Document:

Form of Employment Agreement,  William C. Bayless, Jr.

 EXHIBIT 10.6 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT is made and entered into as of this      day of July, 2004, by and between American Campus
Communities, Inc. (the “Company”) and William C. Bayless, Jr. (the “Executive”). 
  
 W I T N E S S E T H : 
  

WHEREAS, the Company desires to employ Executive and to enter into an agreement embodying the terms of such employment (this
“Agreement”) and Executive desires to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable
consideration, the receipt of which is mutually acknowledged, the Company and Executive agree as follows: 
  
 Section 1. Definitions. 
  
 (a) “Accrued Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of termination of Executive’s
employment, (ii) any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of termination of Executive’s employment, (iii) any earned but unpaid holiday, vacation or paid time off; and (iv) any expenses
incurred in accordance with Section 7, below, that remain unpaid or unreimbursed as of the date of termination of Executive’s employment. The Accrued Obligations shall be paid within five (5) business days of the termination of Executive’s
employment under this Agreement, except amounts payable with respect to unpaid Annual Bonus, which shall be paid on the earlier of (i) the first (1st) anniversary of the date upon which Executive’s Annual Bonus was paid in respect of the prior year, or (ii) at such time Annual Bonus amounts are paid to other senior executives. 
  
 (b) “Aggregate Payment” shall have the meaning set forth in
Section 9 below. 
  
 (c) “Additional Payment”
shall have the meaning set forth in Section 9 below. 
  
 (d)
“Auditor” shall mean a nationally recognized United States public accounting firm, jointly selected by the Company and Executive, which has not, during the two years preceding the date of its selection, acted in any way on behalf of
the Company. If Executive and the Company cannot agree on the firm to serve as the Auditor, then Executive and the Company shall each select one accounting firm and those two firms shall jointly select the accounting firm to serve as the Auditor.

  
 (e) “Base Salary” shall mean the salary
provided for in Section 4(a) below or any increased salary granted to Executive pursuant to Section 4(a). 
  
 (f) “Board” shall mean the Board of Directors of the Company. 
  
 (g) “Cause” shall mean (i) Executive’s act of gross negligence or gross misconduct that that has the
effect of injuring the business of the Company and its affiliates, 

 taken as a whole, in any material respect; (ii) Executive’s conviction of, or plea of guilty or nolo
contendere to, the commission of a felony by Executive; (iii) the commission by Executive of an act of fraud or embezzlement against the Company or its affiliates; or (iv) Executive’s willful breach of any material provision of this
Agreement or the Noncompete Agreement. 
  
 (h) “Change in
Control” shall mean: 
  
 (i) The acquisition by any
individual, entity or group (other than the Company or any employee benefit plan of the Company) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of securities representing more than
50% of the voting securities of the Company entitled to vote generally in the election of directors, determined on a fully-diluted basis (“Company Voting Securities”); provided, however, that such acquisition shall not
constitute a Change in Control hereunder if a majority of the holders of the Company Voting Securities immediately prior to such acquisition retain directly or through ownership of one or more holding companies, immediately following such
acquisition, a majority of the voting securities entitled to vote generally in the election of directors of the successor entity; 
  
 (ii) The date upon which individuals who as of the date hereof constitute a majority of the Board (the “Incumbent Board”) cease to
constitute at least a majority of the Board, provided, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; or 
  
 (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a
“Business Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals or entities who were the beneficial owners, respectively, of the Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more
subsidiaries). 
  
 (i) “COBRA” shall mean the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
  
 (j) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (k) “Disability” shall mean any physical or mental disability or infirmity that prevents the performance of Executive’s duties for a period of (i) six (6) consecutive months or (ii) an aggregate
of twelve (12) months in any twenty-four consecutive month period. Any question as to the existence, extent or potentiality of Executive’s Disability upon which Executive and the Company cannot agree shall be determined by a qualified,
independent physician selected by the Company and approved by Executive (which approval shall not be unreasonably withheld). The determination of any such physician shall be final and conclusive for all purposes of this Agreement. 
  

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 (l) “Effective Date” shall mean the date of the consummation of the Company’s
initial public offering pursuant to an effective registration statement on Form S-11. 
  
 (m) “Excise Tax” shall mean any tax imposed under Section 4999 of the Code or any similar tax that may hereafter be imposed. 
  
 (n) “Good Reason” shall mean, without Executive’s consent, (i) any material diminution or change in
the nature or scope of Executive’s functions, duties, position, responsibilities, or reporting relationships that are inconsistent with the Executive’s titles or this Agreement; (ii) the relocation of Executive’s principal office
location more than fifty (50) miles from its current location; (iii) the failure of the Company to obtain the assumption in writing of its obligation to perform this Agreement by any successor to all or substantially all of the assets of the
Company; or (iv) a breach by the Company of any material provision of this Agreement. 
  
 (o) “Noncompete Agreement” shall mean the Confidentiality and Noncompetition Agreement attached hereto as Exhibit A. 
  
 (p) “Outperformance Bonus Program” shall mean the Company’s 2004 Outperformance Bonus Program.

  
 (q) “PIUs” shall have the meaning set forth
in the Plan. 
  
 (r) “Plan” shall mean the
Company’s 2004 Incentive Award Plan. 
  
 (s)
“Restricted Period” shall have the meaning set forth in the Noncompete Agreement. 
  
 (t) “Severance Term” shall have the period specified in Section 8(d)(ii) below. 
  
 (u) “Term of Employment” shall mean the period specified in
Section 2 below. 
  
 Section 2. Acceptance and Term of
Employment. 
  
 The Company agrees to employ Executive and
Executive agrees to serve the Company on the terms and conditions set forth herein. The Term of Employment hereunder shall commence on the Effective Date and shall continue until terminated as provided in Section 8 hereof. 
  
 Section 3. Position, Duties and Responsibilities; Place of
Performance. 
  
 (a) During the Term of Employment, Executive
shall be employed and serve as the President and Chief Executive Officer of the Company (together with such other position or positions consistent with Executive’s title as the Board shall specify from time to time) and 
  

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 shall have such duties typically associated with such title. Executive also agrees to serve as an officer and/or director
of any subsidiary of the Company without additional compensation. Although Executive is not a Member of the Board of Directors as of the Effective Date, the parties acknowledge and agree that Executive shall have the right to be present at any
meetings of the Board at which the other members of the Company’s executive management team are permitted to attend, and shall receive notification in the same manner and timing as delivered to the Board with respect to such meetings;
provided, however, that Executive shall not be entitled to be present at any meeting of the Board pursuant to which an agenda item concerns or otherwise relates to Executive. 
  
 (b) Executive shall devote his full business time, attention, skill and best
efforts to the performance of his duties under this Agreement and shall not engage in any other business or occupation during the Term of Employment, including, without limitation, any activity that (x) conflicts with the interests of the Company,
(y) interferes with the proper and efficient performance of his duties for the Company, or (z) interferes with the exercise of his judgment in the Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude Executive
from (i) serving, with the prior written consent of the Company, as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii)
engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii) and (iii) shall be limited by Executive so as not to materially
interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder. 
  
 (c) Executive’s principal place of employment shall be in Austin, Texas, although Executive understands and agrees that he may be required to travel
from time to time for business reasons. 
  
 Section 4.
Compensation. During the Term of Employment, Executive shall be entitled to the following compensation: 
  
 (a) Base Salary. Executive shall be paid an initial Base Salary (the “Base Salary”), at the annual rate of no less than $300,000,
subject to applicable and authorized deductions and withholdings and payable in accordance with the regular payroll practices of the Company. Such Base Salary may be increased by the Board in its discretion, but in no event may be decreased.

  
 (b) Annual Bonus. Executive shall be eligible for an
annual cash bonus award determined by the Compensation Committee of the Board in respect of each fiscal year during the Term of Employment (the “Annual Bonus”); provided, however, that in the event the Company adopts
an annual bonus plan for its senior executives, Executive shall participate in such plan on the same basis as other senior executives of the Company (with appropriate adjustment due to differences in title and salary). Executive shall receive the
Annual Bonus in respect of any year at the same time as bonuses are paid to other executive officers of the Company, but in no event later than ninety (90) days after the end of the fiscal year for which the bonus is payable. 
  
 (c) Equity Grants. As of the Effective Date, pursuant to the terms of
the Plan, the Company shall grant Executive              PIUs, which shall be immediately vested as of the Effective Date. 
  

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 (d) Outperformance Award. Subject to the terms and conditions of the Company’s 2004
Outperformance Bonus Program, Executive shall be eligible to receive an outperformance award thereunder, representing     % of the total bonus pool available under the Outperformance Bonus Program. 
  
 (e) Legal Fees. The Company shall reimburse Executive for reasonable
and necessary attorneys’ fees incurred by Executive in the review and analysis of this Agreement, prior to Executive’s execution of this Agreement. 
  
 Section 5. Employee Benefits. During the Term of Employment, Executive shall be entitled to participate in health, insurance, retirement and other
benefits provided to other senior executives of the Company. Executive shall also be entitled to at least the same number of holidays, vacation, sick days and other benefits as are generally allowed to senior executives of the Company in accordance
with the Company policy in effect from time to time, or as otherwise granted by the Compensation Committee of the Board. 
  
 Section 6. Key-Man Insurance. 
  
 At any time during the Term of Employment, the Company shall have the right to insure the life of Executive for the sole benefit of the Company, in such
amounts, and with such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. Executive shall have no interest in any such policy, but agrees to cooperate with the Company in taking out such insurance by
submitting to physical examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation is imposed on Executive by any such documents. 
  
 Section 7. Reimbursement of Business Expenses. 
  
 Executive is authorized to incur reasonable expenses in carrying out his
duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the
Company’s policy, as in effect from time to time. 
  
 Section
8. Termination of Employment. 
  
 (a) General. The
Term of Employment shall terminate upon the earliest to occur of (i) Executive’s death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with or without Cause, or (iv) a termination by Executive with or without
Good Reason. Upon any termination of Executive’s employment for any reason, except as may otherwise be requested by the Company, Executive shall be deemed to have resigned from any and all directorships, committee memberships or any other
positions Executive holds with the Company or any of its affiliates. 
  
 (b) Termination Due to Death or Disability. Executive’s employment shall terminate automatically upon his death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such
termination to be effective upon Executive’s receipt of written notice of such termination. In the event Executive’s employment is terminated due to his death or Disability, Executive or his estate or his beneficiaries, as the case may be,
shall be entitled to the Accrued Obligations. 
  

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 (c) Termination by the Company for Cause. 
  
 (i) A termination for Cause shall not take effect unless the provisions of
this subsection (i) are complied with. The Board shall give Executive not less than ten (10) business days written notice of the Board’s intention to terminate Executive for Cause, such notice to state in detail the particular act or acts or
failure or failures to act that constitute the grounds on which the proposed termination for Cause is based. Executive shall have ten (10) business days after the date that such written notice has been received by Executive in which to cure such
conduct, to the extent such cure is possible. If he fails to cure such conduct, the termination shall be effective on the date immediately following the expiration of the ten (10) business day notice period. 
  
 (ii) In the event the Company terminates Executive’s employment for
Cause, he shall be entitled to the Accrued Obligations. 
  
 (d)
Termination By The Company Without Cause. The Company may terminate Executive’s employment at any time without Cause, effective upon Executive’s receipt of written notice of such termination. In the event Executive’s employment
is terminated by the Company without Cause (other than due to death or Disability), Executive shall be entitled to: 
  
 (i) The Accrued Obligations; 
  
 (ii) An amount equal to 2.99 times the sum of (x) the annual Base Salary as of the date of termination, plus (y) an average of the Annual Bonus paid or
payable to Executive under the terms of this Agreement in the three (3) fiscal years immediately prior to the fiscal year in which Executive’s termination of employment occurs; provided, however, that if Executive has been employed under
the terms of this Agreement for less than three (3) fiscal years as of the date of such termination, the bonus (y) to be included in this amount shall be based on the percentage of Base Salary represented by the average Annual Bonus received by
Executive under the terms of this Agreement; such amount shall be payable in equal monthly installments during the Restricted Period; 
  
 (iii) A pro rata Annual Bonus for the year in which such termination occurs, equal to the greater of (x) the Annual Bonus paid or payable in respect of
the fiscal year immediately prior the fiscal year in which Executive’s termination of employment occurs, or (y) Executive’s target Annual Bonus for the year in which such termination occurs, multiplied by a fraction, the numerator of which
equals the number of days elapsed from the commencement of the fiscal year in which such termination occurs through the date of such termination, and the denominator of which equals 365; such amount shall be payable in equal monthly installments
during the Restricted Period; and 
  
 (iv) An amount equal to the
difference between the amount paid by Executive for health insurance coverage under the Company’s health benefit plan immediately prior to such termination and the cost of continuation coverage under COBRA, payable on a monthly basis for the
period ending on the second (2nd) anniversary of the date of such termination; provided, that if prior to the second
(2nd) anniversary of the date of such termination Executive is eligible to receive health insurance benefits from a
subsequent employer, payments under this subsection (iv) shall cease as of the date Executive becomes eligible. 
  
 (e) Termination By The Executive With Good Reason. Executive may terminate his employment with Good Reason by providing the Company thirty (30)
days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, within sixty (60) days of the occurrence of such event. During such thirty (30) day notice period, the 
  

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 Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be
effective upon the expiration of such cure period, and the Executive shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination without Cause. 
  
 (f) Termination By Executive Without Good Reason. Executive may terminate his employment without Good Reason by
providing the Company thirty (30) days’ written notice of such termination. In the event of a termination of employment by Executive under this Section 8(f), Executive shall be entitled to the Accrued Obligations. In the event of termination of
Executive’s employment under this subsection (f), the Company may, in its sole and absolute discretion, at any time after notice of termination has been given by Executive, terminate Executive’s employment (which in no event shall be
treated as a termination without Cause or an event of Good Reason), provided that the Company shall continue to pay to Executive his then current Base Salary and continue benefits provided pursuant to Section 5 for the duration of the unexpired
notice period. 
  
 (g) Mitigation; Offset. In the event of
any termination of employment under this Section 8, Executive shall be under no obligation to mitigate amounts payable hereunder by seeking other employment or otherwise, and there shall be no offset against any payments or amounts due to Executive
under the terms of this Agreement on account of any subsequent employment by Executive or otherwise. 
  
 (h) Release. Notwithstanding any provision herein to the contrary, the Company may require that, prior to payment of any amount or provision of any
benefit pursuant to subsections (d) or (e) of this Section 8, Executive shall have executed a complete release of the Company and its affiliates and related parties in such form as is reasonably required by the Company, and any waiting periods
contained in such release shall have expired. 
  
 Section 9.
Additional Payment. 
  
 (a) In the event that payments or
benefits made or provided to the Executive under this Agreement and under any other plan, program or agreement of the Company, or any of their respective affiliates (the “Aggregate Payment”) are or become subject to the Excise Tax,
the Company shall pay to the Executive an additional amount (the “Additional Payment”) such that the net amount retained by the Executive with respect to the Aggregate Payment, after deduction of any Excise Tax on the Aggregate
Payment and any Federal, state and local income tax and Excise Tax on the Additional Payment (and any interest and penalties thereon), but before deduction for any Federal, state or local income or employment tax withholding on such Aggregate
Payment, shall be equal to the amount of the Aggregate Payment. 
  
 (b) The determination of whether the Aggregate Payment will be subject to the Excise Tax and, if so, the amount to be paid to the Executive and the time of payment pursuant to this Section 9 shall be made by the Auditor. All fees and
expenses of the Auditor shall be borne solely by the Company. 
  
 (c) For purposes of determining the amount of the Additional Payment, the Executive shall be deemed to pay: 
  
 (i) Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the Additional Payment is to
be made, and 
  

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 (ii) Any applicable state and local income taxes at the highest applicable marginal rate of taxation for
the calendar year in which the Additional Payment is to be made, net of the maximum reduction in Federal incomes taxes which could be obtained from the deduction of such state or local taxes if paid in such year. 
  
 (d) In the event that the Excise Tax is subsequently determined by the
Auditor or pursuant to any proceeding or negotiations with the Internal Revenue Service to be less than the amount taken into account hereunder in calculating the Additional Payment made, Executive shall repay to the Company, at the time that the
amount of such reduction in the Excise Tax is finally determined, the portion of such prior Additional Payment that would not have been paid if such Excise Tax had been applied in initially calculating such Additional Payment. 
  
 (e) In the event that the Excise Tax is subsequently determined by the
Auditor or pursuant to any proceeding or negotiations with the Internal Revenue Service to exceed the amount taken into account hereunder at the time the Additional Payment is made (including, but not limited to, by reason of any payment the
existence or amount of which cannot be determined at the time of the Additional Payment), the Company shall make an additional payment in respect of such excess (plus any interest or penalty payable with respect to such excess) at the time that the
amount of such excess is finally determined. 
  
 Section 10.
Noncompete Agreement 
  
 As a condition to his employment
pursuant to this Agreement, Executive shall execute the Noncompete Agreement. Executive hereby represents and warrants to the Company that he will comply with all obligations under the Noncompete Agreement and further agrees that the Noncompete
Agreement will survive any termination of this Agreement or Executive’s employment, or subsequent service relationship with the Company, if any. Executive agrees that any breach of his obligations under the Noncompete Agreement shall likewise
and to the same extent be viewed as a breach hereunder. 
  
 Section 11. Representations and Warranties of Executive. 
  
 Executive represents that: 
  
 (a) Executive is entering into this Agreement voluntarily and that his employment hereunder and compliance with the terms and conditions hereof will not conflict with or result in the breach by him of any agreement to which he is a party or
by which he may be bound; 
  
 (b) he has not, and in connection
with his employment with the Company will not, violate any non-solicitation or other similar covenant or agreement by which he is or may be bound; 
  

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 (c) in connection with his employment with the Company he will not use any confidential or proprietary
information he may have obtained in connection with employment with any prior employer; and 
  
 (d) during the Term of Employment, Executive will not in any way attempt to limit the financial risk with respect to unvested options to purchase shares of the Company or any other stock-based awards granted under the
Plan or otherwise, by means of any hedging (including without limitation, selling short) or other techniques. 
  
 Section 12. Taxes.  
  
 The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment and social
insurance taxes, as shall be required by law. 
  
 Section
13. Successors and Assigns; No Third-Party Beneficiaries. 
  
 (a) The Company. This Agreement shall inure to the benefit of and be enforceable by, and may be assigned by the Company to, any purchaser of all or substantially all of the Company’s business or assets, any successor to the
Company or any assignee thereof (whether direct or indirect, by purchase, merger, consolidation or otherwise). The Company will require any such purchaser, successor or assignee to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such purchase, succession or assignment had taken place. 
  
 (b) Executive. Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise,
without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee,
legatee or other designee or, if there be no such designee, to Executive’s estate. 
  
 Section 14. Waiver and Amendments. 
  
 Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver,
alteration, amendment or modification is consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or
transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 
  
 Section 15. Severability and Governing Law. 
  
 If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent
jurisdiction: (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable 
  

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 term or provision hereof. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS (WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF) APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 
  
 Section 16. Notices. 
  
 (a) Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom it is
intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided, provided that, unless and until some other address be so designated, all notices or communications by
Executive to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications by the Company to Executive may be given to Executive personally or may be mailed to Executive at
Executive’s last known address, as reflected in the Company’s records. 
  
 (b) Any notice so addressed shall be deemed to be given: (i) if delivered by hand, on the date of such delivery; (ii) if mailed by courier or by overnight mail, on the first business day following the date of such
mailing; and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing. 
  
 Section 17. Dispute Resolution. 
  
 Any controversy arising out of or relating to this Agreement or the breach hereof (other than claims for injunctive relief arising under the Noncompete
Agreement) shall be settled by binding arbitration in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (with the exception that there will be a panel of three arbitrators rather than a single
arbitrator) and judgment upon the award rendered may be entered in any court having jurisdiction thereof. The costs of any such arbitration proceedings shall be borne equally by the Company and Executive, and neither party shall be entitled to
recover attorney’s fee or costs expended in the course of such arbitration or enforcement of the awarded rendered thereunder. The location for the arbitration shall be Austin, Texas. Any award made by such arbitrator shall be final, binding and
conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  
 Section 18. Section Headings. 
  
 The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof,
affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
  
 Section 19. Entire Agreement. 
  
 This Agreement, together with any exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding the employment of Executive, including, without limitation, any prior employment agreements with
the Company or its 
  

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 affiliates. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings
and agreements between the parties relating to the subject matter of this Agreement. 
  
 Section 20. Survival of Operative Sections. 
  
 Upon any termination of Executive’s employment, the provisions of Section 8 through Section 21 of this Agreement shall survive to the extent necessary to give effect to the provisions thereof. 
  
 Section 21. Counterparts. 
  
 This Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. 
  
 *    *    * 
  
 [Signatures to appear on the following page.] 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

  

	
	AMERICAN CAMPUS COMMUNITIES, INC.
	
	

	By:
	Title:
	
	William C. Bayless, Jr.
	  

  

 -12-Form of Employment Agreement,  Brian B. Nickel

 EXHIBIT 10.7 
  
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT is made and entered into as of this      day of July, 2004, by and between American Campus
Communities, Inc. (the “Company”) and Brian B. Nickel (the “Executive”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Company desires to employ Executive and to enter into an agreement embodying the terms of such employment (this “Agreement”)
and Executive desires to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which
is mutually acknowledged, the Company and Executive agree as follows: 
  
 Section 1. Definitions. 
  
 (a) “Accrued
Obligations” shall mean (i) all accrued but unpaid Base Salary through the date of termination of Executive’s employment, (ii) any unpaid Annual Bonus in respect to any completed fiscal year which has ended prior to the date of
termination of Executive’s employment, (iii) any earned but unpaid holiday, vacation or paid time off; and (iv) any expenses incurred in accordance with Section 7, below, that remain unpaid or unreimbursed as of the date of termination of
Executive’s employment. The Accrued Obligations shall be paid within five (5) business days of the termination of Executive’s employment under this Agreement, except amounts payable with respect to unpaid Annual Bonus, which shall be paid
on the earlier of (i) the first (1st) anniversary of the date upon which Executive’s Annual Bonus was paid in
respect of the prior year, or (ii) at such time Annual Bonus amounts are paid to other senior executives. 
  
 (b) “Aggregate Payment” shall have the meaning set forth in Section 9 below. 
  
 (c) “Additional Payment” shall have the meaning set forth in
Section 9 below. 
  
 (d) “Auditor” shall mean a
nationally recognized United States public accounting firm, jointly selected by the Company and Executive, which has not, during the two years preceding the date of its selection, acted in any way on behalf of the Company. If Executive and the
Company cannot agree on the firm to serve as the Auditor, then Executive and the Company shall each select one accounting firm and those two firms shall jointly select the accounting firm to serve as the Auditor. 
  
 (e) “Base Salary” shall mean the salary provided for in
Section 4(a) below or any increased salary granted to Executive pursuant to Section 4(a). 
  
 (f) “Board” shall mean the Board of Directors of the Company. 
  
 (g) “Cause” shall mean (i) Executive’s act of gross negligence or gross misconduct that that has the effect of injuring the business
of the Company and its affiliates, 

 taken as a whole, in any material respect; (ii) Executive’s conviction of, or plea of guilty or nolo
contendere to, the commission of a felony by Executive; (iii) the commission by Executive of an act of fraud or embezzlement against the Company or its affiliates; or (iv) Executive’s willful breach of any material provision of this
Agreement or the Noncompete Agreement. 
  
 (h) “Change in
Control” shall mean: 
  
 (i) The acquisition by any
individual, entity or group (other than the Company or any employee benefit plan of the Company) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Securities Exchange Act of 1934) of securities representing more than
50% of the voting securities of the Company entitled to vote generally in the election of directors, determined on a fully-diluted basis (“Company Voting Securities”); provided, however, that such acquisition shall not
constitute a Change in Control hereunder if a majority of the holders of the Company Voting Securities immediately prior to such acquisition retain directly or through ownership of one or more holding companies, immediately following such
acquisition, a majority of the voting securities entitled to vote generally in the election of directors of the successor entity; 
  
 (ii) The date upon which individuals who as of the date hereof constitute a majority of the Board (the “Incumbent Board”) cease to
constitute at least a majority of the Board, provided, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority
of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board; or 
  
 (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a
“Business Combination”), in each case, unless, following such Business Combination, all or substantially all of the individuals or entities who were the beneficial owners, respectively, of the Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more
subsidiaries). 
  
 (i) “COBRA” shall mean the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 
  
 (j) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 (k) “Disability” shall mean any physical or mental disability or infirmity that prevents the performance of Executive’s duties for a period of (i) six (6) consecutive months or (ii) an aggregate
of twelve (12) months in any twenty-four consecutive month period. Any question as to the existence, extent or potentiality of Executive’s Disability upon which Executive and the Company cannot agree shall be determined by a qualified,
independent physician selected by the Company and approved by Executive (which approval shall not be unreasonably withheld). The determination of any such physician shall be final and conclusive for all purposes of this Agreement. 
  

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 (l) “Effective Date” shall mean the date of the consummation of the Company’s
initial public offering pursuant to an effective registration statement on Form S-11. 
  
 (m) “Excise Tax” shall mean any tax imposed under Section 4999 of the Code or any similar tax that may hereafter be imposed. 
  
 (n) “Good Reason” shall mean, without Executive’s consent, (i) any material diminution or change in
the nature or scope of Executive’s functions, duties, position, responsibilities, or reporting relationships that are inconsistent with the Executive’s titles or this Agreement; (ii) the relocation of Executive’s principal office
location more than fifty (50) miles from its current location; (iii) the failure of the Company to obtain the assumption in writing of its obligation to perform this Agreement by any successor to all or substantially all of the assets of the
Company; or (iv) a breach by the Company of any material provision of this Agreement. 
  
 (o) “Noncompete Agreement” shall mean the Confidentiality and Noncompetition Agreement attached hereto as Exhibit A. 
  
 (p) “Outperformance Bonus Program” shall mean the Company’s 2004 Outperformance Bonus Program.

  
 (q) “PIUs” shall have the meaning set forth
in the Plan. 
  
 (r) “Plan” shall mean the
Company’s 2004 Incentive Award Plan. 
  
 (s)
“Restricted Period” shall have the meaning set forth in the Noncompete Agreement. 
  
 (t) “Severance Term” shall have the period specified in Section 8(d)(ii) below. 
  
 (u) “Term of Employment” shall mean the period specified in
Section 2 below. 
  
 Section 2. Acceptance and Term of
Employment. 
  
 The Company agrees to employ Executive and
Executive agrees to serve the Company on the terms and conditions set forth herein. The Term of Employment hereunder shall commence on the Effective Date and shall continue until terminated as provided in Section 8 hereof. 
  
 Section 3. Position, Duties and Responsibilities; Place of
Performance. 
  
 (a) During the Term of Employment, Executive
shall be employed and serve as the Executive Vice President and Chief Investment Officer of the Company (together with such other position or positions consistent with Executive’s title as the Board shall specify from 
  

 -3- 

 time to time) and shall have such duties typically associated with such title. Executive also agrees to serve as an
officer and/or director of any subsidiary of the Company without additional compensation. Although Executive is not a Member of the Board of Directors as of the Effective Date, the parties acknowledge and agree that Executive shall have the right to
be present at any meetings of the Board at which the other members of the Company’s executive management team are permitted to attend, and shall receive notification in the same manner and timing as delivered to the Board with respect to such
meetings; provided, however, that Executive shall not be entitled to be present at any meeting of the Board pursuant to which an agenda item concerns or otherwise relates to Executive. 
  
 (b) Executive shall devote his full business time, attention, skill and best
efforts to the performance of his duties under this Agreement and shall not engage in any other business or occupation during the Term of Employment, including, without limitation, any activity that (x) conflicts with the interests of the Company,
(y) interferes with the proper and efficient performance of his duties for the Company, or (z) interferes with the exercise of his judgment in the Company’s best interests. Notwithstanding the foregoing, nothing herein shall preclude Executive
from (i) serving, with the prior written consent of the Company, as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate entity) of non-competing businesses and charitable organizations, (ii)
engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs; provided, however, that the activities set out in clauses (i), (ii) and (iii) shall be limited by Executive so as not to materially
interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder. 
  
 (c) Executive’s principal place of employment shall be in Austin, Texas, although Executive understands and agrees that he may be required to travel
from time to time for business reasons. 
  
 Section 4.
Compensation. During the Term of Employment, Executive shall be entitled to the following compensation: 
  
 (a) Base Salary. Executive shall be paid an initial Base Salary (the “Base Salary”), at the annual rate of no less than $250,000,
subject to applicable and authorized deductions and withholdings and payable in accordance with the regular payroll practices of the Company. Such Base Salary may be increased by the Board in its discretion, but in no event may be decreased.

  
 (b) Annual Bonus. Executive shall be eligible for an
annual cash bonus award determined by the Compensation Committee of the Board in respect of each fiscal year during the Term of Employment (the “Annual Bonus”); provided, however, that in the event the Company adopts
an annual bonus plan for its senior executives, Executive shall participate in such plan on the same basis as other senior executives of the Company (with appropriate adjustment due to differences in title and salary). Executive shall receive the
Annual Bonus in respect of any year at the same time as bonuses are paid to other executive officers of the Company, but in no event later than ninety (90) days after the end of the fiscal year for which the bonus is payable. 
  
 (c) Equity Grants. As of the Effective Date, pursuant to the terms of
the Plan, the Company shall grant Executive      PIUs, which shall be immediately vested as of the Effective Date. 
  

 -4- 

 (d) Outperformance Award. Subject to the terms and conditions of the Company’s 2004
Outperformance Bonus Program, Executive shall be eligible to receive an outperformance award thereunder, representing     % of the total bonus pool available under the Outperformance Bonus Program. 
  
 (e) Legal Fees. The Company shall reimburse Executive for reasonable
and necessary attorneys’ fees incurred by Executive in the review and analysis of this Agreement, prior to Executive’s execution of this Agreement. 
  
 Section 5. Employee Benefits. During the Term of Employment, Executive shall be entitled to participate in health, insurance, retirement and other
benefits provided to other senior executives of the Company. Executive shall also be entitled to at least the same number of holidays, vacation, sick days and other benefits as are generally allowed to senior executives of the Company in accordance
with the Company policy in effect from time to time, or as otherwise granted by the Compensation Committee of the Board. 
  
 Section 6. Key-Man Insurance. 
  
 At any time during the Term of Employment, the Company shall have the right to insure the life of Executive for the sole benefit of the Company, in such
amounts, and with such terms, as it may determine. All premiums payable thereon shall be the obligation of the Company. Executive shall have no interest in any such policy, but agrees to cooperate with the Company in taking out such insurance by
submitting to physical examinations, supplying all information required by the insurance company, and executing all necessary documents, provided that no financial obligation is imposed on Executive by any such documents. 
  
 Section 7. Reimbursement of Business Expenses. 
  
 Executive is authorized to incur reasonable expenses in carrying out his
duties and responsibilities under this Agreement and the Company shall promptly reimburse him for all business expenses incurred in connection with carrying out the business of the Company, subject to documentation in accordance with the
Company’s policy, as in effect from time to time. 
  
 Section
8. Termination of Employment. 
  
 (a) General. The
Term of Employment shall terminate upon the earliest to occur of (i) Executive’s death, (ii) a termination by reason of a Disability, (iii) a termination by the Company with or without Cause, or (iv) a termination by Executive with or without
Good Reason. Upon any termination of Executive’s employment for any reason, except as may otherwise be requested by the Company, Executive shall be deemed to have resigned from any and all directorships, committee memberships or any other
positions Executive holds with the Company or any of its affiliates. 
  
 (b) Termination Due to Death or Disability. Executive’s employment shall terminate automatically upon his death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such
termination to be effective upon Executive’s receipt of written notice of such termination. In the event Executive’s employment is terminated due to his death or Disability, Executive or his estate or his beneficiaries, as the case may be,
shall be entitled to the Accrued Obligations. 
  

 -5- 

 (c) Termination by the Company for Cause. 
  
 (i) A termination for Cause shall not take effect unless the provisions of
this subsection (i) are complied with. The Board shall give Executive not less than ten (10) business days written notice of the Board’s intention to terminate Executive for Cause, such notice to state in detail the particular act or acts or
failure or failures to act that constitute the grounds on which the proposed termination for Cause is based. Executive shall have ten (10) business days after the date that such written notice has been received by Executive in which to cure such
conduct, to the extent such cure is possible. If he fails to cure such conduct, the termination shall be effective on the date immediately following the expiration of the ten (10) business day notice period. 
  
 (ii) In the event the Company terminates Executive’s employment for
Cause, he shall be entitled to the Accrued Obligations. 
  
 (d)
Termination By The Company Without Cause. The Company may terminate Executive’s employment at any time without Cause, effective upon Executive’s receipt of written notice of such termination. In the event Executive’s employment
is terminated by the Company without Cause (other than due to death or Disability), Executive shall be entitled to: 
  
 (i) The Accrued Obligations; 
  
 (ii) An amount equal to 2 times the sum of (x) the annual Base Salary as of the date of termination, plus (y) an average of the Annual Bonus paid or
payable to Executive under the terms of this Agreement in the three (3) fiscal years immediately prior to the fiscal year in which Executive’s termination of employment occurs; provided, however, that if Executive has been employed under
the terms of this Agreement for less than three (3) fiscal years as of the date of such termination, the bonus (y) to be included in this amount shall be based on the percentage of Base Salary represented by the average Annual Bonus received by
Executive under the terms of this Agreement; such amount shall be payable in equal monthly installments during the Restricted Period; 
  
 (iii) A pro rata Annual Bonus for the year in which such termination occurs, equal to the greater of (x) the Annual Bonus paid or payable in respect of
the fiscal year immediately prior the fiscal year in which Executive’s termination of employment occurs, or (y) Executive’s target Annual Bonus for the year in which such termination occurs, multiplied by a fraction, the numerator of which
equals the number of days elapsed from the commencement of the fiscal year in which such termination occurs through the date of such termination, and the denominator of which equals 365; such amount shall be payable in equal monthly installments
during the Restricted Period; and 
  
 (iv) An amount equal to the
difference between the amount paid by Executive for health insurance coverage under the Company’s health benefit plan immediately prior to such termination and the cost of continuation coverage under COBRA, payable on a monthly basis for the
period ending on the second (2nd) anniversary of the date of such termination; provided, that if prior to the second
(2nd) anniversary of the date of such termination Executive is eligible to receive health insurance benefits from a
subsequent employer, payments under this subsection (iv) shall cease as of the date Executive becomes eligible. 
  
 (e) Termination By The Executive With Good Reason. Executive may terminate his employment with Good Reason by providing the Company thirty (30)
days’ written notice setting forth in reasonable specificity the event that constitutes Good Reason, within sixty (60) days of the occurrence of such event. During such thirty (30) day notice period, the 
  

 -6- 

 Company shall have a cure right (if curable), and if not cured within such period, Executive’s termination will be
effective upon the expiration of such cure period, and the Executive shall be entitled to the same payments and benefits as provided in Section 8(d) above for a termination without Cause. 
  
 (f) Termination By Executive Without Good Reason. Executive may terminate his employment without Good Reason by
providing the Company thirty (30) days’ written notice of such termination. In the event of a termination of employment by Executive under this Section 8(f), Executive shall be entitled to the Accrued Obligations. In the event of termination of
Executive’s employment under this subsection (f), the Company may, in its sole and absolute discretion, at any time after notice of termination has been given by Executive, terminate Executive’s employment (which in no event shall be
treated as a termination without Cause or an event of Good Reason), provided that the Company shall continue to pay to Executive his then current Base Salary and continue benefits provided pursuant to Section 5 for the duration of the unexpired
notice period. 
  
 (g) Mitigation; Offset. In the event of
any termination of employment under this Section 8, Executive shall be under no obligation to mitigate amounts payable hereunder by seeking other employment or otherwise, and there shall be no offset against any payments or amounts due to Executive
under the terms of this Agreement on account of any subsequent employment by Executive or otherwise. 
  
 (h) Release. Notwithstanding any provision herein to the contrary, the Company may require that, prior to payment of any amount or provision of any
benefit pursuant to subsections (d) or (e) of this Section 8, Executive shall have executed a complete release of the Company and its affiliates and related parties in such form as is reasonably required by the Company, and any waiting periods
contained in such release shall have expired. 
  
 Section 9.
Additional Payment. 
  
 (a) In the event that payments or
benefits made or provided to the Executive under this Agreement and under any other plan, program or agreement of the Company, or any of their respective affiliates (the “Aggregate Payment”) are or become subject to the Excise Tax,
the Company shall pay to the Executive an additional amount (the “Additional Payment”) such that the net amount retained by the Executive with respect to the Aggregate Payment, after deduction of any Excise Tax on the Aggregate
Payment and any Federal, state and local income tax and Excise Tax on the Additional Payment (and any interest and penalties thereon), but before deduction for any Federal, state or local income or employment tax withholding on such Aggregate
Payment, shall be equal to the amount of the Aggregate Payment. 
  
 (b) The determination of whether the Aggregate Payment will be subject to the Excise Tax and, if so, the amount to be paid to the Executive and the time of payment pursuant to this Section 9 shall be made by the Auditor. All fees and
expenses of the Auditor shall be borne solely by the Company. 
  
 (c) For purposes of determining the amount of the Additional Payment, the Executive shall be deemed to pay: 
  
 (i) Federal income taxes at the highest applicable marginal rate of Federal income taxation for the calendar year in which the Additional Payment is to
be made, and 
  

 -7- 

 (ii) Any applicable state and local income taxes at the highest applicable marginal rate of taxation for
the calendar year in which the Additional Payment is to be made, net of the maximum reduction in Federal incomes taxes which could be obtained from the deduction of such state or local taxes if paid in such year. 
  
 (d) In the event that the Excise Tax is subsequently determined by the
Auditor or pursuant to any proceeding or negotiations with the Internal Revenue Service to be less than the amount taken into account hereunder in calculating the Additional Payment made, Executive shall repay to the Company, at the time that the
amount of such reduction in the Excise Tax is finally determined, the portion of such prior Additional Payment that would not have been paid if such Excise Tax had been applied in initially calculating such Additional Payment. 
  
 (e) In the event that the Excise Tax is subsequently determined by the
Auditor or pursuant to any proceeding or negotiations with the Internal Revenue Service to exceed the amount taken into account hereunder at the time the Additional Payment is made (including, but not limited to, by reason of any payment the
existence or amount of which cannot be determined at the time of the Additional Payment), the Company shall make an additional payment in respect of such excess (plus any interest or penalty payable with respect to such excess) at the time that the
amount of such excess is finally determined. 
  
 Section 10.
Noncompete Agreement 
  
 As a condition to his employment
pursuant to this Agreement, Executive shall execute the Noncompete Agreement. Executive hereby represents and warrants to the Company that he will comply with all obligations under the Noncompete Agreement and further agrees that the Noncompete
Agreement will survive any termination of this Agreement or Executive’s employment, or subsequent service relationship with the Company, if any. Executive agrees that any breach of his obligations under the Noncompete Agreement shall likewise
and to the same extent be viewed as a breach hereunder. 
  
 Section 11. Representations and Warranties of Executive. 
  
 Executive represents that: 
  
 (a) Executive is entering into this Agreement voluntarily and that his employment hereunder and compliance with the terms and conditions hereof will not conflict with or result in the breach by him of any agreement to which he is a party or
by which he may be bound; 
  
 (b) he has not, and in connection
with his employment with the Company will not, violate any non-solicitation or other similar covenant or agreement by which he is or may be bound; 
  

 -8- 

 (c) in connection with his employment with the Company he will not use any confidential or proprietary
information he may have obtained in connection with employment with any prior employer; and 
  
 (d) during the Term of Employment, Executive will not in any way attempt to limit the financial risk with respect to unvested options to purchase shares of the Company or any other stock-based awards granted under the
Plan or otherwise, by means of any hedging (including without limitation, selling short) or other techniques. 
  
 Section 12. Taxes.  
  
 The Company may withhold from any payments made under this Agreement all applicable taxes, including but not limited to income, employment and social
insurance taxes, as shall be required by law. 
  
 Section
13. Successors and Assigns; No Third-Party Beneficiaries. 
  
 (a) The Company. This Agreement shall inure to the benefit of and be enforceable by, and may be assigned by the Company to, any purchaser of all or substantially all of the Company’s business or assets, any successor to the
Company or any assignee thereof (whether direct or indirect, by purchase, merger, consolidation or otherwise). The Company will require any such purchaser, successor or assignee to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such purchase, succession or assignment had taken place. 
  
 (b) Executive. Executive’s rights and obligations under this Agreement shall not be transferable by Executive by assignment or otherwise,
without the prior written consent of the Company; provided, however, that if Executive shall die, all amounts then payable to Executive hereunder shall be paid in accordance with the terms of this Agreement to Executive’s devisee,
legatee or other designee or, if there be no such designee, to Executive’s estate. 
  
 Section 14. Waiver and Amendments. 
  
 Any waiver, alteration, amendment or modification of any of the terms of this Agreement shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver,
alteration, amendment or modification is consented to on the Company’s behalf by the Board. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or
transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 
  
 Section 15. Severability and Governing Law. 
  
 If any covenants or such other provisions of this Agreement are found to be invalid or unenforceable by a final determination of a court of competent
jurisdiction: (a) the remaining terms and provisions hereof shall be unimpaired, and (b) the invalid or unenforceable term or provision hereof shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable 
  

 -9- 

 term or provision hereof. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS (WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF) APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE. 
  
 Section 16. Notices. 
  
 (a) Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom it is
intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided, provided that, unless and until some other address be so designated, all notices or communications by
Executive to the Company shall be mailed or delivered to the Company at its principal executive office, and all notices or communications by the Company to Executive may be given to Executive personally or may be mailed to Executive at
Executive’s last known address, as reflected in the Company’s records. 
  
 (b) Any notice so addressed shall be deemed to be given: (i) if delivered by hand, on the date of such delivery; (ii) if mailed by courier or by overnight mail, on the first business day following the date of such
mailing; and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing. 
  
 Section 17. Dispute Resolution. 
  
 Any controversy arising out of or relating to this Agreement or the breach hereof (other than claims for injunctive relief arising under the Noncompete
Agreement) shall be settled by binding arbitration in accordance with the Employment Dispute Resolution Rules of the American Arbitration Association (with the exception that there will be a panel of three arbitrators rather than a single
arbitrator) and judgment upon the award rendered may be entered in any court having jurisdiction thereof. The costs of any such arbitration proceedings shall be borne equally by the Company and Executive, and neither party shall be entitled to
recover attorney’s fee or costs expended in the course of such arbitration or enforcement of the awarded rendered thereunder. The location for the arbitration shall be Austin, Texas. Any award made by such arbitrator shall be final, binding and
conclusive on the parties for all purposes, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 
  
 Section 18. Section Headings. 
  
 The headings of the sections and subsections of this Agreement are inserted for convenience only and shall not be deemed to constitute a part thereof,
affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
  
 Section 19. Entire Agreement. 
  
 This Agreement, together with any exhibits attached hereto, constitutes the entire understanding and agreement of the parties hereto regarding the employment of Executive, including, without limitation, any prior employment agreements with
the Company or its 
  

 -10- 

 affiliates. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings
and agreements between the parties relating to the subject matter of this Agreement. 
  
 Section 20. Survival of Operative Sections. 
  
 Upon any termination of Executive’s employment, the provisions of Section 8 through Section 21 of this Agreement shall survive to the extent necessary to give effect to the provisions thereof. 
  
 Section 21. Counterparts. 
  
 This Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature. 
  
 *    *    * 
  
 [Signatures to appear on the following page.] 
  

 -11- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

  

	
	AMERICAN CAMPUS COMMUNITIES, INC.
	
	  

	By:
	Title:
	
	Brian B. Nickel
	  

  

 -12-

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