Document:

EX-10.9

 Exhibit 10.9 

APARTMENT INCOME REIT CORP. 

2007 STOCK AWARD AND INCENTIVE PLAN 

Apartment Income REIT Corp., a Maryland corporation, has adopted the Apartment Income REIT Corp. 2007 Stock Award and Incentive Plan (the
“Plan”), adopted on December 14, 2020, for the benefit of eligible employees, consultants, advisors and directors of the Company, the Partnership, the Company Subsidiaries and the Partnership Subsidiaries (each as defined below). 

ARTICLE 1 

PURPOSE OF PLAN; DEFINITIONS 

1.1 Purpose. The purpose of the Plan is to reinforce the long-term commitment to the Company’s success of those officers
(including officers who are directors of the Company), employees, independent directors, consultants and advisors of the Company, the Partnership, the Company Subsidiaries and the Partnership Subsidiaries who are or will be responsible for such
success; to facilitate the ownership of the Company’s stock by such individuals, thereby reinforcing the identity of their interests with those of the Company’s stockholders; and to assist the Company, the Partnership, the Company
Subsidiaries and the Partnership Subsidiaries in attracting and retaining officers and employees, directors and consultants and advisors with experience and ability. 

1.2 Definitions. For purposes of the Plan, the following terms shall be defined as set forth below: 

(a) “Administrator” means the Board, or if the Board does not administer the Plan, the Committee in accordance with Article 2.

 (b) “Board” means the Board of Directors of the Company. 

(c) “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. 

(d) “Committee” means the Compensation and Human Resources Committee of the Board. If at any time the Board shall not
administer the Plan, then the functions of the Board specified in the Plan shall be exercised by the Committee. 
 (e)
“Company” means Apartment Income REIT Corp., a Maryland corporation (or any successor corporation). 
 (f) “Company
Employee” means any officer or employee (as defined in accordance with Section 3401(c) of the Code) of the Company, or of any corporation that is then a Company Subsidiary. 

  
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 (g) “Company Subsidiaries” means any corporation in an unbroken chain of
corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the
other corporations in such chain. Except with respect to Incentive Stock Options, “Company Subsidiary” shall also mean any partnership in which the Company and/or any Company Subsidiary owns more than fifty percent (50%) of the capital or
profits interests; provided, however, that “Company Subsidiary” shall not include the Partnership or any Partnership Subsidiary. 

(h) “Deferred Stock” means an award made pursuant to Article 7 below of the right to receive Stock at the end of a specified
deferral period. 
 (i) “Effective Date” shall mean the date provided pursuant to Article 12. 

(j) “Eligible Persons” means any person eligible to participate in the Plan pursuant to Article 4.1 including Independent
Directors. 
 (k) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

(l) “Fair Market Value” means, as of any given date, with respect to any awards granted hereunder (i) if the Shares are
admitted to trading on a national securities exchange, fair market value of the Shares on any date shall be the closing sale price reported for the Shares on such exchange on such date or, if no sale was reported on such date, on the last date
preceding such date on which a sale was reported, (ii) if the Shares are admitted to quotation on the National Association of Securities Dealers Automated Quotation (“Nasdaq”) System or other comparable quotation system and have been
designated as a National Market System (“NMS”) security, fair market value of the Shares on any date shall be the closing sale price reported for the Shares on such system on such date or, if no sale was reported on such date, on the last
date preceding such date on which a sale was reported, or (iii) if the Shares are admitted to quotation on the Nasdaq System but have not been designated as an NMS security, fair market value of the Shares on any date shall be the average of
the highest bid and lowest asked prices of the Shares on such system on such date or, if no bid and ask prices were reported on such date, on the last date preceding such date on which both bid and ask prices were reported. 

(m) “Incentive Stock Option” means any Stock Option intended to be designated as an “incentive stock option” within
the meaning of Section 422 of the Code. 
 (n) “Independent Director” means a member of the Board who is not a Company
Employee or a Partnership Employee. 
 (o) “Non-Qualified Stock Option” means any
Stock Option that is not an Incentive Stock Option, including any Stock Option that provides (as of the time such option is granted) that it will not be treated as an Incentive Stock Option. 

(p) “Participant” means any Eligible Person, or any consultant or advisor to the Company, any Company Subsidiary, the
Partnership or any Partnership Subsidiary selected by the Administrator, pursuant to the Administrator’s authority in Article 2 below, to receive 

  
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grants of Stock Options, Stock Appreciation Rights, Restricted Stock awards, Deferred Stock awards, Performance Shares or any combination of the foregoing. 

(q) “Partnership” means AIMCO Properties, L.P., a Delaware limited partnership. 

(r) “Partnership Employee” means any officer or employee (as defined in accordance with Section 3401(c) of the Code) of
the Partnership, or any entity that is then a Partnership Subsidiary. 
 (s) “Partnership Subsidiary” means any partnership
or limited liability company in any unbroken chain of partnerships or limited liability companies beginning with the Partnership if each of the partnerships or limited liability companies other than the last partnership or limited liability company
in the unbroken chain then owns more than fifty percent (50%) of the capital or profits interests in one of the other partnerships or limited liability companies. “Partnership Subsidiary” shall also mean any corporation in which the
Partnership and/or any Partnership Subsidiary owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock. 

(t) “Performance Share” means an award of shares of Stock pursuant to Article 7 that is subject to restrictions based upon
the attainment of specified performance objectives. 
 (u) “Restricted Stock” means an award granted pursuant to Article 7
of shares of Stock subject to certain restrictions. 
 (v) “Stock” means the Class A Common Stock of the Company, par
value $.01 per share, and any equity security of the Company issued or authorized to be issued in the future, but excluding any warrants, options or other rights to purchase Class A Common Stock. Debt securities of the Company convertible into
Class A Common Stock shall be deemed equity securities of the Company. 
 (w) “Stock Appreciation Right” means the
right pursuant to an award granted under Article 6 to receive an amount equal to the difference between (A) the Fair Market Value, as of the date such Stock Appreciation Right or portion thereof is surrendered, of the shares of Stock covered by
such right or such portion thereof, and (B) the aggregate exercise price of such right or such portion thereof. 
 (x)
“Stock Option” means any option to purchase shares of Stock granted pursuant to Article 5. 
 (y) “Stock Ownership
Limit” means the restrictions on ownership and transfer of Stock provided in Section 3.4 of the Company’s Charter. 

  
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 ARTICLE 2 

ADMINISTRATION 
 2.1
Administrator. The Plan shall be administered by the Board or by a Committee which shall be appointed by the Board and which shall serve at the pleasure of the Board. To the extent necessary and desirable, the Committee shall be
composed entirely of individuals who meet the qualifications referred to in Section 162(m) of the Code, Rule 16b-3 under the Exchange Act and the applicable stock exchanges. 

2.2 Duties and Powers of Administrator. The Administrator shall have the power and authority to grant to Eligible Persons,
pursuant to the terms of the Plan: Stock Options, Stock Appreciation Rights, Restricted Stock, Performance Shares, Deferred Stock, or any combination of the foregoing. In particular, the Administrator shall have the authority to determine the terms
and conditions, not inconsistent with the terms of the Plan, of any award granted hereunder and in its discretion, to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem
advisable; to interpret the terms and provisions of the Plan and any award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. 

2.3 Delegation of Authority. The Administrator may in his sole and absolute discretion delegate to the Chief Financial Officer
of the Company or the Secretary of the Company, or both, any or all of the administrative duties and authority of the Administrator under this Plan, other than the authority to (a) make grants under this Plan to employees who are
“officers” of the Company within the meaning of Rule 16(a)-1(b) of the Exchange Act or whose total compensation is required to be reported to the Company’s stockholders under the Exchange Act,
(b) determine the price, timing or amount of such grants or (c) determine any other matter required by Rule 16b-3 or Section 162(m) of the Code to be determined in the sole and absolute
discretion of the Administrator. 
 ARTICLE 3 

STOCK SUBJECT TO PLAN 

3.1 Number and Source of Shares. Subject to Article 3.3, the total number of shares of Stock reserved and available for issuance
under the Plan shall be 240,319 shares. Such shares of Stock may consist, in whole or in part, of treasury shares, authorized and unissued shares or shares of Stock reacquired by the Company. If any shares of Stock subject to an award granted
hereunder are forfeited, cancelled, exchanged or surrendered or if an award granted hereunder terminates or expires without a distribution of shares of Stock to the Participant, to the extent of any such forfeiture, cancellation, exchange,
surrender, termination or expiration, such shares shall again be available for awards under the Plan. If shares of Stock are surrendered or withheld as payment of either the exercise price of an award granted hereunder and/or withholding taxes in
respect of such an award, such shares of Stock shall not be returned to the Plan and shall not be available for future awards under the Plan. Upon the exercise of any award granted in tandem with any other award, such related award shall be
cancelled to the extent of the number of shares of Stock as to which the award is exercised and, notwithstanding the foregoing, such number of 

  
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shares of Stock shall no longer be available for awards under the Plan. Upon the exercise of a Stock Appreciation Right, the number of shares of Stock reserved and available for issuance under
the Plan shall be reduced by the full number of shares of Stock with respect to which such award is being exercised. 
 3.2 Limit on
Incentive Stock Option Grants. In no event will more than 240,319 shares of Stock be available for issuance pursuant to the exercise of Incentive Stock Options, subject to adjustment as provided in this Article 3. 

3.3 Limit on Awards Granted Pursuant to Article 7. The aggregate number of shares of Stock as to which Restricted Stock, Deferred Stock
and Performance Shares may be granted pursuant to the Plan may not, subject to adjustment as provided in this Article 3, exceed 50% of the shares available under the Plan; provided, however, if any such shares of Stock are forfeited, cancelled,
exchanged or surrendered or if an award granted pursuant to Article 7 terminates or expires without a distribution of shares of Stock to the Participant, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or
expiration, such Shares shall not count against the limits set forth in this Article 3.3. 
 3.4 Limitation on Individual Grants.
The aggregate number of shares of Stock as to which Stock Options, Stock Appreciation Rights, Restricted Stock, Deferred Stock and Performance Shares may be granted to any individual during any calendar year may not, subject to adjustment as
provided in this Article 3, exceed 100% of the shares available under the Plan. 
 3.5 Adjustment of Awards. In the event of
any merger, reorganization, consolidation, recapitalization, stock dividend or other change in corporate structure affecting the Stock, a substitution or adjustment shall be made in (a) the kind and aggregate number of shares reserved for
issuance under the Plan, (b) the kind, number and option price of shares subject to outstanding Stock Options granted under the Plan, and (c) the kind, number and purchase price of shares issuable pursuant to awards of Restricted Stock,
Deferred Stock and Performance Shares to maintain the same estimated fair value of the award before and after the equity restructuring. The form of such adjustment and estimate of fair value shall be determined by the Administrator, in its sole
discretion. Such other substitutions or adjustments shall be made respecting awards hereunder as may be determined by the Administrator, in its sole discretion. An adjusted option price shall also be used to determine the amount payable by the
Company in connection with Stock Appreciation Rights awarded under the Plan. In connection with any event described in this paragraph, the Administrator may provide, in its discretion, for the cancellation of any outstanding awards and payment in
cash or other property in exchange therefor. 
 ARTICLE 4 

ELIGIBILITY 
 4.1
General Provisions. Subject to Article 3.1 and the Stock Ownership Limit, officers (including officers who are directors of the Company), employees and Independent Directors of, and consultants and advisors to the Company, any Company
Subsidiary, the Partnership and any Partnership Subsidiary who are responsible for or contribute to the 

  
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management, growth and/or profitability of the business of the Company, any Company Subsidiary and any Partnership Subsidiary, shall be eligible to be granted awards under the Plan. The
Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among the Eligible Persons, consultants and advisors to the Company recommended by the senior management of the Company, and the
Administrator shall determine, in its sole discretion, the number of shares covered by each award. 
 ARTICLE 5 

STOCK OPTIONS 
 5.1
Option Awards. Stock Options may be granted alone or in addition to other awards granted under the Plan. Any Stock Option granted under the Plan shall be in such form as the Administrator may from time to time approve, and the
provisions of Stock Option awards need not be the same with respect to each optionee. Recipients of Stock Options shall enter into an award agreement with the Company, in such form as the Administrator shall determine, which agreement shall set
forth, among other things, the exercise price of the option, the term of the option and provisions regarding exercisability of the option granted thereunder. 

5.2 Types of Options. The Stock Options granted under the Plan may be of two types: (a) Incentive Stock Options and (b) Non-Qualified Stock Options. The Administrator shall have the authority to grant (x) Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock
Options (in each case with or without Stock Appreciation Rights) to Company Employees and (y) Non-Qualified Stock Options (with or without Stock Appreciation Rights) to Partnership Employees, and persons
who are Independent Directors, consultants or advisors to the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary. To the extent that any Stock Option does not qualify as an Incentive Stock Option, it shall constitute a
separate Non-Qualified Stock Option. More than one Stock Option may be granted to the same optionee and be outstanding concurrently hereunder. 

5.3 Terms and Conditions of Options. Stock Options granted under the Plan shall contain such terms and conditions, not
inconsistent with the terms of the Plan, as the Administrator shall deem desirable: 
 (a) Option Price. The option price per
share of Stock purchasable under a Stock Option shall be determined by the Administrator in its sole discretion at the time of grant, but shall not be less than one hundred percent (100%) of the Fair Market Value of the Stock on such date. If a
Company Employee owns or is deemed to own (by reason of the attribution rules applicable under Section 424(d) of the Code) more than ten percent (10%) of the combined voting power of all classes of stock of the Company or any Company Subsidiary
or any Partnership Subsidiary that is a corporation and an Incentive Stock Option is granted to such employee, the option price of such Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no less than one
hundred and ten percent (110%) of the Fair Market Value of the Stock on the date such Incentive Stock Option is granted. 
 (b) Option
Term. The term of each Stock Option shall be fixed by the Administrator, but no Stock Option shall be exercisable more than ten (10) years after the date 

  
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such Stock Option is granted; provided that if a Company Employee owns or is deemed to own (by reason of the attribution rules of Section 424(d) of the Code) more than ten percent
(10%) of the combined voting power of all classes of stock of the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary that is a corporation and an Incentive Stock Option is granted to such employee, the term of such
Incentive Stock Option (to the extent required by the Code at the time of grant) shall be no more than five (5) years from the date of grant. 

(c) Exercisability. Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall
be determined by the Administrator at or after grant. 
 5.4 Termination of Employment or Service. If an optionee’s
employment with or service as a director of or consultant or advisor to the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary terminates by reason of death, disability or for any other reason, the Stock Option may
thereafter be exercised to the extent provided in the applicable award agreement, or as otherwise determined by the Administrator. 
 5.5
Loans. To the extent permitted by applicable law, the Company may make loans available to Stock Option holders in connection with the exercise of outstanding options granted under the Plan, as the Administrator, in its discretion, may
determine. Such loans shall (a) be evidenced by promissory notes entered into by the Stock Option holders in favor of the Company, (b) be subject to the terms and conditions set forth in this Article 5.4 and such other terms and
conditions, not inconsistent with the Plan, as the Administrator shall determine; provided that each loan shall comply with all applicable laws, regulations and rules of the Board of Governors of the Federal Reserve System and any other
governmental agency having jurisdiction. 
 5.6 Annual Limit on Incentive Stock Options. To the extent that the aggregate Fair
Market Value (determined as of the date the Incentive Stock Option is granted) of shares of Stock with respect to which Incentive Stock Options granted to an Optionee under this Plan and all other option plans of the Company or its Company
Subsidiaries become exercisable for the first time by the Optionee during any calendar year exceeds $100,000, such Stock Options shall be treated as Non-Qualified Stock Options. 

5.7 Nontransferability of Stock Options. Pursuant to Section 11.6 of the Plan, no Stock Option shall be transferable by the
optionee, and all Stock Options shall be exercisable, during the optionee’s lifetime, only by the optionee, provided that, the Administrator may, in its sole discretion, provide for the transferability of Stock Options under such terms and
conditions as the Administrator shall determine and set forth in the Agreement evidencing such award. Notwithstanding the foregoing, unless permitted by the provisions of Section 422 of the Code, no Stock Option shall be treated as an Incentive
Stock Option unless it is at all times subject to the nontransferability provisions of Section 11.6 of the Plan. 

  
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 ARTICLE 6 

STOCK APPRECIATION RIGHTS 

6.1 Grant of Rights. Stock Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction
with all or part of any Stock Option granted under the Plan (“Related Rights”) either at or after the time of the grant of such Stock Option. Subject to the provisions of Section 409A of the Code, in the case of a Non-Qualified Stock Option, Related Rights may be granted either at or after the time of the grant of such Stock Option. In the case of an Incentive Stock Option, Related Rights may be granted only at the time of
the grant of the Incentive Stock Option. 
 6.2 Termination of Rights. A Related Right or applicable portion thereof granted
in conjunction with a Stock Option shall terminate and no longer be exercisable upon the termination or exercise of the related Stock Option, except that, unless otherwise provided by the Administrator at the time of grant, a Related Right granted
with respect to less than the full number of shares covered by a related Stock Option shall only be reduced if and to the extent that the number of shares covered by the exercise or termination of the related Stock Option exceeds the number of
shares not covered by the Related Right. 
 6.3 Exercise of Rights. 

(a) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, an amount in cash or
that number of shares of Stock (or any combination of cash and Stock) equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free Standing Right (which price shall be no less than
100% of the Fair Market Value on the date of grant) multiplied by the number of shares of Stock in respect of which the Free Standing Right is being exercised, with the Administrator having the right to determine the form of payment. 

(b) A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Stock Option. Upon such exercise
and surrender, the Participant shall be entitled to receive up to, but not more than, an amount in cash or that number of shares of Stock (or any combination of cash and Stock) equal in value to the excess of the Fair Market Value as of the date of
exercise over the exercise price specified in the related Stock Option multiplied by the number of shares of Stock in respect of which the Related Right is being exercised, with the Administrator having the right to determine the form of payment.
Stock Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised. 

6.4 Terms and Conditions of Stock Appreciation Rights. Stock Appreciation Rights shall be subject to such terms and conditions,
not inconsistent with the provisions of the Plan, as shall be determined from time-to-time by the Administrator; provided, however, that no Stock Appreciation Right
shall be exercisable more than ten (10) years after the date such Stock Appreciation Right is granted. 

  
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 6.5 Termination of Employment or Service. In the event of the termination of
employment or service of a Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator at or after
grant. 
 ARTICLE 7 

RESTRICTED STOCK, DEFERRED STOCK AND 

PERFORMANCE SHARES 

7.1 General. Restricted Stock, Deferred Stock or Performance Share awards may be issued either alone or in addition to other
awards granted under the Plan. To the extent permitted by applicable law, in the discretion of the Administrator, loans may be made to Participants in connection with the purchase of Restricted Stock under substantially the same terms and conditions
as provided in Article 5.4 with respect to the exercise of Stock Options. 
 7.2 Award Agreements. The prospective recipient
of a Restricted Stock, Deferred Stock or Performance Share award shall not have any rights with respect to such award, unless and until such recipient has executed an agreement evidencing the award and delivered a fully executed copy thereof to the
Company, within such period as the Administrator may specify after the award date). 
 7.3 Award Certificates. Except as
otherwise provided below in this Article 7, (a) each Participant who is awarded Restricted Stock or Performance Shares shall be issued a stock certificate in respect of such shares of Restricted Stock or Performance Shares; and (b) such
certificate shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such award. 

7.4 Deferred Stock Certificates. With respect to Deferred Stock awards, at the expiration of the Restricted Period, stock
certificates in respect of such shares of Deferred Stock shall be delivered to the participant, or his legal representative, in a number equal to the number of shares of Stock covered by the Deferred Stock award. 

7.5 Restrictions and Conditions. The Restricted Stock, Deferred Stock and Performance Share awards granted pursuant to this
Article 7 shall be subject to the following restrictions and conditions as determined by the Committee: 
 (a) Restrictions on
Transfer. Subject to the provisions of the Plan and the Restricted Stock Award Agreement, Deferred Stock Award Agreement, Performance Share Award Agreement or other award agreement, as appropriate, governing such award, during such period
as may be set by the Administrator commencing on the grant date (the “Restricted Period”), the Participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Stock, Performance Shares or Deferred Stock awarded
under the Plan; provided that the Administrator may, in its sole discretion, provide for the lapse of such restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as
the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain performance related goals, the 

  
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Participant’s termination of employment or service, death or Disability or the occurrence of a “Change of Control” as defined in the agreement evidencing such award. 

(b) Termination of Employment or Service. The rights of holders of Restricted Stock, Deferred Stock and Performance Share awards
upon termination of employment or service for any reason during the Restricted Period shall be set forth in the award agreement, as appropriate, governing such awards. 

ARTICLE 8 

AMENDMENT AND TERMINATION 

8.1 Amendment of the Plan. The Board may amend, alter or discontinue the Plan, but no amendment, alteration, or discontinuation
shall be made that would impair the rights of a Participant under any award theretofore granted without such Participant’s consent. No such action of the Board, unless taken with the approval of the stockholders of the Company, may increase the
maximum number of shares that may be sold or issued under the Plan or alter the class of Employees eligible to participate in the Plan. With respect to any other amendments of the Plan, the Board may in its discretion determine that such amendments
shall only become effective upon approval by the stockholders of the Company, if the Board determines that such stockholder approval may be advisable, such as for the purpose of obtaining or retaining any statutory or regulatory benefits under
federal or state securities law, federal or state tax law or any other laws or for the purposes of satisfying applicable stock exchange listing requirements. 

8.2 Amendment of Awards. The Administrator may amend the terms of any award theretofore granted, prospectively or retroactively,
but, no such amendment shall impair the rights of any holder without his or her consent, provided, however, that the Committee may not reduce the exercise price of an outstanding Stock Option or Stock Appreciation Right by amending the terms
of such Stock Option or Stock Appreciation Right or by canceling such Stock Option or Stock Appreciation Right in exchange for the grant of a new Stock Option or Stock Appreciation Right without first obtaining approval from the stockholders of the
Company. Notwithstanding the previous sentence, the Administrator reserves the right to amend the terms of any award as may be necessary or appropriate to avoid adverse tax consequences under Section 409A of the Code. 

ARTICLE 9 

UNFUNDED STATUS OF PLAN 

The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a
Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company. 

  
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 ARTICLE 10 

GENERAL PROVISIONS 

10.1 Representations. The Administrator may require each person purchasing shares pursuant to a Stock Option to represent to and
agree with the Company in writing that such person is acquiring the shares without a view to distribution thereof. The certificates for such shares may include any legend which the Administrator deems appropriate to reflect any restrictions on
transfer. 
 10.2 Legends. All certificates for shares of Stock delivered under the Plan shall be subject to such
stock-transfer orders and other restrictions as the Administrator may deem advisable under the rules, regulations, and other requirements of the Securities Exchange Commission, any stock exchange upon which the Stock is then listed, and any
applicable Federal or state securities law, and the Administrator may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. 

10.3 Other Plans; No Guarantee of Engagement. Nothing contained in the Plan shall prevent the Board from adopting other or
additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of the Plan shall not confer upon any
director, employee, consultant or advisor of the Company, any Company Subsidiary or any Partnership or Partnership Subsidiary any right to continued employment with or service as a director to the Company, any Company Subsidiary or any Partnership
or Partnership Subsidiary, as the case may be, nor shall it interfere in any way with the right of the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary to terminate the employment or service of any of its directors,
employees, consultants or advisors at any time. 
 10.4 Withholding Requirements. Each Participant shall, no later than the
date as of which the value of an award first becomes includible in the gross income of the Participant for Federal income tax purposes, pay to the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary (as the case may be),
or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld with respect to the award. The obligations of the Company under the Plan shall be conditional
on the making of such payments or arrangements, and the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind
otherwise due to the Participant. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of shares of Stock or by delivering already owned unrestricted
shares of Common Stock, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Fractional
share amounts shall be settled in cash. 
 10.5 No Liability. No member of the Board or the Committee, or any director,
officer or employee of the Company, and Company Subsidiary, the Partnership or any Partnership Subsidiary shall be liable, responsible or accountable in damages or otherwise for any 

  
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determination made or other action taken or any failure to act by such person so long as such person is not determined to be guilty by a final adjudication of willful misconduct with respect to
such determination, action or failure to act. 
 10.6 Indemnification. No member of the Board or the Administrator, nor any
officer or employee of the Company acting on behalf of the Board or the Administrator, shall be personally liable for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or
the Administrator and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination or interpretation.

 ARTICLE 11 

MISCELLANEOUS 
 11.1
Compliance With Laws. 
 (a) The obligation of the Company to sell or deliver Stock with respect to any award granted under the Plan
shall be subject to all applicable laws, rules and regulations, including all applicable Federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee.

 (b) Each award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that the listing,
registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state or Federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the grant of an award or the issuance of Stock, no such award shall be granted, payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or
obtained free of any conditions not acceptable to the Committee. 
 (c) In the event that the disposition of Stock acquired pursuant to the
Plan is not covered by a then current registration statement under the Securities Act of 1933, as amended (the “Securities Act”) and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the
extent required by the Securities Act or regulations thereunder, and the Committee may require a grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock
acquired by such grantee is acquired for investment only and not with a view to distribution. 
 11.2 No Rights to Awards; No Stockholder
Rights. No Eligible Person shall have any claim to be granted any award under the Plan, and there is no obligation for uniformity of treatment of grantees. Except as provided specifically herein, a grantee or a transferee of an award
shall have no rights as a stockholder with respect to any shares covered by the award until the date of the issuance of a stock certificate to him for such shares. 

11.3 Ownership and Transfer Restrictions. Shares acquired through the realization of awards granted under the Plan shall be
subject to the restrictions on ownership and transfer set 

  
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forth in the Company’s Charter. The Committee (or the Board, in the case of Non-Qualified Stock Options granted to Independent Directors), in its sole
and absolute discretion, may impose such additional restrictions on the ownership and transferability of the shares issuable pursuant to Plan awards as it deems appropriate. Any such restriction shall be set forth in the respective award agreement
and may be referred to on the certificates evidencing such shares. The Committee may require a Participant to give the Company prompt notice of any disposition of shares of Stock acquired by exercise of an Incentive Stock Option within (i) two
(2) years from the date of granting such option to such Participant or (ii) one (1) year after the transfer of such shares to such Participant. The Committee may direct that the certificates evidencing shares acquired by exercise of a Stock
Option refer to such requirement to give prompt notice of disposition. 
 11.4 Restrictions on Ownership. A Stock Option is
not exercisable (and an award may not otherwise be realized) if, in the sole and absolute discretion of the Committee, the exercise of such Option or realization of such award would likely result in any of the following: 

(a) the Participant’s ownership of Stock being in violation of the Stock Ownership Limit set forth in the Company’s Charter; 

(b) income to the Company that could impair the Company’s status as a “real estate investment trust,” within the meaning of
Sections 856 through 860 of the Code; 
 (c) a transfer, at any one time, of more than one-tenth of
one percent (0.1%) (measured in value or in number of shares, whichever is more restrictive) of the Company’s total Stock from the Company to the Partnership pursuant to Article 5.4(d); or 

(d) Notwithstanding any other provision of this Plan, a Participant shall have no rights under this Plan to acquire Stock that would otherwise
be prohibited under the Company’s Charter. 
 11.5 Approval of Plan by Stockholders. The Plan remains subject to, and
contingent upon approval of the Company’s stockholders, which approval must occur within twelve months of the date the Plan is approved by the Board. 

11.6 Nontransferability. Awards shall not be transferable by a Participant except by will or the laws of descent and
distribution, pursuant to a qualified domestic relations order as defined under the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder, and shall be exercisable during the lifetime of a
Participant only by such Participant or his guardian or legal representative. Notwithstanding anything to the contrary herein, no awards granted hereunder shall be transferable for consideration. 

11.7 Governing Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the
State of Maryland without giving effect to the conflict of laws principles thereof. 

  
 13 

 ARTICLE 12 

EFFECTIVE DATE OF PLAN 

The Plan shall become effective (the “Effective Date”) on December 14, 2020, the date the Company’s sole stockholder
formally approved the Plan. 
 ARTICLE 13 

TERM OF PLAN 
 No
Stock Option, Stock Appreciation Right, Restricted Stock, Deferred Stock or Performance Share award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but awards theretofore granted may extend beyond that
date. 

  
 14EX-10.10

 Exhibit 10.10 

APARTMENT INCOME REIT CORP. 

2020 EMPLOYEE STOCK PURCHASE PLAN 

Section 1. General Purpose of Plan; Definitions. 

The name of this plan is the Apartment Income REIT Corp. 2020 Employee Stock Purchase Plan (the “Plan”). The Plan was adopted by the
Board (defined below) on December 14 , 2020, subject to the approval of the stockholders of the Company (defined below), and the Company’s sole stockholder approved the Plan on December 14, 2020. The purpose of the Plan is to provide
certain employees of the Company, the Partnership, any Company Subsidiary and any Partnership Subsidiary (each as defined below) with the opportunity to purchase common stock of the Company through accumulated payroll deductions. It is the intention
of the Company that the Plan will not qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Code (defined below). 

For purposes of the Plan, the following terms shall be defined as set forth below: 

(a) “Administrator” means the Board, or if and to the extent the Board does not administer the Plan, the
Committee in accordance with Section 11 below. 
 (b) “Board” shall mean the Board of Directors of the
Company. 
 (c) “Change in Capitalization” shall mean any increase, reduction, change or exchange of Shares
for a different number of shares and/or kind of shares or other securities of the Company by reason of a reclassification, recapitalization, merger, consolidation, reorganization, issuance of warrants or rights, stock dividend, stock split or
reverse stock split, combination or exchange of Shares, repurchase of Shares, change in corporate structure or otherwise. 

(d) “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, or any successor
thereto. 
 (e) “Committee” shall mean the Compensation and Human Resources Committee of the Board. If at
any time the Board shall not administer the Plan, then the functions of the Board specified in the Plan shall be exercised by the Committee. 

(f) “Common Stock” shall mean the Class A Common Stock of the Company, par value $.01 per share. 

(g) “Company” shall mean Apartment Income REIT Corp., a Maryland corporation (or any successor corporation).

 (h) “Company Subsidiary” means any corporation in an unbroken chain of corporations beginning with the
Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such
chain. “Company Subsidiary” shall also mean any partnership in which the Company and/or any Company Subsidiary owns more than fifty percent (50%) 

 
of the capital or profits interests; provided, however, that “Company Subsidiary” shall not include the Partnership or any Partnership Subsidiary. 

(i) “Compensation” shall mean the fixed salary or wage paid by the Company, the Partnership, or any Company
Subsidiary or Partnership Subsidiary to an Employee as reported by the Company, the Partnership, or any Company Subsidiary or Partnership Subsidiary to the United States government for Federal income tax purposes, including any payments for overtime
and any pre-tax contributions by the Employee under sections 125 or 401(k) of the Code. Compensation shall not include the value of or income attributable to any bonuses, any fringe benefits provided by the
Company, the Partnership, or any Company Subsidiary or Partnership Subsidiary, any contributions made by the Company, the Partnership, or any Company Subsidiary or Partnership Subsidiary to any plan or to Social Security on behalf of the
Participant, or any amounts of deferred compensation credited to the Participant in a qualified retirement plan (other than a 401(k) plan) or otherwise. The Company shall determine whether a particular item is included in Compensation. 

(j) “Corporate Transaction” shall mean a sale of all or substantially all of the Company’s assets, or a
merger, consolidation or other capital reorganization of the Company with or into another corporation, or any other transaction or series of related transactions in which the Company’s stockholders immediately prior thereto own less than 50% of
the voting stock of the Company (or its successor or parent) immediately thereafter. 
 (k) “Employee” shall
mean any person that is at least 18 years of age and has 30 days or more of continuous service with the Company, the Partnership, or any Company Subsidiary or Partnership Subsidiary prior to enrollment in the Plan pursuant to Section 4 hereof,
but shall not include (i) any officer of the Company or any member of the Board who is subject to Section 16 of the Securities Exchange Act of 1934 or (ii) any person covered by a collective bargaining agreement, unless the collective
bargaining agreement so requires. 
 (l) “Fair Market Value” as of a particular date shall mean the fair
market value of the Shares as determined by the Administrator in its sole discretion; provided, however, that (i) if the Shares are admitted to trading on a national securities exchange, fair market value of the Shares on any date shall be the
closing sale price reported for the Shares on such exchange on such date or, if no sale was reported on such date, on the last date preceding such date on which a sale was reported, (ii) if the Shares are admitted to quotation on the National
Association of Securities Dealers Automated Quotation (“Nasdaq”) System or other comparable quotation system and have been designated as a National Market System (“NMS”) security, fair market value of the Shares on any date shall
be the closing sale price reported for the Shares on such system on such date or, if no sale was reported on such date, on the last date preceding such date on which a sale was reported, or (iii) if the Shares are admitted to quotation on the
Nasdaq System but have not been designated as an NMS security, fair market value of the Shares on any date shall be the average of the highest bid and lowest asked prices of the Shares on such 

  
 2 

 
system on such date or, if no bid and ask prices were reported on such date, on the last date preceding such date on which both bid and ask prices were reported. 

(m) “Offering Period” shall mean a period as described in Section 3 hereof. 

(n) “Participant” shall mean an Employee who elects to participate in the Plan pursuant to Section 4
hereof. 
 (o) “Partnership” means AIMCO Properties, L.P., a Delaware limited partnership. 

(p) “Partnership Subsidiary” means any partnership or limited liability company in any unbroken chain of
partnerships or limited liability companies beginning with the Partnership if each of the partnerships or limited liability companies other than the last partnership or limited liability company in the unbroken chain then owns more than fifty
percent (50%) of the capital or profits interests in one of the other partnerships or limited liability companies. “Partnership Subsidiary” shall also mean any corporation in which the Partnership and/or any Partnership Subsidiary owns
stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock. 
 (q)
“Purchase Date” shall mean the last Trading Day of each Offering Period. 
 (r) “Purchase
Price” shall mean an amount equal to 95% of the Fair Market Value of Share on the Purchase Date. 
 (s)
“Share” shall mean a share of Common Stock. 
 (t) “Trading Day” shall mean a day on which
national stock exchanges and the Nasdaq System are open for trading. 
 Section 2. Eligibility. 

Each Employee that has elected to participate in the Plan pursuant to Section 4 hereof shall be granted an option to purchase Common
Stock for the applicable Offering Period. 
 Section 3. Offering Periods. 

The Plan shall be implemented by a series of consecutive three-month Offering Periods, with a new Offering Period commencing on the first
Trading Day on or after January 1 (beginning in the year 2021), April 1 (beginning in the year 2021), July 1 (beginning in the year 2021) and October 1 (beginning in the year 2021) of each year, or at such other time or times as
may be determined by the Administrator, and ending on the last Trading Day on or before the following March 31, June 30, September 30 and December 31, respectively, or at such other time or times as may be determined by the
Administrator. The Plan shall continue until terminated in accordance with Section 17 hereof. Subject to Section 17 hereof, the Administrator shall have the power to change the duration and/or the frequency of Offering Periods with respect
to future 

  
 3 

 
offerings and shall use its best efforts to notify Employees of any such change at least fifteen (15) days prior to the scheduled beginning of the first Offering Period to be affected. 

Section 4. Enrollment; Participation. 

(a) The Company shall commence an offering by granting each Employee, who has elected to participate in such Offering Period
pursuant to Section 4(b), an option to purchase shares of Common Stock on the Purchase Date of such Offering Period up to a number of Shares determined by dividing each Employee’s payroll deductions accumulated prior to such Purchase Date
and retained in the Participant’s account as of such Purchase Date by the applicable Purchase Price; provided that in no event shall a Participant be permitted to purchase during each fiscal year of the Company more than Shares (subject to any
adjustment pursuant to Section 16 hereof), provided, further, that such purchase shall be subject to the limitations set forth in Section 10 hereof. Exercise of the option shall occur as provided in Section 6 hereof, unless the
Participant has withdrawn pursuant to Section 8 hereof. The option with respect to an Offering Period shall expire on the Purchase Date with respect to such Offering Period or the withdrawal date if earlier. 

(b) An Employee may elect to become a Participant in the Plan at any time during an Offering Period by completing and filing an
enrollment form authorizing the Company to make payroll deductions (as set forth in Section 5 hereof). Unless a Participant, by giving written notice (or such other notice as may from time to time be prescribed by the Administrator), elects not
to participate with respect to any subsequent Offering Period, the Participant shall be deemed to have accepted each new offer and to have authorized payroll deductions in respect thereof during each subsequent Offering Period. 

Section 5. Payroll Deductions. 

(a) An Employee may, in accordance with rules and procedures adopted by the Administrator, authorize payroll deductions in
amounts that are not less than one percent (1%) and not more than fifteen percent (15%) of such Employee’s Compensation on each payday occurring during an Offering Period. Payroll deductions shall commence on the first full pay period following
receipt of the enrollment form, and shall end on the last payroll paid prior to the Purchase Date of the Offering Period to which the enrollment form is applicable, unless sooner terminated by the Participant’s withdrawal from the Plan or
Participant’s termination of employment with the Company, the Partnership, or any Company Subsidiary or Partnership Subsidiary as provided in Section 8 hereof. Once enrolled in an Offering Period, a Participant may not change his or her
rate of payroll deductions at any time during such Offering Period, except by means of a withdrawal from the Plan as provided in Section 8 hereof. 

(b) All payroll deductions made by a Participant shall be credited to such Participant’s account under the Plan and shall
be withheld in whole percentages or whole dollar amounts only. A Participant may not make any additional payments into such account. 

  
 4 

 Section 6. Purchase of Shares. 

Unless a Participant withdraws from the Plan as provided in Section 8 hereof, such Participant’s election to purchase Shares shall
be exercised automatically on each Purchase Date, and the maximum number of whole Shares subject to option shall be purchased for each Participant at the applicable Purchase Price with the accumulated payroll deductions in each Participant’s
account as of the Purchase Date. No fractional Shares may be purchased hereunder. Any payroll deductions accumulated in a Participant’s account following the purchase of Shares on any Purchase Date shall be retained in the Participant’s
account for the subsequent Offering Period, subject to earlier withdrawal by the Participant as provided in Section 8 hereof. During a Participant’s lifetime, a Participant’s option to purchase Shares hereunder is exercisable only by
the Participant. 
 Section 7. Delivery of Shares; Withdrawal or Sale of Shares. 

As promptly as reasonably practicable after each Purchase Date, the Company shall either arrange the delivery of the whole Shares purchased on
such date by each Participant to the Participant’s brokerage account or arrange the delivery to the Participant of a share certificate representing such Shares. 

Section 8. Withdrawal; Termination of Employment. 

(a) A Participant may withdraw all, but not less than all, of the payroll deductions credited to such Participant’s
account (that have not been used to purchase Shares) under the Plan by giving written notice to the Company (or such other administrator the Company may designate) and such withdrawal will be effective the first full pay period following receipt of
the withdrawal notice. Withdrawal of payroll deductions shall be deemed to be a withdrawal from the Plan. All of the payroll deductions credited to such Participant’s account (that have not been used to purchase Shares) shall be paid to such
Participant promptly after receipt of such Participant’s notice of withdrawal, and such Participant’s eligibility to participate in the Plan for the Offering Period in which the withdrawal occurs shall be automatically terminated. No
further payroll deductions for the purchase of Shares shall be made for such Participant during such Offering Period. If a Participant withdraws from an Offering Period, payroll deductions for such Participant shall not resume at the beginning of
the succeeding Offering Period unless the Participant timely delivers to the Company a new enrollment form in accordance with the provisions of Section 4 hereof. A Participant’s withdrawal from an Offering Period shall not have any effect
upon a Participant’s eligibility to participate in any similar plan that may hereafter be adopted by the Company or in succeeding Offering Periods which commence after termination of the Offering Period from which the Participant withdraws. If
a Participant withdraws from an Offering Period, the Participant may not re-enroll in the Plan for the same Offering Period. 

(b) Upon termination of a Participant’s employment during the Offering Period for any reason, including Participant’s
voluntary termination, retirement or death, all the payroll deductions credited to such Participant’s account (that have not been used to purchase Shares) shall be returned to such Participant or, in the case of such

  
 5 

 
Participant’s death, to the person or persons entitled thereto under Section 12 hereof, and such Participant’s option shall be automatically terminated. Such termination shall be
deemed a withdrawal from the Plan. 
 Section 9. Interest. 

No interest shall accrue on or be payable by the Company with respect to the payroll deductions of a Participant in the Plan. 

Section 10. Stock Subject to Plan. 

(a) Subject to adjustment upon Changes in Capitalization of the Company as provided in Section 16 hereof, the maximum
aggregate number of Shares which shall be reserved for sale under the Plan for all Offering Periods that commence during each fiscal year of the Company occurring during the term of the Plan shall be 75,000 Shares. Such Shares shall be available as
of the first day of the first Offering Period that commences in each such fiscal year. The Shares may consist, in whole or in part, of authorized and unissued Shares or treasury Shares. If the total number of Shares which would otherwise be subject
to options granted pursuant to Section 2(a) hereof on a Purchase Date exceeds the number of Shares then available under the Plan, the Administrator shall make a pro rata allocation of the Shares remaining available for option exercise in as
uniform a manner as shall be practicable and as it shall determine to be equitable. In such event, the Administrator shall give written notice to each Participant of such reduction of the number of option Shares affected thereby. 

(b) No Participant shall have rights as a stockholder with respect to any option granted hereunder until the date on which such
Shares shall be deemed to have been purchased by the Participant in accordance with Section 6 hereof. 
 (c) Shares
purchased on behalf of a Participant under the Plan shall be registered in the name of the Participant or, if requested in writing by the Participant, in the names of the Participant and the Participant’s spouse. 

Section 11. Administration. 

The Plan shall be administered by the Board or a Committee. The Board or the Committee shall have full power and authority, subject to the
provisions of the Plan, to promulgate such rules and regulations as it deems necessary for the proper administration of the Plan, to interpret the provisions and supervise the administration of the Plan, and to take all action in connection
therewith or in relation thereto as it deems necessary or advisable. Any decision reduced to writing and signed by a majority of the members of the Committee shall be fully effective as if it had been made at a meeting duly held. The Company shall
pay all expenses incurred in the administration of the Plan. No member of the Board or Committee shall be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan, and all members of the Board or
Committee shall be fully indemnified by the Company with respect to any such action, determination or interpretation. 

  
 6 

 All decisions, determinations and interpretations of the Board or Committee shall be final
and binding on all persons, including the Company, the Partnership, any Company Subsidiary, any Partnership Subsidiary, the Employee (or any person claiming any rights under the Plan through any Employee) and any stockholder of the Company. 

The Administrator may in his sole and absolute discretion delegate to the Chief Financial Officer of the Company or the Secretary of the
Company, or both, any or all of the administrative duties and authority of the Administrator under this Plan, other than the authority to (a) amend the Plan in a manner that would require stockholder approval of such amendment or (b) the
terminate the Plan. 
 Section 12. Designation of Beneficiary. 

(a) A Participant may file, on forms supplied by and delivered to the Company (or such other administrator the Company may
designate), a written designation of a beneficiary who is to receive Shares and/or cash, if any, remaining in such Participant’s account under the Plan in the event of the Participant’s death. 

(b) Such designation of beneficiary may be changed by the Participant at any time by written notice. In the event of the death
of a Participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such Participant’s death, the Company shall deliver the balance of the Shares and/or cash credited to Participant’s account
to the executor or administrator of the estate of the Participant or, if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such Shares and/or cash to the spouse or to
any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 

Section 13. Transferability. 

Neither payroll deductions credited to a Participant’s account nor any rights with regard to the exercise of an option or any rights to
receive Shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by the laws of descent and distribution or as provided in Section 12 hereof) by the Participant. Any such attempt at assignment,
transfer, pledge or other disposition shall be without effect. 
 Section 14. Use of Funds. 

All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company
shall not be obligated to segregate such payroll deductions. 
 Section 15. Reports. 

Individual accounts shall be maintained by the Company for each Participant in the Plan. Statements of account shall be given to each
Participant at least annually which statements shall 

  
 7 

 
set forth the amounts of payroll deductions, the Purchase Price, the number of Shares purchased and the remaining cash balance, if any. 

Section 16. Effect of Certain Changes. 

In the event of a Change in Capitalization or the distribution of an extraordinary dividend, the Administrator shall conclusively determine
the appropriate equitable adjustments, if any, to be made under the Plan, including without limitation adjustments to the number of Shares which have been authorized for issuance under the Plan, but have not yet been placed under option, as well as
the Purchase Price of each option under the Plan which has not yet been exercised. 
 In the event of a dissolution or liquidation of the
Company, any Offering Period then in progress will terminate immediately prior to the consummation of such action, unless otherwise provided by the Board. In the event of a Corporate Transaction, each option outstanding under the Plan shall be
assumed or an equivalent option shall be substituted by the successor corporation or a parent or subsidiary of such successor corporation. In the event that the successor corporation refuses to assume or substitute for outstanding options, the
Offering Period then in progress shall be shortened and a new Purchase Date shall be set (the “New Purchase Date”), as of which date any Offering Period then in progress will terminate. The New Purchase Date shall be on or before the date
of consummation of the transaction and the Company shall notify each Participant in writing that the Purchase Date for his or her option has been changed to the New Purchase Date and that his or her option will be exercised automatically on the New
Purchase Date, unless prior to such date he or she has withdrawn from the Offering Period as provided in Section 8. For purposes of this Section 16, an option granted under the Plan shall be deemed to be assumed, without limitation, if, at
the time of issuance of the stock or other consideration upon a Corporate Transaction, each holder of an option under the Plan would be entitled to receive upon exercise of the option the same number and kind of shares of stock or the same amount of
property, cash or securities as such holder would have been entitled to receive upon the occurrence of the transaction if the holder had been, immediately prior to the transaction, the holder of the number of Shares of Common Stock covered by the
option at such time (after giving effect to any adjustments in the number of Shares covered by the option as provided for in this Section 16); provided however that if the consideration received in the transaction is not solely common stock of
the successor corporation or its parent, the Board may, with the consent of the successor corporation, provide for the consideration to be received upon exercise of the option to be solely common stock of the successor corporation or its parent
equal in fair market value to the per Share consideration received by holders of Common Stock in the transaction. 
 Section 17.
Amendment or Termination. 
 The Board may at any time terminate or amend the Plan. Except as provided in Section 16 hereof, no
such termination may adversely affect options previously granted and no amendment may make any change in any option theretofore granted which adversely affects the rights of any Participant. To the extent necessary to comply with any applicable law,
regulation or stock exchange rule), the Company shall obtain stockholder approval in such a manner and to such a degree as required. 

  
 8 

 Section 18. Notices. 

All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed to have been duly
given when they are received in a timely manner in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

Section 19. Regulations and Other Approvals; Governing Law. 

(a) This Plan and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws of
the State of Maryland without giving effect to the choice of law principles thereof, except to the extent that such law is preempted by federal law. 

(b) The obligation of the Company to sell or deliver Shares with respect to options granted under the Plan shall be subject to
all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Administrator. 

Section 20. Withholding of Taxes. 

Each Participant shall pay to the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary (as the case may be), or make
arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld with respect to the option to purchase Common Stock granted under the Plan. The obligations of the
Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company, any Company Subsidiary, the Partnership or any Partnership Subsidiary shall, to the extent permitted by law, have the right to deduct any
such taxes from any payment of any kind otherwise due to the Participant. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of shares of Stock or by
delivering already owned unrestricted shares of Common Stock, in each case, having a value equal to the minimum amount of tax required to be withheld. Such shares shall be valued at their Fair Market Value on the date of which the amount of tax to
be withheld is determined. Fractional share amounts shall be settled in cash. 
 Section 21. Effective Date. 

The Plan shall become effective (the “Effective Date”) on December 14, 2020, the date the Company’s sole stockholder
formally approved the Plan. 
 Section 22. Term of Plan. 

No option shall be granted pursuant to the Plan and no Offering Period shall commence on or after the tenth anniversary of the Effective Date,
but options theretofore granted may extend beyond that date. 

  
 9 

 Section 23. Ownership and Transfer Restrictions. 

(a) Shares acquired through the exercise of options granted under the Plan shall be subject to the restrictions on ownership
and transfer set forth in the Company’s Charter. The Committee, in its sole and absolute discretion, may impose such additional restrictions on the ownership and transferability of the Shares issuable pursuant to Plan as it deems appropriate.
Any such restriction may be referred to on the certificates evidencing such Shares. 
 (b) Shares issuable upon exercise of
options granted under the Plan may not be purchased if, in the sole and absolute discretion of the Committee, the exercise of such option would likely result in any of the following: 

(i) the Participant’s ownership of Common Stock being in violation of the Stock Ownership Limit set forth in the
Company’s Charter; 
 (ii) income to the Company that could impair the Company’s status as a “real estate
investment trust,” within the meaning of Sections 856 through 860 of the Code; 
 (iii) a transfer, at any one time, of
more than one-tenth of one percent (0.1%) (measured in value or in number of shares, whichever is more restrictive) of the Company’s total Stock from the Company to the Partnership pursuant to Article
5.4(d) of the Company’s Charter; or 
 (iv) Notwithstanding any other provision of this Plan, a Participant shall have
no rights under this Plan to acquire Shares that would otherwise be prohibited under the Company’s Charter. 
 Section 24.
Other Plans; No Guarantee of Engagement. 
 Nothing contained in the Plan shall prevent the Board from adopting other or additional
compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. The adoption of the Plan shall not confer upon any Employee of
the Company, the Partnership, any Company Subsidiary or any Partnership Subsidiary any right to continued employment with the Company, the Partnership, any Company Subsidiary or any Subsidiary, as the case may be, nor shall it interfere in any way
with the right of the Company, the Partnership, any Company Subsidiary, or any Partnership Subsidiary to terminate the employment of any of its employees at any time. 

  
 10

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