of Stock of not less than 100 shares, unless the number of vested shares purchased
is the total number available for purchase under the option, by following the procedures set forth in the Plan and in this Agreement.
		
		  	When you wish to exercise this Option, you must exercise in a manner required or permitted by the Company.
		
		  	If someone else wants to exercise this Option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.
		
		  	Notwithstanding any other provision in this Agreement, if you are an employee of the Manager or an Affiliate of the Manager on the Grant Date you must exercise your Option, if
you elect to exercise it at all, on the earliest to occur of (1) [DATE] (or a later date within the same calendar year); (2) your termination from Service for any reason with the Manager or Affiliate (or a later date within the same
calendar year); or (3) consummation of a Change in Control, if your Option is not assumed or substituted in connection therewith, in which case your Option will remain exercisable for a period of fifteen (15) days.
		
	 Form of Payment
	  	When you exercise your Option, you must include payment of the option price indicated on the cover sheet for the shares you are purchasing. Payment may be made in one (or a
combination) of the following forms:

  
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		  	 •     Cash, your personal check, a cashier’s check, a money order or another cash equivalent
acceptable to the Company.

		
		  	 •     Shares of Stock which are owned by you and which are surrendered to the Company. The Fair
Market Value of the shares as of the effective date of the option exercise will be applied to the option price.

		
		  	 •     By delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed
securities broker acceptable to the Company to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate option price and any withholding taxes (if approved in advance by the Committee of the Board if you
are either an executive officer or a director of the Company).

		
		  	 •     By directing the Company to withhold shares of Stock issuable on exercise of this Option in
payment of the aggregate option price and any withholding taxes.

		
	 Evidence of Issuance
	  	The issuance of the shares upon exercise of this Option shall be evidenced in such a manner as the Company, in its discretion, will deem appropriate, including, without limitation,
book-entry, direct registration or issuance of one or more stock certificates.
		
	 Withholding Taxes
	  	You agree as a condition of this grant that you will make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the Option exercise or sale of
Stock acquired under this Option. In the event that any Applicable Entity determines that any federal, state, local or foreign tax or withholding payment is required relating to the exercise of this Option or sale of Stock arising from this Option,
the Applicable Entity shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Applicable Entity (including withholding the delivery of vested shares of Stock otherwise deliverable
under this Agreement).
		
	 Retention Rights
	  	This Agreement and this Option do not give you the right to be retained by any Applicable Entity in any capacity. Unless otherwise specified in an employment or other written
agreement between the Applicable Entity and you, the Applicable Entity reserves the right to terminate your Service at any time and for any reason.
		
	 Stockholder Rights
	  	You, or your estate or heirs, have no rights as a shareholder of the Company until the Stock has been issued upon exercise of your Option and either a certificate evidencing your
Stock has been issued or an appropriate entry has been made on the Company’s books. No adjustments are made for dividends, distributions or other rights if the applicable record date occurs before your certificate is issued (or an appropriate
book entry is made), except as described in the Plan.
		
		  	Your Option shall be subject to the terms of any applicable agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate
activity.
		
	 Clawback
	  	This Award is subject to mandatory repayment by you to the Company to the extent you are or in the future become subject to any Company

  
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		  	“clawback” or recoupment policy that requires the repayment by you to the Company of compensation paid by the Company to you in the event that you fail to comply with, or
violate, the terms or requirements of such policy.
		
		  	If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement
under the securities laws and you knowingly engaged in the misconduct, were grossly negligent in engaging in the misconduct, knowingly failed to prevent the misconduct or were grossly negligent in failing to prevent the misconduct, you shall
reimburse the Company the amount of any payment in settlement of this Award earned or accrued during the 12-month period following the first public issuance or filing with the United States Securities and Exchange Commission (whichever first
occurred) of the financial document that contained such material noncompliance.
		
		  	[Notwithstanding any other provision of the Plan or any provision of this Agreement, if the Company is required to prepare an accounting restatement, then you shall forfeit
any cash or Stock received in connection with this Award (or an amount equal to the fair market value of such Stock on the date of delivery if you no longer hold the shares of Stock) if pursuant to the terms of this Agreement, the amount of the
Award earned or the vesting in the Award was explicitly based on the achievement of pre-established performance goals set forth in this Agreement (including earnings, gains, or other criteria) that are later determined, as a result of the accounting
restatement, not to have been achieved.] [Include if any performance goals are included in award.]
		
	 Applicable Law
	  	This Agreement will be interpreted and enforced under the laws of the State of Maryland, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	 The Plan
	  	The text of the Plan is incorporated in this Agreement by reference.
		
		  	Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in the Plan.
		
		  	This Agreement and the Plan constitute the entire understanding between you and the Company regarding this Option. Any prior agreements, commitments or negotiations concerning this
grant are superseded; except that any written employment, consulting, confidentiality, non-competition, non-solicitation and/or severance agreement between you and any Applicable Entity shall supersede this Agreement with respect to its subject
matter.
		
	 Data Privacy
	  	In order to administer the Plan, the Company may process personal data about you. Such data includes, but is not limited to, information provided in this Agreement and any changes
thereto, other appropriate personal and financial data about you such as your contact information, payroll information and any other information that might be deemed appropriate by the Company to facilitate the administration of the
Plan.

  
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		  	By accepting this grant, you give explicit consent to the Company to process any such personal data.
		
	 Code Section 409A
	  	It is intended that this Award comply with Code Section 409A or an exemption to Code Section 409A. To the extent that the Company determines that you would be subject to
the additional 20% tax imposed on certain non-qualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent necessary to avoid
application of such additional tax. The nature of any such amendment shall be determined by the Company. For purposes of this Award, a termination of Service only occurs upon an event that would be a Separation from Service within the meaning of
Code Section 409A.

 By signing this Agreement, you agree to all of the terms and conditions described above and in the Plan.

  
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