Document:

EX-10.16

 Exhibit 10.16 
 AMENDED AND RESTATED AGREEMENT ON INVESTMENT OPPORTUNITIES 
 This
AMENDED AND RESTATED AGREEMENT ON INVESTMENT OPPORTUNITIES, dated as of June 10, 2013, is made and entered into by and between AMERICAN HOMES 4 RENT, LLC, a Delaware limited liability company (“AH LLC”), American Homes 4 Rent
Acquisitions and Renovations, LLC, a Delaware limited liability company (“AH4R Acquisitions and Renovations”), and AMERICAN HOMES 4 RENT, a Maryland real estate investment trust (the “Company”). AH LLC, AH4R
Acquisitions and Renovations and the Company are sometimes individually referred to herein as a “Party” and collectively as the “Parties.” 
 WHEREAS, AH LLC and the Company entered into that certain Agreement on Investment Opportunities dated as of November 21, 2012 (the “Original Agreement”); 

WHEREAS, AH LLC and the Company first amended the Original Agreement on March 18, 2013; 

WHEREAS, in connection with the closing of the transactions contemplated by the Contribution Agreement between AH LLC, the Company and
American Homes 4 Rent, L.P., a Delaware limited partnership and a Subsidiary of the Company (the “Operating Partnership”) dated May 28, 2013 (the “Contribution Agreement”), AH LLC and the Company desire to
amend and restate the Original Agreement as set forth herein; 
 WHEREAS, AH4R Acquisitions and Renovations is a subsidiary of
AH LLC, and the Parties desire that AH4R Acquisitions and Renovations join the Agreement;
 WHEREAS, AH LLC is the sole managing
member of American Homes 4 Rent Advisor, LLC, a Delaware limited liability company (the “Manager”); 
 WHEREAS,
concurrently with the execution of the Original Agreement, the Manager executed an Advisory Management Agreement with the Company, pursuant to which the Manager provides for the day-to-day management of the operations of the Company and its
subsidiaries, and is responsible for the selection, purchase and management of the Company’s portfolio investments and the Company’s financing activities, and providing the Company with advisory services;

WHEREAS, AH LLC is in the business of investing in single-family homes; and 

WHEREAS, the Company and AH LLC desire that the Company, subject to the terms and conditions of this Agreement, be a vehicle for
investment in single-family homes from and after the date of this Agreement. 
 NOW, THEREFORE, for the mutual promises made
herein and in the other agreements executed by the parties concurrently herewith or contemplated hereby, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

Section 1. Definitions. The following terms have the following meanings assigned to them: 

(a) “Affiliate” means, with respect to any Person, (i) any other Person directly or indirectly controlling,
controlled by, or under common control with such other Person, including, without limitation, in the case of AH LLC, the Hughes Members, (ii) any executive officer, general partner or employee of such Person, (iii) any member of the board
of directors or board of managers (or bodies performing similar functions) of such Person, and (iv) any legal entity for which such Person acts as an executive officer or general partner. 

(b) “Acquisition Costs” shall mean all costs and expenses incurred by the Company in connection with the acquisition and
initial repair and renovation (prior to first leasing, or to subsequent leasing in the case of any home leased to an existing occupant where the repair and renovation occur after the existing occupant vacates) of single-family homes that it
purchases after the date hereof. 
 (c) “Agreement” means this Amended and Restated Agreement on Investment
Opportunities, as amended, restated or supplemented from time to time. 

 (d) “Alaska Joint Venture” means the joint venture entered into by AH LLC
and the Alaska Permanent Fund Corporation in July 2012 to acquire, renovate, lease and operate single-family homes, including any expansion of such joint venture hereafter in accordance with the terms of its governing documents and permitted
pursuant to Section 2(c) of this Agreement. 
 (e) “Bankruptcy” means, with respect to any Person,
(i) the filing by such Person of a voluntary petition seeking liquidation, reorganization, arrangement or readjustment, in any form, of its debts under Title 11 of the United States Code or any other federal, state or foreign insolvency law, or
such Person’s filing an answer consenting to or acquiescing in any such petition, (ii) the making by such Person of any assignment for the benefit of its creditors, (iii) the expiration of 90 days after the filing of an involuntary
petition under Title 11 of the United States Code, an application for the appointment of a receiver for a material portion of the assets of such Person, or an involuntary petition seeking liquidation, reorganization, arrangement or readjustment of
its debts under any other federal, state or foreign insolvency law, provided that the same shall not have been vacated, set aside or stayed within such 90-day period or (iv) the entry against it of a final and non-appealable order for relief
under any bankruptcy, insolvency or similar law now or hereinafter in effect. 
 (f) “Board of Trustees” means
the Board of Trustees of the Company. 
 (g) “Business Day” means any day except a Saturday, a Sunday or a day
on which banking institutions in New York, New York are not required to be open. 
 (h) “Common Shares” means
the Class A common shares, par value $0.01, of the Company. 
 (i) “Existing Portfolio” means (i) the
single-family homes owned by AH LLC as of the date of the Original Agreement, and (ii) any additional single-family homes acquired by AH LLC within 180 days after the date of the Original Agreement, and (iii) any additional single-family
homes acquired in short sales, and, in the case of (ii) and (iii), pursuant to offers made or agreement entered into by AH LLC prior to the effective date of Section 2(a) of this Agreement. 

(j) “Hughes Members” means B. Wayne Hughes, B.W. Hughes Living Trust, B. Wayne Hughes 5-04 Annuity Trust, B. Wayne
Hughes 6-04 Annuity Trust, B. Wayne Hughes 9-05 Annuity Trust, American Commercial Equities, LLC, and American Commercial Equities Two, LLC, or any entity or trust for which B. Wayne Hughes serves as manager or trustee. 

(k) “Independent Trustees” means the members of the Board of Trustees of the Company who are not officers or employees
of AH LLC or any Person directly or indirectly controlling or controlled by the AH LLC, and who are otherwise “independent” in accordance with the NYSE’s corporate governance listing standards (or the rules of any other national
securities exchange on which the Common Shares becomes listed). 
 (l) “Investment Company Act” means the
Investment Company Act of 1940, as amended. 
 (m) “Investment Vehicle” means any partnership, limited
liability company, or other entity formed for the purpose of raising capital from investors other than the Company and its Subsidiaries and investing such capital in the acquisition of single-family homes, other than those in the Existing Portfolio.

 (n) “Joint Venture” means any partnership, limited liability company, or other entity formed or sponsored,
as permitted by this Agreement, by AH LLC or any of its Affiliates for the purpose of raising capital from investors other than the Company and its Subsidiaries and investing such capital in the acquisition of homes in the Existing Portfolio.

 (o) “Person” means any individual, corporation, partnership, joint venture, limited liability company,
estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

(p) “Promoted Interest” means any interest held by the AH LLC or its Affiliates in the profits of a Joint Venture or
Investment Vehicle which is in addition to or greater than AH LLC’s or its Affiliates’ pro rata interest in such Joint Venture or Investment Vehicle based on invested capital. 

  
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 (q) “RJ Joint Ventures” means two joint ventures entered into by AH LLC
with retail investors and marketed by Raymond James & Associates, Inc. in August and October 2012 to own, lease and operate single-family homes. 
 (r) “Subsidiary” means a corporation, limited liability company, partnership, joint venture or other entity or organization of which: (i) the Company or any other subsidiary of the
Company is a general partner or managing member or possesses voting power, directly or indirectly, to elect a majority of the board of directors, trustees or others performing similar functions with respect to such entity or organization, and
(ii) the accounts of which would be consolidated with those of the Company in its consolidated financial statements in accordance with GAAP as of the relevant date of determination. 

(s) “Units” mean common units of limited partnership in the Operating Partnership. 

(t) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. 
 (u) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be followed by
the phrase “without limitation.” 
 Section 2. Acquisition Rights. 

(a) Subject to the limitations, terms and conditions of this Agreement, neither AH LLC nor any of its Affiliates will purchase, ground
lease or otherwise acquire for investment, or offer to others the opportunity to purchase, ground lease or otherwise acquire for investment, directly or indirectly, any single-family home, other than those in the Existing Portfolio, unless such
opportunity has been presented to the Board of Trustees and the Board of Trustees, including a majority of the Independent Trustees, has consented to such purchase, ground lease, investment or other transaction by AH LLC or its Affiliate. It is
understood and agreed that this Agreement does not restrict or affect in any way any Person’s acquisition or ownership of single-family homes for personal or family use. 
 (b) The parties acknowledge and agree that Existing Portfolio is not owned by the Company or its Subsidiaries as of the date of this Agreement. Notwithstanding the foregoing provisions of this
Section 2, AH LLC may, at any time from the date of this Agreement until the second anniversary of the date of the Original Agreement, contribute any or all of the properties in the Existing Portfolio to one or more Joint Ventures. In the
event AH LLC establishes any such Joint Venture, it shall offer the Company any and all interests (including any Promoted Interest) it acquires in such Joint Venture, at a price equal to the fair value of the capital interest of AH LLC based on the
valuation on the Joint Venture established by third-party investors in the entity. Any such acquisition by the Company of an interest in a Joint Venture shall require the approval of a majority of the Independent Trustees and, if so approved, shall
close within sixty (60) days of original funding of the Joint Venture. The purchase price for any such interest shall be paid to AH LLC in Units, or at the option of AH LLC, in Common Shares. Any Common Shares or Units paid in
consideration for a Joint Venture interest pursuant to this provision shall be valued at $15 per Common Share or Unit. AH LLC agrees to use commercially reasonable efforts to minimize the period of time during which the Company does not hold an
ownership interest in any such Joint Venture, including by offering the Company the opportunity to acquire its interest in any such Joint Venture prior to the closing of the Joint Venture and facilitating the closing of the Joint Venture in a manner
such that the Company acquires its interest in the Joint Venture from inception of the Joint Venture. In the event the Company elects not to purchase the ownership interests of AH LLC in any Joint Venture in accordance with the foregoing, AH LLC
will be permitted to retain or transfer to others all of such interests, including any Promoted Interest. 
 (c) Notwithstanding
the foregoing provisions of this Section 2, the parties acknowledge and agree that neither AH LLC nor its Affiliates are obligated to provide the Company with the right to purchase any ownership interests of AH LLC or its Affiliates in the RJ
Joint Ventures or the Alaska Joint Venture. Further, it is acknowledged and agreed that the Alaska Joint Venture may continue to purchase single-family homes in accordance with its investment objectives until its capital commitments existing as of
the date of the Original 

  
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Agreement (a total of $750 million) have been fully invested or committed. Any increase in committed capital to the Alaska Joint Venture by either the Alaska Permanent Fund Corporation or AH LLC
or its Affiliates will require the approval of the Board of Trustees of the Company, including a majority of the Independent Trustees. AH LLC hereby represents and warrants that the Alaska Joint Venture will have investment priority over the Company
and its Subsidiaries in all markets, except Arizona, southern and northern California, Georgia and Texas, in each of which the Company and its Subsidiaries shall have investment priority over the Alaska Joint Venture. 

(d) Upon the second anniversary of the date of the Original Agreement, to the extent that AH LLC or its Affiliates continue to own, other
than through a Joint Venture, the RJ Joint Ventures or the Alaska Joint Venture, any single-family homes in the Existing Portfolio, all of such homes shall be offered to the Company for a price equal to the then aggregate Fair Market Value of such
homes as determined pursuant to the procedures set forth below, and the Company may purchase all, but not less than all, of such homes. An acquisition by the Company of such homes shall require the approval of a majority of the Independent
Trustees and, if so approved, shall close within sixty (60) days of the final determination of the Fair Market Value of such homes. The purchase price for such homes shall be paid to AH LLC in Units or, at the option of AH LLC, in Common
Shares. Any Common Shares or Units paid in consideration for a home pursuant to this Section 2(d) shall be valued at $15 per Common Share or Unit. In the event the Company elects not to purchase the homes in the Existing Portfolio in accordance
with the foregoing, AH LLC will be permitted to retain or sell to others any or all of such homes. 
 (e) For the purposes of
Section 2(d), the term “Fair Market Value” shall mean the gross sales price that the remaining homes in the Existing Portfolio (other than those held by a Joint Venture, the RJ Joint Ventures or the Alaska Joint Venture) would
bring in a competitive and open market as of the second anniversary of the date of the Original Agreement with a buyer and seller each acting prudently and knowledgeably. The determination of “Fair Market Value” shall assume that:
(i) buyer and seller are equally motivated; (ii) both buyer and seller are well informed or well advised and are acting in what it considers to be in its own best interest; (iii) a reasonable time is allowed for the exposure of the
property portfolio on the open market; and (iv) payment of the purchase price is made in cash by buyer on the closing date. 
 (f) AH LLC shall determine the Fair Market Value by using its good faith judgment. AH LLC shall provide written notice of such amount on (or within sixty (60) days prior to) the second anniversary of
the date of the Original Agreement. The Company shall have thirty (30) days (“Company’s FMV Review Period”) after receipt of AH LLC’s notice of Fair Market Value within which to accept such Fair Market Value in
writing. In the event the Company fails to accept the Fair Market Value proposed by AH LLC, AH LLC and the Company shall attempt to agree upon such Fair Market Value, using good faith efforts. If AH LLC and the Company fail to reach agreement within
fifteen (15) days following the Company’s FMV Review Period (“Outside FMV Agreement Date”), then each party shall place in a separate sealed envelope their final proposal as to Fair Market Value and such determination
shall be submitted to arbitration in accordance with subsections (i) through (v) below. Failure of the Company to so elect in writing within the Company’s FMV Review Period shall conclusively be deemed its disapproval of the Fair
Market Value determined by AH LLC. 
 (i) AH LLC and the Company shall meet with each other within five (5) Business Days
of the Outside FMV Agreement Date and exchange the sealed envelopes and then open such envelopes in each other’s presence. If AH LLC and the Company do not mutually agree upon the Fair Market Value within three (3) Business Days of the
exchange and opening of envelopes, then, within ten (10) Business Days of the exchange and opening of envelopes AH LLC and the Company shall agree upon and jointly appoint a single arbitrator who shall (i) by profession be a commercial
real estate appraiser, (ii) be a Member of the Appraisal Institute (or any successor organization thereto) and (iii) have been active over the five (5) year period ending on the date of such appointment in the appraisal of comparable
properties. Neither AH LLC nor the Company shall consult with such arbitrator directly or indirectly as to his or her opinion as to Fair Market Value prior to the appointment. The determination of the arbitrator shall be limited solely to the issue
of whether AH LLC’s or the Company’s submitted Fair Market Value for the Project is the closer to the actual Fair Market Value as determined by the arbitrator, taking into account the definition of Fair Market Value. Such arbitrator may
hold such hearings and require such briefs as the arbitrator, in his or her sole discretion, determines is necessary. In addition, AH LLC or the Company may submit to the arbitrator with a copy to the other party within five (5) Business Days
after the appointment of the arbitrator any market data and additional information that such party deems relevant to the determination of Fair Market Value (“FMV Data”) and the other party may submit a reply in writing within five
(5) business days after receipt of such FMV Data. 

  
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 (ii) The arbitrator shall, within thirty (30) days of his or her appointment, reach a
decision as to whether the parties shall use AH LLC’s or the Company’s submitted Fair Market Value, and shall notify AH LLC and the Company of such determination. 
 (iii) The decision of the arbitrator shall be binding upon AH LLC and the Company. 

(iv) If AH LLC and the Company fail to agree upon and appoint an arbitrator, then the appointment of the arbitrator shall be made by the
Presiding Judge of the Superior Court of Los Angeles, California, or, if he or she refuses to act, by any judge having jurisdiction over the parties. 
 (v) The cost of arbitration shall be paid by AH LLC and the Company equally. 

Section 3. Acquisition Fees and Personnel. 
 (a) Subject to Section 3(b) below, during the term of this Agreement, in consideration for AH LLC’s services in identifying, evaluating, acquiring, renovating and maintaining
single-family homes for acquisition by the Company directly or indirectly, the Company shall cause the Operating Partnership to pay to AH LLC an acquisition fee equal to five percent (5%) of the Acquisition Costs of each single-family home that
the Company or a Subsidiary of the Company acquires directly, and shall cause any Investment Vehicle that it controls to pay to AH LLC an acquisition fee equal to five percent (5%) of the Acquisition Costs of each single-family home that any
such Investment Vehicle acquires. The portion of any acquisition fee, net of any participating brokers fees received by AH LLC or its Affiliates in connection with any such acquisition relating to the purchase price of a home shall be paid promptly
upon acquisition of the home by the Operating Partnership or Investment Vehicle, as the case may be, and the balance of such acquisition fee shall be paid in full promptly following certification by AH LLC that repair and renovation of the property
has been completed so that the property is suitable for leasing to future tenants without further repair or renovation. Notwithstanding the foregoing, there shall be no acquisition fee paid to AH LLC by any party in connection with an acquisition by
the Operating Partnership of any interest in the Alaska Joint Venture. 
 (b) Upon the eighteenth
(18th) month anniversary of the date of this
Agreement (the “Effective Date”), Section 3(a) of this Agreement shall be of no further force or effect, and from and after the fifteenth (15th) month anniversary of the date of this Agreement, the Company shall have the right to offer employment, with such
employment to commence as of the Effective Date, to any or all of the acquisition and renovation personnel then employed by AH LLC or its Affiliates, on such terms as the Company may determine in its sole discretion, and AH LLC shall cooperate fully
with the transfer and transition of any such personnel hired by the Company. Any such transition of employees shall be completed and effective as of the Effective Date. 
 Section 4. Alternative Arrangements. 
 The Parties acknowledge that,
if, as of the Effective Date, the transition of employees contemplated by Section 3(b) of this Agreement has not occurred, or the Parties desire for other reasons to establish a further and continuing relationships relative to
acquisition and renovation services, they may at such time (but shall not be obligated to) enter into a new agreement on mutually acceptable terms. 
 Section 5. Intellectual Property Use, Services and Fee. 
 Upon closing
under the Contribution Agreement, the Operating Partnership will have all rights to certain Transferred Intellectual Property (as defined in the Contribution Agreement). From the date of this Agreement, until the Effective Date, (i) the
Company, through the Operating Partnership’s wholly owned subsidiary American Homes 4 Rent Management Holdings, LLC (the “Property Manager”), shall permit AH LLC to utilize the Transferred Intellectual Property, subject to
(a) with respect to trademarks, trade names, and domain names included 

  
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among the Transferred Intellectual Property, the monitoring of quality of goods and services offered by AH LLC thereunder, and (b) with respect to licensed intellectual property owned by
third parties and included among the Transferred Intellectual Property, obtaining any and all consents that may be required to sublicense such third party intellectual property to AH LLC, and (ii) Property Manager shall provide to AH LLC
services related to the Transferred intellectual Property’s maintenance and use, and AH LLC shall pay the Property Manager, in consideration for such use and services, a monthly fee of $100,000, payable on the last business day of each calendar
month, with the first payment calculated on a pro rata basis determined by the number of days in the month elapsed from the date of this Agreement through the last day of such month. 

Section 6. Promoted Interests in Investment Vehicles. 

Notwithstanding the provisions of Section 4 of the Original Agreement, the Company shall receive 100% of the Promoted Interests (if
any) in any Investment Vehicle sponsored or formed by the Company on or after the date of this Agreement, and the documentation for any such Investment Vehicle shall reflect this Agreement. 

Section 7. Additional Activities. 
 Except as set forth in this Section 7, nothing in this Agreement shall prevent AH LLC or any of its Affiliates, officers, directors, employees or personnel, from engaging in businesses other
than the business of acquiring, renovating, leasing and operating single-family homes as rental properties without the approval of the Board of Directors of the Company. In addition, nothing in this Agreement shall prevent AH LLC or any of its
Affiliates, officers, directors, employees or personnel, from rendering services of any kind to any Person other than the Company and its Subsidiaries; provided, however, neither AH LLC nor its Affilitates shall render advisory or property
management services for others investing in any type of business relating to investment in, ownership of or rental of single-family homes. 
 Section 8. Term. 
 This Agreement shall remain in effect unless and
until it is terminated pursuant to Section 9 or Section 10 of this Agreement. 
 Section 9.
Termination by AH LLC. 
 (a) AH LLC may terminate this Agreement effective upon 60 days’ prior written notice of
termination to the Company in the event that the Company shall breach this Agreement in any material respect or otherwise be unable to perform its obligations hereunder and such breach shall continue for a period of 30 days after written notice
thereof specifying such default and requesting that the same be remedied in such 30-day period. 
 (b) AH LLC may terminate this
Agreement in the event the Company becomes regulated as an “investment company” under the Investment Company Act, with such termination deemed to have occurred immediately prior to such event. 

Section 10. Termination by the Company. 
 The Company may terminate this Agreement effective upon 60 days’ prior written notice of termination to AH LLC in the event that AH LLC shall breach this Agreement in any material respect or
otherwise be unable to perform its obligations hereunder and such breach shall continue for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period. 

Section 11. Survival; Action Upon Termination. 
 From and after the effective date of termination of this Agreement pursuant to Section 9 or Section 10 of this Agreement, neither the Company nor AH LLC shall have any further
obligations under this Agreement, provided, however, that Sections 11 and 18 shall survive the termination of this Agreement. 

  
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 Section 12. Representations and Warranties. 

(a) The Company hereby makes the following representations and warranties to AH LLC, all of which shall survive the execution and
delivery of this Agreement: 
 (i) The Company is a real estate investment trust duly organized, validly existing and in good
standing under the laws of the State of Maryland and is, or shall be prior to the commencement of services hereunder, qualified to do business and in good standing in Maryland. The Company has all power and authority required to execute and deliver
this Agreement and to perform all its duties and obligations hereunder. 
 (ii) The execution, delivery, and performance of this
Agreement by the Company has been duly authorized by all necessary action on the part of the Company. 
 (iii) This Agreement
constitutes a legal, valid, and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general
principles of equity, including, without limitation, those relating to the availability of specific performance. 
 (b) AH LLC
hereby makes the following representations and warranties to the Company, all of which shall survive the execution and delivery of this Agreement: 
 (i) AH LLC is a limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware and is, or shall be prior to the commencement of services hereunder,
qualified to do business and in good standing in Delaware. AH LLC has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder. 

(ii) The execution, delivery, and performance of this Agreement by AH LLC have been duly authorized by all necessary action on the part
of AH LLC. 
 (iii) This Agreement constitutes a legal, valid, and binding agreement of AH LLC enforceable against AH LLC in
accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without limitation, those relating to the availability of specific
performance. 
 (c) AH LLC and AH4R Acquisitions and Renovations hereby make the following representations and warranties to the
Company, all of which shall survive the execution and delivery of this Agreement: 
 (i) AH4R Acquisitions and Renovations is a
limited liability company duly formed, validly existing, and in good standing under the laws of the State of Delaware and is, or shall be prior to the commencement of services hereunder, qualified to do business and in good standing in Delaware.
AH4R Acquisitions and Renovations has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder. 
 (ii) The execution, delivery, and performance of this Agreement by AH4R Acquisitions and Renovations have been duly authorized by all necessary action on the part of AH4R Acquisitions and Renovations.

 (iii) This Agreement constitutes a legal, valid, and binding agreement of AH4R Acquisitions and Renovations enforceable
against AH4R Acquisitions and Renovations in accordance with its terms, except as limited by Bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including, without limitation, those
relating to the availability of specific performance. 

  
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 Section 13. Notice  

(a) All notices, demands or requests provided for or permitted to be given pursuant to this Agreement must be in writing, to the
following addresses: 
 If to the Company, to: 
 American Homes 4 Rent 
 22917 Pacific Coast Highway, Suite 300 

Malibu, California 90265 
 Attention: Chief Financial Officer 
 cc: General Counsel 

Fax No.: 301-774-5333 
 If to AH LLC, to: 
 American Homes 4 Rent, LLC 

22917 Pacific Coast Highway, Suite 300 
 Malibu, California 90265 
 Attention: General Counsel 

Fax No.: 301-774-5333 
 If to AH4R Acquisitions and Renovations, to: 
 American Homes 4 Rent, LLC

 22917 Pacific Coast Highway, Suite 300 
 Malibu, California 90265 
 Attention: General Counsel 

Fax No.: 301-774-5333 
 (b) All notices, demands and requests to be sent to a party hereto pursuant to this Agreement shall be deemed to have been properly given or served if: (i) personally delivered, (ii) deposited
for next day delivery by Federal Express, or other similar overnight courier services, addressed to such party, (iii) deposited in the United States mail, addressed to such party, prepaid and registered or certified with return receipt
requested or (iv) transmitted via facsimile or other similar device to the attention of such party. 
 (c) All notices,
demands and requests so given shall be deemed received: (i) when personally delivered, (ii) twenty-four hours after being deposited for next day delivery with an overnight courier, (iii) forty-eight hours after being deposited in the
United States mail, or (iv) three hours after being transmitted via facsimile or otherwise transmitted and receipt has been confirmed. 
 Section 14. Binding Nature of Agreement; Successors and Assigns. 

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives,
successors and permitted assigns as provided in this Agreement; provided, however, AH LLC may not assign its rights and obligations under this Agreement (whether by merger, consolidation, operation of law or otherwise) other than to a controlled
Affiliate without the consent of the Board of Trustees of the Company, including a majority of the Independent Trustees. 

Section 15. Entire Agreement. 
 This Agreement contains the entire agreement and understanding among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements,
understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance
and/or usage of the trade inconsistent with any of the terms of this Agreement. 
 Section 16. Amendments. This
Agreement may be amended or modified only by an agreement in writing signed by all parties hereto. 

  
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 Section 17. No Implied Waivers; Remedies. 

No failure or delay on the part of any party in exercising any right, privilege, power, or remedy under this Agreement, and no course of
dealing shall operate as a waiver of any such right, privilege, power or remedy; nor shall any single or partial exercise of any right, privilege, power or remedy under this Agreement preclude any other or further exercise of any such right,
privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver shall be asserted against any party unless signed in writing by such party. The rights, privileges, powers and remedies available to the parties are
cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law, in equity or otherwise. Except as provided in this Agreement, no notice to or demand on any party in any case shall entitle such party to
any other or further notice or demand in any similar or other circumstances or constitute a waiver of the right of the party giving such notice or making such demand to take any other or further action in any circumstances without notice or demand.

 Section 18. Specific Performance. 
 Each of the parties to this Agreement acknowledges and agrees that the other parties to this Agreement would be irreparably damaged in the event that any of the terms or provisions of this Agreement are
not performed in accordance with their specific terms or otherwise are breached. Therefore, notwithstanding anything to the contrary set forth in this Agreement, each of the parties to this Agreement hereby agrees that the other party to this
Agreement shall be entitled to an injunction or injunctions to prevent breaches of any of the terms or provisions of this Agreement, and to enforce specifically the performance by such first party under this Agreement, and each party to this
Agreement hereby agrees to waive the defense in any such suit that the other party to this Agreement have an adequate remedy at law and to interpose no opposition, legal or otherwise, as to the propriety of injunction or specific performance as a
remedy, and hereby agrees to waive any requirement to post any bond in connection with obtaining such relief. The equitable remedies described in this Section 18 shall be in addition to, and not in lieu of, any other remedies at law or
in equity that the parties to this Agreement may elect to pursue. 
 Section 19. Governing Law. 

THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF MARYLAND. EACH OF THE PARTIES HEREBY
IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF MARYLAND SHALL HAVE EXCLUSIVE JURISDICTION IN CONNECTION WITH ANY ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES UNDER THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS AND SUBMITS
TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY WAIVES THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY SUCH ACTION OR PROCEEDING IN SAID COURTS. 

Section 20. Headings. 
 The headings contained in this Agreement are for convenience only and shall not affect the construction or interpretation of any provisions of this Agreement. 

Section 21. Severability. 
 If any provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall not be affected thereby. 
 Section 22. Counterparts. 
 This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or
more counterparts of this Agreement, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
representatives on the date first written above. 
  

							
		 		 	COMPANY
			
	Address:	 		 	 AMERICAN HOMES 4 RENT
 a Maryland real estate investment trust

	 22917 Pacific Coast Highway

Suite 300
 Malibu, California
90265
	 		 	By:	 	/s/ Matthew J. Hart
		 		 	Name:	 	Matthew J. Hart
		 		 	Title:	 	Chairman of the Special Committee of the Board of Trustees
			
		 		 	AH LLC
			
	Address:	 		 	 AMERICAN HOMES 4 RENT, LLC,
 a Delaware limited liability company

	 22917 Pacific Coast Highway

Suite 300
 Malibu, California
90265
	 		 	By:	 	/s/ Sara Vogt-Lowell
		 		 	Name:	 	Sara Vogt-Lowell
		 		 	Title:	 	Senior Vice President
			
		 		 	AH4R ACQUISITIONS AND RENOVATIONS
			
	Address:	 		 	 AMERICAN HOMES 4 RENT ACQUISITIONS AND RENOVATIONS, LLC,
 a Delaware limited liability company

	 22917 Pacific Coast Highway

Suite 300
 Malibu, California
90265
	 		 	By:	 	/s/ Sara Vogt-Lowell
		 		 	Name:	 	Sara Vogt-Lowell
		 		 	Title:	 	Senior Vice President

 [Signature Page to Amended and Restated Agreement on Investment Opportunities]EX-10.17

 Exhibit 10.17 

 
  
 AMERICAN HOMES 4 RENT 
 2012 EQUITY INCENTIVE PLAN 

(AS AMENDED AND RESTATED JUNE 6, 2013) 
  

 

 Table of Contents 
  

							
	 	 	 	  	Page	 
	 1.
	 	PURPOSE	  	 	1	  
	 2.
	 	DEFINITIONS	  	 	1	  
	 3.
	 	ADMINISTRATION OF THE PLAN	  	 	6	  
		 	3.1 Committee	  	 	6	  
		 	 3.1.1 Powers and Authorities
	  	 	6	  
		 	 3.1.2 Composition of Committee
	  	 	7	  
		 	 3.1.3 Other Committees
	  	 	7	  
		 	 3.1.4 Delegation by Committee
	  	 	7	  
		 	3.2 Board	  	 	8	  
		 	3.3 Terms of Awards	  	 	8	  
		 	 3.3.1 Committee Authority
	  	 	8	  
		 	 3.3.2 Forfeiture; Recoupment
	  	 	8	  
		 	3.4 Repricing	  	 	9	  
		 	3.5 Deferral Arrangement	  	 	9	  
		 	3.6 No Liability	  	 	9	  
		 	3.7 Registration; Share Certificates	  	 	9	  
	 4.
	 	COMMON SHARES SUBJECT TO THE PLAN	  	 	10	  
		 	4.1 Number of Common Shares Available for Awards	  	 	10	  
		 	4.2 Adjustments in Authorized Common Shares	  	 	10	  
		 	4.3 Share Usage	  	 	10	  
	 5.
	 	EFFECTIVE DATE; TERM; AMENDMENT AND TERMINATION	  	 	11	  
		 	5.1 Effective Date	  	 	11	  
		 	5.2 Term	  	 	11	  
		 	5.3 Amendment and Termination	  	 	11	  
	 6.
	 	AWARD ELIGIBILITY AND LIMITATIONS	  	 	11	  
		 	6.1 Eligible Grantees	  	 	11	  
		 	6.2 Limitation on Common Shares Subject to Awards and Cash Awards	  	 	11	  
		 	6.3 Stand-Alone, Additional, Tandem and Substitute Awards	  	 	12	  
	 7.
	 	AWARD AGREEMENT	  	 	12	  
	 8.
	 	TERMS AND CONDITIONS OF OPTIONS	  	 	12	  
		 	8.1 Option Price	  	 	12	  
		 	8.2 Vesting	  	 	13	  
		 	8.3 Term	  	 	13	  
		 	8.4 Termination of Service	  	 	13	  
		 	8.5 Limitations on Exercise of Option	  	 	13	  
		 	8.6 Method of Exercise	  	 	13	  
		 	8.7 Rights of Holders of Options	  	 	14	  
		 	8.8 Delivery of Common Shares	  	 	14	  
		 	8.9 Transferability of Options	  	 	14	  
		 	8.10 Family Transfers	  	 	14	  
		 	8.11 Limitations on Incentive Share Options	  	 	14	  
		 	8.12 Notice of Disqualifying Disposition	  	 	15	  
	 9.
	 	TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS	  	 	15	  
		 	9.1 Right to Payment and Grant Price	  	 	15	  
		 	9.2 Other Terms	  	 	15	  
		 	9.3 Term	  	 	15	  
		 	9.4 Transferability of SARS	  	 	16	  
		 	9.5 Family Transfers	  	 	16	  

  
 i 

							
	 10.
	 	TERMS AND CONDITIONS OF RESTRICTED SHARES, RESTRICTED SHARE UNITS AND DEFERRED SHARE UNITS	  	 	16	  
		 	10.1 Grant of Restricted Shares, Restricted Share Units and Deferred Share Units	  	 	16	  
		 	10.2 Restrictions	  	 	16	  
		 	10.3 Registration; Restricted Share Certificates	  	 	16	  
		 	10.4 Rights of Holders of Restricted Shares	  	 	17	  
		 	10.5 Rights of Holders of Restricted Share Units and Deferred Share Units	  	 	17	  
		 	 10.5.1 Voting and Dividend Rights
	  	 	17	  
		 	 10.5.2 Creditor’s Rights
	  	 	17	  
		 	10.6 Termination of Service	  	 	18	  
		 	10.7 Purchase of Restricted Shares and Common Shares Subject to Restricted Share Units and Deferred Share Units	  	 	18	  
		 	10.8 Delivery of Common Shares	  	 	18	  
	 11.
	 	TERMS AND CONDITIONS OF UNRESTRICTED SHARE AWARDS AND OTHER AWARDS	  	 	18	  
		 	11.1 Unrestricted Share Awards	  	 	18	  
		 	11.2 Other Awards	  	 	19	  
		 	 11.2.1 Other Equity-Based Awards
	  	 	19	  
		 	 11.2.2 LTIP Units
	  	 	19	  
	 12.
	 	FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES	  	 	19	  
		 	12.1 General Rule	  	 	19	  
		 	12.2 Surrender of Common Shares	  	 	19	  
		 	12.3 Cashless Exercise	  	 	20	  
		 	12.4 Other Forms of Payment	  	 	20	  
	 13.
	 	TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS	  	 	20	  
		 	13.1 Dividend Equivalent Rights	  	 	20	  
		 	13.2 Termination of Service	  	 	21	  
	 14.
	 	TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS	  	 	21	  
		 	14.1 Grant of Performance-Based Awards	  	 	21	  
		 	14.2 Value of Performance-Based Awards	  	 	21	  
		 	14.3 Earning of Performance-Based Awards	  	 	21	  
		 	14.4 Form and Timing of Payment of Performance-Based Awards	  	 	21	  
		 	14.5 Performance Conditions	  	 	21	  
		 	14.6 Performance-Based Awards Granted to Designated Covered Employees	  	 	22	  
		 	 14.6.1 Performance Goals Generally
	  	 	22	  
		 	 14.6.2 Timing For Establishing Performance Goals
	  	 	22	  
		 	 14.6.3 Payment of Awards; Other Terms
	  	 	22	  
		 	 14.6.4 Performance Measures
	  	 	22	  
		 	 14.6.5 Evaluation of Performance
	  	 	24	  
		 	 14.6.6 Adjustment of Performance-Based Compensation
	  	 	24	  
		 	 14.6.7 Committee Discretion
	  	 	24	  
		 	14.7 Status of Awards Under Code Section 162(m)	  	 	25	  
	 15.
	 	PARACHUTE LIMITATIONS	  	 	25	  
	 16.
	 	REQUIREMENTS OF LAW	  	 	25	  
		 	16.1 General	  	 	25	  
		 	16.2 Rule 16b-3	  	 	26	  

  
 ii 

							
	 17.
	 	EFFECT OF CHANGES IN CAPITALIZATION	  	 	26	  
		 	17.1 Changes in Common Shares	  	 	26	  
		 	17.2 Reorganization in Which the Company Is the Surviving Entity That Does not Constitute a Change in Control	  	 	27	  
		 	17.3 Change in Control in which Awards are not Assumed	  	 	27	  
		 	17.4 Change in Control in which Awards are Assumed	  	 	28	  
		 	17.5 Adjustments	  	 	29	  
		 	17.6 No Limitations on Company	  	 	29	  
	 18.
	 	GENERAL PROVISIONS	  	 	29	  
		 	18.1 Disclaimer of Rights	  	 	29	  
		 	18.2 Nonexclusivity of the Plan	  	 	29	  
		 	18.3 Withholding Taxes	  	 	30	  
		 	18.4 Captions	  	 	30	  
		 	18.5 Construction	  	 	30	  
		 	18.6 Other Provisions	  	 	31	  
		 	18.7 Number and Gender	  	 	31	  
		 	18.8 Severability	  	 	31	  
		 	18.9 Governing Law	  	 	31	  
		 	18.10 Code Section 409A	  	 	31	  

  
 iii

 AMERICAN HOMES 4 RENT 

2012 EQUITY INCENTIVE PLAN 
 (AS AMENDED AND RESTATED JUNE 6, 2013) 
 1. PURPOSE 

The Plan is intended to (a) provide eligible persons with an incentive to contribute to the success of the Company and to operate and
manage the Company’s business in a manner that will provide for the Company’s long-term growth and profitability to benefit its shareholders and other important stakeholders, including its employees and customers, and (b) provide a
means of obtaining, rewarding and retaining key personnel. To this end, the Plan provides for the grant of awards of share options, share appreciation rights, restricted shares, restricted share units, deferred share units, unrestricted shares,
dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, LTIP units and cash bonus awards. Any of these awards may, but need not, be made as performance incentives to reward the holders of such
awards for the achievement of performance goals in accordance with the terms of the Plan. Share options granted under the Plan may be nonqualified share options or incentive share options, as provided in the Plan. 

2. DEFINITIONS 
 For
purposes of interpreting the Plan documents (including the Plan and Award Agreements), the following definitions will apply: 

2.1 “Affiliate” means any company or other entity that controls, is controlled by or is under common control with the
Company within the meaning of Rule 405 of Regulation C under the Securities Act, including any Subsidiary. 
 2.2
“Applicable Laws” means the legal requirements relating to the Plan and the Awards under (a) applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders of any jurisdiction
applicable to Awards granted to residents therein and (b) the rules of any Stock Exchange on which the Common Shares are listed. 
 2.3 “Award” means a grant under the Plan of an Option, a Share Appreciation Right, Restricted Shares, a Restricted Share Unit, a Deferred Share Unit, Unrestricted Shares, a Dividend
Equivalent Right, a Performance Share or other Performance-Based Award, an LTIP Unit, an Other Equity-Based Award or cash. 

2.4 “Award Agreement” means the written agreement between the Company and a Grantee that evidences and sets out the
terms and conditions of an Award. 
 2.5 “Award Shares” will have the meaning set forth in
Section 17.3(a)(ii). 
 2.6 “Benefit Arrangement” will have the meaning set forth in
Section 15. 
 2.7 “Board” means the Board of Trustees of the Company. 

2.8 “Cause” means, with respect to any Grantee, as determined by the Committee and unless otherwise provided in an
applicable agreement between such Grantee and the Company or an Affiliate, (a) gross negligence or willful misconduct in connection with the performance of duties; (b) conviction of 

 
a criminal offense (other than minor traffic offenses); or (c) material breach of any term of any employment, consulting or other services, confidentiality, intellectual property or
non-competition agreement, if any, between such Grantee and the Company or an Affiliate. Any determination by the Committee whether an event constituting Cause has occurred will be final, binding and conclusive. 

2.9 “Change in Control” means, with respect to an Award, unless otherwise provided in the Award Agreement between such
Grantee and the Company or an Affiliate, the occurrence, in a single transaction or in a series of related transactions, of any of the following: (a) the dissolution or liquidation of the Company or upon a merger, consolidation or
reorganization of the Company with one or more entities in which the Company is not the surviving entity; (b) a consummated sale of substantially all of the assets of the Company to another entity; (c) a consummated merger in which the
Company is the surviving entity but after which the Company’s shareholders immediately prior to such merger cease to own their shares or other equity interest in the Company; (d) a consummated acquisition, sale or transfer of more than 50%
of the Company’s outstanding equity shares by tender offer or similar transaction; or (e) any other transaction that the Board specifies constitutes a change in control, in its sole discretion. If required for compliance with Code
Section 409A, in no event will a Change in Control be deemed to have occurred if the transaction is not also a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion
of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition thereunder). 
 2.10 “Code” means the Internal Revenue Code of 1986, as amended, as now in effect or as hereafter amended, and any successor thereto. References in the Plan to any Code Section will be
deemed to include, as applicable, regulations promulgated under such Code Section. 
 2.11 “Committee” means a
committee of, and designated from time to time by resolution of, the Board, which will be constituted as provided in Section 3.1.2 and Section 3.1.3 (or, if no Committee has been so designated, the Board). 

2.12 “Common Shares” means the Class A common shares of beneficial interest, par value $0.01 per share, of the
Company, or any security that Common Shares may be changed into or for which Common Shares may be exchanged as provided in Section 17.1. 
 2.13 “Company” means American Homes 4 Rent, a Maryland real estate investment trust. 
 2.14 “Covered Employee” means a Grantee who is a “covered employee” within the meaning of Code Section 162(m)(3). 

2.15 “Deferred Share Unit” means a Restricted Share Unit, the terms of which provide for delivery of the underlying
Common Shares subsequent to the date of vesting, at a time or times consistent with the requirements of Code Section 409A. 

2.16 “Determination Date” means the Grant Date or such other date as of which the Fair Market Value of a Common Share is
required to be established for purposes of the Plan. 
 2.17 “Disability” means the inability of a Grantee to
perform each of the essential duties of such Grantee’s position by reason of a medically determinable physical or mental impairment that is potentially permanent in character or that can be expected to last for a continuous period of not less
than 12 months; provided that, with respect to rules regarding expiration of an Incentive Share Option following termination of a Grantee’s Service, Disability will mean the inability of such Grantee to engage in any substantial gainful
activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months. 

  
 2 

 2.18 “Dividend Equivalent Right” means a right, granted to a Grantee
pursuant to Section 13, to receive cash, Common Shares, other Awards or other property equal in value to dividends or other periodic payments paid or made with respect to a specified number of Common Shares. 

2.19 Effective Date” means November 19, 2012, the date on which the Plan was approved by the Board and the
Company’s shareholder. With respect to the amended and restatement of the Plan, the Effective Date will mean June 6, 2013, the date this amended and restatement of the Plan was approved by the Board. 

2.20 “Employee” means, as of any date of determination, an employee (including an officer) of the Company or an
Affiliate. 
 2.21 “Exchange Act” means the Securities Exchange Act of 1934, as amended, as now in effect or as
hereafter amended. 
 2.22 “Fair Market Value” means the fair market value of a Common Share for purposes of
the Plan, which will be determined as of any Determination Date as follows: 
 (a) If on such Determination Date
the Common Shares are listed on a Stock Exchange, or are publicly traded on another established securities market (a “Securities Market”), the Fair Market Value of a Common Share will be the closing price of the Common Share on such
Determination Date as reported on such Stock Exchange or such Securities Market (provided that, if there is more than one such Stock Exchange or Securities Market, the Committee will designate the appropriate Stock Exchange or Securities
Market for purposes of the Fair Market Value determination). If there is no such reported closing price on such Determination Date, the Fair Market Value of a Common Share will be the closing price of the Common Share on the immediately preceding
day on which any sale of Common Share will have been reported on such Stock Exchange or such Securities Market. 

(b) If on such Determination Date the Common Shares are not listed on a Stock Exchange or publicly traded on a Securities
Market, the Fair Market Value of a Common Share will be the value of the Common Share on such Determination Date as determined by the Committee by the reasonable application of a reasonable valuation method, in a manner consistent with Code
Section 409A. 
 Notwithstanding this Section 2.22 or Section 18.3, for purposes of determining
taxable income and the amount of the related tax withholding obligation pursuant to Section 18.3, the Fair Market Value will be determined by the Company using any reasonable method; provided, however, that for any Common Shares
subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares will be the sale price of such shares
on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of such shares on such date). 
 2.23 “Family Member” means, with respect to any Grantee as of any date of determination, (a) a person who is a spouse, former spouse, child, stepchild, grandchild, parent,
stepparent, grandparent, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother, sister, brother-in-law, or sister-in-law, including adoptive relationships, of such Grantee, (b) any person sharing such Grantee’s
household (other than a tenant or employee), (c) a trust in which any one or more of the persons specified in clauses (a) and (b) above (and such Grantee) own more than 50% of the beneficial interest, (d) a

  
 3 

 
foundation in which any one or more of the persons specified in clauses (a) and (b) above (and such Grantee) control the management of assets, and (e) any other entity in which one
or more of the persons specified in clauses (a) and (b) above (and such Grantee) own more than 50% of the voting interests. 
 2.24 “Grant Date” means, as determined by the Committee, the latest to occur of (a) the date as of which the Committee approves the Award, (b) the date on which the recipient of
an Award first becomes eligible to receive an Award under Section 6 (e.g., in the case of a new hire, the first date on which such new hire performs any Service), or (c) such subsequent date specified by the Committee in the
corporate action approving the Award. 
 2.25 “Grantee” means a person who receives or holds an Award under the
Plan. 
 2.26 “Incentive Share Option” means an “incentive share option” within the meaning of Code
Section 422, or the corresponding provision of any subsequently enacted tax statute, as amended from time to time. 
 2.27
“LTIP Units” means, to the extent authorized by the Partnership Agreement (as an “LTIP Unit”), a unit of the Partnership that is granted pursuant to Section 11.2.2 and is intended to constitute a “profits
interest” within the meaning of the Code. 
 2.28 “Nonqualified Share Option” means an Option that is not
an Incentive Share Option. 
 2.29 “Option” means an option to purchase one or more Common Shares pursuant to
the Plan. 
 2.30 “Option Price” means the exercise price for each Common Share subject to an Option.

 2.31 “Other Agreement” will have the meaning set forth in Section 15. 

2.32 “Other Equity-Based Award” means an Award representing a right or other interest that may be denominated or payable
in, valued in whole or in part by reference to, or otherwise based on, or related to, Common Shares, other than an Option, a Share Appreciation Right, Restricted Shares, a Restricted Share Unit, a Deferred Share Unit, Unrestricted Shares, a Dividend
Equivalent Right, a Performance Share or an LTIP Unit. 
 2.33 “Outside Trustee” means a member of the Board
who is not an Employee. 
 2.34 “Parachute Payment” will have the meaning set forth in
Section 15(a). 
 2.35 “Partnership” means American Homes 4 Rent, L.P., a Delaware limited
partnership. 
 2.36 “Partnership Agreement” means the Agreement of Limited Partnership of American Homes 4
Rent, L.P., as amended from time to time. 
 2.37 “Performance-Based Award” means an Award of an Option, a
Share Appreciation Right, Restricted Shares, Restricted Share Units, Deferred Share Units, Performance Shares, an Other Equity-Based Award or cash made subject to the achievement of performance goals (as provided in Section 14) over a
Performance Period specified by the Committee. 
 2.38 “Performance-Based Compensation” means compensation
under an Award that is intended to satisfy the requirements of Code Section 162(m) for “qualified performance-based compensation” paid to Covered Employees. Notwithstanding the foregoing, nothing in the Plan will be construed to mean
that an Award that does not satisfy the requirements for “qualified performance-based compensation” within the meaning of and pursuant to Code Section 162(m) does not constitute performance-based compensation for other purposes,
including the purposes of Code Section 409A. 

  
 4 

 2.39 “Performance Measures” means measures as specified in
Section 14.6.4 on which the performance goals under Performance-Based Awards are based and that are approved by the Company’s shareholders pursuant to, and to the extent required by, the Plan to qualify such Performance-Based Awards
as Performance-Based Compensation. 
 2.40 “Performance Period” means the period of time during which the
performance goals under Performance-Based Awards must be met to determine the degree of payout and/or vesting with respect to any such Performance-Based Awards. 
 2.41 “Performance Shares” means a Performance-Based Award representing a right or other interest that may be denominated or payable in, valued in whole or in part by reference to, or
otherwise based on, or related to, Common Shares, made subject to the achievement of performance goals (as provided in Section 14) over a Performance Period of up to ten years. 

2.42 “Plan” means this American Homes 4 Rent 2012 Equity Incentive Plan, as amended and restated June 6, 2013, as
amended from time to time. 
 2.43 “Restricted Period” will have the meaning set forth in
Section 10.2. 
 2.44 “Restricted Shares” means Common Shares awarded to a Grantee pursuant to
Section 10. 
 2.45 “Restricted Share Unit” means a bookkeeping entry representing the equivalent
of one Common Share awarded to a Grantee pursuant to Section 10. 
 2.46 “SAR Price” will have the
meaning set forth in Section 9.1. 
 2.47 “Securities Act” means the Securities Act of 1933, as
amended, as now in effect or as hereafter amended. 
 2.48 “Service” means service qualifying a Grantee as a
Service Provider to the Company or an Affiliate. Unless otherwise provided in the applicable Award Agreement, a Grantee’s change in position or duties will not result in interrupted or terminated Service, so long as such Grantee continues to be
a Service Provider to the Company or an Affiliate. Subject to the preceding sentence, any determination by the Committee whether a termination of Service will have occurred for purposes of the Plan will be final, binding and conclusive. If a Service
Provider’s employment or other service relationship is with an Affiliate and the applicable entity ceases to be an Affiliate, a termination of Service will be deemed to have occurred when such entity ceases to be an Affiliate unless the Service
Provider transfers his or her employment or other service relationship to the Company or any other Affiliate. 
 2.49
“Service Provider” means an Employee, officer, trustee, director of the Company or an Affiliate, or any other service provider to the Company or an Affiliate (including a consultant or advisor) who is a natural person, provided such
person is currently providing direct services to the Company or an Affiliate. 
 2.50 “Share Appreciation
Right” or “SAR” means a right granted to a Grantee pursuant to Section 9. 
 2.51
“Stock Exchange” means the New York Stock Exchange or another established national or regional stock exchange. 

  
 5 

 2.52 “Subsidiary” means any corporation (other than the Company) or
non-corporate entity with respect to which the Company owns, directly or indirectly, 50% or more of the total combined voting power of all classes of shares, membership interests or other ownership interests of any class or kind ordinarily
having the power to vote for the trustees, directors, managers or other voting members of the governing body of such corporation or non-corporate entity. In addition, any other entity may be designated by the Committee as a Subsidiary,
provided that (a) such entity could be considered as a subsidiary according to U.S. generally accepted accounting principles, and (b) in the case of an Award of an Option or a Share Appreciation Right, such Award would be considered
to be granted in respect of “service recipient stock” under Code Section 409A. 
 2.53 “Substitute
Award” means an Award granted upon assumption of, or in substitution for, outstanding awards previously granted under a compensatory plan by a business entity acquired or to be acquired by the Company or an Affiliate or with which the
Company or an Affiliate has combined or will combine. 
 2.54 “Ten Percent Shareholder” means a natural person
who owns more than ten percent of the total combined voting power of all classes of outstanding voting securities of the Company, the Company’s parent (if any) or any of the Company’s Subsidiaries. In determining share ownership, the
attribution rules of Code Section 424(d) will be applied. 
 2.55 “Unrestricted Shares” will have the
meaning set forth in Section 11. 
 3. ADMINISTRATION OF THE PLAN 

3.1 Committee. 
 3.1.1 Powers and Authorities. 
 The Committee will administer the Plan and
will have such powers and authorities related to the administration of the Plan as are consistent with the Company’s certificate of incorporation and bylaws and Applicable Laws. Without limiting the generality of the foregoing, the Committee
will have full power and authority to take all actions and to make all determinations required or provided for under the Plan, any Award or any Award Agreement, and will have full power and authority to take all such other actions and make all such
other determinations not inconsistent with the specific terms and provisions of the Plan that the Committee deems to be necessary or appropriate to the administration of the Plan, any Award or any Award Agreement. All such actions and determinations
will be made by (a) the affirmative vote of a majority of the members of the Committee present at a meeting at which a quorum is present, or (b) the unanimous consent of the members of the Committee executed in writing in accordance with
the Company’s certificate of incorporation and bylaws and Applicable Laws. Unless otherwise expressly determined by the Board, the Committee will have the authority to interpret and construe all provisions of the Plan, any Award and any Award
Agreement, and any such interpretation or construction, and any other determination contemplated to be made under the Plan or any Award Agreement, by the Committee will be final, binding and conclusive whether or not expressly provided for in any
provision of the Plan, such Award or such Award Agreement. 
 In the event that the Plan, any Award or any Award Agreement
provides for any action to be taken by the Board or any determination to be made by the Board, such action may be taken or such determination may be made by the Committee constituted in accordance with this Section 3.1 if the Board has
delegated the power and authority to do so to such Committee. 

  
 6 

 Notwithstanding any provision of the Plan to the contrary, the Committee will not take any
action or grant any Awards under the Plan that could cause the Company to fail to qualify as a real estate investment trust for federal income tax purposes. 
 3.1.2 Composition of Committee. 
 The Committee will be a committee composed
of not fewer than two trustees of the Company designated by the Board to administer the Plan. During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, each member of the Committee will be
a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act, an “outside director” within the meaning of Code Section 162(m)(4)(C)(i) and, for so long as the Common Shares are listed on the New York
Stock Exchange, an “independent director” within the meaning of Section 303A of the New York Stock Exchange Listed Company Manual, as applicable; provided that any action taken by the Committee will be valid and effective
whether or not members of the Committee at the time of such action are later determined not to have satisfied the requirements for membership set forth in this Section 3.1.2 or otherwise provided in any charter of the Committee. Without
limiting the generality of the foregoing, the Committee may be the Compensation Committee of the Board or a subcommittee thereof if the Compensation Committee of the Board or such subcommittee satisfies the foregoing requirements. 

3.1.3 Other Committees. 
 The Board also may appoint one or more committees of the Board, each composed of one or more trustees of the Company who need not be Outside Trustees, which committee may administer the Plan with respect
to Grantees who are not “officers” as defined in Rule 16a-1(f) under the Exchange Act or trustees of the Company, may grant Awards under the Plan to such Grantees, and may determine all terms of such Awards, subject to the requirements of
Rule 16b-3 under the Exchange Act, Code Section 162(m) and, for so long as the Common Shares are listed on the New York Stock Exchange, the rules of such Stock Exchange. 
 3.1.4 Delegation by Committee. 
 To the extent permitted by Applicable Laws,
the Committee may by resolution delegate some or all of its authority with respect to the Plan and Awards to the Chief Executive Officer of the Company and/or any other officer of the Company designated by the Committee, provided that the
Committee may not delegate its authority hereunder (a) to make Awards to trustees of the Company, (b) to make Awards to Employees who are (i) “officers” as defined in Rule 16a-1(f) under the Exchange Act, (ii) Covered
Employees or (iii) officers of the Company who are delegated authority by the Committee pursuant to this Section 3.1.4, or (c) to interpret the Plan or any Award. Any delegation hereunder will be subject to the restrictions and
limits that the Committee specifies at the time of such delegation or thereafter. Nothing in the Plan will be construed as obligating the Committee to delegate authority to any officer of the Company, and the Committee may at any time rescind the
authority delegated to an officer of the Company appointed hereunder and delegate authority to one or more other officers of the Company. At all times, an officer of the Company delegated authority pursuant to this Section 3.1.4 will
serve in such capacity at the pleasure of the Committee. Any action undertaken by any such officer of the Company in accordance with the Committee’s delegation of authority will have the same force and effect as if undertaken directly by the
Committee, and any reference in the Plan to the “Committee” will, to the extent consistent with the terms and limitations of such delegation, be deemed to include a reference to each such officer. 

  
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 3.2 Board. 
 The Board from time to time may exercise any or all of the powers and authorities related to the administration and implementation of the Plan, as set forth in Section 3.1 and other applicable
provisions of the Plan, as the Board will determine, consistent with the Company’s certificate of incorporation and bylaws and Applicable Laws. 
 3.3 Terms of Awards. 
 3.3.1 Committee Authority. 

Subject to the other terms and conditions of the Plan, the Committee will have full and final authority to: 

(a) designate Grantees; 
 (b) determine the type or types of Awards to be made to a Grantee; 
 (c) determine
the number of Common Shares to be subject to an Award; 
 (d) establish the terms and conditions of each Award (including the
Option Price of any Option or the purchase price for Restricted Shares), the nature and duration of any restriction or condition (or provision for lapse thereof) relating to the vesting, exercise, transfer, or forfeiture of an Award or the Common
Shares subject thereto, the treatment of an Award in the event of a Change in Control (subject to applicable agreements), and any terms or conditions that may be necessary to qualify Options as Incentive Share Options; 

(e) prescribe the form of each Award Agreement evidencing an Award; and 

(f) subject to the limitation on repricing in Section 3.4, amend, modify or supplement the terms of any outstanding Award,
which authority will include the authority, in order to effectuate the purposes of the Plan but without amending the Plan, to make Awards or to modify outstanding Awards made to eligible natural persons who are foreign nationals or are natural
persons who are employed outside the United States to reflect differences in local law, tax policy, or custom, provided that, notwithstanding the foregoing, no amendment, modification or supplement of the terms of any outstanding Award will,
without the consent of the Grantee thereof, impair such Grantee’s rights under such Award. 
 3.3.2 Forfeiture;
Recoupment. 
 The Committee may reserve the right in an Award Agreement to cause a forfeiture of the gain realized by a
Grantee with respect to an Award thereunder on account of actions taken by, or failed to be taken by, such Grantee 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 an Affiliate, (d) confidentiality obligation with respect to the Company or an Affiliate, (e) Company policy or procedure, (f) other agreement, or
(g) any other obligation of such Grantee to the Company or an Affiliate, as and to the extent specified in such Award Agreement. The Committee may annul an outstanding Award if the Grantee is an Employee of the Company or an Affiliate and is
terminated for Cause as defined in the Plan or the applicable Award Agreement or for “cause” as defined in any other agreement between the Company or such Affiliate and the Grantee, as applicable. 

  
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 Any Award granted pursuant to the Plan will be subject to mandatory repayment by the Grantee
to the Company to the extent the Grantee is, or in the future becomes, subject to (a) any Company “clawback” or recoupment policy that is adopted to comply with the requirements of any Applicable Law, rule or regulation, or otherwise,
or (b) any law, rule or regulation that imposes mandatory recoupment, under circumstances set forth in such law, rule or regulation. 
 3.4 Repricing. 
 (a) During any time when the Company has a class of equity
security registered under Section 12 of the Exchange Act, except in connection with a corporate transaction involving the Company (including, without limitation, any share dividend, distribution (whether in the form of cash, Common Shares,
other securities or other property), share split, extraordinary cash dividend, recapitalization, change in control, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Common Shares or other securities
or similar transaction), the Company may not, without obtaining shareholder approval: (a) amend the terms of outstanding Options or SARs to reduce the exercise price of such outstanding Options or the strike price of such outstanding SARs;
(b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price or strike price, as applicable, that is less than the exercise price or strike price, as applicable, of the original Options or
SARs; (c) cancel outstanding Options or SARs with an exercise price or strike price, as applicable, above the current share price in exchange for cash or other securities; or (d) take any other action that is treated as a repricing under
U.S. generally accepted accounting principles. 
 (b) During any time when the Company does not have a class of equity security
registered under Section 12 of the Exchange Act, the Company may, with the consent of any adversely affected Grantee: (a) amend the terms of outstanding Options or SARs to reduce the exercise price of such outstanding Options or the strike
price of such outstanding SARs; (b) cancel outstanding Options or SARs in exchange for or substitution of Options or SARs with an exercise price or strike price, as applicable, that is less than the exercise price or strike price, as
applicable, of the original Options or SARs; (c) cancel outstanding Options or SARs with an exercise price or strike price, as applicable, above the current share price in exchange for cash or other securities; or (d) take any other action
that is treated as a repricing under U.S. generally accepted accounting principles. 
 3.5 Deferral Arrangement.

 The Committee may permit or require the deferral of any payment pursuant to any Award into a deferred compensation
arrangement, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest or Dividend Equivalent Rights and, in connection therewith, provisions for converting such credits into
Deferred Share Units and for restricting deferrals to comply with hardship distribution rules affecting tax-qualified retirement plans subject to Code Section 401(k)(2)(B)(IV), provided that no Dividend Equivalent Rights may be granted
in connection with, or related to, an Award of Options or SARs. Any such deferrals will be made in a manner that complies with Code Section 409A, including, if applicable, with respect to when a “separation from service” (as defined
for purposes of Code Section 409A) occurs. 
 3.6 No Liability. 

No member of the Board or the Committee will be liable for any action or determination made in good faith with respect to the Plan or any
Award or Award Agreement. 
 3.7 Registration; Share Certificates. 

Notwithstanding any provision of the Plan to the contrary, the ownership of the Common Shares issued under the Plan may be evidenced in
such a manner as the Committee, in its sole discretion, deems appropriate, including by book-entry or direct registration (including transaction advices) or the issuance of one or more share certificates. 

  
 9 

 4. COMMON SHARES SUBJECT TO THE PLAN 

4.1 Number of Common Shares Available for Awards. 
 Subject to such additional Common Shares as will be available for issuance under the Plan pursuant to Section 4.2, and subject to adjustment pursuant to Section 16, the maximum
number of Common Shares available for issuance under the Plan will be equal to 6,000,000 Common Shares; provided, however, that the total number of Common Shares available for issuance under the Plan from inception of the Plan shall decrease to
1,500,000 Common Shares unless on or prior to December 31, 2013 the Company shall have outstanding a total of at least 200,000,000 Common Shares. Such Common Shares may be authorized and unissued Common Shares or treasury Common Shares or any
combination of the foregoing, as may be determined from time to time by the Board or by the Committee. Any of the Common Shares available for issuance under the Plan may be used for any type of Award under the Plan, and any or all of the Common
Shares available for issuance under the Plan will be available for issuance pursuant to Incentive Share Options. 
 4.2
Adjustments in Authorized Common Shares. 
 In connection with mergers, reorganizations, separations, or other transactions
to which Code Section 424(a) applies, the Committee will have the right to cause the Company to assume awards previously granted under a compensatory plan by another business entity that is a party to such transaction and to substitute Awards
under the Plan for such awards. The number of Common Shares available for issuance under the Plan pursuant to Section 4.1 will be increased by the number of Common Shares subject to any such assumed Awards and substitute Awards. Shares
available for issuance under a shareholder-approved plan of a business entity that is a party to such transaction (as appropriately adjusted, if necessary, to reflect such transaction) may be used for Awards under the Plan and will not reduce the
number of Common Shares otherwise available for issuance under the Plan, subject to applicable rules of any Stock Exchange on which the Common Shares are listed. 
 4.3 Share Usage. 
 (a) Common Shares subject to an Award will be counted as
used as of the Grant Date. 
 (b) Any Common Shares that are subject to Awards, including Common Shares acquired through
dividend reinvestment pursuant to Section 10.4, will be counted against the share issuance limit set forth in Section 4.1 as one Common Share for every one Common Share subject to such Award. Any Common Shares that are
subject to an Award of a SAR will be counted against the share issuance limit set forth in Section 4.1 as one Common Share for every one Common Share subject to such Award regardless of the number of Common Shares actually issued to
settle such SARs upon the exercise thereof. The target number of shares issuable under a Performance Share grant will be counted against the share issuance limit set forth in Section 4.1 as of the Grant Date, but such number will be
adjusted to equal the actual number of shares issued upon settlement of the Performance Shares to the extent different from such target number of shares. 
 (c) Notwithstanding anything to the contrary in Section 4.1, any Common Shares related to Awards under the Plan that thereafter terminate by expiration, forfeiture, cancellation, or otherwise
without the issuance of such shares will be available again for issuance under the Plan in the same amount as such shares were counted against the limit set forth in Section 4.1. Common Shares tendered or withheld or

  
 10 

 
subject to an Award other than an Option or SAR surrendered in connection with the purchase of Common Shares or deducted or delivered from payment of an Award other than an Option or SAR in
connection with the Company’s tax withholding obligations as provided in Section 18.3 will be available again for issuance under the Plan in the same amount as such shares were counted against the limit set forth in
Section 4.1. 
 (d) The number of Common Shares available for issuance under the Plan will not be increased by the
number of Common Shares (i) tendered or withheld or subject to an Award surrendered in connection with the purchase of Common Shares upon exercise of an Option as provided in Section 12.2, (ii) deducted or delivered from
payment of an Award of an Option or SAR in connection with the Company’s tax withholding obligations as provided in Section 18.3 or (iii) purchased by the Company with proceeds from Option exercises. 

5. EFFECTIVE DATE; TERM; AMENDMENT AND TERMINATION 
 5.1 Effective Date. 
 The Plan will be effective as of the Effective Date.

 5.2 Term. 
 The Plan will terminate automatically ten years after the Effective Date and may be terminated on any earlier date as provided in Section 5.3. 

5.3 Amendment and Termination. 
 The Board may, at any time and from time to time, amend, suspend or terminate the Plan as to any Common Shares as to which Awards have not been made. The effectiveness of any amendment to the Plan will be
contingent on approval of such amendment by the Company’s shareholders to the extent provided by the Board or required by Applicable Laws (including the rules of any Stock Exchange on which the Common Shares are then listed), provided
that no amendment will be made to the no-repricing provisions of Section 3.4 or the Option pricing provisions of Section 8.1 without the approval of the Company’s shareholders. No amendment, suspension or termination of
the Plan will impair rights or obligations under any outstanding Award made under the Plan without the Grantee’s consent. 
 6. AWARD
ELIGIBILITY AND LIMITATIONS 
 6.1 Eligible Grantees. 

Subject to this Section 6, Awards may be made under the Plan to (i) any Service Provider, as the Committee will determine
and designate from time to time and (ii) any other individual whose participation in the Plan is determined to be in the best interests of the Company by the Committee. 
 6.2 Limitation on Common Shares Subject to Awards and Cash Awards. 
 During
any time when the Company has a class of equity security registered under Section 12 of the Exchange Act and provided that the Company is subject to Code Section 162(m): 

(a) the maximum number of Common Shares subject to Options or SARs that may be granted under the Plan in a calendar year to any person
eligible for an Award under Section 6 is 750,000 Common Shares; 

  
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 (b) the maximum number of Common Shares that may be granted under the Plan other than
pursuant to Options or SARs in a calendar year to any person eligible for an Award under Section 6 is 750,000 Common Shares; and 
 (c) the maximum amount that may be paid as a cash-settled Performance-Based Award for a Performance Period of 12 months or less to any person eligible for an Award under Section 6 will be $5
million and the maximum amount that may be paid as a cash-settled Performance-Based Award for a Performance Period of greater than 12 months to any person eligible for an Award under Section 6 will be $7.5 million. 

The limitations in this Section 6.2 are subject to adjustment as provided in Section 17. 

6.3 Stand-Alone, Additional, Tandem and Substitute Awards. 

Subject to Section 3.4, Awards granted under the Plan may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution or exchange for, (a) any other Award, (b) any award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or
an Affiliate, or (c) any other right of a Grantee to receive payment from the Company or an Affiliate. Such additional, tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for
another Award, or for an award granted under another plan of the Company, an Affiliate, or any business entity that has been a party to a transaction with the Company or an Affiliate, the Committee will require the surrender of such other Award or
award under such other plan in consideration for the grant of such substitute or exchange Award. In addition, Awards may be granted in lieu of cash compensation, including in lieu of cash payments under other plans of the Company or an Affiliate.
Notwithstanding Section 8.1 and Section 9.1, but subject to Section 3.4, the Option Price of an Option or the SAR Price of a SAR that is a Substitute Award may be less than 100% of the Fair Market Value of a
Common Share on the original Grant Date; provided that such Option Price or SAR Price is determined in accordance with the principles of Code Section 424 for any Incentive Share Option and consistent with Code Section 409A for any
other Option or SAR. 
 7. AWARD AGREEMENT 
 Each Award granted pursuant to the Plan will be evidenced by an Award Agreement, which will be in such form or forms as the Committee will from time to time determine. Award Agreements utilized under the
Plan from time to time or at the same time need not contain similar provisions, but will be consistent with the terms of the Plan. Each Award Agreement evidencing an Award of an Option will specify whether the Option is intended to be a Nonqualified
Share Option or an Incentive Share Option, and, in the absence of such specification, the Option will be deemed to constitute Nonqualified Share Options. 
 8. TERMS AND CONDITIONS OF OPTIONS 
 8.1 Option Price. 

The Option Price of each Option will be fixed by the Committee and stated in the Award Agreement evidencing such Option. Except in the
case of Substitute Awards, the Option Price of each Option will be at least the Fair Market Value of one Common Share on the Grant Date; provided that in the event that a Grantee is a Ten Percent Shareholder, the Option Price of an Option
granted to such Grantee that is intended to be an Incentive Share Option will be not less than 110% of the Fair Market Value of one Common Share on the Grant Date. In no case will the Option Price of any Option be less than the par value of a
Common Share. 

  
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 8.2 Vesting. 
 Subject to Sections 8.3 and 17.3, each Option granted under the Plan will become exercisable at such times and under such conditions as will be determined by the Committee and stated in the
Award Agreement, in another agreement with the Grantee or otherwise in writing, provided that no Option will be granted to persons who are entitled to overtime under Applicable Laws, that will vest or be exercisable within a six-month period
starting on the Grant Date. 
 8.3 Term. 
 Each Option granted under the Plan will terminate, and all rights to purchase Common Shares thereunder will cease, upon the expiration of ten years from the Grant Date of such Option, or under such
circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such Option; provided that in the event that the Grantee is a Ten Percent
Shareholder, an Option granted to such Grantee that is intended to be an Incentive Share Option will not be exercisable after the expiration of five years from its Grant Date; and provided further, that, to the extent deemed
necessary or appropriate by the Committee to reflect differences in local law, tax policy, or custom with respect to any Option granted to a Grantee who is a foreign national or is a natural person who is employed outside the United States, such
Option may terminate, and all rights to purchase Common Shares thereunder may cease, upon the expiration of such period longer than ten years from the Grant Date of such Option as the Committee will determine. If on the day preceding the date on
which a Grantee’s Options would otherwise terminate, the Fair Market Value of Common Shares underlying a Grantee’s Options is greater than the Option Price for such Options, the Company will, prior to the termination of such Options and
without any action being taken on the part of the Grantee, consider such Options to have been exercised by the Grantee. The Company will deduct from the Common Shares deliverable to the Grantee upon such exercise the number of Common Shares
necessary to satisfy payment of the Option Price and all withholding obligations. 
 8.4 Termination of Service.

 Each Award Agreement with respect to the grant of an Option will set forth the extent to which the Grantee thereof, if at all,
will have the right to exercise such Option following termination of such Grantee’s Service. Such provisions will be determined in the sole discretion of the Committee, need not be uniform among all Options issued pursuant to the Plan, and may
reflect distinctions based on the reasons for termination of Service. 
 8.5 Limitations on Exercise of Option.

 Notwithstanding any other provision of the Plan, in no event may any Option be exercised, in whole or in part, after the
occurrence of an event referred to in Section 17 that results in the termination of such Option. 
 8.6 Method of
Exercise. 
 Subject to the terms of Section 12 and Section 18.3, an Option that is exercisable may
be exercised by the Grantee’s delivery to the Company or its designee or agent a notice of exercise on any business day, at the Company’s principal office or the office of such designee or agent, on the form specified by the Company and in
accordance with any additional procedures specified by the Committee. The notice of exercise will specify the number of Common Shares with respect to which such Option is being 

  
 13 

 
exercised and will be accompanied by payment in full of the Option Price of the Common Shares for which such Option is being exercised plus the amount (if any) of federal and/or other taxes that
the Company may, in its discretion, be required to withhold with respect to the exercise of such Option. 
 8.7 Rights of
Holders of Options. 
 Unless otherwise stated in the applicable Award Agreement, a Grantee or other person holding or
exercising an Option will have none of the rights of a shareholder of the Company (for example, the right to receive cash or dividend payments or distributions attributable to the Common Shares subject to such Option, to direct the voting of the
Common Shares subject to such Option, or to receive notice of any meeting of the Company’s shareholders) until the Common Shares subject thereto are fully paid and issued to such Grantee or other person. Except as provided in
Section 17, no adjustment will be made for dividends, distributions or other rights with respect to any Common Shares subject to an Option for which the record date is prior to the date of issuance of such Common Shares. 

8.8 Delivery of Common Shares. 
 Promptly after the exercise of an Option by a Grantee and the payment in full of the Option Price with respect thereto, such Grantee will be entitled to receive such evidence of such Grantee’s
ownership of the Common Shares subject to such Option as will be consistent with Section 3.7. 
 8.9
Transferability of Options. 
 Except as provided in Section 8.10, during the lifetime of a Grantee of an Option,
only such Grantee (or, in the event of such Grantee’s legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such Option. Except as provided in Section 8.10, no Option will be assignable
or transferable by the Grantee to whom it is granted, other than by will or the laws of descent and distribution. 
 8.10
Family Transfers. 
 If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee
may transfer, not for value, all or part of an Option that is not an Incentive Share Option to any Family Member. For the purpose of this Section 8.10, a transfer “not for value” is a transfer that is (a) a gift,
(b) a transfer under a domestic relations order in settlement of marital property rights or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more than 50% of the voting interests are owned by
Family Members (and/or the Grantee) in exchange for an interest in such entity. Following a transfer under this Section 8.10, any such Option will continue to be subject to the same terms and conditions as were applicable immediately
prior to such transfer, and the Common Shares acquired pursuant to such Option will be subject to the same restrictions with respect to transfers of such Common Shares as would have applied to the Grantee thereof. Subsequent transfers of transferred
Options will be prohibited except to Family Members of the original Grantee in accordance with this Section 8.10 or by will or the laws of descent and distribution. The provisions of Section 8.4 relating to termination of
Service will continue to be applied with respect to the original Grantee of the Option, following which such Option will be exercisable by the transferee only to the extent, and for the periods specified, in Section 8.4. 

8.11 Limitations on Incentive Share Options. 
 An Option will constitute an Incentive Share Option only (a) if the Grantee of such Option is an Employee of the Company or any corporate Subsidiary, (b) to the extent specifically provided in
the related Award Agreement and (c) to the extent that the aggregate Fair Market Value (determined at the 

  
 14 

 
time such Option is granted) of the Common Shares with respect to which all Incentive Share Options held by such Grantee become exercisable for the first time during any calendar year (under the
Plan and all other plans of the Company and its Affiliates) does not exceed $100,000. Except to the extent provided in the regulations under Code Section 422, this limitation will be applied by taking Options into account in the order in which
they were granted. 
 8.12 Notice of Disqualifying Disposition. 

If any Grantee makes any disposition of Common Shares issued pursuant to the exercise of an Incentive Share Option under the circumstances
provided in Code Section 421(b) (relating to certain disqualifying dispositions), such Grantee will notify the Company of such disposition within ten days thereof. 
 9. TERMS AND CONDITIONS OF SHARE APPRECIATION RIGHTS 
 9.1 Right to
Payment and Grant Price. 
 A SAR will confer on the Grantee to whom it is granted a right to receive, upon exercise thereof,
the difference between (a) the Fair Market Value of one Common Share on the date of exercise and (b) the per share strike price of such SAR (the “SAR Price”) as determined by the Committee. The Award Agreement for a SAR
will specify the SAR Price, which will be no less than the Fair Market Value of one Common Share on the Grant Date of such SAR. SARs may be granted in tandem with all or part of an Option granted under the Plan or at any subsequent time during the
term of such Option, in combination with all or any part of any other Award or without regard to any Option or other Award; provided that a SAR that is granted subsequent to the Grant Date of a related Option must have a SAR Price that is no
less than the Fair Market Value of one Common Share on the Grant Date of such SAR. 
 9.2 Other Terms. 

The Committee will determine, on the Grant Date or thereafter, the time or times at which and the circumstances under which a SAR may be
exercised in whole or in part (including based on achievement of performance goals and/or future Service requirements), the time or times at which SARs will cease to be or become exercisable following termination of Service or upon other conditions,
the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Common Shares will be delivered or deemed to be delivered to Grantees, whether or not a SAR will be granted in tandem or in
combination with any other Award, and any and all other terms and conditions of any SAR. 
 9.3 Term. 

Each SAR granted under the Plan will terminate, and all rights thereunder will cease, upon the expiration of ten years from the Grant Date
of such SAR or under such circumstances and on such date prior thereto as is set forth in the Plan or as may be fixed by the Committee and stated in the Award Agreement relating to such SAR. If on the day preceding the date on which a Grantee’s
SAR would otherwise terminate, the Fair Market Value of Common Shares underlying a Grantee’s SAR is greater than the SAR Exercise Price, the Company will, prior to the termination of such SAR and without any action being taken on the part of
the Grantee, consider such SAR to have been exercised by the Grantee. 

  
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 9.4 Transferability of SARS. 

Except as provided in Section 9.5, during the lifetime of a Grantee of a SAR, only the Grantee (or, in the event of such
Grantee’s legal incapacity or incompetency, such Grantee’s guardian or legal representative) may exercise such SAR. Except as provided in Section 9.5, no SAR will be assignable or transferable by the Grantee to whom it is
granted, other than by will or the laws of descent and distribution. 
 9.5 Family Transfers. 

If authorized in the applicable Award Agreement and by the Committee, in its sole discretion, a Grantee may transfer, not for value, all
or part of a SAR to any Family Member. For the purpose of this Section 9.5, a transfer “not for value” is a transfer that is (a) a gift, (b) a transfer under a domestic relations order in settlement of marital
property rights or (c) unless Applicable Laws do not permit such transfer, a transfer to an entity in which more than 50% of the voting interests are owned by Family Members (and/or the Grantee) in exchange for an interest in such entity.
Following a transfer under this Section 9.5, any such SAR will continue to be subject to the same terms and conditions as were in effect immediately prior to such transfer, and Common Shares acquired pursuant to a SAR will be subject to
the same restrictions on transfers of such Common Shares as would have applied to the Grantee or such SAR. Subsequent transfers of transferred SARs will be prohibited except to Family Members of the original Grantee in accordance with this
Section 9.5 or by will or the laws of descent and distribution. 
 10. TERMS AND CONDITIONS OF RESTRICTED SHARES, RESTRICTED
SHARE UNITS AND DEFERRED SHARE UNITS 
 10.1 Grant of Restricted Shares, Restricted Share Units and Deferred Share Units.

 Awards of Restricted Shares, Restricted Share Units and Deferred Share Units may be made for consideration or for no
consideration, other than the par value of the Common Shares, which will be deemed paid by past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service to the Company or
an Affiliate. 
 10.2 Restrictions. 
 At the time a grant of Restricted Shares, Restricted Share Units or Deferred Share Units is made, the Committee may, in its sole discretion, (a) establish a period of time (a “Restricted
Period”) applicable to such Restricted Shares, Restricted Share Units or Deferred Share Units and (b) prescribe restrictions in addition to or other than the expiration of the Restricted Period, including the achievement of corporate
or individual performance goals, which may be applicable to all or any portion of such Award of Restricted Shares, Restricted Share Units or Deferred Share Units as provided in Section 14. Awards of Restricted Shares, Restricted Share
Units and Deferred Share Units may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period or prior to the satisfaction of any other restrictions prescribed by the Committee with respect to
such Awards. 
 10.3 Registration; Restricted Share Certificates. 

Pursuant to Section 3.7, to the extent that ownership of Restricted Shares is evidenced by a book-entry registration or direct
registration (including transaction advices), such registration will be notated to evidence the restrictions imposed on such Award of Restricted Shares under the Plan and the applicable Award Agreement. Subject to Section 3.7 and the
immediately following sentence, the Company may issue, in the name of each Grantee to whom Restricted Shares have been granted, share certificates representing the total number of Restricted Shares granted to the Grantee, as soon as reasonably
practicable after the Grant Date of such Restricted Shares. The Committee may provide in an Award Agreement with respect to an Award of Restricted Shares that either (a) the Secretary of the Company will hold such share certificates for such
Grantee’s benefit until such time as such Restricted Shares are 

  
 16 

 
forfeited to the Company or the restrictions applicable thereto lapse and such Grantee will deliver a share power to the Company with respect to each share certificate, or (b) such share
certificates will be delivered to such Grantee, provided that such share certificates will bear legends that comply with applicable securities laws and regulations and make appropriate reference to the restrictions imposed on such Award of
Restricted Shares under the Plan and such Award Agreement. 
 10.4 Rights of Holders of Restricted Shares. 

Unless the Committee otherwise provides in an Award Agreement, holders of Restricted Shares will have the right to vote such Restricted
Shares and the right to receive any dividends declared or paid with respect to such Restricted Shares. The Committee may provide that any dividends paid on Restricted Shares must be reinvested in Common Shares, which may or may not be subject to the
same vesting conditions and restrictions as the vesting conditions and restrictions applicable to such Restricted Shares. Dividends paid on Restricted Shares that vest or are earned based upon the achievement of performance goals will not vest
unless such performance goals for such Restricted Shares are achieved, and if such performance goals are not achieved, the Grantee of such Restricted Shares will promptly forfeit and repay to the Company such dividend payments. All share
distributions, if any, received by a Grantee with respect to Restricted Shares as a result of any share split, share dividend, combination of shares, or other similar transaction will be subject to the vesting conditions and restrictions applicable
to such Restricted Shares. 
 10.5 Rights of Holders of Restricted Share Units and Deferred Share Units. 

10.5.1 Voting and Dividend Rights. 
 Holders of Restricted Share Units and Deferred Share Units will have no rights as shareholders of the Company (for example, the right to receive cash or dividend payments or distributions attributable to
the Common Shares subject to such Restricted Share Units and Deferred Share Units, to direct the voting of the Common Shares subject to such Restricted Share Units and Deferred Share Units, or to receive notice of any meeting of the Company’s
shareholders). The Committee may provide in an Award Agreement evidencing a grant of Restricted Share Units or Deferred Share Units that the holder of such Restricted Share Units or Deferred Share Units will be entitled to receive, upon the
Company’s payment of a cash dividend on its outstanding Common Shares, a cash payment for each such Restricted Share Unit or Deferred Share Unit that is equal to the per-share dividend paid on such Common Shares. Dividends paid on Restricted
Share Units and Deferred Share Units that vest or are earned based upon the achievement of performance goals will not vest unless such performance goals for such Restricted Share Units or Deferred Share Units are achieved, and if such performance
goals are not achieved, the Grantee of such Restricted Share Units or Deferred Share Units will promptly forfeit and repay to the Company such dividend payments. Such Award Agreement also may provide that such cash payment will be deemed reinvested
in additional Restricted Share Units or Deferred Share Units at a price per unit equal to the Fair Market Value of a Common Share on the date on which such cash dividend is paid. Such cash payments paid in connection with Restricted Share Units or
Deferred Share Units that vest or are earned based upon the achievement of performance goals will not vest unless such performance goals for such Restricted Share Units or Deferred Share Units are achieved, and if such performance goals are not
achieved, the Grantee of such Restricted Share Units or Deferred Share Units will promptly forfeit and repay to the Company such cash payments. 
 10.5.2 Creditor’s Rights. 
 A holder of Restricted Share Units or
Deferred Share Units will have no rights other than those of a general unsecured creditor of the Company. Restricted Share Units and Deferred Share Units represent unfunded and unsecured obligations of the Company, subject to the terms and
conditions of the applicable Award Agreement. 

  
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 10.6 Termination of Service. 

Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee or otherwise in writing after such
Award Agreement is entered into, but prior to termination of Grantee’s Service, upon the termination of such Grantee’s Service, any Restricted Shares, Restricted Share Units or Deferred Share Units held by such Grantee that have not
vested, or with respect to which all applicable restrictions and conditions have not lapsed, will immediately be deemed forfeited. Upon forfeiture of such Restricted Shares, Restricted Share Units or Deferred Share Units, the Grantee thereof will
have no further rights with respect thereto, including any right to vote such Restricted Shares or any right to receive dividends with respect to such Restricted Shares, Restricted Share Units or Deferred Share Units. 

10.7 Purchase of Restricted Shares and Common Shares Subject to Restricted Share Units and Deferred Share Units. 

The Grantee of an Award of Restricted Shares, vested Restricted Share Units or vested Deferred Share Units will be required, to the extent
required by Applicable Laws, to purchase such Restricted Share or the Common Shares subject to such vested Restricted Share Units or Deferred Share Units from the Company at a purchase price equal to the greater of (x) the aggregate par value
of the Common Shares represented by such Restricted Shares or such vested Restricted Share Units or Deferred Share Units or (y) the purchase price, if any, specified in the Award Agreement relating to such Restricted Shares or such vested
Restricted Share Units or Deferred Share Units. Such purchase price will be payable in a form provided in Section 12 or, in the sole discretion of the Committee, in consideration for Service rendered or to be rendered to the Company or
an Affiliate. 
 10.8 Delivery of Common Shares. 
 Upon the expiration or termination of any Restricted Period and the satisfaction of any other conditions prescribed by the Committee, including but not limited to any delayed delivery period, the
restrictions applicable to Restricted Shares, Restricted Share Units or Deferred Share Units settled in Common Shares will lapse, and, unless otherwise provided in the applicable Award Agreement, a book-entry or direct registration (including
transaction advices) or a share certificate evidencing ownership of such Common Shares will, consistent with Section 3.7, be issued, free of all such restrictions, to the Grantee thereof or such Grantee’s beneficiary or estate, as
the case may be. Neither the Grantee, nor the Grantee’s beneficiary or estate, will have any further rights with regard to a Restricted Share Unit or Deferred Share Unit once the Common Shares represented by such Restricted Share Unit or
Deferred Share Unit have been delivered in accordance with this Section 10.8. 
 11. TERMS AND CONDITIONS OF UNRESTRICTED SHARE
AWARDS AND OTHER AWARDS 
 11.1 Unrestricted Share Awards. 

The Committee may, in its sole discretion, grant (or sell at the par value of a Common Share or at such other higher purchase price as
will be determined by the Committee) an Award to any Grantee pursuant to which such Grantee may receive Common Shares free of any restrictions (“Unrestricted Shares”) under the Plan. Unrestricted Shares may be granted or sold to any
Grantee as provided in the immediately preceding sentence in respect of past Service or, if so provided in the related Award Agreement or a separate agreement, the promise by the Grantee to perform future Service, to the Company or an Affiliate or
other valid consideration, or in lieu of, or in addition to, any cash compensation due to such Grantee. 

  
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 11.2 Other Awards. 

11.2.1 Other Equity-Based Awards. 
 The Committee may, in its sole discretion, grant Awards in the form of Other Equity-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan. Awards granted pursuant to this
Section 11.2.1 may be granted with vesting, value and/or payment contingent upon the achievement of one or more performance goals. The Committee will determine the terms and conditions of Other Equity-Based Awards at the Grant Date or
thereafter. Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such Award Agreement is issued, upon the termination of a Grantee’s Service, any Other Equity-Based
Awards held by such Grantee that have not vested, or with respect to which all applicable restrictions and conditions have not lapsed, will immediately be deemed forfeited. Upon forfeiture of any Other Equity-Based Award, the Grantee thereof will
have no further rights with respect to such Other Equity-Based Award. 
 11.2.2 LTIP Units. 

The Committee may, in its sole discretion, grant Awards in the form of LTIP Units in such amount and subject to such terms and conditions
as determined by the Committee; provided, however, that LTIP Units may be issued only to a Grantee for the performance of Services to or for the benefit of the Partnership (a) in the Grantee’s capacity as a partner of the
Partnership, (b) in anticipation of the Grantee becoming a partner of the Partnership, or (c) as otherwise determined by the Committee; provided further, that the LTIP Units are intended to constitute “profits interests”
within the meaning of the Code, including, to the extent applicable, Revenue Procedure 93-27, 1993-2 C.B. 343 and Revenue Procedure 2001-43, 2001-2 C.B. 191. The Committee will determine the conditions and dates upon which the LTIP Units will vest
and become nonforfeitable. LTIP Units will be subject to the terms and conditions of the Partnership Agreement and such other restrictions, including restrictions on transferability, as the Committee imposes. These restrictions may lapse separately
or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. Holders of Class A Units (as defined in the Partnership
Agreement) acquired from LTIP Units granted under the Plan, to the extent vested and permitted to pursuant to the Partnership Agreement, may elect to convert each such Class A Unit to one Common Share in accordance with the terms of the
Partnership Agreement. 
 12. FORM OF PAYMENT FOR OPTIONS AND RESTRICTED SHARES 

12.1 General Rule. 
 Payment of the Option Price for the Common Shares purchased pursuant to the exercise of an Option or the purchase price, if any, for Restricted Shares will be made in cash or in cash equivalents
acceptable to the Company. 
 12.2 Surrender of Common Shares. 

To the extent that the applicable Award Agreement so provides, payment of the Option Price for Common Shares purchased pursuant to the
exercise of an Option or the purchase price, if any, for Restricted Shares may be made all or in part through the tender or attestation to the Company of Common Shares, which will be valued, for purposes of determining the extent to which such
Option Price or purchase price has been paid thereby, at their Fair Market Value on the date of such tender or attestation. 

  
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 12.3 Cashless Exercise. 

To the extent permitted by Applicable Laws and to the extent the Award Agreement so provides, payment of the Option Price for Common
Shares purchased pursuant to the exercise of an Option may be made all or in part by delivery (on a form acceptable to the Committee) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Common Shares and to
deliver all or part of the proceeds of such sale to the Company in payment of such Option Price and any withholding taxes described in Section 18.3, or, with the consent of the Company, by issuing the number of Common Shares equal in
value to the difference between such Option Price and the Fair Market Value of the Common Shares subject to the portion of such Option being exercised. 
 12.4 Other Forms of Payment. 
 To the extent the Award Agreement so provides
and/or unless otherwise specified in an Award Agreement, payment of the Option Price for Common Shares purchased pursuant to exercise of an Option or the purchase price, if any, for Restricted Shares may be made in any other form that is consistent
with Applicable Laws, including (a) Service by the Grantee thereof to the Company or an Affiliate and (b) by withholding Common Shares that would otherwise vest or be issuable in an amount equal to the Option Price or purchase price and
the required tax withholding amount. 
 13. TERMS AND CONDITIONS OF DIVIDEND EQUIVALENT RIGHTS 

13.1 Dividend Equivalent Rights. 
 A Dividend Equivalent Right is an Award entitling the Grantee thereof to receive credits based on cash distributions that would have been paid on the Common Shares specified in such Dividend Equivalent
Right (or other Award to which such Dividend Equivalent Right relates) if such Common Shares had been issued to and held by the recipient of such Dividend Equivalent Right as of the record date. A Dividend Equivalent Right may be granted hereunder
to any Grantee, provided that no Dividend Equivalent Rights may be granted in connection with, or related to, an Award of an Option or a SAR. The terms and conditions of Dividend Equivalent Rights will be specified in the Award Agreement
therefor. Dividend equivalents credited to the holder of a Dividend Equivalent Right may be paid currently (with or without being subject to forfeiture or a repayment obligation) or may be deemed to be reinvested in additional Common Shares, which
may thereafter accrue additional Dividend Equivalent Rights (with or without being subject to forfeiture or a repayment obligation). Any such reinvestment will be at the Fair Market Value thereof on the date of such reinvestment. Dividend Equivalent
Rights may be settled in cash or Common Shares or a combination thereof, in a single installment or in multiple installments, all as determined in the sole discretion of the Committee. A Dividend Equivalent Right granted as a component of another
Award may provide that such Dividend Equivalent Right will be settled upon exercise, settlement, or payment of, or lapse of restrictions on, such other Award, and that such Dividend Equivalent Right will expire or be forfeited or annulled under the
same conditions as such other Award. A Dividend Equivalent Right granted as a component of another Award also may contain terms and conditions that are different from the terms and conditions of such other Award, provided that Dividend
Equivalent Rights credited pursuant to a Dividend Equivalent Right granted as a component of another Award that vests or is earned based upon the achievement of performance goals will not vest unless such performance goals for such underlying Award
are achieved, and if such performance goals are not achieved, the Grantee of such Dividend Equivalent Rights will promptly forfeit and repay to the Company payments made in connection with such Dividend Equivalent Rights. 

  
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 13.2 Termination of Service. 

Unless the Committee otherwise provides in an Award Agreement, in another agreement with the Grantee, or otherwise in writing after such
Award Agreement is issued, a Grantee’s rights in all Dividend Equivalent Rights will automatically terminate upon such Grantee’s termination of Service for any reason. 
 14. TERMS AND CONDITIONS OF PERFORMANCE-BASED AWARDS 
 14.1 Grant of
Performance-Based Awards. 
 Subject to the terms and provisions of the Plan, the Committee, at any time and from time to
time, may grant Performance-Based Awards to a Plan participant in such amounts and upon such terms as the Committee will determine. 
 14.2 Value of Performance-Based Awards. 
 Each grant of a Performance-Based
Award will have an actual or target number of Common Shares or initial value that is established by the Committee at the time of grant. The Committee will set performance goals in its discretion that, depending on the extent to which they are
achieved, will determine the value and/or number of Common Shares subject to a Performance-Based Award that will be paid out to the Grantee thereof. 
 14.3 Earning of Performance-Based Awards. 
 Subject to the terms of the
Plan, in particular Section 14.6.3, after the applicable Performance Period has ended, the Grantee of Performance-Based Awards will be entitled to receive a payout on the number of Common Shares or cash value earned under the
Performance-Based Awards by such Grantee over such Performance Period. 
 14.4 Form and Timing of Payment of
Performance-Based Awards. 
 Payment of earned Performance-Based Awards will be made in the manner described in the
applicable Award Agreement as determined by the Committee. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Performance-Based Awards in the form of cash or Common Shares (or a combination thereof) equal to the
value of such earned Performance-Based Awards and will pay the Awards that have been earned at the close of the applicable Performance Period, or as soon as reasonably practicable after the Committee has determined that the performance goal or goals
relating thereto have been achieved; provided that, unless specifically provided in the Award Agreement for such Awards, such payment will occur no later than the 15th day of the third month following the end of the calendar year in which
such Performance Period ends. Any Common Shares paid out under such Performance-Based Awards may be granted subject to any restrictions deemed appropriate by the Committee. The determination of the Committee with respect to the form of payout of
such Performance-Based Awards will be set forth in the Award Agreement therefor. 
 14.5 Performance Conditions.

 The right of a Grantee to exercise or receive a grant or settlement of any Performance-Based Award, and the timing
thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance conditions. If and
to the extent required under Code Section 162(m), any power or authority relating to an Award intended to qualify under Code Section 162(m) will be exercised by the Committee and not by the Board. 

  
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 14.6 Performance-Based Awards Granted to Designated Covered Employees. 

If and to the extent that the Committee determines that a Performance-Based Award to be granted to a Grantee should constitute
“qualified performance-based compensation” for purposes of Code Section 162(m), the grant, exercise and/or settlement of such Award will be contingent upon achievement of pre-established performance goals and other terms set forth in
this Section 14.6. 
 14.6.1 Performance Goals Generally. 

The performance goals for Performance-Based Awards will consist of one or more business criteria and a targeted level or levels of
performance with respect to each of such criteria, as specified by the Committee consistent with this Section 14.6. Performance goals will be objective and will otherwise meet the requirements of Code Section 162(m), including the
requirement that the level or levels of performance targeted by the Committee result in the achievement of performance goals being “substantially uncertain.” The Committee may determine that such Awards will be granted, exercised and/or
settled upon achievement of any single performance goal or of two or more performance goals. Performance goals may differ for Awards granted to any one Grantee or to different Grantees. 

14.6.2 Timing For Establishing Performance Goals. 
 Performance goals for any Performance-Based Award will be established not later than the earlier of (a) 90 days after the beginning of any Performance Period applicable to such Award, and
(b) the date on which 25% of any Performance Period applicable to such Award has expired, or at such other date as may be required or permitted for compensation payable to a Covered Employee to constitute Performance-Based Compensation.

 14.6.3 Payment of Awards; Other Terms. 
 Payment of Performance-Based Awards will be in cash, Common Shares, or other Awards, including an Award that is subject to additional Service-based vesting, as determined in the sole discretion of the
Committee. The Committee may, in its sole discretion, reduce the amount of a payment otherwise to be made in connection with such Awards. The Committee will specify the circumstances in which such Performance-Based Awards will be paid or forfeited
in the event of termination of Service by the Grantee prior to the end of a Performance Period or settlement of such Awards. In the event payment of the Performance-Based Award is made in the form of another Award subject to Service-based vesting,
the Committee will specify the circumstances in which the payment Award will be paid or forfeited in the event of a termination of Service. 
 14.6.4 Performance Measures. 
 The performance goals upon which the payment
or vesting of a Performance-Based Award to a Covered Employee that is intended to qualify as Performance-Based Compensation may be conditioned will be limited to the following Performance Measures, with or without adjustment: 

(a) net earnings or net income; 
 (b) operating earnings or operating income; 
 (c) pre-tax earnings or after-tax
earnings; 

  
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 (d) earnings per share (basic or diluted); 

(e) share price, including growth measures and total shareholder return; 

(f) earnings before interest and taxes; 
 (g) earnings before or after interest, taxes, depreciation, and/or amortization; 

(h) earnings before or after interest, taxes, depreciation, and/or amortization as adjusted to exclude any one or more of the following:
equity-based compensation expense; income from discontinued operations; gain on cancellation of debt; debt extinguishment and related costs; restructuring, separation and/or integration charges and costs; impairment charges; gain or loss related to
investments; sales and use tax settlement; gain on non-monetary transaction; or other extraordinary or special items or book value per share (which may exclude nonrecurring items); 

(i) sales or revenue, revenue growth or rate of revenue growth, whether in general, by type of product or service, or by type of
customer; 
 (j) gross or operating profit or margin; 

(k) return measures, including return on assets, return on invested capital, return on investment, return on equity, return on sales or
return on revenue; 
 (l) cash flow (before or after dividends), including: operating cash flow; free cash flow (defined as
earnings before interest, taxes, depreciation and/or amortization, as adjusted to exclude any one or more of the items that may be excluded pursuant to the Performance Measure specified in Section 14.6.4(h) less capital expenditures);
levered free cash flow (defined as free cash flow less interest expense); cash flow return on equity; cash flow return on investment (discounted or otherwise); cash flow in excess of cost of capital; or cash flow per share (before or after
dividends); 
 (m) productivity measures, consisting of one or more objective goals based on meeting specified expense targets,
market share, rental income, move-in activity, or occupancy levels; 
 (n) financial ratios as provided in credit agreements of
the Company and its Subsidiaries; 
 (o) working capital targets; 

(p) funds from operation (FFO); 
 (q) funds available for distribution (FAD); 
 (r) intrinsic business value;

 (s) implementation or completion of critical or strategic projects, acquisitions, divestitures or processes; 

(t) economic value created; 
 (u) operational efficiency measures, including the ratio of earnings to fixed charges or cost targets, reductions or savings; 

  
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 (v) strategic business criteria, consisting of one or more objective goals based on
meeting specified market penetration, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, litigation supervision and information technology objectives; or 

(w) any combination of any of the foregoing performance measures. 

Performance under any of the foregoing Performance Measures (a) may be used to measure the performance of (i) the Company and
its Subsidiaries and other Affiliates as a whole, (ii) the Company, any Subsidiary, and/or any other Affiliate or any combination thereof, or (iii) any one or more business units of the Company, any Subsidiary, and/or any other Affiliate,
as the Committee, in its sole discretion, deems appropriate and (b) may be compared to the performance of one or more other companies or one or more published or special indices designated or approved by the Committee for such comparison, as
the Committee, in its sole discretion, deems appropriate. In addition, the Committee, in its sole discretion, may select performance under the Performance Measure specified in Section 14.6.4(e) above for comparison to performance
under one or more stock market indices designated or approved by the Committee. The Committee also will have the authority to provide for accelerated vesting of any Performance-Based Award based on the achievement of performance goals pursuant to
the Performance Measures specified in this Section 14. 
 14.6.5 Evaluation of Performance. 

The Committee may provide in any Performance-Based Award that any evaluation of performance may include or exclude any of the following
events that occur during a Performance Period: (a) asset write-downs; (b) litigation or claims, judgments or settlements; (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported
results; (d) any reorganization or restructuring events or programs; (e) extraordinary, non-core, non-operating or non-recurring items; (f) acquisitions or divestitures; and (g) foreign exchange gains and losses. To the extent
such inclusions or exclusions affect Awards to Covered Employees that are intended to qualify as Performance-Based Compensation, such inclusions or exclusions will be prescribed in a form that meets the requirements of Code Section 162(m) for
deductibility. 
 14.6.6 Adjustment of Performance-Based Compensation. 

The Committee will have the sole discretion to adjust Awards that are intended to qualify as Performance-Based Compensation, either on a
formula or discretionary basis, or on any combination thereof, as the Committee determines consistent with the requirements of Code Section 162(m) for deductibility. 
 14.6.7 Committee Discretion. 
 In the event that Applicable Laws change to
permit Committee discretion to alter the governing Performance Measures without obtaining shareholder approval of such changes, the Committee will have sole discretion to make such changes without obtaining shareholder approval, provided that
the exercise of such discretion will not be inconsistent with the requirements of Code Section 162(m). In addition, in the event that the Committee determines that it is advisable to grant Awards that will not qualify as Performance-Based
Compensation, the Committee may make such grants without satisfying the requirements of Code Section 162(m) and base vesting on Performance Measures other than those set forth in Section 14.6.4. 

  
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 14.7 Status of Awards Under Code Section 162(m). 

It is the intent of the Company that Performance-Based Awards under Section 14.6 granted to persons who are designated by the
Committee as likely to be Covered Employees within the meaning of Code Section 162(m) and the regulations promulgated thereunder will, if so designated by the Committee, constitute “qualified performance-based compensation” within the
meaning of Code Section 162(m). Accordingly, the terms of Section 14.6, including the definitions of Covered Employee and other terms used therein, will be interpreted in a manner consistent with Code Section 162(m). If any
provision of the Plan or any agreement relating to any such Performance-Based Award does not comply or is inconsistent with the requirements of Code Section 162(m), such provision will be construed or deemed amended to the extent necessary to
conform to such requirements. 
 15. PARACHUTE LIMITATIONS 
 If any Grantee is a “disqualified individual,” as defined in Code Section 280G(c), then, notwithstanding any other provision of the Plan or of any other agreement, contract, or
understanding heretofore or hereafter entered into by such Grantee with the Company or an Affiliate, except an agreement, contract, or understanding that expressly addresses Code Section 280G or Code Section 4999 (an “Other
Agreement”), and notwithstanding any formal or informal plan or other arrangement for the direct or indirect provision of compensation to the Grantee (including groups or classes of Grantees or beneficiaries of which the Grantee is a
member), whether or not such compensation is deferred, is in cash, or is in the form of a benefit to or for the Grantee (a “Benefit Arrangement”), any right of the Grantee to any exercise, vesting, payment, or benefit under the Plan
will be reduced or eliminated: 
 (a) to the extent that such right to exercise, vesting, payment, or benefit, taking into
account all other rights, payments, or benefits to or for the Grantee under the Plan, all Other Agreements, and all Benefit Arrangements, would cause any exercise, vesting, payment, or benefit to the Grantee under the Plan to be considered a
“parachute payment” within the meaning of Code Section 280G(b)(2) as then in effect (a “Parachute Payment”); and 
 (b) if, as a result of receiving such Parachute Payment, the aggregate after-tax amounts received by the Grantee from the Company under the Plan, all Other Agreements, and all Benefit Arrangements would
be less than the maximum after-tax amount that could be received by the Grantee without causing any such payment or benefit to be considered a Parachute Payment. 
 The Company will accomplish such reduction by first reducing or eliminating any cash payments (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any
accelerated vesting of Performance-Based Awards, then by reducing or eliminating any accelerated vesting of Options or SARs, then by reducing or eliminating any accelerated vesting of Restricted Shares, Restricted Share Units or Deferred Share
Units, then by reducing or eliminating any other remaining Parachute Payments. 
 16. REQUIREMENTS OF LAW 

16.1 General. 
 The Company will not be required to offer, sell or issue any Common Shares under any Award, whether pursuant to the exercise of an Option or SAR or otherwise, if the offer, sale or issuance of such Common
Shares would constitute a violation by the Grantee, the Company or an Affiliate, or any other person, of any provision of Applicable Laws, including any federal or state securities laws or regulations. If at any time the Company will determine, in
its discretion, that the listing, registration or qualification of any Common Shares subject to an Award upon any securities exchange or under any governmental 

  
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regulatory body is necessary or desirable as a condition of, or in connection with, the offering, issuance, sale or purchase of Common Shares in connection with any Award, no Common Shares may be
offered, issued or sold to the Grantee or any other person under such Award, whether pursuant to the exercise of an Option or SAR or otherwise, unless such listing, registration or qualification will have been effected or obtained free of any
conditions not acceptable to the Company, and any delay caused thereby will in no way affect the date of termination of such Award. Without limiting the generality of the foregoing, upon the exercise of any Option or any SAR that may be settled in
Common Shares or the delivery of any Common Shares underlying an Award, unless a registration statement under the Securities Act is in effect with respect to the Common Shares subject to such Award, the Company will not be required to offer, sell or
issue such Common Shares unless the Committee will have received evidence satisfactory to it that the Grantee or any other person exercising such Option or SAR or accepting delivery of such shares may acquire such Common Shares pursuant to an
exemption from registration under the Securities Act. Any determination in this connection by the Committee will be final, binding, and conclusive. The Company may register, but will in no event be obligated to register, any Common Shares or other
securities issuable pursuant to the Plan pursuant to the Securities Act. The Company will not be obligated to take any affirmative action in order to cause the exercise of an Option or a SAR or the issuance of Common Shares or other securities
issuable pursuant to the Plan or any Award to comply with any Applicable Laws. As to any jurisdiction that expressly imposes the requirement that an Option or SAR that may be settled in Common Shares will not be exercisable until the Common Shares
subject to such Option or SAR are registered under the securities laws thereof or are exempt from such registration, the exercise of such Option or SAR under circumstances in which the laws of such jurisdiction apply will be deemed conditioned upon
the effectiveness of such registration or the availability of such an exemption. 
 16.2 Rule 16b-3. 

During any time when the Company has a class of equity security registered under Section 12 of the Exchange Act, it is the intention
of the Company that Awards pursuant to the Plan and the exercise of Options and SARs granted hereunder that would otherwise be subject to Section 16(b) of the Exchange Act will qualify for the exemption provided by Rule 16b-3 under the Exchange
Act. To the extent that any provision of the Plan or action by the Committee does not comply with the requirements of such Rule 16b-3, such provision or action will be deemed inoperative with respect to such Awards to the extent permitted by
Applicable Laws and deemed advisable by the Committee, and will not affect the validity of the Plan. In the event that such Rule 16b-3 is revised or replaced, the Board may exercise its discretion to modify the Plan in any respect necessary or
advisable in its judgment to satisfy the requirements of, or to permit the Company to avail itself of the benefits of, the revised exemption or its replacement. 
 17. EFFECT OF CHANGES IN CAPITALIZATION 
 17.1 Changes in Common
Shares. 
 If the number of outstanding Common Shares is increased or decreased or the Common Shares are changed into or
exchanged for a different number of shares or kind of equity shares or other securities of the Company on account of any recapitalization, reclassification, share split, reverse share split, spin-off, combination of shares, exchange of shares, share
dividend or other distribution payable in equity shares, or other increase or decrease in Common Shares effected without receipt of consideration by the Company occurring after the Effective Date, the number and kinds of equity shares for which
grants of Options and other Awards may be made under the Plan, including the share limits set forth in Section 6.2, will be adjusted proportionately and accordingly by the Committee. In addition, the number and kind of equity shares for
which Awards are outstanding will be adjusted proportionately and accordingly by the Committee so that the proportionate interest of the Grantee therein immediately following such event will, to the extent practicable, be the same as immediately
before such event. Any such adjustment in 

  
 26 

 
outstanding Options or SARs will not change the aggregate Option Price or SAR Price payable with respect to shares that are subject to the unexercised portion of such outstanding Options or SARs,
as applicable, but will include a corresponding proportionate adjustment in the per share Option Price or SAR Price, as the case may be. The conversion of any convertible securities of the Company will not be treated as an increase in shares
effected without receipt of consideration. Notwithstanding the foregoing, in the event of any distribution to the Company’s shareholders of securities of any other entity or other assets (including an extraordinary dividend, but excluding a
non-extraordinary dividend, declared and paid by the Company) without receipt of consideration by the Company, the Board or the Committee constituted pursuant to Section 3.1.2 will, in such manner as the Board or the Committee deems
appropriate, adjust (a) the number and kind of Common Shares subject to outstanding Awards and/or (b) the aggregate and per share Option Price of outstanding Options and the aggregate and per share SAR Price of outstanding SARs as required
to reflect such distribution. 
 17.2 Reorganization in Which the Company Is the Surviving Entity That Does not Constitute a
Change in Control. 
 Subject to Section 17.3, if the Company will be the surviving entity in any reorganization,
merger or consolidation of the Company with one or more other entities that does not constitute a Change in Control, any Option or SAR theretofore granted pursuant to the Plan will pertain to and apply to the securities to which a holder of the
number of Common Shares subject to such Option or SAR would have been entitled immediately following such reorganization, merger or consolidation, with a corresponding proportionate adjustment of the per share Option Price or SAR Price so that the
aggregate Option Price or SAR Price thereafter will be the same as the aggregate Option Price or SAR Price of the Common Shares remaining subject to the Option or SAR as in effect immediately prior to such reorganization, merger, or consolidation.
Subject to any contrary language in an Award Agreement or in another agreement with the Grantee, or otherwise set forth in writing, any restrictions applicable to such Award will apply as well to any replacement shares received by the Grantee as a
result of such reorganization, merger or consolidation. In the event of any reorganization, merger or consolidation of the Company referred to in this Section 17.2, Performance-Based Awards will be adjusted (including any adjustment to
the Performance Measures applicable to such Awards deemed appropriate by the Committee) so as to apply to the securities that a holder of the number of Common Shares subject to the Performance-Based Awards would have been entitled to receive
immediately following such reorganization, merger or consolidation. 
 17.3 Change in Control in which Awards are not
Assumed. 
 Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as
otherwise set forth in writing, upon the occurrence of a Change in Control in which outstanding Options, SARs, Restricted Shares, Restricted Share Units, Deferred Share Units, Dividend Equivalent Rights or Other Equity-Based Awards are not being
assumed or continued, the following provisions will apply to such Award, to the extent not assumed or continued: 
 (a) in each
case with the exception of Performance-Based Awards, all outstanding Restricted Shares will be deemed to have vested, all Restricted Share Units and Deferred Share Units will be deemed to have vested and the Common Shares subject thereto will be
delivered, and all Dividend Equivalent Rights will be deemed to have vested and the Common Shares subject thereto will be delivered, immediately prior to the occurrence of such Change in Control, and either of the following two actions will be
taken: 
 (i) 15 days prior to the scheduled consummation of such Change in Control, all Options and SARs
outstanding hereunder will become immediately exercisable and will remain exercisable for a period of 15 days, which exercise will be effective upon such consummation; or 

  
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 (ii) the Committee may elect, in its sole discretion, to cancel any
outstanding Awards of Options, SARs, Restricted Shares, Restricted Share Units, Deferred Share Units and/or Dividend Equivalent Rights and pay or deliver, or cause to be paid or delivered, to the holder thereof an amount in cash or securities having
a value (as determined by the Committee acting in good faith), in the case of Restricted Shares, Restricted Share Units, Deferred Share Units and Dividend Equivalent Rights (for Common Shares subject thereto), equal to the formula or fixed price per
share paid to holders of Common Shares pursuant to such Change in Control and, in the case of Options or SARs, equal to the product of the number of Common Shares subject to such Options or SARs (the “Award Shares”) multiplied by
the amount, if any, by which (x) the formula or fixed price per share paid to holders of Common Shares pursuant to such transaction exceeds (y) the Option Price or SAR Price applicable to such Award Shares. 

(b) For Performance-Based Awards, if less than half of the Performance Period has lapsed, such Awards will be treated as though target
performance has been achieved immediately prior to the occurrence of the Change in Control. If at least half the Performance Period has lapsed, actual performance to date will be determined as of a date reasonably proximal to the date of
consummation of the Change in Control as determined by the Committee in its sole discretion, and that level of performance thus determined will be treated as achieved immediately prior to occurrence of the Change in Control. For purposes of the
preceding sentence, if, based on the discretion of the Committee, actual performance is not determinable, the Awards will be treated as though target performance has been achieved. After application of this Section 17.3(b), if any Awards
arise from application of this Section 17, such Awards will be settled under the applicable provision of Section 17.3(a). 
 (c) Other Equity-Based Awards will be governed by the terms of the applicable Award Agreement. 
 With respect to the Company’s establishment of an exercise window, (A) any exercise of an Option or SAR during the 15-day period referred to above will be conditioned upon the consummation of
the applicable Change in Control and will be effective only immediately before the consummation thereof, and (B) upon consummation of any Change in Control, the Plan and all outstanding but unexercised Options and SARs will terminate. The
Committee will send notice of an event that will result in such a termination to all natural persons and entities who hold Options and SARs not later than the time at which the Company gives notice thereof to its shareholders. 

17.4 Change in Control in which Awards are Assumed. 
 Except as otherwise provided in the applicable Award Agreement or in another agreement with the Grantee, or as otherwise set forth in writing, upon the occurrence of a Change in Control in which
outstanding Options, SARs, Restricted Shares, Restricted Share Units, Deferred Share Units, Dividend Equivalent Rights or Other Equity-Based Awards are being assumed or continued, the following provisions will apply to such Award, to the extent
assumed or continued: 
 The Plan and the Options, SARs, Restricted Shares, Restricted Share Units, Deferred Share Units,
Dividend Equivalent Rights and Other Equity-Based Awards granted under the Plan will continue in the manner and under the terms so provided in the event of any Change in Control to the extent that provision is made in writing in connection with such
Change in Control for the assumption or continuation of such Options, SARs, Restricted Shares, Restricted Share Units, Deferred Share Units, Dividend Equivalent Rights and Other Equity-Based Awards, or for the substitution for such Options, SARs,
Restricted Shares, Restricted Share Units, Deferred Share Units, Dividend Equivalent Rights and Other Equity-Based Awards of new common share options, share appreciation rights, restricted share, common restricted share units, common deferred share
units, dividend equivalent rights and other equity-based awards relating to the equity of a successor entity, or a parent or subsidiary thereof, with appropriate adjustments 

  
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as to the number of shares (disregarding any consideration that is not common shares) and option and share appreciation rights exercise prices. In the event an Award is assumed, continued or
substituted upon the consummation of any Change in Control and the employment of such Grantee with the Company or an Affiliate is terminated without Cause within two years following the consummation of such Change in Control, such Award will be
fully vested and may be exercised in full, to the extent applicable, beginning on the date of such termination and for the one-year period immediately following such termination or for such longer period as the Committee will determine.

 17.5 Adjustments 
 Adjustments under this Section 17 related to Common Shares or other securities of the Company will be made by the Committee, whose determination in that respect will be final, binding and
conclusive. No fractional shares or other securities will be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment will be eliminated in each case by rounding downward to the nearest whole share. The Committee
may provide in the applicable Award Agreement at the time of grant, in another agreement with the Grantee, or otherwise in writing at any time thereafter with the consent of the Grantee, for different provisions to apply to an Award in place of
those provided in Sections 17.1, 17.2, 17.3 and 17.4. This Section 17 will not limit the Committee’s ability to provide for alternative treatment of Awards outstanding under the Plan in the event of a change in control
event involving the Company that is not a Change in Control. 
 17.6 No Limitations on Company. 

The making of Awards pursuant to the Plan will not affect or limit in any way the right or power of the Company to make adjustments,
reclassifications, reorganizations, or changes of its capital or business structure or to merge, consolidate, dissolve, or liquidate, or to sell or transfer all or any part of its business or assets (including all or any part of the business or
assets of any Subsidiary or other Affiliate) or engage in any other transaction or activity. 
 18. GENERAL PROVISIONS 

18.1 Disclaimer of Rights. 
 No provision in the Plan or in any Award or Award Agreement will be construed to confer upon any individual the right to remain in the employ or Service of the Company or an Affiliate, or to interfere in
any way with any contractual or other right or authority of the Company an Affiliate either to increase or decrease the compensation or other payments to any natural person or entity at any time, or to terminate any employment or other relationship
between any natural person or entity and the Company or an Affiliate. In addition, notwithstanding anything contained in the Plan to the contrary, unless otherwise stated in the applicable Award Agreement, in another agreement with the Grantee, or
otherwise in writing, no Award granted under the Plan will be affected by any change of duties or position of the Grantee thereof, so long as such Grantee continues to provide Service. The obligation of the Company to pay any benefits pursuant to
the Plan will be interpreted as a contractual obligation to pay only those amounts provided herein, in the manner and under the conditions prescribed herein. The Plan and Awards will in no way be interpreted to require the Company to transfer any
amounts to a third-party trustee or otherwise hold any amounts in trust or escrow for payment to any Grantee or beneficiary under the terms of the Plan. 
 18.2 Nonexclusivity of the Plan. 
 Neither the adoption of the Plan nor the
submission of the Plan to the shareholders of the Company for approval will be construed as creating any limitations upon the right and authority of the Board to adopt such other incentive compensation arrangements (which arrangements may be
applicable either generally to a class or classes of individuals or specifically to a particular individual or particular individuals) as the Board in its discretion determines desirable. 

  
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 18.3 Withholding Taxes. 

The Company or an Affiliate, as the case may be, will have the right to deduct from payments of any kind otherwise due to a Grantee any
federal, state, or local taxes of any kind required by law to be withheld with respect to the vesting of or other lapse of restrictions applicable to an Award or upon the issuance of any Common Shares upon the exercise of an Option or pursuant to
any other Award. At the time of such vesting, lapse, or exercise, the Grantee will pay in cash to the Company or an Affiliate, as the case may be, any amount that the Company or such Affiliate may reasonably determine to be necessary to satisfy such
withholding obligation; provided that if there is a same-day sale of Common Shares subject to an Award, the Grantee will pay such withholding obligation on the day on which such same-day sale is completed. Subject to the prior approval of the
Company or an Affiliate, which may be withheld by the Company or such Affiliate, as the case may be, in its sole discretion, the Grantee may elect to satisfy such withholding obligation, in whole or in part, (a) by causing the Company or an
Affiliate to withhold Common Shares otherwise issuable to the Grantee or (b) by delivering to the Company or an Affiliate Common Shares already owned by the Grantee. The Common Shares so withheld or delivered will have an aggregate Fair Market
Value equal to such withholding obligation. The Fair Market Value of the Common Shares used to satisfy such withholding obligation will be determined by the Company or such Affiliate as of the date on which the amount of tax to be withheld is to be
determined. A Grantee who has made an election pursuant to this Section 18.3 may satisfy such Grantee’s withholding obligation only with Common Shares that are not subject to any repurchase, forfeiture, unfulfilled vesting, or other
similar requirements. The maximum number of Common Shares that may be withheld from any Award to satisfy any federal, state or local tax withholding requirements upon the exercise, vesting, or lapse of restrictions applicable to any Award or payment
of Common Shares pursuant to such Award, as applicable, may not exceed such number of Common Shares having a Fair Market Value equal to the minimum statutory amount required by the Company or the applicable Affiliate to be withheld and paid to any
such federal, state or local taxing authority with respect to such exercise, vesting, lapse of restrictions, or payment of Common Shares. Notwithstanding Section 2.22 or this Section 18.3, for purposes of determining taxable
income and the amount of the related tax withholding obligation pursuant to this Section 18.3, for any Common Shares subject to an Award that are sold by or on behalf of a Grantee on the same date on which such shares may first be sold
pursuant to the terms of the related Award Agreement, the Fair Market Value of such shares will be the sale price of such shares on such date (or if sales of such shares are effectuated at more than one sale price, the weighted average sale price of
such shares on such date), so long as such Grantee has provided the Company, or its designee or agent, with advance written notice of such sale. In such case, the percentage of Common Shares withheld will equal the applicable minimum withholding
rate. 
 18.4 Captions. 
 The use of captions in the Plan or any Award Agreement is for convenience of reference only and will not affect the meaning of any provision of the Plan or such Award Agreement. 

18.5 Construction. 
 Unless the context otherwise requires, all references in the Plan to “including” will mean “including without limitation.” 

  
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 18.6 Other Provisions. 

Each Award granted under the Plan may contain such other terms and conditions not inconsistent with the Plan as may be determined by the
Committee, in its sole discretion. 
 18.7 Number and Gender. 

With respect to words used in the Plan, the singular form will include the plural form and the masculine gender will include the feminine
gender, as the context requires. 
 18.8 Severability. 

If any provision of the Plan or any Award Agreement will be determined to be illegal or unenforceable by any court of law in any
jurisdiction, the remaining provisions hereof and thereof will be severable and enforceable in accordance with their terms, and all provisions will remain enforceable in any other jurisdiction. 

18.9 Governing Law. 
 The validity and construction of the Plan and the instruments evidencing the Awards hereunder will be governed by, and construed and interpreted in accordance with, 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 the Plan and the instruments evidencing the Awards granted hereunder to the substantive laws of any other jurisdiction.

 18.10 Code Section 409A. 
 The Plan is intended to comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan will be interpreted and administered to be in
compliance with Code Section 409A. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Code Section 409A will not be treated as deferred compensation unless Applicable Laws
require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated taxation and tax penalties under Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise
be provided pursuant to the Plan during the six-month period immediately following the Grantee’s termination of “separation from service” (as defined for purposes of Code Section 409A) will instead be paid on the first payroll
date after the six-month anniversary of the Grantee’s separation from service (or the Grantee’s death, if earlier). Notwithstanding the foregoing, neither the Company, any Affiliate nor the Committee will have any obligation to take any
action to prevent the assessment of any excise tax or penalty on any Grantee under Section 409A of the Code and neither the Company, any Affiliate nor the Committee will have any liability to any Grantee for such tax or penalty. 

* * * 
 To
record adoption of the amended and restated Plan by the Board as of June 6, 2013, the Company has caused its authorized officer to execute the Plan. 

  
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	AMERICAN HOMES 4 RENT
		
	 By:
	 	/s/ David P. Singelyn
		 	David P. Singelyn
		
	Title:	 	 Chief Executive Officer

  
 32

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