Document:

EX-10.6

Table of Contents

 Exhibit 10.6 

Execution Version 
  

 
  

Aimco JO Intermediate Holdings, LLC 

$534,127,075 
 5.2%
Secured Mezzanine Notes due January 31, 2024 
  

 
 Mezzanine
Note Agreement 
  
  

Dated as of December 14, 2020 
  

 
  

Table of Contents

 Table of Contents 

 

							
	 	  	 	  	Page	 
	 Section 1. Authorization of Notes
	  	 	1	 
		
	 Section 2. Transfer and Issuance of Notes
	  	 	1	 
		
	 Section 3. Closing
	  	 	1	 
		
	 Section 4. Deliverables at Closing
	  	 	1	 
	 Section 4.1.
	  	Delivery of Transferred Interests	  	 	1	 
	 Section 4.2.
	  	Pledge Agreement and Collateral	  	 	2	 
	 Section 4.3.
	  	James Oxford Operating Agreement	  	 	2	 
		
	 Section 5. Representations and Warranties of the Company
	  	 	2	 
	 Section 5.1.
	  	Organization; Power and Authority	  	 	2	 
	 Section 5.2.
	  	Authorization, Etc.	  	 	2	 
	 Section 5.3.
	  	Organization and Ownership of Shares of Certain Subsidiaries	  	 	2	 
	 Section 5.4.
	  	REIT Representations	  	 	3	 
	 Section 5.5.
	  	Title to Property	  	 	3	 
	 Section 5.6.
	  	Existing Indebtedness; Restrictions on Indebtedness and Liens	  	 	3	 
		
	 Section 6. Notices From the Company
	  	 	3	 
		
	 Section 7. Payment and Prepayment of the Notes
	  	 	4	 
	 Section 7.1.
	  	Maturity; Payment of Interest	  	 	4	 
	 Section 7.2.
	  	Mandatory Prepayments	  	 	4	 
	 Section 7.3.
	  	Other Prepayments	  	 	4	 
	 Section 7.4.
	  	Allocation of Partial Prepayments	  	 	4	 
	 Section 7.5.
	  	Maturity; Surrender, Interest on Prepayments, Etc.	  	 	5	 
	 Section 7.6.
	  	Payments Due on Non-Business Days	  	 	5	 
	 Section 7.7.
	  	Late Charges	  	 	5	 
	 Section 7.8.
	  	Make-Whole Amount	  	 	5	 
		
	 Section 8. Affirmative Covenants
	  	 	5	 
	 Section 8.1.
	  	Existence, Etc.	  	 	6	 
	 Section 8.2.
	  	REIT Covenants	  	 	6	 
	 Section 8.3.
	  	Maintenance of Properties	  	 	6	 
	 Section 8.4.
	  	Maintenance of Insurance	  	 	6	 
	 Section 8.5.
	  	Compliance with Laws	  	 	6	 
	 Section 8.6.
	  	Compliance with Mortgage Loan Documents	  	 	6	 
		
	 Section 9. Negative Covenants
	  	 	7	 
	 Section 9.1.
	  	Merger, Consolidation, Etc.	  	 	7	 
	 Section 9.2.
	  	Liens	  	 	7	 
	 Section 9.3.
	  	Indebtedness	  	 	8	 
	 Section 9.4.
	  	Dispositions	  	 	8	 
	 Section 9.5.
	  	Sale and Leaseback Transactions	  	 	9	 
	 Section 9.6.
	  	Change in Nature of Business	  	 	9	 

  
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	 Section 10. Events of Default
	  	 	9	 
		
	 Section 11. Remedies on Default, Etc.
	  	 	10	 
	 Section 11.1.
	  	Acceleration	  	 	10	 
	 Section 11.2.
	  	Other Remedies	  	 	11	 
	 Section 11.3.
	  	Rescission	  	 	11	 
	 Section 11.4.
	  	No Waivers or Election of Remedies, Expenses, Etc.	  	 	11	 
		
	 Section 12. Collateral Matters
	  	 	11	 
	 Section 12.1.
	  	Collateral	  	 	11	 
	 Section 12.2.
	  	Collateral Agent	  	 	11	 
		
	 Section 13. Registration; Exchange; Substitution of Notes
	  	 	12	 
	 Section 13.1.
	  	Registration of Notes	  	 	12	 
	 Section 13.2.
	  	Transfer and Exchange of Notes	  	 	13	 
	 Section 13.3.
	  	Replacement of Notes	  	 	13	 
		
	 Section 14. Payments on Notes
	  	 	13	 
	 Section 14.1.
	  	Place of Payment	  	 	13	 
	 Section 14.2.
	  	Payment by Wire Transfer	  	 	14	 
	 Section 14.3.
	  	Withholding	  	 	14	 
		
	 Section 15. Survival of Representations and Warranties; Entire
Agreement
	  	 	14	 
		
	 Section 16. Amendment and Waiver
	  	 	15	 
	 Section 16.1.
	  	Requirements	  	 	15	 
	 Section 16.2.
	  	Binding Effect, Etc.	  	 	15	 
	 Section 16.3.
	  	Notes Held by Company, Etc.	  	 	15	 
		
	 Section 17. Notices
	  	 	15	 
		
	 Section 18. Miscellaneous
	  	 	16	 
	 Section 18.1.
	  	Successors and Assigns	  	 	16	 
	 Section 18.2.
	  	Accounting Terms	  	 	16	 
	 Section 18.3.
	  	Severability	  	 	16	 
	 Section 18.4.
	  	Construction, Etc.	  	 	16	 
	 Section 18.5.
	  	Counterparts	  	 	17	 
	 Section 18.6.
	  	Governing Law	  	 	17	 
	 Section 18.7.
	  	Jurisdiction and Process; Waiver of Jury Trial	  	 	17	 

  
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	Schedules	 		  	
			
	Schedule A	 	—	  	Defined Terms
			
	Schedule 1	 	—	  	Form of 5.2% Secured Mezzanine Note due January 31, 2024
			
	Schedule 2	 	—	  	Equity Interests Exchanged for Notes
			
	Schedule 5.3	 	—	  	James Oxford Subsidiaries
			
	Schedule 5.6	 	—	  	Existing Indebtedness
			
	Purchaser Schedule	 	—	  	Information Relating to Purchasers

  
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 AIMCO JO INTERMEDIATE HOLDINGS, LLC 

4582 South Ulster Street, Suite 1400 

Denver, Colorado 80237 

5.2% Secured Mezzanine Notes due January 31, 2024 

As of December 14, 2020 
 To Each of
the Purchasers Listed in         the Purchaser Schedule Hereto: 
 Ladies and Gentlemen: 

Aimco JO Intermediate Holdings, LLC, a Delaware limited liability company (the “Company”), agrees with each of the Purchasers
as follows: 
 Section 1. Authorization of Notes. The Company has authorized the issue of
$534,127,075 aggregate principal amount of its 5.2% Secured Mezzanine Notes due January 31, 2024 (the “Notes”) in exchange for the Equity Interests in James Oxford described on Schedule 2. The Notes shall be substantially in
the form set out in Schedule 1. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 18.4 shall govern. 

Section 2. Transfer and Issuance of Notes. Subject to the terms and conditions of this Agreement, the
Company will issue to each Purchaser, in exchange for the Equity Interests transferred from each Purchaser to the Company as listed on Schedule 2 (such Equity Interests, the “Transferred Interests”), at the Closing provided for in
Section 3, Notes in the principal amount specified opposite such Purchaser’s name in the Purchaser Schedule. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any
Person for the performance or non-performance of any obligation by any other Purchaser hereunder. 

Section 3. Closing. The issuance of the Notes to be issued to each Purchaser shall occur at the
offices of Skadden, Arps, Slate, Meagher & Flom LLP, 155 N. Wacker Dr., Chicago, Illinois 60606, at a closing (the “Closing”) on December 14, 2020. At the Closing, the Company will deliver to each Purchaser the Notes
to be issued to such Purchaser in the form of a single Note dated the date of the Closing and registered in such Purchaser’s name, against delivery by such Purchaser to the Company of the Transferred Interests owned by such Purchaser. In
addition, at the Closing, the Company shall be admitted as a partner in James Oxford. 
 Section 4.
Deliverables at Closing. At the Closing the following shall occur: 
 Section 4.1. Delivery of Transferred
Interests. Each Purchaser shall transfer to the Company ownership in the Transferred Interests, and the Company shall be admitted to James Oxford as a partner. 

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 Section 4.2. Pledge Agreement and Collateral. The Company shall deliver to the
Collateral Agent, for the benefit of each Purchaser, an executed counterpart of the Pledge Agreement and certificates representing the Transferred Interests, if any such certificates exist. 

Section 4.3. James Oxford Operating Agreement. The Company shall deliver to such Purchaser executed counterparts of the limited
partnership agreement of James Oxford, which shall permit the Collateral Agent or a purchaser at a foreclosure sale to, pursuant to the remedies available to each such Person under the Pledge Agreement, be admitted to James Oxford as a partner
during an Event of Default hereunder. 
 Section 5. Representations and Warranties of the Company.
The Company represents and warrants to each Purchaser that: 
 Section 5.1. Organization; Power and Authority. The Company is a
limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign limited liability company and is in good standing in each jurisdiction in which
such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company
has the limited liability company power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the
other Note Documentation and to perform the provisions hereof and thereof. 
 Section 5.2. Authorization, Etc. This
Agreement, the Pledge Agreement and the Notes have been duly authorized by all necessary limited liability company action on the part of the Company, and this Agreement, the Pledge Agreement and the Notes constitute legal, valid and binding
obligations of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 5.3. Organization and Ownership of Shares of Certain Subsidiaries. 

(a) As of the Closing and after giving effect to the transfer of the Transferred Interests by the Purchasers, the Company will own all of the
outstanding Equity Interests in James Oxford, except for the Minority Common Interests. As of the Closing and after giving effect to the transactions contemplated hereby, Brookwood is the owner of the Minority Common Interests. As of the Closing,
James Oxford directly or indirectly owns all of the outstanding Equity Interests in each James Oxford Subsidiary listed on Schedule 5.3. All of the outstanding Equity Interests of James Oxford owned by the Company have been validly issued, are fully
paid and non-assessable and are owned by the Company free and clear of any Lien that is prohibited by this Agreement. 

(b) All of the outstanding Equity Interests of each James Oxford Subsidiary have been validly issued, are fully paid and non-assessable and are owned directly or indirectly by James Oxford free and clear of any Lien that is prohibited by this Agreement. 

(c) James Oxford, each James Oxford Entity and each James Oxford Subsidiary is a corporation, limited partnership, limited liability company
or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation, limited partnership, limited liability company or
other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is required by 

  
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law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. James Oxford, each James Oxford Entity and each James Oxford Subsidiary has the corporate, limited partnership, limited liability company or other power and authority to own or hold under lease the properties it purports to own or hold under
lease and to transact the business it transacts and proposes to transact. 
 Section 5.4. REIT Representations. As of the date
of this agreement and at all times thereafter while any portion of any Note remains outstanding, James Oxford will hold real property (within the meaning of Treasury Regulation section 1.856-3(d)). 

Section 5.5. Title to Property. The Company has good title to, and is the record and beneficial owner of, the Collateral free and
clear of all Liens other than Liens expressly permitted hereunder. James Oxford has good title to, and is the record and beneficial owner of, directly or indirectly, all Equity Interests in each James Oxford Subsidiary. Each James Oxford Subsidiary
has good and marketable title to the Specified Property listed opposite its name on Schedule 5.3, in each case free and clear of Liens prohibited by this Agreement, except for those defects in title that, individually or in the aggregate, would not
have a Material Adverse Effect. 
 Section 5.6. Existing Indebtedness; Restrictions on Indebtedness and
Liens. 
 (a) Schedule 5.6 sets forth a complete and correct list of all outstanding Indebtedness for borrowed money of the Company,
James Oxford, each James Oxford Entity and each James Oxford Subsidiary as of the Closing. Neither the Company, James Oxford nor any James Oxford Entity or any James Oxford Subsidiary is in default and no waiver of default is currently in effect, in
the payment of any principal or interest on any such Indebtedness and no event or condition exists with respect to any such Indebtedness that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause
such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment. 
 (b) Neither
the Company, James Oxford nor any James Oxford Entity or James Oxford Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company, James Oxford, such James Oxford Entity or such
James Oxford Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational document) which would prohibit the incurrence of Indebtedness hereunder or the granting of Liens on the Collateral.

 Section 6. Notices From the Company. The Company shall deliver to each holder of a Note promptly,
and in any event within 15 Business Days (or 10 Business Days in the case of (x) a merger or consolidation of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary or (y) a Change of Control) after a Responsible
Officer becoming aware of the existence of any (i) Default or Event of Default, (ii) default or event of default under any document evidencing Indebtedness for borrowed money secured by a mortgage, deed of trust, assignment of rents or
other security interest on any Specified Property or of the Equity Interests in any Person that owns, directly or indirectly, any Specified Property, (iii) Disposition of any Specified Property, (iv) Casualty or Condemnation Event with
respect to any Specified Property, (v) merger or consolidation of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary or (vi) Change of Control, written notice specifying the nature and period of existence
thereof and what action the Company is taking or proposes to take with respect thereto. 

  
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 Section 7. Payment and Prepayment of the Notes. 

Section 7.1. Maturity; Payment of Interest. 

(a) The entire unpaid principal balance of each Note shall be due and payable on the Maturity Date. 

(b) The Company shall pay interest (computed on the basis of a 360-day year of twelve 30-day months) on (i) the unpaid balance of each Note at the rate of 5.2% per annum from the date hereof, payable quarterly, on the first day of January, April, July and October in each year, commencing on
April 1, 2021, and on the Maturity Date, until the principal of each Note shall have been paid in full, and (ii) to the extent permitted by law, any overdue payment of interest, at the Default Rate pursuant to Section 7.1(c) below.

 (c) (1) If any amount due in respect of the Notes (other than amounts due on the Maturity Date) remains past due for thirty
(30) days or more, interest on such unpaid amount(s) shall accrue from the date payment was due at the Default Rate and shall be payable upon demand by any Purchaser and (2) if any amount due in respect of the Notes is not paid in full on
the Maturity Date, then interest shall accrue at the Default Rate on all such unpaid amounts from the Maturity Date until fully paid and shall be payable upon demand by the Purchasers. 

Section 7.2. Mandatory Prepayments. Promptly, and in any event within 15 Business Days, following a Disposition by (including,
without limitation, a Casualty or Condemnation Event) or merger, consolidation or similar event or transaction of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, the Company shall prepay or cause to be prepaid the
Notes in an amount equal to the Net Cash Proceeds of such Disposition or merger, consolidation or similar event or transaction, which prepayment shall be accompanied by the Make-Whole Amount determined for the prepayment date with respect to such
amount; provided that no such prepayment shall be required if the Remaining Collateral Value Test is satisfied and the Company elects to reinvest such Net Cash Proceeds in accordance with the Reinvestment Conditions; provided further,
if the Company elects to pursue such reinvestment option and such reinvestment does not occur within 180 days of the receipt of such Net Cash Proceeds, the Company shall prepay or cause to be prepaid the Notes on such 180th day. 
 Section 7.3. Other Prepayments. Except as provided in
Section 7.2 or Section 11.1, the Notes shall not be prepaid in whole or in part prior to the Maturity Date and the Purchasers shall have no obligation to accept any such attempted prepayment prior to the Maturity Date. The Company
expressly acknowledges and agrees that (a) the prohibition on prepayments is reasonable and is the product of an arm’s length transaction between sophisticated business people, (b) it shall be estopped hereafter from claiming
differently than as agreed to in this paragraph, (c) its agreement to a prohibition on prepayments as herein described is a material inducement to the Purchasers’ decision to enter into this Agreement and (d) upon a prepayment of the
Notes in violation of this Section 7.3, the Purchasers would suffer substantial harm, and any prepayment received and accepted in violation of this Section 7.3 shall be accompanied by the Make-Whole Amount. This Section 7.3 shall not
prejudice the rights of the Purchasers to accelerate the Notes pursuant to Section 11 hereof. 
 Section 7.4. Allocation of
Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 7.2, the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as
practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment. 

  
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 Section 7.5. Maturity; Surrender, Interest on Prepayments, Etc. Each
prepayment of Notes made pursuant to Section 7.2 shall be accompanied by all accrued and unpaid interest in the amount so prepaid and the applicable Make-Whole Amount. Any Note paid or prepaid in full shall be surrendered to the Company and
cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 
 Section 7.6.
Payments Due on Non-Business Days. Anything in the Note Documentation to the contrary notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day
shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any
Note (including principal due on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable
on such next succeeding Business Day. 
 Section 7.7. Late Charges. If any scheduled interest payment is not received by
the holder of any Note within 10 Business Days after the applicable payment date, inclusive of the date on which such amount is due, the Company shall pay to the applicable holder, immediately without demand by such holder, the Late Charge. 

Section 7.8. Make-Whole Amount. 

The term “Make-Whole Amount” means, with respect to any Note, an amount equal to the Remaining Scheduled Payments with
respect to the Called Principal of such Note. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to
Section 7.2 or has become or is declared to be immediately due and payable pursuant to Section 11.1, as the context requires. 

“Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of interest on such
Called Principal that would be due after the Settlement Date and on or prior to the Maturity Date if no payment of such Called Principal were made prior to its scheduled due date; provided that if such Settlement Date is not a date on which
interest payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date
pursuant to Section 7.2 or Section 11.1. 
 “Settlement Date” means, with respect to the Called Principal of any
Note, the date on which such Called Principal is to be prepaid pursuant to Section 7.2 or has become or is declared to be immediately due and payable pursuant to Section 11.1, as the context requires. 

The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free
from repayment by the Company (except as herein specifically provided for) and that the obligation to pay the Make-Whole Amount set forth herein is intended to provide compensation for the deprivation of such right under such circumstances. The
right to receive the Make-Whole Amount upon any prepayment or acceleration is a material inducement to the Purchasers’ decision to enter into this Agreement. 

Section 8. Affirmative Covenants. The Company covenants that so long as any of the Notes are outstanding: 

  
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 Section 8.1. Existence, Etc. Subject to Section 9.1, the Company
will at all times preserve and keep its limited liability company existence in full force and effect. Subject to Section 9.1, the Company will at all times cause to be preserved and kept in full force and effect the limited partnership, limited
liability company or corporate existence of James Oxford, each James Oxford Entity and each James Oxford Subsidiary and all rights and franchises of the Company, James Oxford, the James Oxford Entities and the James Oxford Subsidiaries unless, in
the case of each James Oxford Entity and each James Oxford Subsidiary, the termination of or failure to preserve and keep in full force and effect such existence, right or franchise would not, individually or in the aggregate, have a Material
Adverse Effect. 
 Section 8.2. REIT Covenants. 

(a) At all times after the Closing while any portion of any Note remains outstanding, James Oxford will hold real property (within the meaning
of Treasury Regulation section 1.856-3(d)). 
 (b) Except for such regulatory notices, consents, or
approvals as may be required under applicable law, James Oxford has taken all steps necessary such that, upon default and foreclosure of the Note, the registered holders will replace the Company as a partner in James Oxford, and Brookwood has agreed
that, in such circumstances, it will not unreasonably oppose the admission of the registered holders as partners therein. 

Section 8.3. Maintenance of Properties. The Company will, and shall cause James Oxford, each of the James Oxford Entities and each
of the James Oxford Subsidiaries to, (a) maintain, preserve and protect all of its properties and equipment necessary in the operation of its business, ordinary wear and tear, force majeure, casualty events and transactions not prohibited by
this Agreement excepted, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; (b) make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could
not reasonably be expected to have a Material Adverse Effect; and (c) use the standard of care typical in the industry in the operation and maintenance of its facilities, taken as a whole. 

Section 8.4. Maintenance of Insurance. Except where the failure to do so would not reasonably be expected to have a Material
Adverse Effect, the Company will maintain or cause to be maintained, such insurance coverage with respect to liabilities, losses or damage in respect of the assets, properties and business of the Company, James Oxford, the James Oxford Entities and
the James Oxford Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses (as determined in good faith by the Company), in each case in such amounts, with
such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons. 

Section 8.5. Compliance with Laws. The Company, James Oxford, each James Oxford Entity and each James Oxford Subsidiary will
comply, and shall cause their respective Subsidiaries to comply, with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority, except to the extent the failure of the Company, James Oxford, such James
Oxford Entity, such James Oxford Subsidiary or such other Subsidiary to comply could not reasonably be expected to have a Material Adverse Effect. 

Section 8.6. Compliance with Mortgage Loan Documents. Except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect, the Company will, and shall cause James Oxford, each of the James Oxford Entities and each of the James Oxford Subsidiaries to, comply with the provisions of any document evidencing Indebtedness for borrowed money secured by
a mortgage, deed of trust, assignment of rents or other security interest on any Specified Property or of the 

  
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Equity Interests in any Person that owns, directly or indirectly, any Specified Property or any mezzanine Indebtedness incurred by the Company, James Oxford, any James Oxford Entity or any James
Oxford Subsidiary. 
 Section 9. Negative Covenants. The Company covenants that so long as any of the Notes are
outstanding: 
 Section 9.1. Merger, Consolidation, Etc. The Company will not and will not permit James Oxford, any James Oxford
Entity or any James Oxford Subsidiary to consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series of transactions to any Person, consummate a Division as
the Dividing Person, or liquidate or dissolve, unless (i) the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary receives consideration (A) at least equal to the fair market value (such fair market value to be
determined (i) on the date of contractually agreeing to such merger, consolidation or other transaction and (ii) in good faith by the Company), of the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary, as
applicable, which such fair market value shall be a positive number, and (B) that is 100% in the form of cash; provided that for purposes of determining “cash” consideration, any assumption of Indebtedness or other liabilities
by buyer shall be deemed cash consideration, so long as seller is released from such Indebtedness or other liabilities, and (ii) the Company prepays or causes to be prepaid the Notes to the extent required by Section 7.2. 

No such Disposition of assets or property shall have the effect of releasing the Company or any successor corporation, limited partnership, limited liability
company or other entity that shall theretofore have become such in the manner prescribed in this Section 9.1, from its liability under the Note Documentation. 

Section 9.2. Liens. (a) The Company will not directly or indirectly create, incur, assume or permit to exist (upon the
happening of a contingency or otherwise) any Lien on or with respect to any of the Collateral, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits,
except: 
 (i) Liens arising under the Note Documentation; or 

(ii) Liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings in the
circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP. 

(b) The Company will not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to, directly or indirectly, create,
incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any of its property or assets, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or
otherwise convey any right to receive income or profits, except: 
 (i) Liens existing on the date hereof that secure
Indebtedness listed on Schedule 5.6 hereto and any renewals or extensions thereof; provided that the property covered thereby is not increased and any renewal or extension of the obligations secured or benefitted thereby is permitted pursuant
to Section 9.3; 
 (ii) Liens for taxes not yet due or which are being contested in good faith and by appropriate
proceedings in the circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP; 

  
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 (iii) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 60 days or which are being contested in good faith and by appropriate proceedings in the
circumstances, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with GAAP; 

(iv) easements, rights-of-way, restrictions and
other similar encumbrances affecting real property and other minor defects or irregularities in title and other similar encumbrances including the reservations, limitations, provisos and conditions, which, in the aggregate, are not substantial in
amount, and which do not in any case materially detract from the value of the property of James Oxford, any James Oxford Entity or any James Oxford Subsidiary, as applicable, or materially interfere with the ordinary conduct of the business of the
applicable Person; 
 (v) statutory rights of set-off arising in the ordinary course
of business; 
 (vi) with respect to any real property, immaterial title defects or irregularities that do not, individually
or in the aggregate, materially impair the use of such real property; 
 (vii) Liens on any cash earnest money deposits or
other escrow arrangements made in connection with any letter of intent or purchase agreement; and 
 (viii) Liens arising
under the Note Documentation. 
 Section 9.3. Indebtedness. (a) The Company will not directly or indirectly create, incur,
assume, guarantee, or otherwise become directly or indirectly liable with respect to any Priority Debt other than Indebtedness hereunder. 

(b) The Company will not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to, directly or indirectly, create,
incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to any Indebtedness, except: 
 (i)
Indebtedness outstanding on the date hereof that is listed on Schedule 5.6 hereto and any refinancings, refundings, renewals or extensions thereof; provided the amount of such Indebtedness is not increased at the time of such refinancing,
refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments
unutilized thereunder; and 
 (ii) other Indebtedness not permitted in clause (b)(i) above in an aggregate principal amount
not to exceed $5,000,000. 
 Section 9.4. Dispositions. The Company will not and will not permit James Oxford, any James Oxford
Entity or any James Oxford Subsidiary to make any Disposition (other than the incurrence of any Lien not prohibited under Section 9.2), unless: 

(a) with respect to any Casualty or Condemnation Event, the Company prepays or causes to be prepaid the Notes to the extent required by
Section 7.2; or 
 (b) with respect to any other Disposition, (i) the Company, James Oxford, such James Oxford Entity or such
James Oxford Subsidiary receives consideration (A) at least equal to the fair 

  
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market value (such fair market value to be determined (x) on the date of contractually agreeing to such Disposition and (y) in good faith by the Company), of the property subject to
such Disposition and (B) that is 100% in the form of cash; provided that for purposes of determining “cash” consideration, any assumption of Indebtedness or other liabilities by buyer shall be deemed cash consideration, so long
as seller is released from such Indebtedness or other liabilities, and (ii) the Company prepays or causes to be prepaid the Notes to the extent required by Section 7.2; or 

(c) in the case of a Disposition of a Specified Property or a Disposition of all or any portion of the Equity Interests of the owner of such
Specified Property, (i) contemporaneously with such Disposition, real property with, or Equity Interests of an owner of real property with, similar cash flows and comparable fair market value to the Specified Property Disposed of or owned by
such Person whose Equity Interests are Disposed of is exchanged or otherwise substituted for such Specified Property or such owner of Specified Property and (ii) each Purchaser provides prior written consent to such Disposition, which consent
is not to be unreasonably withheld. 
 Upon the occurrence of any Disposition contemplated by Section 9.4(c), any real property exchanged or
substituted for a Specified Property shall become a “Specified Property” for all purposes under this Agreement and the other Note Documentation and such original Specified Property shall cease to be a “Specified Property” under
this Agreement and the other Note Documentation. 
 Section 9.5. Sale and Leaseback Transactions. The Company will not and will
not permit James Oxford, any James Oxford Entity or any James Oxford Subsidiary to enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property (real or personal) used or useful in its business, whether now
owned or hereinafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred (each such transaction, a “Sale/Leaseback
Transaction”), unless (a) such Disposition is permitted under Section 9.2, (b) the Company complies with Section 7.2, and (c) such lease is not required to be capitalized in accordance with GAAP and is not otherwise
Indebtedness. 
 Section 9.6. Change in Nature of Business. The Company will not and will not permit James Oxford, any James
Oxford Entity or any James Oxford Subsidiary to engage in any material line of business substantially different from those lines of business currently conducted by the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary
on the date hereof or any business substantially related or incidental or ancillary thereto. 
 Section 10. Events of
Default. An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 

(a) the Company defaults in the payment of any principal, Late Charge or Make-Whole Amount on any Note when the same becomes due and payable,
whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or 
 (b) the Company defaults in the payment of any
interest on any Note for more than 30 Business Days after the same becomes due and payable; or 
 (c) the Company defaults in the
performance of or compliance with any term contained herein (other than those referred to in Sections 10(a) or (b)) and such default is not remedied within 60 days after the Company receiving written notice of such default from any
holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 10(c)); or 

  
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 (d) the Company (i) is generally not paying, or admits in writing its inability to pay,
its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer
with similar powers with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or 

(e) a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company, James Oxford
or any Material Subsidiary, as applicable, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition
for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or
liquidation of the Company, James Oxford or such Material Subsidiary, as applicable, or any such petition shall be filed against the Company, James Oxford or such Material Subsidiary, as applicable, and such petition shall not be dismissed within 60
days; or 
 (f) one or more final judgments or orders for the payment of money aggregating in excess of $50,000,000, including any such
final order enforcing a binding arbitration decision, are rendered against James Oxford, any James Oxford Entity and/or any James Oxford Subsidiary and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending
appeal, or are not discharged within 60 days after the expiration of such stay. 
 Section 11. Remedies on Default,
Etc. 
 Section 11.1. Acceleration. (a) If an Event of Default with respect to the Company described in
Section 10(d) or (e) (other than an Event of Default described in clause (i) of Section 10(d) or described in clause (vi) of Section 10(d) by virtue of the fact that such clause encompasses clause (i) of
Section 10(d)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 
 (b) If any other
Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 

(c) If any Event of Default described in Section 10(a) or (b) has occurred and is continuing, any holder or holders of Notes at the
time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and payable. 

(d) Upon any Notes becoming due and payable under this Section 11.1, whether automatically or by declaration, such Notes will forthwith
mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the Default Rate) and (y) the Make-Whole Amount determined in respect of such principal
amount, shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has
the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make-Whole Amount by the Company in the event that the Notes are prepaid or are
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Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. The right to receive the Make-Whole Amount upon any prepayment or acceleration is
a material inducement to the Purchasers’ decision to enter into this Agreement. 
 Section 11.2. Other Remedies. If any
Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 11.1, the holder of any Note at the time outstanding may proceed to
protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any
of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise; provided that only the Collateral Agent shall be entitled to exercise remedies with respect to the Collateral pursuant to
the Pledge Agreement. 
 Section 11.3. Rescission. At any time after any Notes have been declared due and payable pursuant to
Section 11.1(b) or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all due or overdue interest on the Notes, all principal of and
Make-Whole Amount on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount and (to the extent permitted by applicable law) any Late Charge or
overdue interest in respect of the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults,
other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 16, and (d) no judgment or decree has been entered
for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 11.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 

Section 11.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of
any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement or any Note upon any holder thereof shall
be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise. The Company will pay to the holder of each Note on demand such further amount as shall be
sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 11, including reasonable attorneys’ fees, expenses and disbursements. 

Section 12. Collateral Matters. 

Section 12.1. Collateral. At the time of the Closing, the Company shall grant to the Collateral Agent for the benefit of
the Purchasers a first lien, priority security interest in the Equity Interests it owns or at any time hereafter acquires in James Oxford and all proceeds thereof by executing and delivering the Pledge Agreement. 

Section 12.2. Collateral Agent. 

(a) Each Purchaser hereby appoints AIR OP to act on behalf of the Purchasers as collateral agent (in such capacity, together with its
successors and assigns, the “Collateral Agent”) under the Pledge Agreement and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the Pledge
Agreement, and AIR OP agrees to act as such. In taking any action pursuant to the provisions of the Pledge Agreement, and in exercising any rights or remedies set forth therein, the Collateral Agent shall act at the direction of the Required
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and any such actions taken at the direction of the Required Holders shall be binding upon all Purchasers. Notwithstanding any provision to the contrary contained elsewhere in this Agreement and
the Pledge Agreement, the duties of the Collateral Agent shall be ministerial and administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set forth herein and in the Pledge Agreement,
nor shall the Collateral Agent have or be deemed to have any trust or fiduciary relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement and the
Pledge Agreement or otherwise exist against the Collateral Agent. 
 (b) Subject to the provisions of the Pledge Agreement, each Purchaser
agrees that the Collateral Agent shall execute and deliver the Pledge Agreement and all agreements, powers of attorney, documents and instruments incidental thereto, and act in accordance with its terms. 

(c) The Collateral Agent shall have no obligation whatsoever to the Purchasers to assure that the Collateral exists or is owned by the Company
or is cared for, protected, or insured or has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority,
or to determine whether all of the Company’s property constituting Collateral has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof or title thereto, or to
exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Agent pursuant to this Agreement or the
Pledge Agreement, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, the Collateral Agent shall have no other duty or liability whatsoever to the Purchasers as to any of the foregoing.

 (d) The Collateral Agent may resign at any time by notice to each Purchaser and the Company, such resignation to be effective upon the
acceptance by each Purchaser of a successor agent to its appointment as Collateral Agent. If no successor collateral agent is appointed prior to the intended effective date of the resignation of the Collateral Agent (as stated in the notice of
resignation), the Collateral Agent may appoint, after consulting with each Purchaser, subject to the consent of the Company (which shall not be unreasonably withheld and which shall not be required during a continuing Event of Default), a successor
collateral agent. Upon the acceptance of its appointment as successor collateral agent hereunder, such successor collateral agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent, and the term “Collateral
Agent” shall mean such successor collateral agent, and the retiring Collateral Agent’s appointment, powers and duties as the Collateral Agent shall be terminated. Promptly following the acceptance of the appointment of any successor
Collateral Agent, the Company shall cause assignments of filings existing on the date of such assignment related to the Collateral to be filed or recorded sufficient to reflect the successor Collateral Agent, as secured party of record in accordance
with applicable law related to each portion of the Collateral. After the retiring Collateral Agent’s resignation hereunder, the provisions of this Section 12.2 shall continue to inure to its benefit and the retiring Collateral Agent shall
not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to be taken by it while it was the Collateral Agent under this Agreement. 

Section 13. Registration; Exchange; Substitution of Notes. 

Section 13.1. Registration of Notes. The Company will maintain, in electronic format or otherwise, at its principal place of
business, a register of the names and addresses of the holder(s) of this Note and the principal amount (and stated interest) owing to each holder (the “Register”), and will update the Register to reflect any permitted
assignments or transfers subsequent to the date hereof. The Company will make payments of principal and interest as specified hereunder to the holder(s) named as 

  
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such in the Register. The holder(s) shall notify the Company in writing prior to any assignment, transfer or other disposition of this Note (or any portion hereof) or such holder(s)’ rights
or interests hereunder, with such written notice to be delivered to the Company not later than one Business Day prior to any such assignment, transfer or disposition and which notice shall specify the principal amount hereunder that is the subject
of such assignment, transfer or disposition. Any assignment, transfer or other disposition of this Note (or any portion thereof) shall be effective only upon appropriate entries with respect thereto being made in the Register, which shall be made
promptly upon receipt of such written notice. Notwithstanding anything to the contrary herein, the entries in the Register shall be conclusive, absent manifest error; the Company and each holder shall treat the person whose name is recorded in the
Register as the owner of its portion of the Note for all purposes of this Note, notwithstanding notice to the contrary; and the registered owner of this Note (or any portion hereof) as indicated on the Register shall be the party with the exclusive
right to receive payment of any principal amount and accrued and unpaid interest thereon under this Note. The Register shall be available for inspection by any holder, at any reasonable time and from time to time upon reasonable prior notice. This
provision is intended to constitute a “book entry system” within the meaning of Treasury Regulations Section 5f.103-1(c)(1)(ii) and shall be interpreted consistently with such intent. 

Section 13.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the
designated officer (all as specified in Section 17(iii)), for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered
holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the
Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of
the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1. Each such new Note shall be dated and bear interest from the date to which interest shall have
been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such
transfer of Notes. 
 Section 13.3. Replacement of Notes. Upon receipt by the Company at the address and to the attention of the
designated officer (all as specified in Section 17(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note, and 

(a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it, or 

(b) in the case of mutilation, upon surrender and cancellation thereof, within 10 Business Days thereafter, the Company at its own expense
shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated
Note if no interest shall have been paid thereon. 
 Section 14. Payments on Notes. 

Section 14.1. Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount and interest becoming due
and payable on the Notes shall be made in Denver, Colorado at the principal office of the Company in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place
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either the principal office of the Company in the United States or the principal office of a bank or trust company in the United States. 

Section 14.2. Payment by Wire Transfer. So long as any Purchaser shall be the holder of any Note, and notwithstanding anything
contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount interest and all other amounts becoming due hereunder by the method and at the address specified
for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the
presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall
surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to any sale or
other Disposition of any Note held by a Purchaser, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in
exchange for a new Note or Notes pursuant to Section 13.2. 
 Section 14.3. Withholding. 

(a) To the extent required by law, each party hereto hereby authorizes each other party (each, a “Withholding Party”) to
deduct or withhold any foreign, federal, state or local tax from any amount transferred under this Agreement. Each Withholding Party shall timely pay the full amount deducted or withheld to the relevant governmental authority in accordance with the
applicable law. Amounts so deducted or withheld, if any, shall be treated as paid to the applicable party in respect of which such amounts were deducted or withheld. 

(b) By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to
the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other Forms
reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any
such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with
its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder. Nothing in this
Section 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such
information it receives as confidential. 
 Section 15. Survival of Representations and Warranties; Entire
Agreement. All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the
payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. This Agreement, the Notes and the Pledge Agreement
embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 

  
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 Section 16. Amendment and Waiver. 

Section 16.1. Requirements. This Agreement, the Notes and the Pledge Agreement may be amended, and the observance of any term
hereof or of the Notes or the Pledge Agreement may be waived (either retroactively or prospectively), only with the written consent of the Company and the Required Holders, except that: 

(a) no amendment or waiver of any of Sections 1, 2, 3, 4, or 5 hereof, or any defined term (as it is used therein), will be effective as to any
Purchaser unless consented to by such Purchaser in writing; and 
 (b) no amendment or waiver may, without the written consent of each
Purchaser and the holder of each Note at the time outstanding, (i) subject to Section 11 relating to acceleration or rescission, change the amount or time of any payment or prepayment of principal of, or reduce the rate or change the time
of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount on the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment
or waiver, or (iii) amend any of Section 7 and Sections 10(a), 10(b), 11 or 16. 
 Section 16.2. Binding Effect, Etc.
Any amendment or waiver consented to as provided in this Section 16 or the Pledge Agreement applies equally to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether
such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent
thereon. No course of dealing between the Company and any holder of a Note and no delay in exercising any rights hereunder or under any Note or the Pledge Agreement shall operate as a waiver of any rights of any holder of such Note. 

Section 16.3. Notes Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite
percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Pledge Agreement or the Notes, or have directed the taking of any action provided
herein or in the Pledge Agreement or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its
Affiliates shall be deemed not to be outstanding. 
 Section 17. Notices. All notices and
communications provided for hereunder shall be in writing and sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery service (charges prepaid), or
(b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by an internationally recognized overnight delivery service (charges prepaid). Any such notice must be sent: 

(i) if to any Purchaser, to such Purchaser at the address specified for such communications in the Purchaser Schedule, or at
such other address as such Purchaser shall have specified to the Company in writing, 
 (ii) if to any other holder of any
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 (iii) if to the Company, to the Company at its address set forth at the
beginning hereof to the attention of General Counsel of Apartment Investment and Management Company, or at such other address as the Company shall have specified to the holder of each Note in writing. 

Notices under this Section 17 will be deemed given only when actually received. 

Section 18. Miscellaneous. 

Section 18.1. Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the
parties hereto bind and inure to the benefit of their respective successors and registered assigns (including any subsequent holder of a Note) whether so expressed or not, except that, (i) subject to Section 9.1, the Company may not assign
or otherwise transfer any of its rights or Obligations hereunder or under the Notes without the prior written consent of each holder, which written consent is not to be unreasonably withheld, and (ii) each holder may not assign or otherwise
transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of the Company, which consent is not to be unreasonably withheld; provided that notwithstanding the foregoing, each holder may assign or
otherwise transfer any of its rights or obligations hereunder or under the Notes without the prior written consent of the Company during an Event of Default. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto and their respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

Section 18.2. Accounting Terms. All accounting terms used herein which are not expressly defined in this Agreement have the
meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, all computations made pursuant to this Agreement shall be made in accordance with GAAP. 

Section 18.3. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 18.4. Construction, Etc. Each
covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be
deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or
indirectly by such Person. Defined terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any of the Note Documentation or any other agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any such
notes issued in substitution therefor pursuant to Section 13, (b) subject to Section 18.1, any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision 

  
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hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to any law or regulation
herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time. 

Section 18.5. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an
original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 18.6. Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws
of a jurisdiction other than such State. 
 Section 18.7. Jurisdiction and Process; Waiver of Jury Trial. (a) The
Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out
of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the
jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such
court has been brought in an inconvenient forum. 
 (b) The Company agrees, to the fullest extent permitted by applicable law, that a final
judgment in any suit, action or proceeding of the nature referred to in Section 18.7(a) brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the
United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

(c) The Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature
referred to in Section 18.7(a) by mailing a copy thereof by registered, certified priority or express mail (or any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation requested, to it at its address
specified in Section 17 or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of
process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively
presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery service. 

(d) Nothing in this Section 18.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit
any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. 

(e) The parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document
executed in connection herewith or therewith. 

  
 17 

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 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	
	Aimco JO Intermediate Holdings, LLC,
a Delaware limited liability company, as the Company
	
	By: Aimco REIT Sub, LLC, a Delaware limited liability company, its sole member

 
			
		
	By:	 	/s/ Lynn C. Stanfield
		 	 Name: Lynn C. Stanfield

Title:  Authorized Person

 [Signature Page to Mezzanine Note Agreement] 

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	This Agreement is hereby accepted and agreed to as of the date hereof.
	
	AIMCO Properties, L.P., a Delaware limited partnership, as a Purchaser
	
	By: AIMCO-GP, Inc., a Delaware corporation, its general partner

			
		
	By:	 	/s/ Paul Beldin
		 	 Name: Paul Beldin

Title:  Authorized Person

  

			
	AIMCO/Bethesda Holdings, Inc., a Delaware corporation, as a Purchaser

			
		
	By:	 	 /s/ Paul Beldin

		 	 Name: Paul Beldin

Title:  Authorized Person

  

			
	AIMCO Properties, L.P., a Delaware limited partnership, as the Collateral Agent
	
	By: AIMCO-GP, Inc., a Delaware corporation, its general partner

			
		
	By:	 	/s/ Paul Beldin
		 	 Name: Paul Beldin

Title:  Authorized Person

 [Signature Page to Mezzanine Note Agreement] 

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 Schedule A 

Defined Terms 
 As used
herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term: 

“Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly
through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person; provided that neither AIMCO/Bethesda nor AIR OP shall be considered Affiliates of the Company, James Oxford, any
James Oxford Entity or any James Oxford Subsidiary for the purposes of the Note Documentation. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” means this Mezzanine Note Agreement, including all Schedules attached to this Agreement. 

“AIMCO/Bethesda” means AIMCO/Bethesda Holdings, Inc., a Delaware corporation, as such entity may be renamed from time
to time. 
 “AIR OP” means AIMCO Properties, L.P., a Delaware limited partnership, as such entity may be renamed from time
to time. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York
City, Baltimore or Denver are required or authorized to be closed. 
 “Brookwood” means Brookwood Limited Partnership, an
Illinois limited partnership. 
 “Capital Lease” means, at any time, a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Cash Collateral
Account” means a “deposit account” as defined in the Uniform Commercial Code as in effect in the State of New York, at a bank reasonably acceptable to the Collateral Agent in the name of the Company, James Oxford, any James Oxford
Entity or any James Oxford Subsidiary for the benefit of the Purchasers that is subject to a Cash Collateral Account Control Agreement. 

“Cash Collateral Account Control Agreement” means a deposit account control agreement in a form reasonably satisfactory to
the Collateral Agent, executed by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, as applicable, the Collateral Agent and the relevant depositary institution. 

“Casualty or Condemnation Event” means the receipt by the Company, James Oxford, any James Oxford Entity or any James
Oxford Subsidiary of any cash insurance proceeds or 

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condemnation award payable by reason of theft, loss, physical destruction or damage, taking, expropriation or similar event with respect to any of their respective property. 

“Change of Control” means the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests in the Company pursuant to which Aimco OP L.P., a Delaware limited partnership, ceases to
directly or indirectly own through one or more wholly-owned subsidiaries all of the Equity Interests of the Company (other than the Company Initial Preferred Interests). 

“Closing” is defined in Section 3. 

“Code” means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 “Collateral” has the meaning set forth in the Pledge Agreement. 

“Collateral Agent” is defined in Section 12.2(a). 

“Company” is defined in the first paragraph of this Agreement. 

“Company Initial Preferred Interests” means the up to 125 Series A preferred units of the Company issued in connection with
the Restructuring (as defined in the Separation Agreement). 
 “Control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling” shall
have meanings correlative to the foregoing.  
 “Debtor Relief Laws” means the Bankruptcy Code of the United States,
or any other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions
from time to time in effect and affecting the rights of creditors generally. 
 “Default” means an event or condition the
occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 

“Default Rate” means that rate of interest per annum that is 2% above the rate of interest stated in clause (a) of the
first paragraph of the Notes. 
 “Disposition” or “Dispose” means (i) the sale, transfer, license,
lease or other disposition (including any sale and leaseback transaction) of any property by any Person, directly or indirectly, and whether voluntary or involuntary, including any sale, assignment, transfer or other disposal, with or without
recourse, of any notes or accounts receivable or any rights and claims associated therewith, (ii) a Casualty or Condemnation Event with respect to any property or 

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asset, and (iii) the issuance or sale of Equity Interests, in the case of each of clauses (i), (ii) and (iii), whether in a single transaction or series of related transactions. 

“Dividing Person” has the meaning assigned to it in the definition of “Division”. 

“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing
Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited liability company,
beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other similar rights entitling the holder thereof to purchase or acquire any of the foregoing. 

“Event of Default” is defined in Section 10. 

“FATCA” means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to
section 1471(b)(1) of the Code. 
 “GAAP” means generally accepted accounting principles as in effect from time to time in
the United States of America. 
 “Governmental Authority” means 

 

	 	(a)	 the government of 

  

	 	(i)	 the United States of America or any state or other political subdivision thereof, or 

 

	 	(ii)	 any other jurisdiction in which the Company, James Oxford, any James Oxford Entity or any James Oxford
Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary, or 

 

	 	(b)	 any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or
pertaining to, any such government. 

 “Guaranty” means, with respect to any Person, any obligation
(except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner,
whether directly or indirectly, including obligations incurred through an agreement, contingent or otherwise, by such Person: 
  

	 	(a)	 to purchase such indebtedness or obligation or any property constituting security therefor;

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	 	(b)	 to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or
(ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation;

  

	 	(c)	 to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of
such indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or 

  

	 	(d)	 otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.

 In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or
other obligations that are the subject of such Guaranty shall be assumed to be direct obligations of such obligor. 

“holder” means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the
Company pursuant to Section 13.1. 
 “Indebtedness” with respect to any Person means, at any time, without
duplication, 
  

	 	(a)	 its liabilities for borrowed money; 

 

	 	(b)	 its liabilities for the deferred purchase price of property acquired by such Person (excluding accounts payable
arising in the ordinary course of business but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to any such property); 

 

	 	(c)	 (i) all liabilities appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and
(ii) all liabilities which would appear on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as Capital Leases; 

 

	 	(d)	 all liabilities for borrowed money secured by any Lien with respect to any property owned by such Person
(whether or not it has assumed or otherwise become liable for such liabilities); 

  

	 	(e)	 all its liabilities in respect of letters of credit or instruments serving a similar function issued or
accepted for its account by banks and other financial institutions (whether or not representing obligations for borrowed money); 

  

	 	(f)	 the aggregate Swap Termination Value of all Swap Contracts of such Person; and 

 

	 	(g)	 any Guaranty of such Person with respect to liabilities of a type described in any of clauses (a) through
(f) hereof. 

 Indebtedness of any Person shall include all obligations of such Person of the character described in
clauses (a) through (g) to the extent such Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP. 

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 “James Oxford” means James-Oxford Limited Partnership, a Maryland limited
partnership. 
 “James Oxford Entity” means any wholly-owned subsidiary through which James Oxford indirectly owns any
James Oxford Subsidiary. 
 “James Oxford Subsidiary” means, as of the Closing, each entity listed on Schedule 5.3;
provided that any entity exchanged or substituted for a James Oxford Subsidiary pursuant to the terms of this Agreement and the other Note Documentation shall be considered “James Oxford Subsidiary” for all purposes hereunder and
thereunder. 
 “Late Charge” means an amount equal to the delinquent amount then due under the Agreement multiplied
by 5%. 
 “Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other
encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or with respect to any property or asset of such
Person (including in the case of any Equity Interest, the granting of any option or agreement to sell) or any agreement to enter into any of the foregoing. 

“Make-Whole Amount” is defined in Section 7.8. 

“Material Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition,
assets or properties of the Company, James Oxford, the James Oxford Entities or the James Oxford Subsidiaries taken as a whole, (b) the ability of the Company to perform its Obligations under this Agreement, the Notes and the Pledge Agreement,
or (c) the validity or enforceability of this Agreement, the Notes or the Pledge Agreement. 
 “Material
Subsidiary” means, at any date of determination, any Subsidiary of the Company that (i) as of the most recently ended fiscal quarter of the Company, has total assets with a value in excess of 10% of the consolidated total assets
of the Company and its Subsidiaries for such date or (ii) during the most recently completed four fiscal quarters of the Company, has gross revenues exceeding 10% of the consolidated gross revenues of the Company and its Subsidiaries, in each
case determined in accordance with GAAP. 
 “Maturity Date” is defined as January 31, 2024. 

“Minority Common Interests” means the common interests in James Oxford that continue to be owned by Brookwood immediately
after Closing. 
 “Net Cash Proceeds” means (1) the aggregate cash or cash equivalents proceeds received by or on
behalf of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of any Disposition or consideration received in connection with a merger or consolidation, net of (A) direct costs incurred in connection
therewith (including, without limitation, reasonable and customary selling expenses, legal, accounting and investment banking fees and sales commissions), (B) taxes paid or payable as a result thereof, (C) amounts required to be applied to the
repayment of principal, premium (if any) and interest on 

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Indebtedness secured by the assets subject to such Disposition as a result of such Disposition and (D) amounts provided in good faith as a reserve against (x) any liabilities under any
indemnification obligations or purchase price adjustment associated with such Disposition or merger or consolidation or (y) any other liabilities retained by the Company, James Oxford, the applicable James Oxford Entity or the applicable James
Oxford Subsidiary associated with the properties sold (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds) and (2) the aggregate cash or cash
equivalents proceeds received by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of the incurrence of Indebtedness or the issuance or contribution of Equity Interests, net of all taxes paid or payable as
a result thereof, together with any fees, commissions, costs and other customary expenses incurred in connection therewith; it being understood that “Net Cash Proceeds” shall include, without limitation, any cash or cash equivalents
received upon the sale or other Disposition of any non-cash consideration received by the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in any Disposition, merger or
consolidation, issuance or contribution of Equity Interests or incurrence of Indebtedness. 
 “Net Insurance/Condemnation
Proceeds” means the aggregate cash or cash equivalents proceeds received by or on behalf of the Company, James Oxford, any James Oxford Entity or any James Oxford Subsidiary in respect of any Casualty or Condemnation Event, net of
(1) direct costs incurred by the Company, James Oxford, such James Oxford Entity or such James Oxford Subsidiary in connection with the adjustment, settlement or collection of any claims of the Company, James Oxford, such James Oxford Entity or
such James Oxford Subsidiary in respect thereof (including, without limitation, reasonable and customary selling expenses, legal, accounting and investment banking fees and sales commissions), (2) taxes paid or payable as a result thereof,
(3) amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness secured by the assets subject to such Casualty or Condemnation Event as a result of such Casualty or Condemnation Event, (4) in
the case of a taking, the reasonable out-of-pocket costs of putting any affected property in a safe and secure position, and (5) amounts provided in good faith as a
reserve against (x) any liabilities under any indemnification obligations or purchase price adjustment associated with such Casualty or Condemnation Event or (y) any other liabilities retained by the Company, James Oxford, the applicable
James Oxford Entity or the applicable James Oxford Subsidiary associated with the properties sold (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net
Insurance/Condemnation Proceeds). 
 “Note Documentation” means, collectively, this Agreement, the Notes, the Pledge
Agreement and each other amendment, agreement or instrument delivered by the Company in accordance with such documentation. 

“Notes” is defined in Section 1. 

“Obligations” means all advances to, and debts, liabilities and obligations of, the Company arising under the Note
Documentation, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the
Company or any of its Affiliates of any proceeding under any Debtor Relief Law naming such 

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Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Person” means an individual, partnership, corporation, limited liability company, association, trust, unincorporated
organization, business entity or Governmental Authority. 
 “Pledge Agreement” means that certain Pledge Agreement, to be
dated the date hereof, by the Company in favor of the Collateral Agent for the benefit of the Purchasers. 
 “Priority
Debt” means Indebtedness of the Company secured by a Lien on the Collateral. 
 “property” or
“properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate. 

“Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to
the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner of
such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer. 

“Purchaser Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their
notice and payment information. 
 “Register” is defined in Section 13.1. 

“Reinvestment Conditions” means, with respect to the reinvestment of Net Cash Proceeds or Net Insurance/Condemnation Proceeds
stemming from a Disposition, Casualty or Condemnation Event or merger, consolidation or similar event or transaction, that (i) no Default or Event of Default has occurred and is continuing, (ii) such reinvestment consists of the
acquisition, lease, construction or improvement of real property (within the meaning of Treasury Regulation section 1.856-3(d)) useful in the business of the Company or its Subsidiaries that the Company
believes will enhance the value of or create value in the Company, James Oxford or their respective Subsidiaries (as reasonably determined by the Company in good faith) and (iii) such reinvestment occurs within 180 days of receipt of such Net
Cash Proceeds or Net Insurance/Condemnation Proceeds. 
 “Remaining Collateral Value Test” means, with respect to a
Disposition, Casualty or Condemnation Event or merger, consolidation or similar event or transaction, that the aggregate fair market value of all real property (within the meaning of Treasury Regulation section
1.856-3(d)) owned by James Oxford and its Subsidiaries after giving effect to such Disposition, Casualty or Condemnation Event or merger, consolidation or similar event or transaction exceeds (after
subtracting senior secured Indebtedness) the then-outstanding principal amount of the Notes. 

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 “Required Holders” means at any time on or after the Closing, the holders
of at least 50 in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates). 

“Responsible Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the
administration of the relevant portion of this Agreement. 
 “Sale/Leaseback Transaction” is defined in
Section 9.6. 
 “SEC” means the Securities and Exchange Commission of the United States of America. 

“Securities Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in
effect. 
 “Senior Financial Officer” means the chief financial officer, principal accounting officer, treasurer or
comptroller of the Company. 
 “Separation Agreement” means that certain Separation and Distribution Agreement, effective
as of December 15, 2020, by and among Apartment Investment and Management Company, a Maryland corporation, Aimco OP L.P., a Delaware limited partnership, Apartment Income REIT Corp., a Maryland corporation, and AIR OP. 

“Specified Property” means, as of the Closing, each property listed in the column titled “Address of Specified
Property Owned by such James Oxford Subsidiary” on Schedule 5.3; provided that any property exchanged or substituted for a Specified Property pursuant to the terms of this Agreement and the other Note Documentation shall be considered
“Specified Property” for all purposes hereunder and thereunder. 
 “Subsidiary” means, as to any Person, any
other Person in which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of
contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or
one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its
Subsidiaries). 
 “Swap Contract” means (a) any and all interest rate swap transactions, basis swap transactions,
basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward foreign
exchange transactions, cap transactions, floor transactions, currency options, spot contracts or any other similar transactions or any of the foregoing (including any options to enter into any of the foregoing), and (b) any and all transactions
of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any International Foreign Exchange
Master Agreement. 

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 “Swap Termination Value” means, in respect of any one or more Swap
Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in
accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market
values(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts. 

“Synthetic Lease” means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any
property (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which
such Person is the lessor. 
 “Transferred Interests” is defined in Section 2. 

“United States Person” has the meaning set forth in Section 7701(a)(30) of the Code. 

“Withholding Party” is defined in Section 14.3(a). 

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 Schedule 1 

Form of Note 
 NO
TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THIS NOTE OR ANY INTEREST OR PARTICIPATION THEREIN MAY BE MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (B) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS AND, IN THE CASE OF THIS CLAUSE (B), PROVIDED THAT, IF THE COMPANY REQUESTS, THE COMPANY RECEIVES AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT. 
 Aimco JO Intermediate Holdings, LLC 

5.2% Secured Mezzanine Note Due January 31, 2024 
  

			
	No. [            ]	  	[Date]
	$[                        ]	  	PPN[                                  
  ]

 For value received, the undersigned, Aimco JO Intermediate Holdings, LLC (herein called the
“Company”), a limited liability company organized and existing under the laws of the State of Delaware, hereby promises to pay to
[                    ] (the “Purchaser”), or registered assigns, the principal sum of
[                                    ] U.S. dollars on
January 31, 2024 (the “Maturity Date”), with interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid balance
hereof at the rate of 5.2% per annum from the date hereof, payable quarterly, on the first day of January, April, July and October in each year, commencing on April 1, 2021, and on the Maturity Date, until the principal hereof shall have been
paid in full. In addition, the Company agrees to pay a Make-Whole Amount, Late Charges and interest at the Default Rate, as provided in the Note Agreement referenced below. 

Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States
of America at the Denver, Colorado office of the Company or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Agreement referred to below. 

This Note is one of a series of Secured Mezzanine Notes (herein called the “Notes”) issued pursuant to the Mezzanine Note
Agreement, dated as of December 14, 2020 (as from time to time amended, the “Note Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Unless otherwise indicated,
capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Agreement. 
 This Note is a
registered Note and, as provided in the Note Agreement, upon surrender of this Note for registration of transfer accompanied by a written instrument of transfer duly 

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executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the
transferee. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not
be affected by any notice to the contrary. 
 The Company will make required payments of principal on the dates and in the amounts specified
in the Note Agreement. This Note is subject to mandatory prepayment at the times and on the terms specified in the Note Agreement. This Note may not be prepaid at the option of the Company at any time prior to the Maturity Date. The Company’s
agreement to a prohibition on optional prepayments is a material inducement to the Purchaser’s decision to enter into the Note Agreement. The Company’s Obligations under this Note and the Note Agreement are secured pursuant to the Pledge
Agreement. 
 If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and
payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Agreement. 
 This
Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State of New York excluding
choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

 

			
	Aimco JO Intermediate Holdings, LLC
		
	By:	 	Aimco REIT Sub, LLC, a Delaware limited liability company, its sole member
		 	
	By:	 	  

		 	TitleEX-10.8

 Exhibit 10.8 

APARTMENT INCOME REIT CORP. 

EXECUTIVE SEVERANCE POLICY 

Effective
                     

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
			
	 Section 1.
	 	Background	  	 	1	 
			
	 Section 2.
	 	Definitions	  	 	1	 
			
	 Section 3.
	 	Term of Policy	  	 	4	 
			
	 Section 4.
	 	Termination by Company Group without Cause or by Executive for Good Reason	  	 	4	 
			
	 Section 5.
	 	Termination without Cause in Connection with Change in Control	  	 	5	 
			
	 Section 6.
	 	Termination by Reason of Death or Disability	  	 	5	 
			
	 Section 7.
	 	Termination by the Company Group for Cause	  	 	5	 
			
	 Section 8.
	 	Voluntary Termination; Retirement	  	 	5	 
			
	 Section 9.
	 	Release	  	 	6	 
			
	 Section 10.
	 	Restrictive Covenants	  	 	6	 
			
	 Section 11.
	 	Claims Procedures	  	 	6	 
			
	 Section 12.
	 	Compliance with Section 409A	  	 	7	 
			
	 Section 13.
	 	Withholding Taxes	  	 	8	 
			
	 Section 14.
	 	Parachute Payments	  	 	8	 
			
	 Section 15.
	 	Administration	  	 	8	 
			
	 Section 16.
	 	Amendment and Termination	  	 	8	 
			
	 Section 17.
	 	Other Provisions	  	 	9	 
			
	 EXHIBIT A
	 		  	 	A-1	 

  
 ii 

 APARTMENT INCOME REIT CORP. 

EXECUTIVE SEVERANCE POLICY 

Section 1. Background. This Apartment Income REIT Corp. Executive Severance Policy has been adopted by the Compensation
and Human Resources Committee to apply to selected Executives of the Company Group. Executives will be eligible for coverage under the Policy for the payment of severance benefits upon termination of employment under certain circumstances, subject
to the conditions set forth below. This Policy shall be effective as of the Effective Date as provided herein. 
 This Policy supersedes any
prior plan, policy or practice involving the payment of severance benefits to eligible Executives. While the Policy is in effect, any severance benefits provided to an eligible Executive must be paid pursuant to this Policy or pursuant to another
express written agreement between the Company or any member of the Company Group and the eligible Executive (including but not limited to an employment agreement), which agreement must be signed by such Executive and a duly authorized officer of the
Company or Company Group. 
 Section 2. Definitions. As used herein, the following terms shall have the following
respective meanings: 
 2.1 “Accrued Rights” shall have the meaning given in Section 4.5 hereof. 

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

2.3 “Bonus” means the short-term incentive bonus payable to Executive under
the Company Group’s short-term incentive (S compensation plan, which provides for annual cash incentive bonuses, or any successor bonus program approved by the Compensation Committee in which Executive
participates from time to time. 
 2.4 “Base Salary” means the annual base salary in effect for the payroll period during
which Executive’s employment is termi Bonuses, commissions, incentive pay and any taxable or nontaxable fringe benefits or payments are not included in the calculation of Base Salary. 

2.5 “Cause” means the termination of an Executive’s employment because of the occurrence of any of the following, as
deter by the Board in accordance with the procedure below: 
 (i) the refusal by the Executive to attempt in good faith to perform his or
her duties as assigned to the Executive by the Chief Executive Officer (“CEO”) or to follow the lawful direction of the CEO (other than due to the Executive’s physical or mental incapacity); provided, however, that the CEO
shall have provided the Executive with written notice of such failure and the Executive has been afforded at least fifteen (15) day to cure same; 

( ) the Executive’s conviction of, or plea of guilty or nolo contendere to, a felony or any other serious crime involving moral
turpitude or dishonesty; 
 (i) the Executive’s willfully engaging in misconduct in the performance of his or her duties for the
Company Group (including fraud, embezzlement, securities law violations, a material violation of the Company Group’s code of conduct or a material violation of other material written policies) that is demonstrably injurious to the Company
Group, monetarily or otherwise; 
 (ii) the Executive’s willfully engaging in misconduct unrelated to the performance of his or her
duties for the Company Group demonstrably injurious to the Company Group, monetarily or otherwise; 
 (iii) the Executive’s breach of
any fiduciary obligation to the Company or Company Group or the Executive’s material breach obligation of confidentiality, 

 
noncompetition or nonsolicitation; provided, however, that the CEO shall have provided the Executive with written notice of any such breach and the Executive shall have failed to cure such breach
within fifteen (15) days of such notice. 
 For purposes of this Section 2.5, no act, or failure to act, on the part of the Executive shall
be considered “willful” unless done, or omitted to be done, by him or her in bad faith and without reasonable belief that his or her action or omission was in the best interest of the Company Group. No action or inaction by the Executive
shall be treated as Cause if it was taken at the direction of counsel to the Company or Company Group. Any termination shall be treated as a termination for Cause only if (A) the Executive is given at least five (5) business days written notice of
termination specifying the allege Cause event and shall have the opportunity to appear (with counsel) before the Chairman of the Compensation and Human Resources Committee to present information regarding his or her views on the Cause event, and (B)
after such hearing, Executive is terminated for Cause by the CEO after review by the Chairman of the Compensation and Human Resources Committee. After providing the notice of termination in the foregoing sentence, the CEO may suspend the Executive
with full pay and benefits until a final determination pursuant to this section has been made. 
 2.6 “Change in Control”
means the consummation of any of the following events: 
 (i) An acquisition (other than directly from the Company) of any voting securities
of the Company (the “Voting Securities”) b person (as the term “person” is used for purposes of Section 13(d) or Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchang Act”))
immediately after which such person has “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) (“Beneficial Ownership”) of 50% or more of the combined voting power of the
Company’s then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred, Voting Securities that are acquired in a Non-Control Acquisition (as hereinafter
defined) shall not constitute an acquisition that would cause a Change in Control. “Non-Control Acquisition” shall mean an acquisition (A) by or under an employee benefit plan (or a trust forming a part thereof) maintained by (1) the
Company or (2) any corporation, partnership or other person of which a majority of voting power or its equity securities or equity interest is owned directly or indirectly by the Company or in which the Company serves as a general partner or manager
(a “Subsidiary”), (B) the Company or any Subsidiary, or (C) any person in connection with a Non-Control Transaction (as hereinafter defined).
“Non-Control Transaction” shall mean a merger, consolidation, share exchange or reorganization involving the Company in which (1) the stockholders of the Company, immediately before such
merger, consolidation, share exchange or reorganization, own, directly or indirectly immediately following such merger, consolidation, share exchange or reorganization, at least 50% of the combined voting power of the outstanding voting securities
of the corporation that is the successor in such merger, consolidation, share exchange or reorganization (the “Surviving Company”) in substantially the same proportion as their ownership of the Voting Securities immediately before
such merger, consolidation, share exchange or reorganization, and (2) th individuals who were members of the Board immediately prior to the execution of the agreement providing for such merger, consolidation, share exchange or reorganization
constitute at least 50% of the members of the board of directors of the Surviving Company; 
 (ii) The individuals who constitute the Board
as of the Effective Date (the “Incumbent Board”) cease for any reason to const least 50% of the Board; provided, however, that if the election, or nomination for election by the Company’s stockholders, of any new director was
approved by a vote of at least two-thirds of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board; provided, further, that no individual shall be considered a member of
the Incumbent Board if such individual initially assumed office as a result of either an actual or threatened “election contest” (as described in Rule 14a-11 promulgated under the Exchange Act) (an
“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board (a “Proxy Contest”) including by reason of any agreement intended to avoid or
settle any Election Contest or Proxy Contest; or 
 (iii) The consummation of any of the following: (A) a merger, consolidation, share
exchange or reorganization involving the Company (other than a Non-Control Transaction); (B) a complete liquidation or dissolution of the Company; or an agreement for the sale or other disposition of all or
substantially all of the assets of the Company to any person (other than a transfer to a Subsidiary). 

  
 2 

 Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely
because any person (a “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Company that, by reducing the
number of Voting Securities outstanding, increases the proportional number of shares Beneficially Owned by such Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition
of Voting Securities by the Company, and after such share acquisition by the Company, such Subject Person becomes the Beneficial Owner of any additional Voting Securities that increases the percentage of the then outstanding Voting Securities
Beneficially Owned by such Subject Person, then a Change in Control shall occur. 
 2.7 “Company” means Apartment Income
REIT Corp., a Maryland corporation. 
 2.8 “Code” means the Internal Revenue Code of 1986, as amended. 

2.9 “Company Group” means the Company, the Partnership, AIMCO/Bethesda Holdings, Inc. and other entities through whi
operations of the Company are conducted. 
 2.10 “Compensation Committee” means the Compensation and Human Resources
Committee of the Board. 
 2.11 “Date of Termination” means the effective date of the relevant Executive’s
termination of employment with the Company Group. 
 2.12 “Disability” means, in the reasonable and good faith judgment of
the Company, the Executive is totally and permanently disabled and is unable to return to or perform his or her duties on a full-time basis. 

2.13 “Effective Date” means December 14, 2020. 

2.14 “Executive” means the following executive employees of the Company Group who are eligible to participate in the Policy:
each Executive Vice President and also the Senior Vice President Chief Investment Officer as of the Effective Date, as determined on the records of the Company Group. 

2.15 “Good Reason” means Executive’s voluntary resignation due to (i) a material reduction in Executive’s Base
Salary; (ii) material diminution in Executive’s title or responsibilities; or (iii) relocation of Executive’s primary place of employment more than fifty miles; provided, however, that Executive may only terminate employment for Good
Reason by delivering written notice to the Board within 90 days following the date on which Executive first knows of the event constituting Good Reason, which notice specifically identifies the facts and circumstances claimed by Executive to
constitute Good Reason, and the Company Group has failed to cure such facts and circumstances within 30 days after receipt of such notice; and provided further, however, that if Executive is party to an employment agreement with the Company Group
that provides a definition of Good Reason, such definition shall apply instead of the foregoing provisions of this Section 2.15. 
 2.16
“Partnership” means AIMCO Properties, L.P., a Delaware limited partnership. 
 2.17 “Policy” means this
Apartment Income REIT Corp. Executive Severance Policy. 
 2.18 “Pro-Rata Bonus” means an amount equal to the product of
(i) the Bonus, if any, that Executive would have earned for bonus cycle in which the Date of Termination occurs, subject to attainment of such corporate targets, and disregarding any individual performance targets, as shall be established by the
Compensation Committee for such bonus cycle, and (ii) a fraction, the numerator of which is the number of days Executive was employed by the Company Group during the bonus cycle in which the Date of Termination occurs, and the denominator of which
is the number of days in such bonus cycle. The Pro-Rata Bonus shall be paid on the date that Bonuses are normally paid, but in no event later than March 15th of the year following the year in which the Date of
Termination occurs. 

  
 3 

 Section 3. Term of Policy. 

The term of this Policy shall begin on the Effective Date and shall continue in effect until modified or terminated by the Company pursuant to
Section 16 hereof. 
 Section 4. Termination by Company Group without Cause or by Executive for Good Reason. 

If the Company Group terminates Executive’s employment during the term of the Policy without Cause, or if Executive terminates his or her
employment during the term of the Policy for Good Reason, then, subject to Sections 9 and 10 below, Executive shall be entitled to the following rights and benefits under this Section 4: 

4.1 Severance Payment. The Company Group will pay Executive an amount (the “Severance Payment”) equal to the
sum of (A annual Base Salary for the calendar year of the Date of Termination, plus (B) the average annual Bonus paid to Executive in the most recent three (3) years (or, if the Executive’s employment period is less than three years, the
average during the Executive’s employment period and, if the Executive has not been eligible for a Bonus in any prior years, then the Executive’s target annual Bonus for the year in which the Date of Termination occurs). The Severance
Payment will be paid in one lump sum payment, less required withholdings, on the 50th day following the Date of Termination, subject to the requirements of Sections 9 and 10. 

4.2 Treatment of Equity Awards. The vesting and exercise of any equity awards that may be held by Executive as of the Date
Termination shall be determined in accordance with the applicable equity incentive plan and grant documentation for that Executive. 
 4.3
Continued Health Benefit Coverage. Until the earlier of eighteen (18) months following Executive’s Date of Termination date Executive becomes employed with another employer and is eligible to receive similar benefits under that
employer’s health and welfare plans (the “COBRA Subsidy Period”), the Company Group shall pay 100% of the monthly COBRA premiums for the continued coverage of Executive and his or her covered dependents under the Company
Group’s medical, dental, prescription drug and vision care group health plans as in effect from time to time, provided Executive elects COBRA coverage and returns the enrollment documents within the specified timeframe under such plans. Such
payments will 
 be paid monthly as such premium payments are due. 

4.4 COBRA. Executive shall be eligible for continuation of coverage for Executive and Executive’s eligible dependents
under COBRA continuation of coverage provisions of the Company Group’s group health plans, at Executive’s sole expense at applicable COBRA rates, beginning upon the expiration of the COBRA Subsidy Period, for any remaining period required
under COBRA. 
 4.5 Accrued Rights. As soon as administratively practicable following the Date of Termination, the Company
Group will pay provide Executive with (i) all accrued but unpaid base salary through the Date of Termination, (ii) vacation pay accrued but not used in accordance wit the Company Group’s vacation pay policy, (iii) any previously awarded but
unpaid Bonus for a completed bonus cycle prior to the Date of Termination, (iv) any unreimbursed business expenses that are reimbursable under the Company Group’s business expense policy, (v) all rights and benefits under employee benefit plans
of the Company Group in which Executive is then participating, as provided under such plans, and (vi) any other payments as may be required under applicable law (collectively, the “Accrued Rights”). 

4.6 No Additional Rights. Except as provided in this Section 4, Executive’s participation under any benefit plan, program,
p arrangement sponsored or maintained by the Company Group shall cease and be terminated on the Date of Termination. Without limiting the generality of the foregoing, Executive’s eligibility for and active participation in any tax qualified
401(k) plan maintained by the Company Group will end as of the Date of Termination and Executive will earn no additional benefits under that plan after that date. Executive shall be treated as a terminated employee for purposes of all such benefit
plans and programs effective as of the Date of Termination, and shall receive all payments and benefits due under such plans and programs in accordance with the terms and conditions thereof. 

  
 4 

 Section 5. Termination without Cause in Connection with Change in Control. 

In the event that the Company Group terminates the employment of Executive during the term of the Policy without Cause, or if Executive
terminates his or her employment during the term of the Policy for Good Reason, and the applicable Date of Termination occurs (i) within six (6) month prior to and in connection with a Change in Control, or (ii) within twelve (12) months following
such Change in Control, then, subject to Sections 9 and below, Executive shall be entitled to the following rights and benefits under this Section 5: 

5.1 Enhanced Severance Payment. In lieu of the Severance Payment provided in Section 4.1, the Company Group will pay E a payment
equal to two times the sum of (A) the annual Base Salary for the calendar year of the Date of Termination, and (B) the average annual cash performance bonus paid to Executive in the most recent three (3) years (or, if the Executive’s employment
period is less than three years, the average during the Executive’s employment period and, if the Executive has not been eligible for a cash performance bonus in prior years, then the Executive’s target annual cash performance bonus for
the year in which the Date of Termination occurs). The Enhanced Severance Payment will be paid in one lump sum payment, less required withholdings, on the 50th day following the Date of Termination, subject to the requirements of Sections 9 and 10.

 5.2 Treatment of Equity Awards, Continued Health Benefit Coverage, COBRA, Accrued Rights, No Additional Rights. The
provisions of Sections 4.2, 4.3,4.4, 4.5 and 4.6 will apply to terminations of employment described in this Section 5; provided, however, that any equity awards held by the Executive as of his or her Date of Termination under this Section 5 will be
100% vested upon such termination if such Date of Termination occurs within twelve (12) months after a Change in Control. 

Section 6. Termination by Reason of Death or Disability. 

In the event that the employment of Executive is terminated during the term of the Policy by reason of Executive’s death or Disability,
then, subject to Sections 9 and 10 below, Executive shall be entitled to the following rights and benefits under this Section 6: 
 6.1
Bonus. The Company Group will pay Executive the Pro-Rata Bonus, which shall be paid on the date that Bonuses are nor paid, but in no event later than March l5th of the year following the year in
which the Date of Termination occurs. 
 6.2 Treatment of Equity Awards. The vesting and exercise of any equity awards that
may be held by Executive as of the Date Termination shall be determined in accordance with the applicable equity incentive plan and grant documentation for that Executive. 

6.3 Accrued Rights. As soon as administratively practicable following the Date of Termination, the Company Group will pay
provide Executive with the Accrued Rights. 
 Section 7. Termination by the Company Group for Cause. 

The Company Group may terminate the employment of the Executive for any reason and at any time, with or without Cause. In the event that the
Company Group terminates the employment of Executive during the term of the Policy for Cause, the Company Group will pay or provide Executive with the Accrued Rights as soon as administratively practicable after such Date of Termination. 

Section 8. Voluntary Termination; Retirement. 

Executive shall not be entitled to any payments or benefits under this Policy by reason of Executive’s voluntary termination of employment from the
Company Group. Any payments or benefits to a retiring executive shall be handled on an individualized basis or in accordance with a separate policy. This Policy shall have no effect 

  
 5 

 on the rights and benefits to which an Executive is entitled upon retirement under (without limitation) any
retirement or savings plan of the Company Group, nor under any of the Company’s equity incentive compensation plans (including applicable award agreements), each of which shall be governed exclusively by the terms of such plans and agreements,
as applicable. 
 Section 9. Release. 

To the extent permitted under applicable law, as a condition precedent to receiving any payments and benefits as provided under this Policy,
Executive must execute a general release of claims (the “Release”), substantially in the form attached as Exhibit A hereto, and such Release must become irrevocable, by the sixtieth (60th) day following the Date of
Termination. If Executive fails to execute and deliver the Release, or revokes the Release, Executive agrees that he or she shall not be entitled to receive the payments and benefits described herein (except for the Accrued Rights and COBRA rights
at the Executive’s expense). For purposes of this Policy, the Release shall be considered to have been executed by Executive if it is signed by Executive’s legal representative in the case of legal incompetence or on behalf of
Executive’s estate in the case of Executive’s death. 
 Section 10. Restrictive Covenants. 

10.1 Restrictive Covenant Agreement. Each Executive, as a condition of participation in this Policy, shall be required to have
to and executed the Non-Solicitation and Non-Disclosure Agreement or the Non-Competition and
Non-Solicitation Agreement, as appropriate for the Executive’s position (the “Restrictive Agreement”), as determined and provided by the Company Group. In the event of a breach by an
Executive of the Restrictive Agreement, the Executive will forfeit any right to separation pay or separation benefits under this Policy, will not be entitled to any further payment or right under this Policy and, with respect to any separation
payment that has been made to or on behalf of the Executive under this Policy, the Executive will repay to the Company Group the amount of any such prior payment plus interest on such amount at the prime rate of interest reported in the Wall
Street Journal as of the date of such prior payment through the date that the amount is repaid to the Company Group, such payment to be due within ten (10) days after written demand from the Company Group. 

10.2 Transfer of Duties. Executive must cooperate with the orderly transfer of his or her duties as requested by the Company

 10.3 Return of Property. Executive must return all Company property by a date specified by the Company Group. 

Section 11. Claims Procedures. 

A Participant or the Participant’s beneficiary must make any claim with respect to any disputed benefits under the Plan as follows: 

11.1 Claims For Benefits. Claims for disputed benefits under the Plan must be made in writing to the Compensation Committee such
claim for disputed benefits is wholly or partially denied, the Compensation Committee will, within a reasonable period of time, but no later than ninety (90) days after receipt of the claim, notify the claimant of the denial of the claim. Such
notice of denial will: (i) be in writing; (ii) be written in a manner calculated to be understood by the claimant; and (iii) contain (A) the specific reason or reasons for denial of the claim, (B) a specific reference the pertinent Plan
provisions upon which the denial is based, (C) a description of any additional material or information necessary for the claimant to perfect the claim, along with an explanation of why such material or information is necessary, and (D) an
explanation of the Plan’s claim review procedur 
 11.2 Request For Review Of Denial Of Claim. Within one hundred twenty
(120) days of the receipt by the claimant of the wr notice of denial of the claim, or such later time as may be deemed reasonable by the Compensation Committee, taking into account the nature of the benefit subject to the claim and any other
attendant circumstances, or if the claim has not been granted within a reasonable period of time, the claimant may file a written request with the Compensation Committee that it conduct a full and fair review of the denial of the claimant’s
claim for benefits, including the conducting of a hearing, if deemed necessary by the Compensation 

  
 6 

 
Committee. In connection with the claimant’s appeal of the denial of his or her benefit, the claimant may review documents reasonably determined by the Compensation Committee to be
pertinent, and may submit issues and comments in writing. 
 Section 12. Compliance with Section 409.A 

12.1 The Company Group and Executive intend that, to the maximum extent possible, any amounts paid pursuant to this Polic qualify as a short-term deferral pursuant to Code Section 409A or as separation pay exempt from Code Section 409A. Without limiting the foregoing, t the extent that the provisions of Code Section 409A or any Treasury regulations
promulgated thereunder are applicable to any amounts payable hereunder, the Company Group and Executive intend that this Policy will meet the requirements of such Code section and regulations and that the provisions hereof will be interpreted in a
manner that is consistent with such intent. Executive will cooperate with the Company Group in taking such actions as the Company Group may reasonably request to assure that this Policy will meet the requirements of Code Section 409A and any
regulations promulgated thereunder. 
 12.2 Unless otherwise permitted under Code Section 409A, all
in-kind benefits, expenses or other reimbursements paid purs this Policy that are taxable income to Executive (i) will be paid no later than the end of the calendar year next following the calendar year in
which Executive incurs such expense; (ii) will not be subject to liquidation or exchange for another benefit; and (iii) the amount of expenses eligible for reimbursements or in-kind benefits provided during
any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year. 

12.3 For purposes of Code Section 409A, Executive’s right to receive any installment payments under this Policy (whether severance
payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. 

12.4 With respect to any amount that becomes payable to Executive under this Policy upon Executive’s “separation from serv as
defined below, for any reason, notwithstanding any other provision of this Policy to the contrary, if the Company determines in good faith that 
 Executive
is a “specified employee” under Code Section 409A then, to the extent required under Code Section 409A, any amount that otherwise would payable to Executive during the six (6) month period following Executive’s separation from service
shall be suspended until the lapse of such six (6) month period (or, if earlier, the date of death of Executive). The amount that otherwise would be payable to Executive during such period of suspension shall be paid in a single payment on the day
following the end of such six (6) month period (or, if such day is not a business day, on the nex succeeding business day) or within thirty (30) days following the death of Executive during such six (6) month period, provided that the death of
Executive during such six (6) month period shall not cause the acceleration of any amount that otherwise would be payable on any date during such six (6) month period following the date of Executive’s death. Any amounts not subject to the
suspension described in the preceding sentence shall be paid as otherwise provided in this Policy. A “separation from service” means a separation from service with the Company Group and all other persons or entities with whom the members
of the Company Group would be considered a single employer under Section 414(b) or 414(c) of the Code, applying the eighty percent (80%) threshold used in such Code sections and the Treasury Regulations thereunder, all within the meaning of Code
Section 409A. 
 12.5 To the extent required to avoid the imposition of additional taxes and penalties under Code Section 409A, amounts pay
under this Policy on termination of employment will not be paid until Executive experiences a separation from service within the meaning of Code Section 409A as specified above. 

12.6 In no event will the Company Group be liable for any additional tax, interest or penalties that may be imposed on Executi under Code
Section 409A or for any damages for failing to comply with Code Section 409A. 
 12.7 Notwithstanding any provision of this Policy to the
contrary, in no event shall the timing of Executive’s execution of the Release, directly or indirectly, result in Executive designating the calendar year of payment, and if a payment pursuant to this Policy that is subject to execution of the
Release could be made in more than one (1) taxable year, based on timing of the execution of the Release, payment shall be made in the later taxable year. 

  
 7 

 Section 13. Withholding Taxes. 

All compensation payable pursuant to this Policy shall be subject to reduction by all applicable withholding, social security and other
federal, state and local taxes and deductions, and the Company Group shall be authorized to make all such withholdings to the extent it determines necessary under applicable law. 

Section 14. Parachute Payments. 

Notwithstanding anything in this Policy to the contrary, in the event it shall be determined that any payment or distribution in the nature of
compensation (within the meaning of Code Section 280G(b)(2)) to or for the benefit of Executive, whether paid or payable pursuant to this Policy or otherwise would be subject to the excise tax imposed by Code Section 4999, then Executive shall be
entitled to receive (i) the greatest amount so that n portion the payments shall be an excess parachute payment (the “Limited Amount”), or (ii) if the amount of payments otherwise paid or provided (witho regard to clause (i))
reduced by all taxes applicable thereto (including, for the avoidance of doubt, the excise tax imposed by Code Section 4999) would b greater than the Limited Amount reduced by all taxes applicable thereto, then the amount of payments shall be the
amount otherwise payable. Any reductions described in the preceding sentence shall be done in the manner that is least economically disadvantageous to Executive. Where the decision to cut back between two (2) amounts is economically equivalent, but
the amounts are payable at different times, the amounts will be reduced on a pro rat basis. 
 Section 15.
Administration. 
 The Compensation Committee is responsible for the administration of this Policy and shall have all powers and duties
necessary to fulfill its responsibilities. The Compensation Committee shall determine any and all questions of fact, resolve all questions of interpretation of the Policy which may arise, and exercise all other powers and discretion necessary to be
exercised under the terms of the Policy which it is herein given or for which no contrary provision is made. The Compensation Committee shall have full power and discretion to interpret the Policy and related documents, to resolve ambiguities,
inconsistencies and omissions, to determine any question of fact, and to determine the rights and benefits, if any, of any Executive or other employee, in accordance with the provisions of the Policy. The Compensation Committee shall also have the
authority to waive any restrictions with respect to participation in the Policy or the maturity of benefits under the Policy for any specific Executive where, in the opinion of the Compensation Committee, it is reasonable to do so and does not
prejudice the rights of the particular Executive under the Policy and it does not cause the Executive to be subject to adverse tax treatment under Code Section 409A. The Compensation Committee’s decision with respect to any matter shall be
final and binding on all parties concerned. The validity of any such interpretation, construction, decision, or finding of fact shall not be given de novo review if challenged in court, by arbitration, or in any other forum, and shall be upheld
unless clearly arbitrary or capricious. The Compensation Committee may, from time to time, by action of its appropriate officers, delegate to designated persons or entities the right to exercise any of its powers or the obligation to carry out its
duties under the Policy. 
 Section 16. Amendment and Termination. 

This Policy will continue in effect, subject to amendment, until terminated by the Board. The Board may terminate or amend the Policy at any
time except that: ninety (90) days’ prior notice to affected Participants will be required for any termination of the Plan or amendment that materially and adversely affects the rights of such Participants, no termination or amendment will
materially and adversely affect the rights of any Participant whose employment terminated prior to the date of such amendment or termination, and a Participant’s right to receive payments or benefits with respect to a termination occurring in
connection with or within twelve (12) months after a Change of Control shall not be adversely affected by an amendment or termination of the Plan that is made within 6 months before or twelve (12) months after the Change of Control date. 

  
 8 

 Section 17. Other Provisions. 

17.1 Acknowledgment. Executive acknowledges that this Policy does not constitute a contract of employment or impose on t Company
Group any obligation to retain Executive as an employee and that this Policy does not prevent Executive from terminating employment at any time. 

17.2 Non-Duplication of Benefits. The benefits under this Policy are not intended to
duplicate any other benefits provided by Company Group in connection with the termination of an employee’s employment, such as wage replacement benefits, pay-in-lieu-of-notice, severance pay, or similar benefits under any other benefit plans, severance programs, employment contracts, or applicable federal or state
laws, such as the WARN Acts. Should such other benefits be payable, the benefits under this Policy will be reduced accordingly or, alternatively, benefits previously paid under this Policy will be treated as having been paid to satisfy such other
benefit obligations. In either case, the Company Group will determine how to apply this provision and may override other provisions in this Policy in doing so. 

17.3 Arbitration. Subject to satisfaction of the Claims Procedures set forth in Section 11, any dispute or controversy arising in
connection with this Policy or the Executive’s employment with the Company Group shall be subject to the Arbitration Agreement entered into by the Company Group and the Executive. 

17.4 Construction. This Policy shall be governed and enforced in accordance with the laws of the State of Colorado, and any
litigation between the parties relating to this Policy shall be conducted in the courts of the City and County of Denver, including where necessary for federal court matters. 

17.5 Severability. If any provision of this Policy, or the application of such provision to any person or in any circumstance,
is by a court of competent jurisdiction to be unenforceable for any reason, such provision may be modified or severed from this Policy to the extent necessary to make such provision unenforceable against such person or in such circumstance. Neither
the unenforceability of such provision nor the modification or severance of such provision will affect (i) the enforceability of any other provision of this Policy or (ii) the enforceability of such provision against any person or in any
circumstance other than those against or in which such provision is found to be unenforceable. 
 17.6 Records. The records of
the Company Group with respect to the determination of eligibility, employment history, Accrue Rights, Base Salary, Bonus, and any and all other relevant matters shall be conclusive for all purposes of this Policy. 

17.7 Entire Agreement. The Company and Executive understand and agree that this Policy shall constitute the entire underst between them
regarding the subject matter contained herein, and that all prior understandings or agreements regarding these matters are hereby superseded and replaced; except as may be specifically provided in any employment agreement between the Company Group
and Executive. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the undersigned, being duly authorized by the Company, has signed this
Apartment Income REIT Corp. Executive Severance Policy to be effective as of the date first above-written. 
  

			
	APARTMENT INCOME REIT CORP.

 
			
		
	By:	 	 

 
			
		
	Title:	 	 

 EXHIBIT A 

SEPARATION AGREEMENT AND GENERAL RELEASE 

The purpose of this Separation Agreement and General Release (this “Agreement”) is to confirm the terms regarding your
separation of employment from an affiliate or subsidiary of Apartment Income REIT Corp. (“AIR” or the “Company”). 

Provided that you sign this Agreement, do not revoke it, and comply with all of its terms and the terms of the Apartment Income REIT Corp.
Executive Severance Policy (the “Policy”), the Company will provide the severance benefits described below to you (the “Severance Benefits”): 
  

	1.	 Definitions. 

 

	 	a.	 “You” and “Your” shall refer to
            . 

  

	 	b.	 The “Separation Date” shall
be                                        , 202
_. 

  

	 	c.	 The “Severance Payment” shall be
$                                         
           , which will be paid in one lump sum payment, less applicable tax d. You are over forty (40) years of age, and the provisions of Section 6.c. hereof apply to this Agreement. The
additional amount paid to Yo in consideration for Your execution of a waiver under the Age Discrimination in Employment Act (the “ADEA Amount”) shall be $            , such
amount being equal to 1 week of Your current base pay. 

  

	 	e.	 If You timely elect COBRA coverage for Yourself and Your covered dependents following the Separation Date, the
Company will pay 100% of the premiums required for COBRA continuation coverage for You and Your covered dependents for 18 months (the “COBRA Benefit”). 

 

	2.	 Separation of Employment. Your employment with AIR will terminate effective as of the
Separation Date. From and after the Separation Date, You shall have no authority and shall not represent Yourself as an employee or agent of any of the AIR Parties (as defined below). 

 

	3.	 Severance Payment and Benefits. In exchange for the mutual covenants set forth in this
Agreement and in the Policy, as soon as practical after Company’s receipt of a signed original counterpart of this Agreement (the “Effective Date”) and after the tenth
(10th) day following Your execution of this Agreement, AIR shall: 

  

	 	a.	 Provide You with separation pay equal to the Severance Payment plus the ADEA Amount in one lump sum payment on
the Company’s next regularly scheduled payroll date. Additionally, AIR shall provide You with the COBRA Benefit should you timely elect COBRA coverage following the Separation Date, as set forth in Section 1(e) above. Subject to the timing
restrictions above, payment may be made in accordance with the Company’s ordinary payroll practices at the conclusion of regularly scheduled pay periods. 

 

	 	b.	 Additionally, regardless of whether You sign this Agreement: 

 

	 	(i)	 You will be paid all accrued and unused vacation. 

 

	 	(ii)	 If You are covered by the Company’s medical and/or dental insurance plans on the Separation Date, these
benefits will continue through the end of the month of the Separation Date. You will have the right to continue Your medical insurance thereafter pursuant to the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“C
OBRA”). The COBRA qualifying event shall be deemed to have occurred on the Separation Date. If this Agreement is not signed 

  
 A-1 

	 	
or does not become effective, following the end of the month of the Separation Date, You shall be required to pay the full COBRA premium rate. 

You acknowledge and agree that the separation pay provided under this Section 3(a) of this Agreement (hereafter, the “Separation
Pay”) is not otherwise due or owing to You under any employment agreement (oral or written) with any of the AIR Parties or Company policy or practice, and that the foregoing separation pay to be provided to You is not intended to, and shall
not constitute, a severance plan, and shall confer no benefit on anyone other than the parties hereto. You further acknowledge that except for (i) th specific financial consideration set forth in this Agreement, and (ii) any accrued but unused
vacation time as of the Separation Date, which will be paid to You promptly, You are not entitled to any additional consideration from the Company or any of the AIR Parties. 
  

	4.	 Return of Company Property, Confidentiality, Offset of Debt. You expressly acknowledge and agree
to the following: 

  

	 	a.	 that You have returned to AIR all AIR Party documents (and any copies thereof) and property (including without
limitation all keys, badges, credit cards, phone cards, cellular phones, computers, software, etc.); and 

  

	 	b.	 that all information relating in any way to this Agreement, including the terms and amount of financial
consideration provided for in this Agreement, shall be held confidential by You and shall not be publicized or disclosed to any person (other than an immediate family member, legal counsel or financial advisor, provided that any such individual to
whom disclosure is made agrees to be bound by these confidentiality obligations), business entity or government agency (except as mandated by state or federal law). Notwithstanding any provision herein to the contrary, You (and Your representatives
or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment of any and all transaction(s) contemplated herein and all materials of any kind (including opinions or other tax analyses) that are or have been
provided to You (or Your representative or other agent) relating to such tax treatment. For purposes of this Agreement, “tax treatment” means the federal income tax treatment of the Separation Pay. This authorization of disclosure is
not intended to permit disclosure of any other information, including but not limited to (i) any portion of any materials to the extent not related to the tax treatment of the Separation Pay, (ii) the existence or status of any
negotiations, and (iii) any other term or detail not related to the tax treatment of the Separation Pay; and 

  

	 	c.	 that any and all amounts for which You are indebted to the Company may be offset and deducted by the Company
from any Separation Amount otherwise payable hereunder prior to paying the Separation Amount to You, including, without limitation, any amount pledged as recourse for a loan pursuant to the terms of the employee stock purchase plan and/or executive
stock purchase program sponsored by the Company; provided, however, that this section shall apply only if other existing documentation of the amount(s) owed does not specifically prohibit such offset. 

 

	5.	 Non-Competition and
Non-Solicitation Agreement / Non-Solicitation and Non-Disclosure Agreement. You expressly acknowledge and
agree that the Non-Competition and Non-Solicitation Agreement / Non-Solicitation and
Non-Disclosure Agreement executed by You and dated which is incorporated herein by reference, shall remain in full force and effect. 

 

	6.	 Release of Claims. You hereby agree and acknowledge that by signing this Agreement You, on
behalf of Yourself and Your heirs, successors, agents, assigns, executors, administrators, dependents and family members (collectively, including You, the “Employee Parties”) hereby generally, completely, absolutely

  
 A-2 

 
and unconditionally release, waive, acquit, forever discharge, indemnify and hold harmless the AIR Parties (as defined below) from and against any and all Claims (as defined below) against any or
all of the AIR Parties whatsoever for any alleged action, inaction or 
 circumstance existing or arising from the beginning of time through
the date this Agreement is executed by all parties. Your waiver and release herein is intended to bar any form of Claim against any or all of the AIR Parties seeking any form of relief including, without limitation, equitable relief (whether
declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys
fees and any other costs) against any or all of the AIR Parties, for any alleged action, inaction or circumstance existing or arising through the date this Agreement is executed by all parties. The foregoing waiver and release constitutes a FULL
AND FINAL RELEASE OF ALL CLAIMS, and shall apply to all known and unknown claims or damages existing as of the date this Agreement is 

executed by all parties. 
  

	 	a.	 Without limiting the foregoing general waiver and release, on behalf of the Employee Parties, You specifically
waive and release any and all of the AIR Parties from any Claim arising from or related to Your employment relationship with the Company or the termination thereof, including, without limitation: 

 

	 	(i)	 Claims under any local, state, federal or foreign discrimination, fair employment practices or other employment
related statute, regulation or executive order (as they may have been amended through the Effective Date) prohibiting discrimination or harassment based upon any protected status including, without limitation, race, religion, citizenship, national
origin, age, gender, genetic carrier status, marital status, disability, veteran status or sexual orientation. Without limitation, specifically included in this paragraph are any Claims arising under the federal Age Discrimination in Employment Act,
the Older Workers Benefit Protection Act, the Civil Rights Acts of 1866 and 1871, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Immigration Reform and Control Act, the Americans With Disabilities Act
and any similar local, state, federal or foreign statute or law. 

  

	 	(ii)	 Claims under any other local, state, federal or foreign employment related statute, regulation or executive
order (as they may have been amended through the Effective Date) relating to wages, hours or any other terms and conditions of employment. Without limitation, specifically included in this paragraph are any Claims arising under the Fair Labor
Standards Act, the Family and Medical Leave Act of 1993, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) and any similar local, state, federal
or foreign statute or law. 

  

	 	(iii)	 Claims under any local, state, federal or foreign common law theory including, without limitation, wrongful
discharge, breach of express or implied contract, promissory estoppel, unjust enrichment, breach of a covenant of good faith and fair dealing, violation of public policy, defamation, interference with contractual relations, intentional or negligent
infliction of emotional distress, invasion of privacy, misrepresentation, deceit, fraud or negligence. 

  

	 	(iv)	 Any other Claim arising under local, state, or federal law. 

 

	 	b.	 Notwithstanding the foregoing, this Section 6 does not release the Company from any obligation expressly set
forth in this Agreement. You acknowledge and agree that, but for providing this waiver and release, You would not be receiving the Separation Pay being provided to You under the terms of this Agreement. 

  
 A-3 

	 	c.	 You explicitly acknowledge that if You are over forty (40) years of age, You have specific rights under the Age
Discrimination in Employment Act (“ADEA”), which prohibits discrimination on the basis of age, and the releases set forth in this Section 6 are intended to release any right that You may have to file a claim against any or all of
the AIR Parties alleging discrimination on the basis of age. It is the Company’s desire and intent to make certain that You fully understand the provisions and effects of this Agreement. To that end, You have been encouraged and given the
opportunity to consult with legal counsel for the purpose of reviewing the terms of this Agreement. Consistent with the provisions of the Older Worker Benefits Protection Act (“OWBPA”), the Company is providing You with
forty-five (45) days in which to consider and accept the terms of this Agreement by signing below and returning it to Patricia Nelson, Vice President of Human Resources in Denver, Colorado. In addition, You may rescind Your
assent to this Agreement within seven (7) days after You sign it. To do so, You must deliver a notice of rescission to Patricia Nelson, Vice President of Human Resources. To be effective, such rescission must be hand delivered or postmarked
within the seven (7) day period and sent by certified mail, return receipt requested, to Patricia Nelson, Vice President of Human Resources, 4582 South Ulster Street Parkway, Suite 1100, Denver, Colorado 80237. By executing this Agreement, You
are acknowledging that You have been afforded sufficient time to understand the terms and effects of this Agreement, that Your agreements and obligations hereunder are made voluntarily, knowingly and without duress, and that neither any of the AIR
Parties nor their agents or representatives have made any representations inconsistent with the provisions of this Agreement. 

Nothing in this Agreement is intended to, or shall, interfere with Your rights under federal, state, or local civil rights or employment
discrimination laws to file or otherwise institute a charge of discrimination, to participate in a proceeding with any appropriate federal, state, or local government agency enforcing discrimination laws, or to cooperate with any such agency in its
investigation, none of which shall constitute a breach of this Agreement. You shall not, however, be entitled to any relief, recovery, or monies in connection with any such action or investigation brought against the Company, regardless of who filed
or initiated any such complaint, charge, or proceeding. 
  

	7.	 Agreement to Cooperate 

As further consideration for this Agreement, You agree to cooperate fully with the Company in connection with any litigation, investigation or
prosecution for which the Company, in its sole subjective discretion, determines that Your cooperation is necessary. This cooperation obligation includes, without limitation, meeting and cooperating with the Company’s attorneys and other
personnel upon reasonable notice and for reasonable durations of time; reviewing documents; sitting for depositions and other testimony on the Company’s behalf; and any other reasonable request from the Company. 

 

	8.	 Miscellaneous. 

For the purposes hereof, the term “Claims” shall mean any and all claims, demands, debts, liens, agreements, promises causes
of action, liability, damages, costs, and expenses of any kind and nature whatsoever, whether arising under state, federal or local law, administrative rule or regulation, common law, contract, tort, or in equity, known or unknown, whether accrued,
contingent, inchoate or otherwise, suspected or unsuspected, raised affirmatively or by way of defense or offset, including, without limitation any consequences flowing, resulting, or which might result therefrom. 

For the purposes hereof, the term “AIR Parties” shall mean the Company and any and all of its subsidiaries, affiliates,
divisions, acquiring and/or ownership entities, parent, associated or allied companies, corporations, firms, partnerships, management companies, and/or organizations, purchasers of assets or stock, investors, joint ventures, and any related entities
(including, without limitation, any management company and its subsidiaries and affiliates), and the shareholders (past and present), successors, predecessors, counsel, assigns, board members, insurers, officers, partners, directors, joint
venturers, managers, members, fiduciaries, trustees, agents, representatives, counsel or employees thereof jointly and severally, in both their personal and corporate capacities. The AIR Parties are hereby made third party beneficiaries of this
Agreement. 

  
 A-4 

 This Agreement contains the entire agreement and understanding by and between You and
Company with respect to matters set forth herein. No change, amendment or modification herein hereto shall be valid or binding unless the same is in writing and signed by the party intended to be bound. No waiver of any provision or any particular
breach or default of this Agreement shall be valid unless the same is in writing and signed by the party against whom such waiver is sought to be enforced; moreover, no valid waiver of any provision or any particular breach or default of this
Agreement at any time shall be deemed a waiver of any other provision or prior or subsequent breach or default of this Agreement at such time or be deemed a valid waiver of such provision at any other time. No failure or delay in exercising any
right under this Agreement shall operate as a waiver thereof or of any other right, and the failure of any party to seek redress for violation of or to insist upon the strict performance of any covenant or condition of this Agreement shall not
prevent a subsequent act, which would have originally constituted a violation, from having the effect of any original violation. No single or partial exercise by any party of any right, power or remedy will preclude any other or future exercise
thereof or of any other remedy. A determination that any provision of this Agreement is prohibited by law or unenforceable shall not affect the validity or enforceability of any other provision of this Agreement. 

Any controversy, dispute, or Claim of any nature arising out of, in connection with, or in relation to the interpretation, performance or
breach of this Agreement, including any Claim based on contract, tort or statute, shall be resolved at the written request of any party to this Agreement by binding arbitration. The arbitration shall be administered in accordance with the then
current National Rules for the Resolution of Employment Disputes of the American Arbitration Association. Any matter to be settled by arbitration shall be submitted to the American Arbitration Association in Denver, Colorado. The parties shall
attempt to designate one arbitrator from the American Arbitration Association. If they are unable to do so, then the American Arbitration Association shall designate an arbitrator. The arbitration shall be final and binding, and enforceable in any
court of competent jurisdiction. Notwithstanding anything herein to the contrary, this arbitration provision shall not prevent either You or the Company from seeking and obtaining equitable relief on a temporary or permanent basis, including,
without limitation, a temporary restraining order, a preliminary or permanent injunction or similar equitable relief from a court of competent jurisdiction by instituting a legal action or other court proceeding in order to protect or enforce the
rights of either under this Agreement or to prevent irreparable harm and injury, including, without limitation, enforcement of the provisions of Section 4 of this Agreement. The court’s jurisdiction over any such equitable matter, however,
shall be expressly limited only to the temporary, preliminary, or permanent equitable relief sought, and otherwise all Claims between You and the Company shall be determined through final and binding arbitration as described above. 

This Agreement shall be governed by, and interpreted in accordance with, the laws of the state of Colorado without reference to its conflict
of laws rules. This Agreement may be executed by facsimile and in any number of counterparts; all such counterparts shall be deemed to constitute one and the same instrument, and each counterpart (whether an original, a facsimile or other copy)
shall be deemed an original hereof. This Agreement shall not be valid unless accepted in writing, by You, as evidenced by Your signature below, and returned on or before , 2020. 

If the foregoing correctly sets forth our understanding, please sign, date and return the enclosed copy of this Agreement to Company. This
Agreement may be executed in counterpart. 
  

							
	CONFIRMED, CONSENTED AND AGREED TO BY YOU:	 	
				
	 	 		 	Date:	 	 
				
	By:                                     
                                         
                               	 		 	Date:	 	 

  
 A-5

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