Document:

EX-10.18

 Exhibit 10.18 
 AMERICAN HOMES 4 RENT 
 2012 EQUITY INCENTIVE PLAN 

NONQUALIFIED SHARE OPTION AGREEMENT 
 American Homes 4 Rent, a Maryland real estate investment trust (the “Company”), hereby grants a nonqualified share option to purchase the number of Class A common shares of
beneficial interest, par value $0.01 per share (the “Common Shares”), to the Grantee named below (the “Option”). Additional terms and conditions of the grant are set forth on this cover sheet and in
the attached Nonqualified Share Option Agreement (together, the “Agreement”), and in the Company’s 2012 Equity Incentive Plan (as amended from time to time, the “Plan”). 

Grantee Name: _______________________________________ 
 Grant Date: __________________________________________ 
 Number of Common Shares:
_____________________________ 
 Option Price per Common Share:
$            .         (Must be at least 100% of Fair Market Value on the Grant Date) 

Vesting Start Date: ____________________________________ 
 Vesting Schedule: 25% of the Common Shares (rounded down to the nearest whole share, except for the last vesting installment) underlying the Option vest on each anniversary of the Vesting Start Date over
a period of four years beginning on the Vesting Start Date, subject to the Grantee’s continued Service through each vesting date. 

Expiration Date: ____________________ (Ten years from the Grant Date) 
 By your signature below, you agree to all of the terms and conditions described in the Agreement and in the Plan, a copy of which will be provided on request. You acknowledge that you have carefully
reviewed the Plan, and agree that the Plan will control in the event any provision of this or Agreement should appear to be inconsistent with the Plan. 
  

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

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

 AMERICAN HOMES 4 RENT 

2012 EQUITY INCENTIVE PLAN 
 NONQUALIFIED SHARE OPTION AGREEMENT 
  

			
		
	Nonqualified Share Option	  	The Agreement evidences the grant of an Option exercisable for the number of Common Shares set forth on the cover sheet of this Agreement and subject to the vesting and other
terms and conditions set forth in the Agreement and in the Plan. The Option is not intended to be an incentive share option under Section 422 of the Code and will be interpreted accordingly.
		
	 Vesting
	  	 The Option will vest in accordance with the Vesting Schedule set forth on the Cover Sheet, subject to your continued Service through
each vesting date.
  
 Notwithstanding the Vesting Schedule set forth on the
Cover Sheet, if your Service is terminated because of your death, your Option will become 100% vested upon your termination of Service.

		
	Change in Control	  	 Notwithstanding the Vesting Schedule set forth on the Cover Sheet, your Option will accelerate as provided in Section 17.3 and 17.4
of the Plan in the event of a Change in Control.
  
 For purposes of this
Agreement, “Change in Control” will have the same meaning as defined in the Plan; provided, however, that in no event will a Change in Control be deemed to have occurred under Section 17.3 or 17.4 of the Plan if the Company is
merged or consolidated with an Applicable Entity, even if the Company’s shareholders hold less than 50% of the combined voting power of the voting securities of the Company in the surviving entity.

		
	Expiration of Option	  	 In all events, the Option will expire on the Expiration Date set forth on the cover sheet of this Agreement. Except as otherwise
explicitly provided in Section 17.4 of the Plan with respect to Options that are assumed, continued or substituted upon the consummation of a Change in Control, the Option will expire earlier if your Service terminates, as described
below.
  
 Termination Other than for Cause or due to Death or
Disability. If your Service is terminated for any reason other than Cause, death or Disability, you may exercise the vested portion of the Option, but only within the time period ending on the date that is three months after the termination of
your Service.
  
 Termination due to Death or Disability. If your
Service terminates because of your death or Disability, or if you die during the three-month period after the termination of your Service for any reason (other than Cause), you may exercise the vested portion of your Option, but only within the time
period ending on the date that is 12 months after the termination of your Service.
  
 Termination for Cause. If your Service is terminated for Cause, the Option (including vested and unvested portions) will immediately terminate and no longer be
exercisable.

  
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	Leaves of Absence	  	For purposes of the Option, your Service does not terminate when you go on a bona fide employee leave of absence that the Company approves in writing if the terms of the
leave provided for continued Service crediting or when continued Service crediting is required by Applicable Law or contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employment. The
Company, in its sole discretion, determines which leave counts for this purposes and when your Service terminates for all purposes under the Plan.
		
	Notice of Exercise	  	 The Option may be exercised, in whole or in part, to purchase a whole number of vested Common Shares of not less than 100 shares,
unless the number of vested Common Shares purchased is the total number available for purchase under the Option, by following the procedures described in the Plan and in the Agreement.

 
 When you wish to exercise the Option, you must exercise in the manner required or
permitted by the Company.
  
 If someone other than you exercises the Option
after your death, then that person must submit documentation reasonably acceptable to the Company verifying that the person has the legal authority to exercise the Option.

		
	Form of Payment	  	 When you exercise the Option, you must include payment of the Option Price indicated on the cover sheet of this Agreement for the
Common Shares that you are purchasing. Payment may be made in one (or a combination) of the following forms:
  

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

 
 (ii) Common Shares that you already own and that you surrender to
the Company. The value of the Common Shares, determined in the date of exercise of the Option, will be applied to the Option Price.
  

(iii) To the extent a public market exists for the Common Shares, as determined by the Company, delivery (on a form prescribed or
accepted by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell the Common Shares subject to the Option and to deliver all or part of the sale proceeds to the Company in payment of the aggregate
Option Price and any withholding taxes.

		
	Evidence of Issuance	  	The issuance of the Common Shares upon exercise of the Option will be evidenced in such a manner as the Company, in its discretion, deems appropriate, including, without
limitation, book-entry, registration or issuance of one or more share certificates.
		
	 Withholding
	  	You will not be allowed to exercise the Option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the Option exercise or
sale of Common Shares acquired under exercise of the Option. If the Company determines that any tax or withholding payment is required relating to the exercise or sale of Common Shares purchased upon exercise of the Option under Applicable Laws, the
Company will have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Applicable Entity. Subject to the Company’s prior approval, which may be withheld by the Company in
its sole discretion, you may elect to satisfy this withholding obligation, in whole or in part, by causing the Company to withhold

  
 3 

			
		  	Common Shares otherwise issuable to your or by delivering to the Company Common Shares you already own. The Common Shares so delivered or withheld must have an aggregate Fair
Market Value not exceeding the minimum amount of tax required to be withheld by Applicable Law and may not be subject to any repurchase, forfeiture, unfulfilled vesting, or other similar requirements.
		
	Transfer of Option	  	 Except as provided in this section, during your lifetime, only you (or in the event of your legal incapacity or incompetency, your
guardian or legal representative) may exercise the Option, and the Option may not be assigned or transferred by you, other than by designation of beneficiary, will or the laws of descent and distribution. You may transfer all or part of the Option,
“not for value” (as defined below) to any Family Member, provided that you provide prior written notice to the Company, in a form satisfactory to the Company, of such transfer. For purposes of this section, a “not for value”
transfer is a transfer that is (i) a gift, (ii) a transfer under a domestic relations order in settlement of marital property rights, or (iii) a transfer to an entity in which more than 50% of the voting interests are owned by you or your Family
Members in exchange for an interest in such entity. Subsequent transfers of the transferred Option are prohibited except to your Family Members in accordance with this section or by will or the laws of descent and distribution.

 
 In the event of your termination of Service, the Agreement will continue to be
applied with respect to you, following which the Option will be exercisable by the transferee only to the extent, and for the periods specified in the Agreement.

		
	Market Stand-off Agreement	  	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act,
including the Company’s initial public offering, you agree not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the
foregoing transactions with respect to any Common Shares without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such registration statement as may be requested by the Company or the
underwriters (not to exceed 180 days in length).
		
	Retention Rights	  	The Agreement and the grant of the Option do not give you the right to be retained by the Company or any Applicable Entity in any capacity. Unless otherwise specified in any
employment or other written agreement between you the Company or any Applicable Entity, the Company and the Applicable Entity reserve the right to terminate your Service at any time and for any reason.
		
	Shareholder Rights	  	 You, or your estate or heirs, have no rights as a shareholder of the Company until the Common Shares have been issued upon exercise
of the Option and either a certificate evidencing the Common Shares has been issued or an appropriate entry has been made on the Company’s books. No adjustments are made for dividends, distributions or other rights if the applicable record date
occurs before your certificate is issued or the appropriate book entry is made, except as described in the Plan.
  
 The Option will be subject to the terms of any applicable agreement of merger, liquidation or reorganization in the event that the Company is subject to such corporate
activity.

  
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	Applicable Law	  	The validity and construction of the Agreement 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 Agreement to the substantive laws of any other jurisdiction.
		
	The Plan	  	 The text of the Plan is incorporated into the Agreement.

 
 Certain capitalized terms used in the Agreement are defined in the Plan, and
have the meaning set forth in the Plan.
  
 The Agreement and the Plan
constitute the entire understanding between you and the company regarding the Option. Any prior agreements, commitments or negotiations concerning the Option are superseded; except that any written employment, consulting, confidentiality,
non-competition, non-solicitation and/or severance agreement or any other written agreement between you and the Company or any Applicable Entity, as applicable, will superseded the Agreement with respect to its subject matter.

		
	Data Privacy	  	 To administer the Plan, the Company may process personal data about you. This data includes, without limitation, information provided
in the Agreement and any changes to such information, other appropriate personal and financial data about you, including your contact information, payroll information and any other information that the Company deems appropriate to facilitate the
administration of the Plan.
  
 By accepting the Option, you give explicit
consent to the Company to process any such personal data.

		
	Tax Consequences	  	You agree that the Company does not have a duty to design or administer the Plan or its other compensation programs in a manner that minimizes your tax liabilities. You will not
make any claim against the Company, any Applicable Entity or any of the employees, officers, trustees or directors of the Company or any Applicable Entity related to tax liabilities arising from the Option or your other compensation. In particular,
you acknowledge that the Option is exempt from Section 409A of the Code only if the Option Price per Common Share set forth on the cover sheet of this Agreement is at least equal to the “fair market value” per Common Share on the Date of
Grant and there is no other impermissible deferral of compensation associated with the Option. Because the Common Shares are not traded on an established securities market, the Fair Market Value is determined by the Board, perhaps in consultation
with an independent valuation firm retained by the Company. You acknowledge that there is no guarantee that the Internal Revenue Service will agree with the valuation as determined by the Board, and you will not make any claim against the Company,
any Applicable Entity or any of the employees, officers, trustees or directors of the Company or any Applicable Entity in the event that the Internal Revenue Service asserts that the valuation determined by the Board is less than the “fair
market value” as subsequently determined by the Internal Revenue Service.

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

  
 5EX-10.19

 Exhibit 10.19 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this
“Agreement”) is entered into as of             , 2012, by and among American Homes 4 Rent, a Maryland real estate investment trust (the “Company” or the
“Indemnitor”), and [            ] (the “Indemnitee”). 
 WHEREAS, the Indemnitee is a member of the Board of Trustees of the Company and in such capacity is performing a valuable service for the Company; 

WHEREAS, Maryland law permits the Company to enter into contracts with its officers or members of its Board of Trustees with
respect to indemnification of, and advancement of expenses to, such persons; 
 WHEREAS, the Articles of Amendment and
Restatement of the Declaration of Trust of the Company (the “Declaration of Trust”) provide that the Company shall indemnify and advance expenses to its trustees and officers to the maximum extent permitted by Maryland law in effect
from time to time; 
 WHEREAS, the Amended and Restated Bylaws of the Company (the “Bylaws”) provide
that each trustee and officer of the Company shall be indemnified by the Company to the maximum extent permitted by Maryland law in effect from time to time and shall be entitled to advancement of expenses consistent with Maryland law; and

 WHEREAS, to induce the Indemnitee to provide services to the Company as a member of the Board of Trustees, and to
provide the Indemnitee with specific contractual assurance that indemnification will be available to the Indemnitee regardless of, among other things, any amendment to or revocation of the Declaration of Trust or the Bylaws, or any acquisition
transaction relating to the Company, the Indemnitor desires to provide the Indemnitee with protection against personal liability as set forth herein. 
 NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Indemnitor and the Indemnitee hereby agree as follows: 

 

	1.	DEFINITIONS 

 For purposes
of this Agreement: 
  

	 	(A)	“Change in Control” shall have the definition set forth in the American Homes 4 Rent 2012 Equity Incentive Plan. 

 

	 	(B)	 “Corporate Status” describes the status of a person who is or was a trustee or officer of the Company or is or was serving at the
request of the Company as a director, officer, partner (limited or general), member, employee or agent of any other foreign or domestic corporation, partnership, joint venture, limited liability company, trust, other enterprise (whether conducted
for profit or not for profit) or employee benefit plan. The Company shall be deemed to have requested the 

	 	
Indemnitee to serve an employee benefit plan where the performance of the Indemnitee’s duties to the Company also imposes or imposed duties on, or otherwise involves or involved services by,
the Indemnitee to the plan or participants or beneficiaries of the plan. 

  

	 	(C)	“Expenses” shall include all attorneys’ and paralegals’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, or being or preparing to be a witness in a Proceeding. 

  

	 	(D)	“Proceeding” includes any action, suit, arbitration, alternate dispute resolution mechanism, investigation (including any formal or informal internal
investigation to which the Indemnitee is made a party by reason of the Corporate Status of the Indemnitee), administrative hearing, or any other proceeding, including appeals therefrom, whether civil, criminal, administrative, or investigative,
except one initiated by the Indemnitee pursuant to paragraph 8 of this Agreement to enforce such Indemnitee’s rights under this Agreement. 

  

	 	(E)	“Special Legal Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither presently is, or in
the past two years has been, retained to represent (i) the Indemnitor or the Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.

  

	2.	INDEMNIFICATION  

 The
Indemnitee shall be entitled to the rights of indemnification provided in this paragraph 2 and under applicable law, the Declaration of Trust, the Bylaws, any other agreement, a vote of shareholders or resolution of the Board of Trustees or
otherwise if, by reason of such Indemnitee’s Corporate Status, such Indemnitee is, or is threatened to be made, a party to any threatened, pending, or contemplated Proceeding, including a Proceeding by or in the right of the Company. Unless
prohibited by paragraph 13 hereof and subject to the other provisions of this Agreement, the Indemnitee shall be indemnified hereunder, to the maximum extent permitted by Maryland law in effect from time to time, against judgments, penalties, fines
and settlements and reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with such Proceeding or any claim, issue or matter therein; provided, however, that if such Proceeding was initiated by or in the right of the
Company, indemnification may not be made in respect of such Proceeding if the Indemnitee shall have been finally adjudged to be liable to the Company. For purposes of this paragraph 2, excise taxes assessed on the Indemnitee with respect to an
employee benefit plan pursuant to applicable law shall be deemed fines. 

	3.	INDEMNIFICATION FOR EXPENSES IN CERTAIN CIRCUMSTANCES 

  

	 	(A)	Without limiting the effect of any other provision of this Agreement (including the Indemnitee’s rights to indemnification under paragraph 2 and advancement of
expenses under paragraph 4), without regard to whether the Indemnitee is entitled to indemnification under paragraph 2 and without regard to the provisions of paragraph 6 hereof, to the extent that the Indemnitee is successful, on the merits or
otherwise, in any Proceeding to which the Indemnitee is a party by reason of such Indemnitee’s Corporate Status, such Indemnitee shall be indemnified against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in
connection therewith. 

  

	 	(B)	If the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or
matters in such Proceeding, the Indemnitor shall indemnify the Indemnitee against all reasonable Expenses actually incurred by or on behalf of such Indemnitee in connection with each successfully resolved claim, issue or matter.

  

	 	(C)	For purposes of this paragraph 3 and without limitation, the termination of any claim, issue or matter in such Proceeding by dismissal, with or without prejudice, shall
be deemed to be a successful result as to such claim, issue or matter. 

  

	4.	ADVANCEMENT OF EXPENSES 

Notwithstanding anything in this Agreement to the contrary, but subject to paragraph 13 hereof, if the Indemnitee is or was or becomes a
party to or is otherwise involved in any Proceeding (including as a witness), or is or was threatened to be made a party to or a participant (including as a witness) in any such Proceeding, by reason of the Indemnitee’s Corporate Status, or by
reason of (or arising in part out of) any actual or alleged event or occurrence related to the Indemnitee’s Corporate Status, or by reason of any actual or alleged act or omission on the part of the Indemnitee taken or omitted in or relating to
the Indemnitee’s Corporate Status, then the Indemnitor shall advance all reasonable Expenses incurred by the Indemnitee in connection with any such Proceeding within twenty (20) days after the receipt by the Indemnitor of a statement from
the Indemnitee requesting such advance from time to time, whether prior to or after final disposition of such Proceeding; provided that, such statement shall reasonably evidence the Expenses incurred or to be incurred by the Indemnitee and shall
include or be preceded or accompanied by (i) a written affirmation by the Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Indemnitor as authorized by this Agreement has
been met and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amounts advanced if it should ultimately be determined that the standard of conduct has not been met. The undertaking required by clause (ii) of the
immediately preceding sentence shall be an unlimited general obligation of the Indemnitee but need not be secured and may be accepted without reference to financial ability to make the repayment. 

	5.	WITNESS EXPENSES 

Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of such Indemnitee’s Corporate
Status, a witness for any reason in any Proceeding to which such Indemnitee is not a named defendant or respondent, such Indemnitee shall be indemnified by the Indemnitor against all Expenses actually incurred by or on behalf of such Indemnitee in
connection therewith. 
  

	6.	DETERMINATION OF ENTITLEMENT TO AND AUTHORIZATION OF INDEMNIFICATION 

 

	 	(A)	To obtain indemnification under this Agreement, the Indemnitee shall submit to the Indemnitor a written request, including therewith such documentation and information
reasonably necessary to determine whether and to what extent the Indemnitee is entitled to indemnification. 

  

	 	(B)	 Indemnification under this Agreement may not be made unless authorized for a specific Proceeding after a determination has been made in accordance with
this paragraph 6(B) that indemnification of the Indemnitee is permissible in the circumstances because the Indemnitee has met the following standard of conduct: the Indemnitor shall indemnify the Indemnitee in accordance with the provisions of
paragraph 2 hereof, unless it is established that: (a) the act or omission of the Indemnitee was material to the matter giving rise to the Proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate
dishonesty; (b) the Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was
unlawful. Upon receipt by the Indemnitor of the Indemnitee’s written request for indemnification pursuant to paragraph 6(A), a determination as to whether the applicable standard of conduct has been met shall be made within the period specified
in paragraph 6(E): (i) if a Change in Control shall have occurred, by Special Legal Counsel in a written opinion to the Board of Trustees, a copy of which shall be delivered to the Indemnitee, with Special Legal Counsel selected by the
Indemnitee (the Indemnitee shall give prompt written notice to the Indemnitor advising the Indemnitor of the identity of the Special Legal Counsel so selected); or (ii) if a Change in Control shall not have occurred, (A) by the Board of
Trustees by a majority vote of a quorum consisting of trustees not, at the time, parties to the Proceeding, or, if such quorum cannot be obtained, then by a majority vote of a committee of the Board of Trustees consisting solely of two or more
trustees not, at the time, parties to such Proceeding and who were duly designated to act in the matter by a majority vote of the full Board of Trustees in which the designated trustees who are parties may participate, (B) if the requisite
quorum of the full Board of Trustees cannot be obtained therefor and the committee cannot be established (or, even if such quorum is obtainable or such committee can be established, if such quorum or committee so directs), by Special Legal Counsel
in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee, with Special Legal Counsel selected by the Board of Trustees or a committee of the Board of Trustees by vote as set forth in clause (ii)(A) of this
paragraph 6(B) (or, if the requisite quorum of the full Board of Trustees cannot be 

	 	
obtained therefor and the committee cannot be established, by a majority of the full Board of Trustees in which trustees who are parties to the Proceeding may participate) (if the Indemnitor
selects Special Legal Counsel to make the determination under this clause (ii), the Indemnitor shall give prompt written notice to the Indemnitee advising him or her of the identity of the Special Legal Counsel so selected) or (C) if so
directed by a majority of the members of the Board of Trustees, by the shareholders of the Company. If it is so determined that the Indemnitee is entitled to indemnification, payment to the Indemnitee shall be made within ten (10) days after
such determination. Authorization of indemnification and determination as to reasonableness of Expenses shall be made in the same manner as the determination that indemnification is permissible. However, if the determination that indemnification is
permissible is made by Special Legal Counsel under clause (ii)(B) above, authorization of indemnification and determination as to reasonableness of Expenses shall be made in the manner specified under clause (ii)(B) above for the selection of such
Special Legal Counsel. 

  

	 	(C)	The Indemnitee shall cooperate with the person or entity making such determination with respect to the Indemnitee’s entitlement to indemnification, including
providing upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to the Indemnitee and reasonably necessary to such determination. Any
reasonable costs or expenses (including reasonable attorneys’ fees and disbursements) incurred by the Indemnitee in so cooperating shall be borne by the Indemnitor (irrespective of the determination as to the Indemnitee’s entitlement to
indemnification) and the Indemnitor hereby indemnifies and agrees to hold the Indemnitee harmless therefrom. 

  

	 	(D)	 In the event the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(B) hereof, the
Indemnitee, or the Indemnitor, as the case may be, may, within seven days after such written notice of selection shall have been given, deliver to the Indemnitor or to the Indemnitee, as the case may be, a written objection to such selection. Such
objection may be asserted only on the grounds that the Special Legal Counsel so selected does not meet the requirements of “Special Legal Counsel” as defined in paragraph 1 of this Agreement. If such written objection is made, the Special
Legal Counsel so selected may not serve as Special Legal Counsel until a court has determined that such objection is without merit. If, within twenty (20) days after submission by the Indemnitee of a written request for indemnification pursuant
to paragraph 6(A) hereof, no Special Legal Counsel shall have been selected or, if selected, shall have been objected to, either the Indemnitor or the Indemnitee may petition a court for resolution of any objection which shall have been made by the
Indemnitor or the Indemnitee to the other’s selection of Special Legal Counsel and/or for the appointment as Special Legal Counsel of a person selected by the court or by such other person as the court shall designate, and the person with
respect to whom an objection is so resolved or the person so appointed shall act as 

	 	
Special Legal Counsel under paragraph 6(B) hereof. The Indemnitor shall pay all reasonable fees and expenses of Special Legal Counsel incurred in connection with acting pursuant to paragraph 6(B)
hereof, and all reasonable fees and expenses incident to the selection of such Special Legal Counsel pursuant to this paragraph 6(D). In the event that a determination of entitlement to indemnification is to be made by Special Legal Counsel and such
determination shall not have been made and delivered in a written opinion within ninety (90) days after the receipt by the Indemnitor of the Indemnitee’s request in accordance with paragraph 6(A), upon the due commencement of any judicial
proceeding in accordance with paragraph 8(A) of this Agreement, Special Legal Counsel shall be discharged and relieved of any further responsibility in such capacity. 

 

	 	(E)	If the person or entity making the determination whether the Indemnitee is entitled to indemnification shall not have made a determination within forty-five
(45) days after receipt by the Indemnitor of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be entitled to such indemnification, absent: (i) a
misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law. Such 45-day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person or entity making said determination in good faith requires additional time for the
obtaining or evaluating of documentation and/or information relating thereto. The foregoing provisions of this paragraph 6(E) shall not apply: (i) if the determination of entitlement to indemnification is to be made by the shareholders and if
within fifteen (15) days after receipt by the Indemnitor of the request for such determination the Board of Trustees resolves to submit such determination to the shareholders for consideration at an annual or special meeting thereof to be held
within seventy-five (75) days after such receipt and such determination is made at such meeting, or (ii) if the determination of entitlement to indemnification is to be made by Special Legal Counsel pursuant to paragraph 6(B) of this
Agreement. 

  

	7.	PRESUMPTIONS 

  

	 	(A)	In making a determination with respect to entitlement or authorization of indemnification hereunder, the person or entity making such determination shall presume that
the Indemnitee is entitled to indemnification under this Agreement and the Indemnitor shall have the burden of proof to overcome such presumption. 

  

	 	(B)	The termination of any Proceeding by conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, creates a
rebuttable presumption that the Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 

	8.	REMEDIES 

  

	 	(A)	In the event that: (i) a determination is made in accordance with the provisions of paragraph 6 that the Indemnitee is not entitled to indemnification under this
Agreement, or (ii) advancement of reasonable Expenses is not timely made pursuant to this Agreement, or (iii) payment of indemnification due the Indemnitee under this Agreement is not timely made, the Indemnitee shall be entitled to an
adjudication in an appropriate court of competent jurisdiction of such Indemnitee’s entitlement to such indemnification or advancement of Expenses. 

  

	 	(B)	In the event that a determination shall have been made pursuant to paragraph 6 of this Agreement that the Indemnitee is not entitled to indemnification, any judicial
proceeding commenced pursuant to this paragraph 8 shall be conducted in all respects as a de novo trial on the merits. The fact that a determination had been made earlier pursuant to paragraph 6 of this Agreement that the Indemnitee was not entitled
to indemnification shall not be taken into account in any judicial proceeding commenced pursuant to this paragraph 8 and the Indemnitee shall not be prejudiced in any way by reason of that adverse determination. In any judicial proceeding commenced
pursuant to this paragraph 8, the Indemnitor shall have the burden of proving that the Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

 

	 	(C)	If a determination shall have been made or deemed to have been made pursuant to this Agreement that the Indemnitee is entitled to indemnification, the Indemnitor shall
be bound by such determination in any judicial proceeding commenced pursuant to this paragraph 8, absent: (i) a misstatement by the Indemnitee of a material fact, or an omission of a material fact necessary to make the Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

 

	 	(D)	The Indemnitor shall be precluded from asserting in any judicial proceeding commenced pursuant to this paragraph 8 that the procedures and presumptions of this
Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Indemnitor is bound by all the provisions of this Agreement. 

 

	 	(E)	In the event that the Indemnitee, pursuant to this paragraph 8, seeks a judicial adjudication of such Indemnitee’s rights under, or to recover damages for breach
of, this Agreement, if successful on the merits or otherwise as to all or less than all claims, issues or matters in such judicial adjudication, the Indemnitee shall be entitled to recover from the Indemnitor, and shall be indemnified by the
Indemnitor against, any and all reasonable Expenses actually incurred by such Indemnitee in connection with each successfully resolved claim, issue or matter. 

	9.	NOTIFICATION AND DEFENSE OF CLAIMS 

 The Indemnitee agrees promptly to notify the Indemnitor in writing upon being served with any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding
or matter which may be subject to indemnification or advancement of Expenses covered hereunder, but the failure so to notify the Indemnitor will not relieve the Indemnitor from any liability that the Indemnitor may have to Indemnitee under this
Agreement unless the Indemnitor is materially prejudiced thereby. With respect to any such Proceeding as to which Indemnitee notifies the Indemnitor of the commencement thereof: 

 

	 	(A)	The Indemnitor will be entitled to participate therein at its own expense. 

 

	 	(B)	Except as otherwise provided below, the Indemnitor will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice from
the Indemnitor to Indemnitee of the Indemnitor’s election to assume the defense thereof, the Indemnitor will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with
the defense thereof other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and disbursements of such counsel incurred
after notice from the Indemnitor of the Indemnitor’s assumption of the defense thereof shall be at the expense of Indemnitee unless (a) the employment of counsel by the Indemnitee has been authorized by the Indemnitor, (b) the
Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the defense of such action, (c) such Proceeding seeks penalties or other relief against the
Indemnitee with respect to which the Indemnitor could not provide monetary indemnification to the Indemnitee (such as injunctive relief or incarceration) or (d) the Indemnitor shall not in fact have employed counsel to assume the defense of
such action, in each of which cases the fees and disbursements of counsel shall be at the expense of the Indemnitor. The Indemnitor shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Indemnitor, or as to
which the Indemnitee shall have reached the conclusion specified in clause (b) above, or which involves penalties or other relief against the Indemnitee of the type referred to in clause (c) above. 

 

	 	(C)	The Indemnitor shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action or claim effected without the
Indemnitor’s written consent. The Indemnitor shall not settle any action or claim in any manner that would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent. Neither the Indemnitor nor Indemnitee
will unreasonably withhold or delay consent to any proposed settlement. 

  

	10.	NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE SUBROGATION 

  

	 	(A)	 The rights of indemnification and to receive advancement of reasonable Expenses as provided by this Agreement shall not be deemed exclusive of any
other rights 

	 	
to which the Indemnitee may at any time be entitled under applicable law, the Declaration of Trust, the Bylaws, any other agreement, a vote of shareholders, a resolution of the Board of Trustees
or otherwise, except that any payments otherwise required to be made by the Indemnitor hereunder shall be offset by any and all amounts received by the Indemnitee from any other indemnitor or under one or more liability insurance policies maintained
by an indemnitor or otherwise and shall not be duplicative of any other payments received by an Indemnitee from the Indemnitor in respect of the matter giving rise to the indemnity hereunder; provided, however, that if indemnification rights are
provided by an Additional Indemnitor as defined in Section 18(B) hereof, such Section shall govern. No amendment, alteration or repeal of this Agreement or any provision hereof shall be effective as to the Indemnitee with respect to any action
taken or omitted by the Indemnitee prior to such amendment, alteration or repeal. 

  

	 	(B)	To the extent that the Company maintains an insurance policy or policies providing liability insurance for trustees and officers of the Company, the Indemnitee shall be
covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available and upon any Change in Control the Company shall use commercially reasonable efforts to obtain or arrange for continuation
and/or “tail” coverage for the Indemnitee to the maximum extent obtainable at such time. 

  

	 	(C)	Except as otherwise provided in Section 18(B) hereof, in the event of any payment under this Agreement, the Indemnitor shall be subrogated to the extent of such
payment to all of the rights of recovery of the Indemnitee, who shall execute all papers required and take all actions necessary to secure such rights, including execution of such documents as are necessary to enable the Indemnitor to bring suit to
enforce such rights. 

  

	 	(D)	Except as otherwise provided in Section 18(B) hereof, the Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder if and to the extent that the Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement, or otherwise. 

 

	11.	CONTINUATION OF INDEMNITY 

  

	 	(A)	All agreements and obligations of the Indemnitor contained herein shall continue during the period the Indemnitee is an officer or a member of the Board of Trustees of
the Company and shall continue thereafter so long as the Indemnitee shall be subject to any threatened, pending or completed Proceeding by reason of such Indemnitee’s Corporate Status and during the period of statute of limitations for any act
or omission occurring during the Indemnitee’s term of Corporate Status. This Agreement shall be binding upon the Indemnitor and its respective successors and assigns and shall inure to the benefit of the Indemnitee and such Indemnitee’s
heirs, executors and administrators. 

	 	(B)	The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a
substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no such succession had taken place. 

  

	12.	SEVERABILITY 

 If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever, (i) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without
limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and
(ii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any paragraph of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the provisions held invalid, illegal or unenforceable. 
  

	13.	EXCEPTIONS TO RIGHT OF INDEMNIFICATION OR ADVANCEMENT OF EXPENSES 

 Notwithstanding any other provisions of this Agreement, the Indemnitee shall not be entitled to indemnification or advancement of reasonable Expenses under this Agreement with respect to (i) any
Proceeding initiated by such Indemnitee against the Indemnitor other than a proceeding commenced pursuant to paragraph 8 hereof, or (ii) any Proceeding for an accounting of profits arising from the purchase and sale by Indemnitee of securities
of the Company in violation of Section 16(b) of the Exchange Act, rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute. 

 

	14.	NOTICE TO THE COMPANY SHAREHOLDERS 

 Any indemnification of, or advancement of reasonable Expenses, to an Indemnitee in accordance with this Agreement, if arising out of a Proceeding by or in the right of the Company, shall be reported in
writing to the shareholders of the Company with the notice of the next Company shareholders’ meeting or prior to the meeting. 
  

	15.	HEADINGS 

 The headings of
the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

	16.	MODIFICATION AND WAIVER 

No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by each of the parties hereto. No
waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

 

	17.	NOTICES 

 All notices,
requests, demands, and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand or by a nationally recognized overnight delivery service and received by the party to whom said
notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, if so delivered or mailed, as the case may be, to
the following addresses: 
 If to the Indemnitee, to the address set forth in the records of the Company. 

If to the Indemnitor, to: 
 American Homes 4 Rent 
 22917 Pacific Coast Highway 

Suite 300 

Malibu, CA 90265 

Attention: Chief Executive Officer 
 or to such other address as may have been furnished to the Indemnitee by the Indemnitor or to the Indemnitor by the Indemnitee, as the case may be. 

 

	18.	[CONTRIBUTION 

  

	 	(A)	To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever,
the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, penalties, fines and settlements and reasonable expenses actually incurred by or on behalf of an Indemnitee, in connection
with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the
Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its trustees, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s). 

  

	 	(B)	 The Company acknowledges and agrees that as between the Company and any other entity that has provided indemnification rights in respect of
Indemnitee’s service as a trustee of the Company at the request of such entity (an “Additional Indemnitor”), the Company shall be primarily liable to Indemnitee as set forth in this Agreement for any indemnification claim (including,
without limitation, any 

	 	
claim for advancement of Expenses) by Indemnitee in respect of any Proceeding for which Indemnitee is entitled to indemnification hereunder. In the event the Additional Indemnitor is liable to
any extent to Indemnitee by virtue of indemnification rights provided by the Additional Indemnitor to Indemnitee in respect of Indemnitee’s service on the Board at the request of the Additional Investor and Indemnitee is also entitled to
indemnification under this Agreement (including, without limitation, for advancement of Expenses) as a result of any Proceeding, the Company shall pay, in the first instance, the entire amount of any indemnification claim (including, without
limitation, any claim for advancement of Expenses) brought by the Indemnitee against the Company under this Agreement (including, without limitation, any claim for advancement of Expenses) without requiring the Additional Indemnitor to contribute to
such payment and the Company hereby waives and relinquishes any right of contribution, subrogation or any other right of recovery of any kind it may have against the Additional Indemnitor in respect thereof. The Company further agrees that no
advancement or payment by the Additional Indemnitor on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Additional Indemnitor shall be subrogated to
the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.] 

  

	19.	GOVERNING LAW 

 The
parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without application of the conflict of laws principles thereof. 

 

	20.	NO ASSIGNMENTS 

The Indemnitee may not assign its rights or delegate obligations under this Agreement without the prior written consent of the Indemnitor.
Any assignment or delegation in violation of this paragraph 20 shall be null and void. 
  

	21.	NO THIRD PARTY RIGHTS 

Except for the rights of an Additional Indemnitor under paragraph 18(B) hereof: (a), nothing expressed or referred to in this Agreement
will be construed to give any person other than the parties to this Agreement any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement; and (b) this Agreement and all of its
provisions are for the sole and exclusive benefit of the parties to this Agreement and their successors and permitted assigns. 
  

	22.	COUNTERPARTS 

 This
Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together constitute an agreement binding on all of the parties hereto. 

 [Signature page follows] 

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

			
	AMERICAN HOMES 4 RENT
		
	By:	 	  

	Name:	 	David P. Singelyn
	Title:	 	Chief Executive Officer
	
	INDEMNITEE:
		
	 By:
	 	  

	 Name:
	 	

 Signature Page to Indemnification Agreement

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