Document:

EX-10.1

 Exhibit 10.1 
 AMERICAN RESIDENTIAL PROPERTIES, INC. 
 2012 EQUITY INCENTIVE PLAN

 TABLE OF CONTENTS 

 

							
	 Section
	 	 	  	Page	 
		
	 Article I DEFINITIONS
	  	 	1	 
			
	 1.01.
	 	 Affiliate
	  	 	1	 
	 1.02.
	 	 Agreement
	  	 	1	 
	 1.03.
	 	 Board
	  	 	1	 
	 1.04.
	 	 Change in Control
	  	 	1	 
	 1.05.
	 	 Code
	  	 	3	 
	 1.06.
	 	 Committee
	  	 	3	 
	 1.07.
	 	 Common Stock
	  	 	3	 
	 1.08.
	 	 Company
	  	 	3	 
	 1.09.
	 	 Control Change Date
	  	 	3	 
	 1.10.
	 	 Corresponding SAR
	  	 	4	 
	 1.11.
	 	 Dividend Equivalent Right
	  	 	4	 
	 1.12.
	 	 Effective Date
	  	 	4	 
	 1.13.
	 	 Exchange Act
	  	 	4	 
	 1.14.
	 	 Fair Market Value
	  	 	4	 
	 1.15.
	 	 Incumbent Directors
	  	 	5	 
	 1.16.
	 	 Incentive Award
	  	 	5	 
	 1.17.
	 	 Initial Value
	  	 	5	 
	 1.18.
	 	 LTIP Unit
	  	 	5	 
	 1.19.
	 	 Offering
	  	 	5	 
	 1.20.
	 	 Operating Partnership
	  	 	6	 
	 1.21.
	 	 Option
	  	 	6	 
	 1.22.
	 	 Other Equity-Based Award
	  	 	6	 
	 1.23.
	 	 Participant
	  	 	6	 
	 1.24.
	 	 Performance Units
	  	 	6	 
	 1.25.
	 	 Plan
	  	 	6	 
	 1.26.
	 	 REIT
	  	 	7	 
	 1.27.
	 	 SAR
	  	 	7	 
	 1.28.
	 	 Stock Award
	  	 	7	 
	 1.29.
	 	 Ten Percent Stockholder
	  	 	7	 
		
	 Article II PURPOSES
	  	 	7	 
		
	 Article III ADMINISTRATION
	  	 	8	 
		
	 Article IV ELIGIBILITY
	  	 	8	 
		
	 Article V COMMON STOCK SUBJECT TO PLAN
	  	 	9	 
			
	 5.01.
	 	 Common Stock Issued
	  	 	9	 
	 5.02.
	 	 Aggregate Limit
	  	 	9	 
	 5.03.
	 	 Reallocation of Shares
	  	 	10	 

  
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	 Article VI OPTIONS
	  	 	10	 
			
	 6.01.
	 	 Award
	  	 	10	 
	 6.02.
	 	 Option Price
	  	 	10	 
	 6.03.
	 	 Maximum Option Period
	  	 	11	 
	 6.04.
	 	 Nontransferability
	  	 	11	 
	 6.05.
	 	 Transferable Options
	  	 	11	 
	 6.06.
	 	 Employee Status
	  	 	11	 
	 6.07.
	 	 Exercise
	  	 	12	 
	 6.08.
	 	 Payment
	  	 	12	 
	 6.09.
	 	 Stockholder Rights
	  	 	12	 
	 6.10.
	 	 Disposition of Shares
	  	 	12	 
		
	 Article VII SARS
	  	 	13	 
			
	 7.01.
	 	 Award
	  	 	13	 
	 7.02.
	 	 Maximum SAR Period
	  	 	13	 
	 7.03.
	 	 Nontransferability
	  	 	13	 
	 7.04.
	 	 Transferable SARs
	  	 	13	 
	 7.05.
	 	 Exercise
	  	 	14	 
	 7.06.
	 	 Employee Status
	  	 	14	 
	 7.07.
	 	 Settlement
	  	 	14	 
	 7.08.
	 	 Stockholder Rights
	  	 	14	 
		
	 Article VIII STOCK AWARDS
	  	 	15	 
			
	 8.01.
	 	 Award
	  	 	15	 
	 8.02.
	 	 Vesting
	  	 	15	 
	 8.03.
	 	 Employee Status
	  	 	15	 
	 8.04.
	 	 Stockholder Rights
	  	 	15	 
		
	 Article IX PERFORMANCE UNIT AWARDS
	  	 	16	 
			
	 9.01.
	 	 Award
	  	 	16	 
	 9.02.
	 	 Earning the Award
	  	 	16	 
	 9.03.
	 	 Payment
	  	 	16	 
	 9.04.
	 	 Stockholder Rights
	  	 	16	 
	 9.05.
	 	 Nontransferability
	  	 	16	 
	 9.06.
	 	 Transferable Performance Units
	  	 	17	 
	 9.07.
	 	 Employee Status
	  	 	17	 
		
	 Article X OTHER EQUITY–BASED AWARDS
	  	 	17	 
			
	 10.01.
	 	 Award
	  	 	17	 
	 10.02.
	 	 Terms and Conditions
	  	 	17	 
	 10.03.
	 	 Payment or Settlement
	  	 	18	 
	 10.04.
	 	 Employee Status
	  	 	18	 
	 10.05.
	 	 Stockholder Rights
	  	 	18	 
		
	 Article XI INCENTIVE AWARDS
	  	 	18	 
			
	 11.01.
	 	 Award
	  	 	18	 

  
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	 11.02.
	 	 Terms and Conditions
	  	 	18	 
	 11.03.
	 	 Nontransferability
	  	 	19	 
	 11.04.
	 	 Employee Status
	  	 	19	 
	 11.05.
	 	 Settlement
	  	 	19	 
	 11.06.
	 	 Shareholder Rights
	  	 	19	 
		
	 Article XII ADJUSTMENT UPON CHANGE IN COMMON STOCK
	  	 	20	 
		
	 Article XIII COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES
	  	 	20	  
		
	 Article XIV GENERAL PROVISIONS
	  	 	21	 
			
	 14.01.
	 	 Effect on Employment and Service
	  	 	21	 
	 14.02.
	 	 Unfunded Plan
	  	 	21	 
	 14.03.
	 	 Rules of Construction
	  	 	21	 
	 14.04.
	 	 Withholding Taxes
	  	 	22	 
	 14.05.
	 	 REIT Status
	  	 	23	 
		
	 Article XV CHANGE IN CONTROL
	  	 	23	 
			
	 15.01.
	 	 Impact of Change in Control
	  	 	23	 
	 15.02.
	 	 Assumption Upon Change in Control
	  	 	23	 
	 15.03.
	 	 Cash-Out Upon Change in Control
	  	 	23	 
	 15.04.
	 	 Limitation of Benefits
	  	 	24	 
		
	 Article XVI AMENDMENT
	  	 	25	 
		
	 Article XVII DURATION OF PLAN
	  	 	26	 
		
	 Article XVIII EFFECTIVE DATE OF PLAN
	  	 	26	 

  
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 ARTICLE I 
 DEFINITIONS 
  

	1.01.	Affiliate 

“Affiliate” means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common
control with, the Company (including, but not limited to, joint ventures, limited liability companies and partnerships). For this purpose, the term “control” (including the correlative meanings of the terms “controlled by” and
“under common control with”) shall mean ownership, directly or indirectly, of 50% or more of the total combined voting power of all classes of voting securities issued by such entity, or the possession, directly or indirectly, of the power
to direct the management and policies of such entity, by contract or otherwise. 
  

	1.02.	Agreement 

“Agreement” means a written agreement (including any amendment or supplement thereto) between the Company and a
Participant specifying the terms and conditions of a Stock Award, an award of Performance Units, an Incentive Award, an Option, SAR or Other Equity-Based Award (including an LTIP Unit) granted to such Participant. 

 

	1.03.	Board 

“Board” means the Board of Directors of the Company. 

 

	1.04.	Change in Control 

“Change in Control” means and includes each of the following: 

(a) The acquisition, either directly or indirectly, by any individual, entity or group (within the meaning of Sections 13(d) and 14(d)(2)
of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act), of more than 50% of either (i) the then outstanding shares of Common Stock of the Company, taking into account as outstanding for this
purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or
(ii) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that the
following acquisitions shall not constitute a Change in Control (i) any acquisition by the Company or any of its subsidiaries, (ii) any acquisition by a trustee or other fiduciary holding the Company’s securities under an employee
benefit plan sponsored or maintained by the Company or any of its Affiliates, (iii) any acquisition by an underwriter, initial purchaser or placement agent temporarily holding the Company’s securities pursuant to an offering of such
securities or 

  
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(iv) any acquisition by an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of the then Outstanding Company Common
Stock. 
 (b) Incumbent Directors cease to be a majority of the Board. 

(c) The consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction
involving the Company that requires the approval of the Company’s shareholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), in each case, unless following such Business
Combination: 
 (i) the individuals and entities who were the beneficial owners of the Outstanding Company Voting
Securities immediately prior to such Business Combination, beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members of the
board of directors (or the analogous governing body) of the entity resulting from such Business Combination (the “Successor Entity”) (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of
sufficient voting securities to elect a majority of the members of the board of directors (or the analogous governing body) of the Successor Entity (the “Parent Company”)); 

(ii) no Person (other than any employee benefit plan sponsored or maintained by the Successor Entity or the Parent
Company) beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of members
of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity); and 
 (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Successor Entity) following the
consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination; 

(d) The direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any Person that is not a subsidiary of the Company. 

In addition, if a Change in Control (as defined in clauses (a) through (d) above) constitutes a payment event with respect to
any Option, SAR, Stock Award, Performance Unit or 

  
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Other Equity-Based Award that provides for the deferral of compensation and is subject to Section 409A of the Code, no payment will be made under that award on account of a Change in Control
unless the event described in subsection (a), (b), (c) or (d) above, as applicable, constitutes a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5). 

 

	1.05.	Code 

“Code” means the Internal Revenue Code of 1986, and any amendments thereto. 

 

	1.06.	Committee 

“Committee” means the Compensation Committee of the Board. Unless otherwise determined by the Board, the Committee shall
consist solely of two or more non-employee members of the Board, each of whom is intended to qualify as a “non-employee director” as defined by Rule 16b-3 of the Exchange Act or any successor rule, an “outside director” for
purposes of Section 162(m) of the Code (if awards under the Plan are subject to the deduction limitation of Section 162(m) of the Code) and an “independent director” under the rules of any exchange or automated quotation system
on which the Common Stock is listed, traded or quoted; provided, however, that any action taken by the Committee shall be valid and effective, whether or not the members of the Committee at the time of such action are later determined not to
have satisfied the foregoing requirements or otherwise provided in any charter of the Committee. If there is no Compensation Committee, then “Committee” means the Board; and provided, further that with respect to awards made to a
member of the Board who is not an employee of the Company or an Affiliate, “Committee” means the Board. 
  

	1.07.	Common Stock 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

 

	1.08.	Company 

“Company” means American Residential Properties, Inc., a Maryland corporation. 

 

	1.09.	Control Change Date 

“Control Change Date” means the date on which a Change in Control occurs. If a Change in Control occurs on account of a
series of transactions, the “Control Change Date” is the date of the last of such transactions. 

  
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	1.10.	Corresponding SAR 

“Corresponding SAR” means an SAR that is granted in relation to a particular Option and that can be exercised only upon
the surrender to the Company, unexercised, of that portion of the Option to which the SAR relates. 
  

	1.11.	Dividend Equivalent Right 

 “Dividend Equivalent Right” means the right, subject to the terms and conditions prescribed by the Committee, of a Participant to receive (or have credited) cash, securities or other
property in amounts equivalent to the cash, securities or other property dividends declared on Common Stock with respect to specified Performance Units or an Other Equity-Based Award of units denominated in Common Stock or other Company securities,
as determined by the Committee, in its sole discretion. The Committee may provide that such Dividend Equivalent Rights (if any) shall be distributed only when, and to the extent that, the underlying award is vested or earned and also may provide
that Dividend Equivalent Rights (if any) shall be deemed to have been reinvested in additional Common Stock or otherwise reinvested. 
  

	1.12.	Effective Date 

“Effective Date” means the date this Plan is adopted by the Board. 

 

	1.13.	Exchange Act 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 

	1.14.	Fair Market Value 

“Fair Market Value” means, on any given date, the reported “closing” price of a share of Common Stock on the
New York Stock Exchange for such date or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which a quotation exists. If, on any given date,
the Common Stock is not listed for trading on the New York Stock Exchange, then Fair Market Value shall be the “closing” price of a share of Common Stock on such other exchange on which the Common Stock is listed for trading for such date
(or, if there is no closing price for a share of Common Stock on the date in question, the closing price for a share of Common Stock on the last preceding date for which such quotation exists) or, if the Common Stock is not listed on any exchange,
the amount determined by the Committee using any reasonable method in good faith and in accordance with the regulations under Section 409A of the Code. 

  
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	1.15.	Incumbent Directors 

“Incumbent Directors” means individuals who, on the Effective Date, constitute the Board, provided that any individual becoming
a director subsequent to the Effective Date whose election or nomination for election to the Board was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for Director without objection to such nomination) shall be an Incumbent Director. No individual designated to serve as a director by a person who shall have entered into an
agreement with the Company to effect a transaction described in Section 1.04(a) or Section 1.04(c) and no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with
respect to directors shall be an Incumbent Director. 
  

	1.16.	Incentive Award 

“Incentive Award” means an award awarded under Article XI which, subject to the terms and conditions prescribed by the
Committee, entitles the Participant to receive a payment from the Company or an Affiliate. 
  

	1.17.	Initial Value 

“Initial Value” means, with respect to a Corresponding SAR, the option price per share of the related Option and, with
respect to an SAR granted independently of an Option, the price per share of Common Stock as determined by the Committee on the date of grant; provided, however, that the price shall not be less than the Fair Market Value on the date of
grant. Except as provided in Article XII, the Initial Value of an outstanding SAR may not be reduced (by amendment, cancellation and new grant or otherwise) without the approval of stockholders. 

 

	1.18.	LTIP Unit 

“LTIP Unit” means an “LTIP Unit” as defined in the Operating Partnership’s partnership agreement. An LTIP
Unit granted under this Plan represents the right to receive the benefits, payments or other rights in respect of an LTIP Unit set forth in that partnership agreement, subject to the terms and conditions of the applicable Agreement and that
partnership agreement. 
  

	1.19.	Offering 

“Offering” means the private offering, issuance and sale by the Company of up to an aggregate of 11,500,000 shares of
Common Stock, including up to 1,000,000 shares of Common Stock issuable upon exercise of the initial purchaser/placement agent’s additional allotment option, pursuant to that certain Purchase/Placement Agreement, dated as of May 4, 2012,
by and between the Company and FBR Capital Markets & Co., as initial purchaser/placement agent. 

  
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	1.20.	Operating Partnership 

 “Operating Partnership” means American Residential Properties OP, L.P., a Delaware limited partnership. 
  

	1.21.	Option 

“Option” means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common
Stock at the price set forth in an Agreement. 
  

	1.22.	Other Equity-Based Award 

 “Other Equity-Based Award” means any award other than an Incentive Award, an Option, SAR, a Performance Unit award or a Stock Award which, subject to such terms and conditions as may be
prescribed by the Committee, entitles a Participant to receive Common Stock or rights or units valued in whole or in part by reference to, or otherwise based on, Common Stock (including securities convertible into Common Stock) or other equity
interests including LTIP Units. 
  

	1.23.	Participant 

“Participant” means an employee or officer of the Company or an Affiliate, a member of the Board, or an individual who
provides bona fide services to the Company or an Affiliate (including an individual who provides services to the Company or an Affiliate by virtue of employment with, or providing services to, the Operating Partnership), and who satisfies the
requirements of Article IV and is selected by the Committee to receive an award of Performance Units or a Stock Award, an Incentive Award, Option, SAR, Other Equity-Based Award or a combination thereof. 

 

	1.24.	Performance Units 

“Performance Units” means an award, in the amount determined by the Committee, stated with reference to a specified
number of shares of Common Stock, that in accordance with the terms of an Agreement entitles the holder to receive a payment for each specified unit equal to the value of the Performance Unit on the date of payment. 

 

	1.25.	Plan 

“Plan” means this American Residential Properties, Inc. 2012 Equity Incentive Plan. 

  
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	1.26.	REIT 

“REIT” means a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 

 

	1.27.	SAR 

“SAR” means a stock appreciation right that in accordance with the terms of an Agreement entitles the holder to receive,
with respect to each share of Common Stock encompassed by the exercise of the SAR, the excess, if any, of the Fair Market Value at the time of exercise over the Initial Value. References to “SARs” include both Corresponding SARs and SARs
granted independently of Options, unless the context requires otherwise. 
  

	1.28.	Stock Award 

“Stock Award” means Common Stock awarded to a Participant under Article VIII. 

 

	1.29.	Ten Percent Stockholder 

 “Ten Percent Stockholder” means any individual owning more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of a “parent
corporation” or “subsidiary corporation” (as such terms are defined in Section 424 of the Code) of the Company. An individual shall be considered to own any voting stock owned (directly or indirectly) by or for his or her
brothers, sisters, spouse, ancestors or lineal descendants and shall be considered to own proportionately any voting stock owned (directly or indirectly) by or for a corporation, partnership, estate or trust of which such individual is a
stockholder, partner or beneficiary. 
 ARTICLE II 
 PURPOSES 
 The Plan is intended to assist the Company and its Affiliates in
recruiting and retaining individuals and other service providers with ability and initiative by enabling such persons or entities to participate in the future success of the Company and its Affiliates and to associate their interests with those of
the Company and its stockholders. The Plan is intended to permit the grant of both Options qualifying under Section 422 of the Code (“incentive stock options”) and Options not so qualifying, and the grant of SARs, Stock Awards,
Performance Units, Incentive Awards and Other Equity-Based Awards in accordance with the Plan and any procedures that may be established by the Committee. No Option that is intended to be an incentive stock option shall be invalid for failure to
qualify as an incentive stock option. The proceeds received by the Company from the sale of Common Stock pursuant to this Plan shall be used for general corporate purposes. 

  
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 ARTICLE III 
 ADMINISTRATION 
 The Plan shall be administered by the Committee. The
Committee shall have authority to grant SARs, Stock Awards, Performance Units, Incentive Awards, Options and Other Equity-Based Awards upon such terms (not inconsistent with the provisions of this Plan), as the Committee may consider appropriate.
Such terms may include conditions (in addition to those contained in this Plan), on the exercisability of all or any part of an Option or SAR or on the transferability or forfeitability of a Stock Award, an award of Performance Units, an Incentive
Award or an Other Equity-Based Award. Notwithstanding any such conditions, the Committee may, in its discretion, accelerate the time at which any Option or SAR may be exercised, or the time at which a Stock Award or Other Equity-Based Award may
become transferable or nonforfeitable or the time at which an Other Equity-Based Award, an Incentive Award or an award of Performance Units may be settled. In addition, the Committee shall have complete authority to interpret all provisions of this
Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan (including rules and regulations that require or allow Participants to defer the payment of benefits under the
Plan); and to make all other determinations necessary or advisable for the administration of this Plan. The Committee’s determinations under the Plan (including without limitation, determinations of the individuals to receive awards under the
Plan, the form, amount and timing of such awards, the terms and provisions of such awards and the Agreements) need not be uniform and may be made by the Committee selectively among individuals who receive, or are eligible to receive, awards under
the Plan, whether or not such persons are similarly situated. The express grant in the Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee. Any decision made, or action taken, by the
Committee in connection with the administration of this Plan shall be final and conclusive. The members of the Committee shall not be liable for any act done in good faith with respect to this Plan or any Agreement, Option, SAR, Incentive Award,
Stock Award, Other Equity-Based Award or award of Performance Units. All expenses of administering this Plan shall be borne by the Company. 
 ARTICLE IV 
 ELIGIBILITY 

Any employee of the Company or an Affiliate (including a trade or business that becomes an Affiliate after the adoption of this Plan) and
any member of the Board is eligible to participate in this Plan. In addition, any other individual who provides significant services to the Company or an Affiliate (including an individual who provides services to the Company or an Affiliate by
virtue of employment with, or providing services to, the Operating Partnership) is eligible to participate in this Plan if the Committee, in its sole discretion, determines that the participation of such individual is in the best interest of the
Company. 

  
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 ARTICLE V 
 COMMON STOCK SUBJECT TO PLAN 
  

	5.01.	Common Stock Issued 

Upon the award of Common Stock pursuant to a Stock Award, an Other Equity-Based Award or in settlement of an Incentive Award or an award
of Performance Units, the Company may deliver (and shall deliver if required under an Agreement) to the Participant Common Stock from its authorized but unissued Common Stock. Upon the exercise of any Option, SAR or Other Equity-Based Award
denominated in Common Stock, the Company may deliver (and shall deliver if required under an Agreement), to the Participant (or the Participant’s broker if the Participant so directs), Common Stock from its authorized but unissued Common Stock.

  

	5.02.	Aggregate Limit 

(a) The maximum aggregate number of shares of Common Stock that may be issued under this Plan pursuant to the exercise of Options and
SARs, the grant of Stock Awards or Other Equity-Based Awards and the settlement of Incentive Awards and Performance Units is equal to the lesser of: (i) 1,500,000 shares of Common Stock; and (ii) the number of shares of Common Stock equal
to the sum of (x) four and one-half percent (4.5%) of the total number of shares of Common Stock sold by the Company in the Offering (including any shares of Common Stock sold by the Company to FBR Capital Markets & Co. pursuant
to the exercise of its additional allotment option (“Option Shares”)), plus (y) one and three-quarters percent (1.75%) of the number of shares of Common Stock sold by the Company in the Offering in excess of
10,000,000 shares of Common Stock, plus (z) the number of shares of Common Stock equal to the product of the “Plan Percentage” (as defined in the following sentence), multiplied by the total number of shares of
Common Stock sold by the Company in any public or private offering after the Offering and during the term of the Plan. The “Plan Percentage” means the percentage equal to the sum of the number of shares of Common Stock determined under
clause (x) of the preceding sentence, plus the number of shares of Common Stock determined under clause (y) of the preceding sentence, divided by the total number of shares of Common Stock sold by the Company in
the Offering (including any Option Shares). Other Equity-Based Awards that are LTIP Units shall reduce the maximum aggregate number of shares of Common Stock that may be issued under this Plan on a one-for-one basis, i.e., each such unit
shall be treated as an award of Common Stock. 
 (b) The maximum number of shares of Common Stock that may be issued under this
Plan in accordance with Section 5.02(a) shall be subject to adjustment as provided in Section 5.02(a) and Article XII. 
 (c) The maximum number of shares of Common Stock that may be issued upon the exercise of Options that are incentive stock options or Corresponding SARs that are related to incentive stock options shall be
determined in accordance with Sections 5.02(a) and 5.02(b). 

  
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	5.03.	Reallocation of Shares 

 If any award or grant under the Plan (including LTIP Units) expires, is forfeited or is terminated without having been exercised or is paid in cash without a requirement for the delivery of Common Stock,
then any Common Stock covered by such lapsed, cancelled, expired, unexercised or cash-settled portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP Units shall be available for the grant of other Options, SARs, Stock
Awards, Other Equity-Based Awards and settlement of Incentive Awards and Performance Units under this Plan. Any Common Stock tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any award shall reduce
the number of shares of Common Stock available under the Plan and shall not be available for future grants or awards. If Common Stock is issued in settlement of an SAR, the number of shares of Common Stock available under the Plan shall be reduced
by the number of shares of Common Stock for which the SAR was exercised rather than the number of shares of Common Stock issued in settlement of the SAR. To the extent permitted by applicable law or the rules of any exchange on which the Common
Stock is listed for trading, Common Stock issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company or any Affiliate shall not reduce the number of shares of Common Stock
available for issuance under the Plan. Notwithstanding the provisions of this Section 5.03, no Common Stock may be subject to an Option or granted or awarded if such action would cause an Option intended to be an incentive stock option to fail
to qualify as such. 
 ARTICLE VI 
 OPTIONS 
  

	6.01.	Award  

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an Option is to be granted and will specify the number of shares of Common Stock covered by such awards. 

 

	6.02.	Option Price 

 The
price per share of Common Stock purchased on the exercise of an Option shall be determined by the Committee on the date of grant, but shall not be less than the Fair Market Value on the date the Option is granted. Notwithstanding the preceding
sentence, the price per share of Common Stock purchased on the exercise of any Option that is an incentive stock option granted to an individual who is a Ten Percent Stockholder on the date such option is granted, shall not be less than one hundred
ten percent (110%) of the Fair Market Value on the date the 

  
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Option is granted. Except as provided in Article XII, the price per share of Common Stock of an outstanding Option may not be reduced (by amendment, cancellation and new grant or otherwise)
without the approval of stockholders. 
  

	6.03.	Maximum Option Period 

 The maximum period in which an Option may be exercised shall be determined by the Committee on the date of grant except that no Option shall be exercisable after the expiration of ten years from the date
such Option was granted. In the case of an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Option shall not be exercisable after the expiration of five years from the date of grant. The
terms of any Option may provide that it is exercisable for a period less than such maximum period. 
  

	6.04.	Nontransferability 

Except as provided in Section 6.05, each Option granted under this Plan shall be nontransferable except by will or by the laws of
descent and distribution. In the event of any transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR that relates to such Option must be transferred to the same person or persons or entity or entities.
Except as provided in Section 6.05, during the lifetime of the Participant to whom the Option is granted, the Option may be exercised only by the Participant. No right or interest of a Participant in any Option shall be liable for, or subject
to, any lien, obligation, or liability of such Participant. 
  

	6.05.	Transferable Options 

 Section 6.04 to the contrary notwithstanding, if the Agreement provides, an Option that is not an incentive stock option may be transferred by a Participant to the Participant’s children,
grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in
effect from time to time. The holder of an Option transferred pursuant to this Section shall be bound by the same terms and conditions that governed the Option during the period that it was held by the Participant; provided, however, that
such transferee may not transfer the Option except by will or the laws of descent and distribution. In the event of any transfer of an Option (by the Participant or his transferee), the Option and any Corresponding SAR that relates to such Option
must be transferred to the same person or persons or entity or entities. Notwithstanding the foregoing, an Option may not be transferred for consideration absent stockholder approval. 

 

	6.06.	Employee Status 

For purposes of determining the applicability of Section 422 of the Code (relating to incentive stock options), or in the event that
the terms of any Option provide that it may be 

  
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exercised only during employment or continued service or within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of
absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or service. 
  

	6.07.	Exercise 

 Subject
to the provisions of this Plan and the applicable Agreement, an Option may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine; provided,
however, that incentive stock options (granted under the Plan and all plans of the Company and its Affiliates) may not be first exercisable in a calendar year for Common Stock having a Fair Market Value (determined as of the date an Option is
granted) exceeding $100,000. An Option granted under this Plan may be exercised with respect to any number of whole shares of Common Stock less than the full number for which the Option could be exercised. A partial exercise of an Option shall not
affect the right to exercise the Option from time to time in accordance with this Plan and the applicable Agreement with respect to the remaining shares of Common Stock subject to the Option. The exercise of an Option shall result in the termination
of any Corresponding SAR to the extent of the number of shares of Common Stock with respect to which the Option is exercised. 
  

	6.08.	Payment 

 Subject
to rules established by the Committee and unless otherwise provided in an Agreement, payment of all or part of the Option price may be made in cash, certified check, by tendering Common Stock, by attestation of ownership of Common Stock, by a
broker-assisted cashless exercise or in such other form or manner acceptable to the Committee. If Common Stock is used to pay all or part of the Option price, the sum of the cash and cash equivalent and the Fair Market Value (determined on the date
of exercise) of the shares of Common Stock surrendered or other consideration paid must not be less than the Option price of the shares for which the Option is being exercised. 

 

	6.09.	Stockholder Rights 

No Participant shall have any rights as a stockholder with respect to Common Stock subject to an Option until the date of exercise of such
Option. 
  

	6.10.	Disposition of Shares 

 A Participant shall notify the Company of any sale or other disposition of Common Stock acquired pursuant to an Option that was an incentive stock option if such sale or disposition occurs (i) within
two years of the grant of an Option or (ii) within one year of the issuance of the Common Stock to the Participant. Such notice shall be in writing and directed to the Secretary of the Company. 

  
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 ARTICLE VII 
 SARS 
  

	7.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom SARs are to be granted and will specify the number of shares of Common Stock covered by such awards. No Participant may be granted Corresponding SARs
(under the Plan and all plans of the Company and its Affiliates) that are related to incentive stock options which are first exercisable in any calendar year for Common Stock having an aggregate Fair Market Value (determined as of the date the
related Option is granted) that exceeds $100,000. 
  

	7.02.	Maximum SAR Period 

The term of each SAR shall be determined by the Committee on the date of grant, except that no SAR shall have a term of more than ten
years from the date of grant. In the case of a Corresponding SAR that is related to an incentive stock option granted to a Participant who is a Ten Percent Stockholder on the date of grant, such Corresponding SAR shall not be exercisable after the
expiration of five years from the date of grant. The terms of any SAR may provide that it has a term that is less than such maximum period. 
  

	7.03.	Nontransferability 

Except as provided in Section 7.04, each SAR granted under this Plan shall be nontransferable except by will or by the laws of
descent and distribution. In the event of any such transfer, a Corresponding SAR and the related Option must be transferred to the same person or persons or entity or entities. Except as provided in Section 7.04, during the lifetime of the
Participant to whom the SAR is granted, the SAR may be exercised only by the Participant. No right or interest of a Participant in any SAR shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 

 

	7.04.	Transferable SARs 

Section 7.03 to the contrary notwithstanding, if the Agreement provides, an SAR, other than a Corresponding SAR that is related to an
incentive stock option, may be transferred by a Participant to the Participant’s children, grandchildren, spouse, one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on
such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time. The holder of an SAR transferred pursuant to this Section shall be bound by the same terms and conditions that governed the SAR
during the period that it was held by the Participant; provided, however, that such transferee may not transfer the SAR except by will or the laws of descent and distribution. In the event of any transfer of a Corresponding SAR (by the
Participant or his transferee), the Corresponding SAR and the related Option must be transferred to the same person or person or entity or entities. Notwithstanding the foregoing, in no event may an SAR be transferred for consideration absent
stockholder approval. 

  
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	7.05.	Exercise 

 Subject
to the provisions of this Plan and the applicable Agreement, an SAR may be exercised in whole at any time or in part from time to time at such times and in compliance with such requirements as the Committee shall determine; provided, however,
that a Corresponding SAR that is related to an incentive stock option may be exercised only to the extent that the related Option is exercisable and only when the Fair Market Value exceeds the option price of the related Option. An SAR granted under
this Plan may be exercised with respect to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of an SAR shall not affect the right to exercise the SAR from time to time in accordance with
this Plan and the applicable Agreement with respect to the remaining shares subject to the SAR. The exercise of a Corresponding SAR shall result in the termination of the related Option to the extent of the number of shares of Common Stock with
respect to which the SAR is exercised. 
  

	7.06.	Employee Status 

If the terms of any SAR provide that it may be exercised only during employment or continued service or within a specified period of time
after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous
employment or service. 
  

	7.07.	Settlement 

 At the
Committee’s discretion, the amount payable as a result of the exercise of an SAR may be settled in cash, Common Stock, or a combination of cash and Common Stock. No fractional share of Common Stock will be deliverable upon the exercise of an
SAR but a cash payment will be made in lieu thereof. 
  

	7.08.	Stockholder Rights 

No Participant shall, as a result of receiving an SAR, have any rights as a stockholder of the Company or any Affiliate until the date
that the SAR is exercised and then only to the extent that the SAR is settled by the issuance of Common Stock. Notwithstanding the foregoing, the Committee may provide in an Agreement that the holder of an SAR is entitled to Dividend Equivalent
Rights during the period beginning on the date of the award and ending on the date the SAR is exercised. 

  
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 ARTICLE VIII 
 STOCK AWARDS 
  

	8.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom a Stock Award is to be made and will specify the number of shares of Common Stock covered by such awards. 

 

	8.02.	Vesting 

 The
Committee, on the date of the award, may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted for a period of time or subject to such conditions as may be set forth in the Agreement. By way of
example and not of limitation, the Committee may prescribe that a Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted subject to the attainment of objectives stated with reference to the Company’s, an
Affiliate’s or a business unit’s attainment of objectives stated with respect to performance criteria established by the Committee. 
  

	8.03.	Employee Status 

In the event that the terms of any Stock Award provide that shares may become transferable and nonforfeitable thereunder only after
completion of a specified period of employment or continuous service, the Committee may decide in each case to what extent leaves of absence for governmental or military service, illness, temporary disability, or other reasons shall not be deemed
interruptions of continuous employment or service. 
  

	8.04.	Stockholder Rights 

Unless otherwise specified in accordance with the applicable Agreement, while the Common Stock granted pursuant to the Stock Award may be
forfeited or are nontransferable, a Participant will have all rights of a stockholder with respect to a Stock Award, including the right to receive dividends and vote the shares of Common Stock; provided, however, that during such period
(i) a Participant may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Common Stock granted pursuant to a Stock Award, (ii) the Company shall retain custody of the certificates representing shares of
Common Stock granted pursuant to a Stock Award, and (iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. The limitations set forth in the preceding sentence shall not apply after
the shares of Common Stock granted under the Stock Award are transferable and are no longer forfeitable. 

  
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 ARTICLE IX 
 PERFORMANCE UNIT AWARDS 
  

	9.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an award of Performance Units is to be made and will specify the number of shares of Common Stock or other securities or property covered by such
awards. The Committee also will specify whether Dividend Equivalent Rights are granted in conjunction with the Performance Units. 
  

	9.02.	Earning the Award 

The Committee, on the date of the grant of an award, shall prescribe that the Performance Units will be earned, and the Participant will
be entitled to receive payment pursuant to the award of Performance Units, only upon the satisfaction of performance objectives and such other criteria as may be prescribed by the Committee. 

 

	9.03.	Payment  

 In the
discretion of the Committee, the amount payable when an award of Performance Units is earned may be settled in cash, by the issuance of Common Stock, by the delivery of other securities or property or a combination thereof. A fractional share of
Common Stock shall not be deliverable when an award of Performance Units is earned, but a cash payment will be made in lieu thereof. The amount payable when an award of Performance Units is earned shall be paid in a lump sum. 

 

	9.04.	Stockholder Rights 

A Participant, as a result of receiving an award of Performance Units, shall not have any rights as a stockholder until, and then only to
the extent that, the award of Performance Units is earned and settled in Common Stock. After an award of Performance Units is earned and settled in Common Stock, a Participant will have all the rights of a stockholder as described in
Section 8.04 hereof and the Company’s Charter. 
  

	9.05.	Nontransferability 

Except as provided in Section 9.06, Performance Units granted under this Plan shall be nontransferable except by will or by the laws
of descent and distribution. No right or interest of a Participant in any Performance Units shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 

  
 -16-

	9.06.	Transferable Performance Units 

 Section 9.05 to the contrary notwithstanding, if the Agreement provides, an award of Performance Units may be transferred by a Participant to the Participant’s children, grandchildren, spouse,
one or more trusts for the benefit of such family members or a partnership in which such family members are the only partners, on such terms and conditions as may be permitted under Rule 16b-3 under the Exchange Act as in effect from time to time.
The holder of Performance Units transferred pursuant to this Section shall be bound by the same terms and conditions that governed the Performance Units during the period that they were held by the Participant; provided, however, that such
transferee may not transfer Performance Units except by will or the laws of descent and distribution. Notwithstanding the foregoing, in no event may a Performance Unit be transferred for consideration absent stockholder approval. 

 

	9.07.	Employee Status 

In the event that the terms of any Performance Unit award provide that no payment will be made unless the Participant completes a stated
period of employment or continued service, the Committee may decide to what extent leaves of absence for government or military service, illness, temporary disability, or other reasons shall not be deemed interruptions of continuous employment or
service. 
 ARTICLE X 
 OTHER EQUITY–BASED AWARDS 
  

	10.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an Other Equity-Based Award is to be made and will specify the number of shares of Common Stock or other equity interests (including LTIP Units)
covered by such awards; provided, however, that the grant of LTIP Units must satisfy the requirements of the partnership agreement of the Operating Partnership as in effect on the date of grant. The Committee also will specify whether
Dividend Equivalent Rights are granted in conjunction with the Other Equity-Based Award. 
  

	10.02.	Terms and Conditions 

 The Committee, at the time an Other Equity-Based Award is made, shall specify the terms and conditions which govern the award. The terms and conditions of an Other Equity-Based Award may prescribe that a
Participant’s rights in the Other Equity-Based Award shall be forfeitable, nontransferable or otherwise restricted for a period of time or subject to such other conditions as may be determined by the Committee, in its discretion and set forth
in the Agreement. Other Equity-Based Awards may be granted to Participants, either alone or in addition to other awards granted under the Plan, and Other Equity-Based Awards may be granted in the settlement of other Awards granted under the Plan.

  
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	10.03.	Payment or Settlement 

 Other Equity-Based Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, shall be payable or settled in Common Stock, cash or a combination of Common Stock and cash, as
determined by the Committee in its discretion; provided, however, that any Common Stock that is issued on account of the conversion of LTIP Units into Common Stock shall not be issued under the Plan. Other Equity-Based Awards denominated as
equity interests other than Common Stock may be paid or settled in shares or units of such equity interests or cash or a combination of both as determined by the Committee in its discretion. 

 

	10.04.	Employee Status 

If the terms of any Other Equity-Based Award provides that it may be earned or exercised only during employment or continued service or
within a specified period of time after termination of employment or continued service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be
deemed interruptions of continuous employment or service. 
  

	10.05.	Stockholder Rights 

A Participant, as a result of receiving an Other Equity-Based Award, shall not have any rights as a stockholder until, and then only to
the extent that, the Other Equity-Based Award is earned and settled in Common Stock. 
 ARTICLE XI 

INCENTIVE AWARDS 
  

	11.01.	Award 

 In
accordance with the provisions of Article IV, the Committee will designate each individual to whom an Incentive Award is to be made. The Committee will also specify whether Dividend Equivalent Rights are granted in conjunction with the Incentive
Award. 
  

	11.02.	Terms and Conditions 

 The Committee, at the time an Incentive Award is made, shall specify the terms and conditions that govern the award. Such terms and conditions may prescribe that the Incentive Award shall be earned only
to the extent that the Participant, the Company or an Affiliate, during a performance period of at least one year, achieves objectives stated with reference to one or more performance measures or criteria prescribed by the Committee. A goal or
objective may be 

  
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expressed on an absolute basis or relative to the performance of one or more similarly situated companies or a published index. When establishing goals and objectives, the Committee may exclude
any or all special, unusual, or extraordinary items as determined under U.S. generally accepted accounting principles including, without limitation, the charges or costs associated with restructurings of the Company, discontinued operations, other
unusual or non-recurring items, and the cumulative effects of accounting changes. The Committee may also adjust the performance goals for any Incentive Award as it deems equitable in recognition of unusual or non-recurring events affecting the
Company, changes in applicable tax laws or accounting principles, or such other factors as the Committee may determine. Such terms and conditions also may include other limitations on the payment of Incentive Awards including, by way of example and
not of limitation, requirements that the Participant complete a specified period of employment or service with the Company or an Affiliate or that the Company, an Affiliate, or the Participant attain stated objectives or goals (in addition to those
prescribed in accordance with the preceding sentence) as a prerequisite to payment under an Incentive Award. 
  

	11.03.	Nontransferability 

Incentive Awards granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution. No right or
interest of a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 
  

	11.04.	Employee Status 

If the terms of an Incentive Award provide that a payment will be made thereunder only if the Participant completes a stated period of
employment or continued service the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

  

	11.05.	Settlement 

 An
Incentive Award that is earned shall be settled with a single lump sum payment which may be in cash, Common Stock or a combination of cash and Common Stock, as determined by the Committee. 

 

	11.06.	Shareholder Rights 

No Participant shall, as a result of receiving an Incentive Award, have any rights as a shareholder of the Company or an Affiliate until
the date that the Incentive Award is settled and then only to the extent that the Incentive Award is settled by the issuance of shares of Common Stock. 

  
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 ARTICLE XII 
 ADJUSTMENT UPON CHANGE IN COMMON STOCK 
 The maximum number of shares of
Common Stock as to which Options, SARs, Performance Units, Incentive Awards, Stock Awards and Other Equity-Based Awards may be granted and the terms of outstanding Stock Awards, Options, SARs, Incentive Awards, Performance Units and Other
Equity-Based Awards shall be adjusted as the Board determines is equitably required in the event that (i) the Company (a) effects one or more nonreciprocal transactions between the Company and its stockholders such as a share dividend,
extra-ordinary cash dividend, share split-up, subdivision or consolidation of shares of Common Stock that affects the number or kind of Common Stock (or other securities of the Company) or the Fair Market Value (or the value of other Company
securities) and causes a change in the Fair Market Value of the Common Stock subject to outstanding awards or (b) engages in a transaction to which Section 424 of the Code applies or (ii) there occurs any other event which, in the
judgment of the Board necessitates such action. Any determination made under this Article XII by the Board shall be nondiscretionary, final and conclusive. 
 The issuance by the Company of shares of any class of Common Stock, or securities convertible into shares of any class of Common Stock, for cash or property, or for labor or services, either upon direct
sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares of Common Stock or obligations of the Company convertible into such shares of Common Stock or other securities, shall not affect, and no adjustment
by reason thereof shall be made with respect to, the maximum number of shares of Common Stock as to which Options, SARs, Performance Units, Incentive Awards, Stock Awards and Other Equity-Based Awards may be granted or the terms of outstanding Stock
Awards, Incentive Awards, Options, SARs, Performance Units or Other Equity-Based Awards. 
 The Committee may make Stock Awards
and may grant Options, SARs, Performance Units, Incentive Awards or Other Equity-Based Awards in substitution for performance shares, phantom shares, stock awards, stock options, stock appreciation rights, or similar awards held by an individual who
becomes an employee of the Company or an Affiliate in connection with a transaction described in the first paragraph of this Article XII. Notwithstanding any provision of the Plan, the terms of such substituted Stock Awards, SARs, Other Equity-Based
Awards, Options or Performance Units shall be as the Committee, in its discretion, determines is appropriate. 
 ARTICLE XIII

 COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 

No Option or SAR shall be exercisable, no Common Stock shall be issued, no certificates for Common Stock shall be delivered, and no
payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including, without 

  
 -20-

 
limitation, withholding tax requirements), any listing agreement to which the Company is a party, and the rules of all domestic stock exchanges on which the shares of Common Stock may be listed.
The Company shall have the right to rely on an opinion of its counsel as to such compliance. Any certificate issued to represent Common Stock when a Stock Award is granted, a Performance Unit, Incentive Award or Other Equity-Based Award is settled
or for which an Option or SAR is exercised may bear such legends and statements as the Committee may deem advisable to assure compliance with federal and state laws and regulations. No Option or SAR shall be exercisable, no Stock Award or
Performance Unit shall be granted, no Common Stock shall be issued, no certificate for Common Stock shall be delivered, and no payment shall be made under this Plan until the Company has obtained such consent or approval as the Committee may deem
advisable from regulatory bodies having jurisdiction over such matters. 
 ARTICLE XIV 

GENERAL PROVISIONS 
  

	14.01.	Effect on Employment and Service 

 Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any individual or entity any right to continue in the
employ or service of the Company or an Affiliate or in any way affect any right and power of the Company or an Affiliate to terminate the employment or service of any individual or entity at any time with or without assigning a reason therefor.

  

	14.02.	Unfunded Plan 

This Plan, insofar as it provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at
any time be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such
obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  

	14.03.	Rules of Construction 

 Headings are given to the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or other provision of law shall be construed to
refer to any amendment to or successor of such provision of law. 
 All awards made under this Plan are intended to comply with,
or otherwise be exempt from, Section 409A of the Code (“Section 409A”), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12). This Plan and all Agreements shall be administered,
interpreted and construed in a manner consistent with Section 409A. If any provision of this Plan or any Agreement is found not to comply with, or otherwise not be 

  
 -21-

 
exempt from, the provisions of Section 409A, it shall be modified and given effect, in the sole discretion of the Committee and without requiring the Participant’s consent, in such
manner as the Committee determines to be necessary or appropriate to comply with, or effectuate an exemption from, Section 409A. Each payment under an award granted under this Plan shall be treated as a separate indentified payment for purposes
of Section 409A. 
 If a payment obligation under an award or an Agreement arises on account of the Participant’s
termination of employment and such payment obligation constitutes “deferred compensation” (as defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3)
through (b))12)), it shall be payable only after the Participant’s “separation from service” (as defined under Treasury Regulation section 1.409A-1(h)); provided, however, that if the Participant is a “specified employee”
(as defined under Treasury Regulation section 1.409A-1(i)), any such payment that is scheduled to be paid within six months after such separation from service shall accrue without interest and shall be paid on the first day of the seventh month
beginning after the date of the Participant’s separation from service or, if earlier, within fifteen days after the appointment of the personal representative or executor of the Participant’s estate following the Participant’s death.

  

	14.04.	Withholding Taxes 

Each Participant shall be responsible for satisfying any income and employment tax withholding obligations attributable to participation
in the Plan. Unless otherwise provided by the Agreement, any such withholding tax obligations may be satisfied in cash (including from any cash payable in settlement of an award of Performance Units, SARs or Other Equity-Based Award) or a cash
equivalent acceptable to the Committee. Except to the extent prohibited by Treasury Regulation Section 1.409A-3(j), any minimum statutory federal, state, district or city withholding tax obligations also may be satisfied (a) by
surrendering to the Company Common Stock previously acquired by the Participant; (b) by authorizing the Company to withhold or reduce the number of shares of Common Stock otherwise issuable to the Participant upon the exercise of an Option or
SAR, the settlement of a Performance Unit award, Incentive Award or an Other Equity-Based Award (if applicable) or the grant or vesting of a Stock Award; or (c) by any other method as may be approved by the Committee. If Common Stock is used to
pay all or part of such withholding tax obligation, the Fair Market Value of the shares of Common Stock surrendered, withheld or reduced shall be determined as of the day the tax liability arises and the number of shares of Common Stock which may be
withheld or surrendered shall be limited to the number of shares of Common Stock which have a Fair Market Value on the day preceding the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding
rates for federal, state, local and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 

  
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	14.05.	REIT Status 

 The
Plan shall be interpreted and construed in a manner consistent with the Company’s status as a REIT. No award shall be granted or awarded, and with respect to any award granted under the Plan, such award shall not vest, be exercisable or be
settled (i) to the extent that the grant, vesting, exercise or settlement could cause the Participant or any other person to be in violation of the stock ownership limit or any other limitation on ownership or transfer prescribed by Article
VIII of the Company’s Charter, or (ii) if, in the discretion of the Committee, the grant, vesting, exercise or settlement of the award could impair the Company’s status as a REIT. 

ARTICLE XV 

CHANGE IN CONTROL 
  

	15.01.	Impact of Change in Control. 

 Upon a Change in Control, the Committee is authorized to cause (i) outstanding Options and SARs to become fully exercisable, (ii) outstanding Stock Awards to become transferable and
nonforfeitable and (iii) outstanding Performance Units, Incentive Awards and Other Equity-Based Awards to become earned and nonforfeitable in their entirety. 
  

	15.02.	Assumption Upon Change in Control. 

 In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that an outstanding Option, SAR, Stock Award, Incentive Award,
Performance Unit or Other Equity-Based Award shall be assumed by, or a substitute award granted by, the surviving entity in the Change in Control. Such assumed or substituted award shall be of the same type of award as the original Option, SAR,
Stock Award, Performance Unit, Incentive Award or Other Equity-Based Award being assumed or substituted. The assumed or substituted award shall have a value, as of the Control Change Date, that is substantially equal to the value of the original
award (or the difference between the Fair Market Value and the option price or Initial Value in the case of Options and SARs) as the Committee determines is equitably required and such other terms and conditions as may be prescribed by the
Committee. 
  

	15.03.	Cash-Out Upon Change in Control. 

 In the event of a Change in Control, the Committee, in its discretion and without the need of a Participant’s consent, may provide that each Option, SAR, Stock Award and Performance Unit, Incentive
Award and Other Equity-Based Award shall be cancelled in exchange for a payment. The payment may be in cash, Common Stock or other securities or consideration received by stockholders in the Change in Control transaction or, in the case of an
Incentive Award, the entire amount that can be paid under the Incentive Award. Except as provided in the preceding sentence with respect to the Incentive Awards, the amount of the payment shall be an

  
 -23-

 
amount that is substantially equal to (i) the amount by which the price per share received by stockholders in the Change in Control exceeds the option price or Initial Value in the case of
an Option and SAR, or (ii) the price per share received by stockholders for each share of Common Stock subject to a Stock Award, Performance Unit or Other Equity-Based Award or (iii) the value of the other securities or property in which
the Performance Unit or Other Equity-Based award is denominated. If the option price or Initial Value exceeds the price per share received by stockholders in the Change in Control transaction, the Option or SAR may be cancelled under this
Section 15.03 without any payment to the Participant. 
  

	15.04.	Limitation of Benefits 

 The benefits that a Participant may be entitled to receive under this Plan and other benefits that a Participant is entitled to receive under other plans, agreements and arrangements (which, together with
the benefits provided under this Plan, are referred to as “Payments”), may constitute Parachute Payments that are subject to Code Sections 280G and 4999. As provided in this Section 15.04, the Parachute Payments will be reduced
pursuant to this Section 15.04 if, and only to the extent that, a reduction will allow a Participant to receive a greater Net After Tax Amount than a Participant would receive absent a reduction. 

The Accounting Firm will first determine the amount of any Parachute Payments that are payable to a Participant. The Accounting Firm also
will determine the Net After Tax Amount attributable to the Participant’s total Parachute Payments. 
 The Accounting Firm
will next determine the largest amount of Payments that may be made to the Participant without subjecting the Participant to tax under Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net
After Tax Amount attributable to the Capped Payments. 
 The Participant will receive the total Parachute Payments or the Capped
Payments, whichever provides the Participant with the higher Net After Tax Amount. If the Participant will receive the Capped Payments, the total Parachute Payments will be adjusted by first reducing the amount of any benefits under this Plan or any
other plan, agreement or arrangement that are not subject to Section 409A of the Code (with the source of the reduction to be directed by the Participant) and then by reducing the amount of any benefits under this Plan or any other plan,
agreement or arrangement that are subject to Section 409A of the Code (with the source of the reduction to be directed by the Participant) in a manner that results in the best economic benefit to the Participant (or, to the extent economically
equivalent, in a pro rata manner). The Accounting Firm will notify the Participant and the Company if it determines that the Parachute Payments must be reduced to the Capped Payments and will send the Participant and the Company a copy of its
detailed calculations supporting that determination. 

  
 -24-

 As a result of the uncertainty in the application of Code Sections 280G and 4999 at the time
that the Accounting Firm makes its determinations under this Article XV, it is possible that amounts will have been paid or distributed to the Participant that should not have been paid or distributed under this Section 15.04
(“Overpayments”), or that additional amounts should be paid or distributed to the Participant under this Section 15.04 (“Underpayments”). If the Accounting Firm determines, based on either the assertion of a deficiency by
the Internal Revenue Service against the Company or the Participant, which assertion the Accounting Firm believes has a high probability of success or controlling precedent or substantial authority, that an Overpayment has been made, the Participant
must repay to the Company, without interest; provided, however, that no loan will be deemed to have been made and no amount will be payable by the Participant to the Company unless, and then only to the extent that, the deemed loan and
payment would either reduce the amount on which the Participant is subject to tax under Code Section 4999 or generate a refund of tax imposed under Code Section 4999. If the Accounting Firm determines, based upon controlling precedent or
substantial authority, that an Underpayment has occurred, the Accounting Firm will notify the Participant and the Company of that determination and the amount of that Underpayment will be paid to the Participant promptly by the Company. 

For purposes of this Section 15.04, the term “Accounting Firm” means the independent accounting firm engaged by the
Company immediately before the Control Change Date. For purposes of this Article XV, the term “Net After Tax Amount” means the amount of any Parachute Payments or Capped Payments, as applicable, net of taxes imposed under Code Sections 1,
3101(b) and 4999 and any State or local income taxes applicable to the Participant on the date of payment. The determination of the Net After Tax Amount shall be made using the highest combined effective rate imposed by the foregoing taxes on income
of the same character as the Parachute Payments or Capped Payments, as applicable, in effect on the date of payment. For purposes of this Section 15.04, the term “Parachute Payment” means a payment that is described in Code
Section 280G(b)(2), determined in accordance with Code Section 280G and the regulations promulgated or proposed thereunder. 
 Notwithstanding any other provision of this Section 15.04, the limitations and provisions of this Section 15.04 shall not apply to any Participant who, pursuant to an agreement with the Company
or the terms of another plan maintained by the Company, is entitled to indemnification or other payment for any liability that the Participant may incur under Code Section 4999. In addition, nothing in this Section 15.04 shall limit or
otherwise supersede the provisions of any other agreement or plan which provides that a Participant cannot receive Payments in excess of the Capped Payments. 
 ARTICLE XVI 
 AMENDMENT 

The Board may amend or terminate this Plan at any time; provided, however, that no amendment may adversely impair the rights of
Participants with respect to outstanding awards. 

  
 -25-

 
In addition, an amendment will be contingent on approval of the Company’s stockholders if such approval is required by law or the rules of any exchange on which the Common Stock is listed or
if the amendment would materially increase the benefits accruing to Participants under the Plan, materially increase the aggregate number of shares of Common Stock that may be issued under the Plan (except as provided in Article XII) or materially
modify the requirements as to eligibility for participation in the Plan. 
 ARTICLE XVII 

DURATION OF PLAN 
 No Stock Award, Performance Unit Award, Option, SAR or Other Equity-Based Award may be granted under this Plan after the day before the tenth anniversary of the date that the Plan is adopted by the Board.
Stock Awards, Performance Unit awards, Options, SARs and Other Equity-Based Awards granted before such date shall remain valid in accordance with their terms. 
 ARTICLE XVIII 
 EFFECTIVE DATE OF PLAN 

Options, Stock Awards, Performance Units and Other Equity-Based Awards may be granted under this Plan on and after the date that the Plan
is adopted by the Board, subject to the approval of the stockholders of the Company within twelve months before or after the date that the Plan is adopted by the Board, provided that no award shall be exercisable, vested or settled until such
stockholder approval is obtained. 

  
 -26-EX-10.4

 Exhibit 10.4 
 AMERICAN RESIDENTIAL PROPERTIES, INC. 
 EMPLOYMENT AGREEMENT

 (SHANT KOUMRIQIAN) 
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into by and between AMERICAN RESIDENTIAL PROPERTIES, INC., a Maryland corporation (hereinafter referred to as the
“Company”), and SHANT KOUMRIQIAN (hereinafter referred to as the “Executive”) and is effective as of the Effective Date defined in Section 1 below. 

WHEREAS, the Company has hired the Executive to serve in the capacity as the Company’s Chief Financial Officer and Treasurer
pursuant to the terms of an offer letter dated October 10, 2012, and the Company and the Executive now wish to enter into this Agreement setting forth the terms and conditions of the Executive’s employment by the Company. This Agreement
shall be the only agreement between the Company and the Executive regarding the terms and conditions of the Executive’s employment by the Company. The offer letter dated October 10, 2012, is superseded and replaced in its entirety by this
Agreement. 
 Accordingly, the parties hereto agree as follows: 

1. Term. The Company hereby employs the Executive and the Executive hereby accepts such employment on the terms and
conditions set forth in this Agreement commencing as of October 15, 2012 (the “Effective Date”). The term of this Agreement shall end on December 31, 2015, unless sooner terminated in accordance with the provisions of
Section 4 (the period during which the Executive is employed hereunder being hereinafter referred to as the “Term”). The Term shall be subject to automatic one (1) year renewals unless notice of non-renewal is provided
between the parties in accordance with the notice provisions of Section 7.6, at least ninety (90) days prior to the end of any such Term (a “Non-Renewal”). 

2. Duties. The Executive, in his capacity as Chief Financial Officer and Treasurer of the Company, shall faithfully
perform for the Company the duties of said office and shall perform such other duties of an executive, managerial or administrative nature as shall be specified and designated from time to time by the Chief Executive Officer of the Company (the
“Chief Executive Officer”) and the Board of Directors of the Company (the “Board”). Such duties may include, without limitation, the performance of services for, and serving as an officer or director of, any
subsidiary of the Company without any additional compensation. The Executive shall devote substantially all of the Executive’s business time and effort to the performance of the Executive’s duties hereunder. Provided that the following
activities do not interfere with the Executive’s duties to the Company and provided that the following activities do not violate the Executive’s covenant against competition as described at Section 6.2 hereof, during the Term the
Executive may perform personal, charitable and other business activities, including, without limitation, serving as a member of one or more boards of directors of charitable or other professional organizations, and may serve on the boards of
directors of other business organizations that are not engaged in any aspect of the residential real estate industry, provided, however, that service on the boards of directors of other business organizations shall require the consent of the
Board. 

  
 1 

 3. Compensation. 

3.1 Salary. The Company shall pay the Executive during the Term a salary at the rate of Three Hundred Twenty Five Thousand
and No/00 Dollars ($325,000) per annum (the “Annual Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives generally. The Annual Salary may be increased from time to time by an
amount and on such conditions as may be approved by the Board or the Compensation Committee of the Board (the “Compensation Committee”), and upon such increase, the increased amount shall thereafter be deemed to be the Annual
Salary. Annual Salary will be paid in monthly or semi-monthly installments as determined by the Board, and no Annual Salary will be paid later than 75 days after the conclusion of any calendar year in which such Annual Salary is deemed earned and
payable to the Executive. 
 3.2 Cash and Equity Bonus Compensation; Initial Awards. 

(a) Annual Bonus and Other Discretionary Awards. The Executive will be eligible to receive annual cash bonuses (each an
“Annual Bonus”) upon approval by the Compensation Committee in its discretion. The Compensation Committee shall approve a target level (the “Target Level”) each year for the Annual Bonus within 60 days after the
beginning of the applicable year. The initial Target Level will be equal to 75% of the Annual Salary, subject to approval by the Compensation Committee in its discretion. Each Annual Bonus will be paid within 60 days after the end of the fiscal year
to which such Annual Bonus relates. Additionally, the Executive will be eligible to participate in the Company’s 2012 Equity Incentive Plan, as amended (the “2012 Equity Incentive Plan”) and any subsequent equity incentive plan
approved by the Board (each and any of the foregoing is a “Company Incentive Plan”) for equity bonus compensation (any equity compensation granted to the Executive by the Company, whether under this Agreement, a Company Incentive
Plan or otherwise approved by the Board, and whether in the form of restricted stock, stock options, long-term incentive plan units, stock appreciation rights or other equity or equity-linked awards, is, collectively, “Equity
Compensation”). The terms of any Annual Bonus, any other bonus or Equity Compensation will be established by the Compensation Committee. 
 (b) Initial Equity Grant. On November 7, 2012, the Company granted the Executive 5,000 LTIP Units under the 2012 Equity Incentive Plan with a grant date of November 7, 2012. These LTIP
Units will be subject to forfeiture restrictions that will lapse in equal 1/3 installments on each of the first three anniversaries of the date of grant; namely, on November 7, 2013, November 7, 2014 and November 7, 2015.

 (c) IPO Equity Grant. Upon completion of an initial public offering of the Company’s common stock (an
“IPO”), the Company will grant the Executive a number of LTIP Units or shares of restricted stock, at the election of the Executive, under the 2012 Equity Incentive Plan equal to the lesser of (i) 10% of the number of shares
added to the 2012 Equity Incentive Plan as a result of the Company’s private offerings of common stock completed in December 2012 and January 2013 and the IPO and (ii) that number of shares having an aggregate market value of $1.1 million
based on the public offering price of the Company’s common stock in the IPO. These LTIP Units or shares of restricted stock, as applicable, will be subject to forfeiture restrictions that will lapse in equal 1/3 installments on each of the
first three 

  
 2 

 
anniversaries of the date of grant, subject to the Executive’s continued employment and accelerated vesting as provided in Sections 4.1(c)(ii) and 5(b)(iii) of this Agreement to the extent
the conditions for such accelerated vesting set forth in Section 4 or Section 5, as applicable, are satisfied. 

3.3 Benefits - In General. The Executive shall be permitted during the Term to participate in any group life,
hospitalization or disability insurance plan, health program, pension and profit sharing plan, 401(k) plan, relocation program and similar benefits that may be available to other senior executives of the Company generally, on the same terms as may
be applicable to such other executives (except as otherwise provided in this Section 3), in each case to the extent that the Executive is eligible under the terms of such plans or programs. 

3.4 Paid Time Off. The Executive shall be entitled to no fewer than twenty (20) days of paid time off per year, plus
Company-scheduled holidays. Any unused days of paid time off will be forfeited at the end of the year. 
 3.5 Disability
Benefits and Life Insurance. To the extent the Company’s group life and disability insurance plans do not provide this level of benefits, the Executive shall be entitled to additional benefits so that his long-term disability coverage
provides benefits (to continue for such period as is provided in the applicable disability plan or program, as amended from time to time, and with waiting periods and pre-existing condition exceptions waived to the extent such coverage is available
on commercially reasonable terms) equal to seventy-five percent (75%) of his Annual Salary in the case of a covered disability, and life insurance coverage with a face amount equal to $1,000,000. Premiums on all primary or supplemental
disability insurance policies and group life insurance provided by the Company under this Agreement shall be paid by the Company, provided that the value of such premiums shall be taxed as income to the Executive. 

3.6 Expenses. The Company shall pay or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses
actually incurred and, in the case of reimbursement, actually paid by the Executive during the Term in connection with the performance of the Executive’s services under this Agreement, provided that the Executive shall submit such expenses in
accordance with the policies applicable to senior executives of the Company generally. 
 3.7 Housing Allowance and Air
Travel Reimbursement. The Company will provide the Executive with a corporate housing allowance of $2,000 per month for the first ten (10) months of the Term. In addition, the Company will reimburse the Executive for the actual cost of
one round-trip economy class flight between Phoenix and Los Angeles, together with related parking costs, every other weekend during the first ten (10) months of the Term. The Company will reimburse the Executive for the real estate commission
for the sale of the Executive’s home in Glendale, California and will pay for moving the Executive’s household goods and furnishings from that home to a new home of the Executive located within 50 miles of the Company’s headquarters.

 3.8 Earned and Accrued Bonus. For purposes of this Agreement, with respect to “Earned and Accrued
Bonus” payments to be made to the Executive in connection 

  
 3 

 
with the termination of his employment, Annual Bonus payments and other cash bonus payments and Equity Compensation awards shall be deemed to be “earned and accrued” (a) if
the Executive is employed with the Company as of the date of the last day of the period for which a bonus payment shall be made or for which Equity Compensation is vested, if the Executive is employed with the Company as of the date such vested
award or vesting is scheduled to occur; and (b) to the extent that the criteria or performance goals for determining the amount of such payment or award are objective and measurable criteria, and such objective and measurable criteria have been
satisfied or achieved. Earned and Accrued Bonus specifically includes, without limitation, any bonus payments payable to Executive under any approved bonus plan or arrangement and any Equity Compensation that is awarded and vested. A pro rated
portion of any Annual Bonus for the year in which termination occurs based on the Target Level for the year in which the termination occurs and the portion of the year that has elapsed as of the date of termination shall be deemed to be “earned
and accrued” in the event of any termination of the Executive’s employment, other than termination by the Company for “Cause” (as defined below) or resignation by the Executive without “Good Reason” (as defined below).

 3.9 Acceleration of Rights upon Change in Control. Upon the occurrence of a “Change in
Control” (as such term is defined in the 2012 Equity Incentive Plan, as amended and in effect as of the Effective Date hereof), all Equity Compensation awarded to the Executive under this Agreement, to the extent not vested as of the date
of the Change in Control or to the extent that any such award is subject to forfeiture restrictions as of the date of the Change in Control, shall, immediately prior to the effectiveness of the Change in Control, be deemed vested and all forfeiture
restrictions shall lapse (treating any applicable performance criteria as fully satisfied). Notwithstanding the foregoing, to the extent necessary for the Executive to avoid taxes and/or penalties under Section 409A of the Internal Revenue Code
of 1986, as amended (the “Tax Code”), a Change in Control shall not be deemed to occur unless it constitutes a “change in control event” within the meaning of Section 1.409A-3(i)(5) of the Treasury Regulations
promulgated under Section 409A of the Tax Code. 
 4. Termination of Employment. The Company may terminate
the Executive’s employment with or without Cause (as defined herein below). The Executive may terminate the Executive’s employment with the Company for Good Reason (as defined herein below) or without Good Reason. The Company or the
Executive may terminate the Executive’s employment upon the Executive’s disability as provided in Section 4.1, or by Non-Renewal. The survival provisions of this Agreement described at Section 7.15 contemplate without limitation
that, upon the termination of his employment, the Executive shall be subject to the provisions of the Covenant Against Competition set forth in Section 6.2. 
 4.1 Termination upon the Executive’s Death or Disability. 

(a) If the Executive dies during the Term, the obligations of the Company to or with respect to the Executive shall terminate in their
entirety except as otherwise provided in this Section 4.1 and except for the surviving provisions of this Agreement as described at Section 7.15. 
 (b) If the Executive becomes eligible for disability benefits under the Company’s long-term disability plans and arrangements (or, if none applies, would have been so

  
 4 

 
eligible under a competitive plan as reasonably determined by the Compensation Committee), the Company or the Executive shall have the right, to the extent permitted by law, to terminate the
employment of the Executive upon at least ninety (90) days’ prior written notice to the other party, provided that the Company shall not have the right to terminate the Executive’s employment in accordance with this
Section 4.1(b) if, (i) in the opinion of a qualified physician reasonably acceptable to both parties, it is reasonably certain that the Executive will be able to resume his or her duties on a regular full-time basis within one hundred
eighty (180) days of the date that the notice of such termination is delivered, and (ii) upon the expiration of such one hundred eighty (180) day period, the Executive has resumed his or her duties on a regular full-time basis.

 (c) Upon the Executive’s death or the termination of the Executive’s employment by virtue of disability, all of
the following shall apply: 
 (i) the Executive, or the Executive’s estate or beneficiaries in the case of the death of
the Executive, shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment, except that the Company shall reimburse, on a monthly basis, Executive’s COBRA premium under
the Company’s major medical group health and dental plan (including the costs of the Executive’s premium required to maintain coverage for his dependents) for a period of 18 months after such termination or the expiration of the period in
which COBRA coverage must be provided, whichever is less. The Executive, or the Executive’s estate or beneficiaries in the case of the death of the Executive, shall be entitled to receive the Executive’s Annual Salary and other benefits
that are earned and accrued under this Agreement prior to the date of such termination, the Executive’s Earned and Accrued Bonuses, vesting of or lapsing of any forfeiture restrictions on any Equity Compensation as provided in clause
(ii) below, reimbursement under this Agreement for expenses incurred prior to the date of such termination; provided, that if the Executive is a “specified employee” within the meaning of Section 409A of the Tax Code, any
payments of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)), shall not commence until the
first day of the seventh month beginning after the date of the Executive’s “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), or, if earlier, within 15 days after the appointment of the personal
representative or executor of the Executive’s estate following his or her death if a delay in payment is required, to avoid the imposition of the additional 20% tax under Section 409A of the Tax Code (and in the case of installment
payments, the first payment shall include all installment payments required by this subsection that otherwise would have been made during such period). If no deferral is required pursuant to the preceding sentence, the payment will be made within
five (5) business days after the Date of Termination; 
 (ii) all of the Equity Compensation previously awarded to the
Executive, to the extent not vested or to the extent subject to forfeiture restrictions, as of the date of the termination of the Executive’s employment, shall immediately be deemed vested and all forfeiture restrictions shall immediately lapse
(treating any applicable performance criteria as fully satisfied), and any outstanding options to acquire shares of Company stock shall immediately be vested and shall be, as determined in the discretion of the Board, either (A) exercisable by
the Executive or, in the case of the Executive’s death, by the beneficiaries of 

  
 5 

 
Executive’s estate, for one (1) year following the termination (or, if shorter, the balance of the regular term of the options), or (B) cashed out or cancelled, as if in accordance
with a Change in Control event, pursuant to the terms set forth in Section 15.03 of the 2012 Equity Incentive Plan as in effect on the Effective Date hereof; and 
 (iii) this Agreement shall otherwise terminate and there shall be no further rights with respect to the Executive hereunder except for the surviving provisions of this Agreement as provided in
Section 7.15. The payments to be made in this Section 4.1(c) shall be in addition to, rather than in lieu of, the entitlement of Executive or his estate to any other insurance or benefit proceeds as a result of his death or disability.

 4.2 Termination by the Company for Cause. The Company may terminate the Executive’s employment at any time
for “Cause” if any of the following have occurred: 
 (a) the Executive’s conviction for (or pleading
guilty or nolo contendere to) any felony, or a misdemeanor involving moral turpitude; 
 (b) the Executive’s
indictment for any felony or misdemeanor involving moral turpitude, if such indictment is not discharged or otherwise resolved within eighteen (18) months; 
 (c) the Executive’s commission of an act of fraud, theft, dishonesty or breach of fiduciary duty related to the Company, its Business (as defined in Section 6.1) or the performance of the
Executive’s duties hereunder; 
 (d) the continuing failure or habitual neglect by the Executive to perform the
Executive’s duties hereunder, except that, if such failure or neglect is curable, the Executive shall have thirty (30) days from his receipt of a notice of such failure or neglect to cure such condition and, if the Executive does so to the
reasonable satisfaction of the Board (such cure opportunity being available only once), then such failure or neglect shall not constitute Cause hereunder; 
 (e) any violation by the Executive of the Restrictive Covenants set forth in Section 6 except that, if such violation is not willful and is curable, the Executive shall first have thirty
(30) days from his receipt of notice of such violation to cure such condition and, if the Executive does so to the reasonable satisfaction of the Board, such violation shall not constitute Cause hereunder; or 

(f) the Executive’s material breach of this Agreement, except that, if such breach is curable, the Executive shall first have
thirty (30) days from his receipt of such notice of such breach to cure such breach and, if the Executive does so to the reasonable satisfaction of the Board, such breach shall not constitute Cause hereunder. 

If the Company terminates the Executive’s employment for Cause, the Executive shall have no right to receive any compensation or benefit hereunder
on and after the effective date of the termination of employment, except that the Executive shall be entitled to receive the Executive’s Annual Salary, and other benefits that are earned and accrued under this Agreement prior to the date of
termination, any Earned and Accrued Bonus, and reimbursement under this Agreement 

  
 6 

 
for expenses incurred prior to the date of termination, provided, however, that if the Company terminates the Executive’s employment for Cause specifically pursuant to Section 4.2(a),
(b), or (c) above, then no Earned and Accrued Bonus shall be payable hereunder. This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further rights or obligations hereunder except for the
surviving provisions of this Agreement as described at Section 7.15. 
 4.3 Termination by the Company without
Cause. The Company may terminate the Executive’s employment at any time without Cause upon sixty (60) days prior written notice to the Executive. If the Company terminates the Executive’s employment without the occurrence of
any of the events constituting Cause and the termination is not due to the Executive’s death or disability or is not a Non-Renewal, then the termination by the Company is without Cause. If the Company terminates the Executive’s employment
without Cause, then the Severance Package provisions of Section 5 shall apply, and this Agreement shall otherwise terminate and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this
Agreement as described at Section 7.15. 
 4.4 Termination of Employment by the Executive for Good Reason.
Subject to the notice and cure provisions set forth below, the Executive may terminate the Executive’s employment with the Company for Good Reason and receive the Severance Package provisions of Section 5 if any of the following have
occurred without the Executive’s written consent (“Good Reason”): 
 (a) any material diminution in the
Executive’s title, authorities, duties or responsibilities (including without limitation the assignment of duties inconsistent with his position, or a significant adverse alteration of the nature or status of his responsibilities, or a
significant adverse alteration of the conditions of his employment); 
 (b) any requirement that the Executive report to a
corporate officer or employee of the Company other than the President and/or the Chief Executive Officer; 
 (c) after there
has occurred a Change in Control, any of the following has occurred: (i) a duplication with other Company personnel of the Executive’s title, authorities, duties or responsibilities; (ii) a significant reduction in the budget over
which the Executive retains authority; (iii) or a duplication with other Company personnel of the title, authority, duties, or responsibilities of the supervisor to whom the Executive is required to report, specifically including a requirement
that the Executive report to a corporate officer or employee other than the President and/or the Chief Executive Officer; 

(d) any material reduction of the Executive’s Annual Salary; 

(e) the Company’s material breach of this Agreement; or 
 (f) a determination by the Company to relocate its corporate headquarters to a new location that is more than fifty (50) miles from the current address of the Company’s corporate headquarters in
Scottsdale, Arizona. 

  
 7 

 Notwithstanding the forgoing, the Executive shall not be deemed to have terminated this Agreement for Good
Reason unless: (y) the Executive terminates this Agreement no later than six (6) months following the initial existence of the above referenced event or condition which is the basis for such termination (it being understood that each
instance of any such event shall constitute a separate basis for such termination and a separate event or condition occurring on the date of such instance for purposes of calculating the six- (6)-month period); and (z) the Executive provides to
the Company a written notice of the existence of the above referenced event or condition which is the basis for the termination within sixty (60) days following the initial existence of such event or condition, and the Company fails to remedy
such event or condition within 30 days following the receipt of such notice. This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further rights or obligations hereunder except for the
surviving provisions of this Agreement as described at Section 7.15. 
 4.5 Termination of Employment by the
Executive without Good Reason. The Executive may terminate the Executive’s employment with the Company at any time without Good Reason. If the Executive terminates his employment without the occurrence of any of the events constituting
“Good Reason” and the termination is not due to the Executive’s death or disability, then the termination by the Executive is without Good Reason. If the Executive terminates the Executive’s employment with the Company
without Good Reason, the Executive shall have no right to receive any compensation or benefit hereunder on and after the effective date of the termination of employment, except that the Executive shall be entitled to receive the Executive’s
Annual Salary, and other benefits that are earned and accrued under this Agreement or under applicable Company benefit plans prior to the date of termination and reimbursement under this Agreement for expenses incurred prior to the date of
termination. This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this Agreement as described at
Section 7.15. 
 4.6 Termination upon Company Non-Renewal of Agreement. If the Company provides notice of
Non-Renewal in accordance with the provisions of Section 1 and Section 7.6 hereof and the Executive resigns within ninety (90) days after receipt of the notice of Non-Renewal, the applicable Severance Package provisions of
Section 5 shall apply. This Agreement shall otherwise terminate upon the termination of the Executive’s employment, and the Executive shall have no further rights or obligations hereunder except for the surviving provisions of this
Agreement as described at Section 7.15. 
 5. Severance Package for Certain Terminations of Employment. The
Executive shall be entitled to certain rights and shall be bound by certain obligations as described in this Section 5 (the “Severance Package”) if the Executive’s employment terminates under any of the following
conditions: (x) if the Executive resigns within ninety (90) days following receipt of a Non-Renewal by the Company; (y) if the Company terminates the Executive’s employment without Cause, or (z) if the Executive terminates
the Executive’s employment for Good Reason. For purposes of this Agreement, the “Severance Package” shall consist of all of the following rights and obligations: 

(a) The Executive shall be entitled to receive the Executive’s Annual Salary, and other benefits that are earned and accrued under
this Agreement and under applicable Company benefit plans prior to the date of termination, any Earned and Accrued Bonus, and reimbursement under this Agreement for expenses incurred prior to the date of termination; 

  
 8 

 (b) If the Executive signs the general release of claims in favor of the Company in the
form set forth in Attachment “A” and the general release becomes irrevocably effective not later than forty-five (45) days after the date of the termination event, the Executive shall also be entitled to all of the following:

 (i) a cash payment equal to one (1) times the sum of the Executive’s Annual Salary (as in effect on the effective
date of such termination excluding any reduction not permitted by this Agreement), plus the greater of (A) the Annual Bonus compensation most recently earned by the Executive for a full year, whether paid or unpaid, and (B) the average
Annual Bonus (with any partial years annualized) actually paid for the last three fiscal years (“Average Annual Bonus”), payable in equal installments over the period that corresponds to the period during which the covenants
provided in Section 6.2 hereof are to be applicable in accordance with the Company’s usual and customary salary payroll practices. If, at the time of a termination to which this sub-subparagraph b(i) applies, at least three full fiscal
years have not occurred, then to the extent necessary to calculate the Average Annual Bonus for the last three years as set forth above, the initial Target Level shall be used for the missing years). If the Executive resigns within ninety
(90) days following receipt of notice of Non-Renewal by the Company, such payments shall equal one (1) times the sum of (AA) the Executive’s Annual Salary (as in effect on the effective date of such termination excluding any reduction
not permitted by this Agreement) plus (BB) the Executive’s Average Annual Bonus compensation, which together shall be payable in equal installments over a twelve (12) month period in accordance with the Company’s usual and customary
salary payroll practices (and made payable to the Executive’s estate in the event that the Executive dies prior to the expiration of such period). Notwithstanding the foregoing, if the Executive is a “specified employee” within the
meaning of Section 409A of the Tax Code, any payments of “deferred compensation” (as defined under Treasury Regulation Section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3)
through (b)(12)), shall not commence until the first day of the seventh month beginning after the date of the Executive’s “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h)) to avoid the
imposition of the additional 20% tax under Section 409A of the Tax Code (and in the case of installment payments, the first payment shall include all installment payments required by this subsection that otherwise would have been made during
such period); and 
 (ii) for a period of up to 18 months after such termination or the expiration of the period in which COBRA
coverage must be provided, whichever is less, the Executive shall have the right to continue to participate (together with his dependents) in the Company’s group medical and dental plans to the extent permitted under COBRA, and the premium for
such coverage shall be reimbursed on a monthly basis; provided, however, that the Company shall not be required to reimburse such premiums after such time as the Executive becomes entitled to participate in the health benefits program of
another employer or recipient of the Executive’s services; and provided, further, that nothing in this clause (b)(ii) shall restrict the ability of the Company to generally amend or terminate the Company’s group medical and dental
plans from time to time in its sole discretion; and 

  
 9 

 (iii) all of the Equity Compensation awarded to the Executive, to the extent not vested or
to the extent subject to forfeiture restrictions as of the date of the termination of the Executive’s employment, shall immediately be deemed vested and any forfeiture restrictions shall immediately lapse (treating the performance criteria for
the year of termination as fully satisfied), and any outstanding options to acquire shares of Company stock shall immediately be vested and shall be, as determined in the discretion of the Board, either (A) exercisable by the Executive or, in
the case of the Executive’s death, by the beneficiaries of Executive’s estate, for one (1) year following the termination (or, if shorter, the balance of the regular term of the options), or (B) cashed out or cancelled, as if in
accordance with a Change in Control event, pursuant to the terms set forth in Section 15.03 of the 2012 Equity Incentive Plan as in effect on the Effective Date hereof. 
 Unless a later payment date is required under Code section 409A (as described above or pursuant to Section 7.20 of this Agreement), payments due under the Severance Package shall be paid to the
Executive (or installment payments shall commence) on the fiftieth (50th) day following the date of the termination event. This Agreement shall otherwise terminate upon such termination of employment and the Executive shall have no further
rights hereunder except for surviving provisions of this Agreement as provided in Section 7.15. 
 6. Covenants of
the Executive. 
 6.1 General Covenants of the Executive. The Executive acknowledges that (a) the
principal business of the Company is the acquisition, rental and management of single-family residential properties (such business, and any and all other businesses that after the date hereof, and from time to time during the Term, become material
with respect to the Company’s then-overall business, herein being collectively referred to as the “Business”) (for purposes of this Agreement, “Single-family Residential REIT” shall mean a company that invests
in primarily single-family residential properties and that is qualified as a real estate investment trust for purposes of federal income taxation); (b) the Company knows of a limited number of persons who have developed the Business;
(c) the Business is, in part, national in scope; (d) the Executive’s work for the Company and its subsidiaries has given and will continue to give the Executive access to the confidential affairs and proprietary information of the
Company and to “trade secrets,” (as defined under the laws of the State of Arizona) of the Company and its subsidiaries; (e) the covenants and agreements of the Executive contained in this Section 6.1 are essential to the
business and goodwill of the Company; and (f) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6.1. 

6.2 Covenant Against Competition. The covenant against competition herein described shall apply as follows: 

(a) during the Term; 

  
 10 

 (b) for a period of one (1) year following a termination of the Executive’s
employment by the Company under any of the conditions set forth in clauses (x), (y) or (z) of Section 5 of this Agreement; 
 (c) for a period of one-hundred eighty (180) days following a termination of the Executive’s employment by the Company for Cause or by the Executive without Good Reason; provided, however, that
the Company shall have the option to extend the period for up to an additional one-hundred eighty (180) days if the Company pays the Executive his or her Annual Salary and a pro rated portion of his or her Annual Bonus at the then applicable
Target Level as in effect on the date of termination during such extended period; and 
 (d) as to Section 6.2(bb) and
(dd), at any time during and after the Executive’s employment with the Company and its subsidiaries (and the predecessors of either). 

During the time periods for described hereinabove, the Executive covenants as follows: 

(aa) The Executive shall not, directly or indirectly, own, manage, control or participate in the ownership, management, or control of, or
be employed or engaged by or otherwise affiliated or associated as an employee, employer, consultant, agent, principal, partner, stockholder, corporate officer, director or in any other individual or representative capacity, engage or participate in
any Single-family Residential REIT or other financial investment business which owns single-family residential properties as its primary business and that has assets in excess of Two Hundred Million and No/00 Dollars ($200,000,000), if such business
is in competition in any manner whatsoever with the Business of the Company in any state or country or other jurisdiction in which the Company conducts its Business as of the date of termination; provided, however, that, notwithstanding the
foregoing, (i) the Executive may own or participate in the ownership of any entity which he owned or managed or participated in the ownership or management of prior to the Effective Date which ownership, management or participation has been
disclosed to the Company; and (ii) the Executive may invest in securities of any entity, solely for investment purposes and without participating in the business thereof, if (A) such securities are traded on any national securities
exchange or the National Association of Securities Dealers Automated Quotation System or equivalent non-U.S. securities exchange, (B) the Executive is not a controlling person of, or a member of a group which controls, such entity and
(C) the Executive does not, directly or indirectly, own one percent (1%) or more of any class of securities of such entity. 
 (bb) Except in connection with the business and affairs of the Company and its affiliates: the Executive shall keep secret and retain in strictest confidence, and shall not use for his benefit or the
benefit of others, all confidential matters relating to the Business and the business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or
any of its subsidiaries (or any predecessor of either) (the “Confidential Company Information”), including, without limitation, information with respect to the Business and any aspect thereof, profit or loss figures, and the
Company’s or its affiliates’ (or any of their predecessors) properties, and shall not disclose such Confidential Company information to anyone outside of the Company except with the Company’s express written consent and except for
Confidential Company Information which (i) at the time of receipt or thereafter becomes publicly known through no wrongful act of 

  
 11 

 
the Executive; (ii) is clearly obtainable in the public domain; (iii) was not acquired by the Executive in connection with the Executive’s employment or affiliation with the
Company; (iv) was not acquired by the Executive from the Company or its representatives or from a third-party who has an agreement with the Company not to disclose such information; (v) was legally in the possession of or developed by the
Executive prior to the Effective Date; or (vi) is required to be disclosed by rule of law or by order of a court or governmental body or agency. For purposes of this Agreement, “affiliate” means, with respect to the Company, any
person, partnership, corporation or other entity that controls, is controlled by or is under common control with the Company within the meaning of Rule 405 of Regulation C under the Securities Act of 1933, as now in effect or as hereafter amended.

 (cc) The Executive shall not, without the Company’s prior written consent, directly or indirectly, (i) knowingly
solicit or knowingly encourage to leave the employment or other service of the Company or any of its affiliates, any employee employed by the Company at the time of the termination thereof or knowingly hire (on behalf of the Executive or any other
person or entity) any employee employed by the Company at the time of the termination who has left the employment or other service of the Company or any of its affiliates (or any predecessor of either) within one (1) year of the
termination of such employee’s or independent contractor’s employment or other service with the Company and its affiliates; or (ii) whether for the Executive’s own account or for the account of any other person, firm, corporation
or other business organization, intentionally interfere with the Company’s or any of its affiliates, relationship with, or endeavor to entice away from the Company or any of its affiliates, any person who during the Executive’s employment
with the Company is or was a customer or client of the Company or any of its affiliates (or any predecessor of either). Notwithstanding the above, nothing shall prevent the Executive from soliciting loans, investment capital, or the provision of
management services from third parties engaged in the Business if the activities of the Executive facilitated thereby do not otherwise adversely interfere with the operations of the Business. 

(dd) All memoranda, notes, lists, records, property and any other tangible product and documents (and all copies thereof) made, produced
or compiled by the Executive or made available to the Executive during the Term concerning the Business of the Company and its affiliates shall be the Company’s property and shall be delivered to the Company at any time on request.
Notwithstanding the above, the Executive’s contacts and contact data base shall not be the Company’s property. Notwithstanding the above, software, methods and material developed by the Executive prior to the Term of the Agreement shall
not be the Company’s property. 
 6.3 Rights and Remedies upon Breach. The Executive acknowledges and agrees
that any breach by him of any of the provisions of Sections 6.1 or 6.2 (the “Restrictive Covenants”) would result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the
Executive breaches, or threatens to commit a breach of, any of the Restrictive Covenants, the Company and its affiliates shall have the right and remedy to have the Restrictive Covenants specifically enforced (without posting bond and without the
need to prove damages) by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations,
threatened or actual, and whether or not then continuing, of such covenants. This right and remedy shall be in addition to, 

  
 12 

 
and not in lieu of, any other rights and remedies available to the Company and its affiliates under law or in equity (including, without limitation, the recovery of damages). The existence of any
claim or cause of action by the Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of the Restrictive Covenants. The Company has the right to cease making the payments provided as part of
the Severance Package in the event of a material breach of any of the Restrictive Covenants that, if capable of cure and not willful, is not cured within thirty (30) days after receipt of notice thereof from the Company. 

7. Other Provisions. 
 7.1 Severability. The Executive acknowledges and agrees that the Executive has had an opportunity to seek advice of counsel in connection with this Agreement and that the Restrictive
Covenants are reasonable in geographical and temporal scope and in all other respects. If it is determined that any of the provisions of this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is invalid
or unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions. 
 7.2 Duration and Scope of Covenants. If any court or other decision maker of competent jurisdiction determines that any of the Executive’s covenants contained in this Agreement,
including, without limitation, any of the Restrictive Covenants, or any part thereof, are unenforceable because of the duration or geographical scope of such provision, then, after such determination has become final and unappealable, the duration
or scope of such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

7.3 Enforceability of Restrictive Covenants; Jurisdictions. The Company and the Executive intend to and hereby consent to
jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of the Restrictive Covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly
unenforceable by reason of breadth of scope or otherwise it is the intention of the Company and the Executive that such determination not bar or in any way affect the Company’s right, or the right of any of its affiliates, to the relief
provided above in the courts of any other jurisdiction within the geographical scope of such Restrictive Covenants, as to breaches of such Restrictive Covenants in such other respective jurisdictions, such Restrictive Covenants as they relate to
each jurisdiction’s being, for this purpose, severable, diverse and independent covenants, subject, where appropriate, to the doctrine of res judicata. 
 7.4 Arbitration. Except with respect to any claims or disputes arising from or relating to the Restrictive Covenants or arising after a Change in Control, any disputes arising under or in
connection with this Agreement shall be resolved by binding arbitration, to be held in Phoenix, Arizona in accordance with the Commercial Arbitration Rules, as amended from time to time, of the American Arbitration Association (the
“AAA”). The Company and the Executive will each select an arbitrator, and a third arbitrator will be selected jointly by the arbitrators selected by the Company and the Executive within 15 days after demand for arbitration is made
by a Party. If the arbitrators selected by the Company and the Executive are unable to agree on a third arbitrator within that period, then either the Company or the Executive may request that the

  
 13 

 
AAA select the third arbitrator. The arbitrators will possess substantive legal experience in the principle issues in dispute and will be independent of the Company and the Executive. To the
extent permitted by applicable law and not prohibited by the Company’s certificate of incorporation and bylaws, the Company will pay all expenses (including the reasonable expenses of the Executive, including his reasonable legal fees, if the
Executive is the prevailing party in such arbitration) incurred in connection with arbitration and the fees and expenses of the arbitrators and will advance such expenses from time to time as required. Except as may otherwise be agreed in writing by
the parties or as ordered by the arbitrators upon substantial justification shown, the hearing for the dispute will be held within 60 days of submission of the dispute to arbitration. The arbitrators will render their final award within 30 days
following conclusion of the hearing and any required post-hearing briefing or other proceedings ordered by the arbitrators. The arbitrators will state the factual and legal basis for the award. The decision of the arbitrators will be final and
binding and not subject to judicial review and final judgment may be entered upon such an award in any court of competent jurisdiction, but entry of such judgment will not be required to make such award effective. 

7.5 Attorneys’ Fees. If litigation after a Change in Control shall be brought to enforce or interpret any
provision contained herein, the Company, to the extent permitted by applicable law and not prohibited by the Company’s certificate of incorporation and bylaws, shall indemnify the Executive for the Executive’s reasonable attorneys’
fees and disbursements incurred in such litigation if the Executive is the prevailing party in such litigation. 
 7.6
Notices. Any notice, consent or other communication required or permitted hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express
mail, postage prepaid. Any such notice, consent or other communication shall be deemed given when so delivered personally, delivered by overnight courier, telexed or sent by facsimile transmission or, if mailed, five days after the date of deposit
in the United States mails as follows: 
  

	

							
	(a)	 		  	If to the Company, to:
			
		 		  	American Residential Properties, Inc.
		 		  	7033 E Greenway Parkway Suite 210
		 		  	Scottsdale, AZ 85254
		 		  	Attention: Stephen G. Schmitz, CEO
		 		  	Fax: 480.264.2943 | Cell 480.266.9590
		 		  	Email: steve.schmitz@americanresidentialproperties.com
			
		 		  	with copies, in the case of notice, to:
			
		 		  	Hunton & Williams LLP
		 		  	Riverfront Plaza, East Tower
		 		  	951 East Byrd Street
		 		  	Richmond, Virginia 23219
		 		  	Attention: Daniel M. LeBey, Esq.
		 		  	Fax: (804) 788-8218
		 		  	Email: dlebey@hunton.com

  
 14 

							
	(b)	 	If to the Executive, to:
		
		 	Mr. Shant Koumriqian
		 	  
	  	
		 	  
	  	
		 	Fax:	  	  
	  	
		 	Email:	  	  
	  	
		
		 	with a copy in either case to:
		
		 	Roy Z. Silva
		 	Theodora Oringher PC
		 	535 Anton Blvd., Ninth Floor
		 	Costa Mesa, CA 92626
		 	Fax: (714) 549-6201
		 	Email: rsilva@tocounsel.com

 Any such person may by notice given in accordance with this Section to the other parties hereto designate another
address or person for receipt by such person of notices hereunder. 
 7.7 Entire Agreement. This Agreement
contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with the Company or its subsidiaries (or any predecessor of either). 

7.8 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof
may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such
right, power or privilege. 
 7.9 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED EXCLUSIVELY IN
ACCORDANCE WITH THE LAWS OF THE STATE OF ARIZONA WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. Subject to the parties’ obligations under Section 7.4, the Executive and the Company each hereby expressly consents to the exclusive venue
and jurisdiction of the state and federal courts located in Phoenix, Arizona, for any lawsuit arising from or relating to this Agreement. 
 7.10 Assignment. This Agreement shall be binding upon and inure to the benefit of the executors, administrators, heirs, successors and assigns of the parties; provided, however, that except
as herein expressly provided, this Agreement shall not be assignable either by the Company (except to an affiliate of the Company, in which event the Company shall remain liable if the affiliate fails to meet any of the Company’s obligations
hereunder, including without limitation to provide the employment opportunities offered hereby and to make payments or provide benefits or otherwise) or by the Executive. In the event that the Executive

  
 15 

 
consents to the assignment of this Agreement to a successor in interest of the Company upon a Change in Control, such consent shall not be deemed to waive or diminish the Executive’s rights
under Section 3.8. 
 7.11 Withholding. The Company shall be entitled to withhold from any payments or deemed
payments any amount of withholding required by law. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to the vesting in or delivery of any Equity Compensation, the
Company shall have the right to require such payments from the Executive or withhold such amounts from other payments due to the Executive from the Company or any affiliate, or to withhold such Equity Compensation that would otherwise have been
issued to the Executive. The Executive shall have the right to recommend the manner in which such payments shall be made or withheld. No other taxes, fees, impositions, duties or other charges or offsets of any kind shall be deducted or withheld
from amounts payable hereunder, unless otherwise required by law. 
 7.12 No Duty to Mitigate. The Executive shall
not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor will any payments hereunder be subject to offset in the event the Executive does mitigate. 

7.13 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors, permitted assigns, heirs, executors and legal representatives. 
 7.14 Counterparts. This Agreement
may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts together shall constitute one and the same instrument. Each counterpart may consist of two
copies hereof each signed by one of the parties hereto. 
 7.15 Survival. The rights and obligations of the
parties under this Agreement, which by their nature would continue beyond the termination or expiration of this Agreement, shall survive the termination or expiration of this Agreement. The Company’s obligations hereunder shall not be
terminated by reason of any liquidation, dissolution, bankruptcy, cessation of business, or similar event relating to the Company. This Agreement shall not be terminated by any merger or consolidation or other reorganization of the Company. In the
event any such merger, consolidation or reorganization shall be accomplished by transfer of stock or by transfer of assets or otherwise, the provisions of this Agreement shall be binding upon and inure to the benefit of the surviving or resulting
corporation or person. 
 7.16 Existing Agreements. Executive represents to the Company that the Executive is not
subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit the Executive from executing this Agreement or limit the Executive’s ability to fulfill
the Executive’s responsibilities hereunder. 
 7.17 Headings. The headings in this Agreement are for
reference only and shall not affect the interpretation of this Agreement. 

  
 16 

 7.18 Parachute Provisions. If any amount payable to, or other benefit
receivable by the Executive pursuant to this Agreement (taking into account payments and benefits under other agreements, plans and agreements) is deemed to constitute a “parachute payment” as defined in Section 280G of the Tax Code,
then such payment or benefit shall be reduced in accordance with, and to the extent required by, the provisions of the 2012 Equity Incentive Plan. 
 7.19 Indemnification; Directors and Officer’s Insurance. The Executive shall be entitled to indemnification in all instances in which the Executive is acting within the scope of his
authority to the fullest extent permitted by applicable law and not prohibited by the Company’s charter and bylaws, from and against any damages or liabilities, including reasonable attorney’s fees; provided, however, that the Executive
shall not be entitled to indemnification for damages or liabilities which result from or arise out of the Executive’s willful misconduct or gross negligence. During the Term, the Company will maintain directors’ and officers’
liability insurance in a coverage amount of not less than Ten Million and No/00 Dollars ($10,000,000). 
 7.20
409A. This Agreement and the amounts payable and other benefits hereunder are intended to comply with, or otherwise be exempt from, Section 409A of the Tax Code. This Agreement shall be administered, interpreted and construed in a
manner consistent with Section 409A. If any provision of this Agreement is found not to comply with, or otherwise not to be exempt from, the provisions of Section 409A, it shall be modified and given effect, in the sole discretion of the
Board or Compensation Committee thereof and without requiring the Executive’s consent, in such manner as the Board or Compensation Committee determines to be necessary or appropriate to comply with, or to effectuate an exemption from,
Section 409A. Each payment under this Agreement shall be treated as a separate identified payment for purposes of Section 409A. The preceding provisions shall not constitute or be construed as a guarantee, representation or warranty by the
Company of any particular favorable tax effect or result to the Executive of the payments and other benefits under this Agreement. 
 With
respect to any reimbursement of expenses of, or any provision of in-kind benefits to, the Executive, as specified under this Agreement, such reimbursement of expenses or provision of in-kind benefits shall be subject to the following conditions:
(a) the expenses eligible for reimbursement or the amount of in-kind benefits provided in one taxable year shall not affect the expenses eligible for reimbursement or the amount of in-kind benefits provided in any other taxable year, except for
any medical reimbursement arrangement providing for the reimbursement of expenses referred to in Section 105(b) of the Tax Code; (b) the reimbursement of an eligible expense shall be made no later than the end of the year after the year in
which such expense was incurred; and (c) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit. 
 If a payment obligation under this Agreement arises on account of the Executive’s termination of employment and if such payment is subject to Section 409A, the payment shall be paid only in
connection with the Executive’s “separation from service” (as defined in Treas. Reg. Section 1.409A-1(h)). If a payment obligation under this Agreement arises on account of the Executive’s “separation from service”
(as defined under Treas. Reg. Section 1.409A-1(h)) while the Executive is a “specified employee” (as defined under Treas. Reg. Section 1.409A-1(h)), any payment of “deferred compensation” (as defined under Treasury
Regulation Section 1.409A-1(b)(1), 

  
 17 

 
after giving effect to the exemptions in Treasury Regulation Sections 1.409A-1(b)(3) through (b)(12)) that is scheduled to be paid within six months after such separation from service shall
accrue without interest and shall be paid on the first day of the seventh month beginning after the date of the Executive’s separation from service or, if earlier, within 15 days after the appointment of the personal representative or executor
of the Executive’s estate following his death. 
 [Signature page follows.] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have signed their names to this Employment Agreement
as of the day and year set forth below. 
  

							
		 		 	COMPANY:
			
		 		 	 AMERICAN RESIDENTIAL PROPERTIES, INC.,
 a Maryland corporation:

				
	Date: April 19, 2013	 		 	By:	 	 /s/ Stephen G. Schmitz

		 		 	Name:	 	Stephen G. Schmitz
		 		 	Title:	 	Chief Executive Officer
			
		 		 	EXECUTIVE:
			
		 		 	SHANT KOUMRIQIAN
			
	Date: April 19, 2013	 		 	 /s/ Shant Koumriqian

		 		 	Signature

 ATTACHMENT “A” 

to 

AMERICAN RESIDENTIAL PROPERTIES, INC. 
 EMPLOYMENT AGREEMENT 
 Shant Koumriqian 

General Release of Claims 
 Consistent with Section 5 of the Employment Agreement dated April 19, 2013, effective as of October 15, 2012, between AMERICAN RESIDENTIAL PROPERTIES, INC. (the “Company”) and me
(the “Employment Agreement”) and in consideration for and contingent upon my receipt of the Severance Package set forth in Sections 5(b) of the Employment Agreement, I, for myself, my attorneys, heirs, executors, administrators,
successors, and assigns, do hereby fully and forever release and discharge the Company and its affiliated entities (as defined in the Employment Agreement), as well as their predecessors, successors, assigns, and their current or former directors,
officers, partners, agents, employees, attorneys, and administrators from all suits, causes of action, and/or claims, demands or entitlements of any nature whatsoever, whether known, unknown, or unforeseen, which I have or may have against any of
them arising out of or in connection with my employment by the Company, the Employment Agreement, the termination of my employment with the Company, or any event, transaction, or matter occurring or existing on or before the date of my signing of
this General Release, except that I am not releasing any (a) right to indemnification that I may otherwise have, (b) right to Annual Salary and benefits under applicable benefit plans that are earned and accrued but unpaid as of the date
of my signing this General Release, (c) right to reimbursement for business expenses incurred and not reimbursed as of the date of my signing this General Release, (d) right to any bonus payment(s) or other compensation due under the
Employment Agreement, the Bonus Plan, any Company Incentive Plan that is earned and accrued for the most recent completed calendar year for which a bonus payment has not then been paid as of the date of my signing this General Release, or
(e) claims arising after the date of my signing this General Release. I agree not to file or otherwise institute any claim, demand or lawsuit seeking damages or other relief and not to otherwise assert any claims, demands or entitlements that
are lawfully released herein. I further hereby irrevocably and unconditionally waive any and all rights to recover any relief or damages concerning the claims, demands or entitlements that are lawfully released herein. I represent and warrant that I
have not previously filed or joined in any such claims, demands or entitlements against the Company or the other persons released herein and that I will indemnify and hold them harmless from all liabilities, claims, demands, costs, expenses and/or
attorneys’ fees incurred as a result of any such claims, demands or lawsuits. 
 Except as otherwise expressly provided
above, this General Release specifically includes, but is not limited to, all claims of breach of contract, employment discrimination (including any claims coming within the scope of Title VII of the Civil Rights Act, the Age Discrimination in
Employment Act, the Older Workers Benefit Protection Act, the Equal Pay Act, the Americans with Disabilities Act, the Family and Medical Leave Act, and any comparable Arizona law, all as amended, or any other applicable federal, state, or local
law), claims under the Employee 

  
 A-1

 
Retirement Income Security Act, as amended, claims under the Fair Labor Standards Act, as amended (or any other applicable federal, state or local statute relating to payment of wages), claims
concerning recruitment, hiring, termination, salary rate, severance pay, stock options, wages or benefits due, sick leave, holiday pay, vacation pay, life insurance, group medical insurance, any other fringe benefits, worker’s compensation,
termination, employment status, libel, slander, defamation, intentional or negligent misrepresentation and/or infliction of emotional distress, together with any and all tort, contract, or other claims which might have been asserted by me or on my
behalf in any suit, charge of discrimination, or claim against the Company or the persons released herein. 
 I acknowledge that
I have been given an opportunity of twenty-one (21) days to consider this General Release and that I have been encouraged by the Company to discuss fully the terms of this General Release with legal counsel of my own choosing. Moreover, for a
period of seven (7) days following my execution of this General Release, I shall have the right to revoke the waiver of claims arising under the Age Discrimination in Employment Act, a federal statute that prohibits employers from
discriminating against employees who are age 40 or over. If I elect to revoke this General Release within this seven-day period, I must inform the Company by delivering a written notice of revocation to the Company’s Director of Human
Resources,                     , no later than 11:59 p.m. on the seventh calendar day after I sign this General Release. I understand that, if I
elect to exercise this revocation right, this General Release shall be voided in its entirety and the Company shall be relieved of all obligations to make the portion of the Severance Package described in Section 5(b) of the Employment
Agreement. I may, if I wish, elect to sign this General Release prior to the expiration of the 21-day consideration period, and I agree that if I elect to do so, my election is made freely and voluntarily and after having an opportunity to consult
counsel. 
  

					
	AGREED:	 		 	
			
	[Form of Agreement Only - Do Not Execute]	 		 	
	  
	 		 	  

	  
	 		 	Date

  
 A-2

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