Document:

EX-10.3

 EXHIBIT 10.3 
 FORM OF AMENDED AND RESTATED INVESTMENT ALLOCATION AGREEMENT 
 This
AMENDED AND RESTATED INVESTMENT ALLOCATION AGREEMENT (this “Agreement”), dated as of [•], 2013, is made and entered into by and between COLONY AMERICAN HOMES, INC., a Maryland corporation (the “Company”) and
CAH MANAGER, LLC, a Delaware limited liability company (the “Manager”). Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Management Agreement (defined below). 

WHEREAS, the Company has undertaken an initial public offering of common stock of the Company; 

WHEREAS, concurrently with the execution of this Agreement, the Company will execute an Amended and Restated Management Agreement (the
“Management Agreement”) with the Manager, pursuant to which the Manager will continue to provide for the day-to-day management of the operations of the Company and its subsidiaries and will be responsible for the selection, purchase
and sale of the Company’s portfolio investments, the Company’s financing activities, and providing the Company with investment advisory, asset management and other services, all as more specifically described in the Management Agreement;

 WHEREAS, the Company and the Manager entered into an investment allocation agreement, dated July 31, 2012 (the
“Original Agreement”), which the parties desire to amend and restate; and 
 WHEREAS, in order to address
certain potential conflicts arising from the Company’s relationship with the Manager and the Manager’s relationship with its Affiliates, the parties hereto desire to set forth certain policies relating to the allocation of investment
opportunities by the Manager or any of its Affiliates in assets that are substantially similar to the types of assets described as the Company’s target assets in Exhibit A of the Management Agreement (collectively, the “Target
Assets”). 
 NOW, THEREFORE, for the mutual promises made herein and in the other agreements executed by the parties
concurrently herewith or contemplated hereby, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

ARTICLE I  

Investment Allocation Policy 
 1.01 Investment Allocation Policy. During the term of this Agreement, the Manager and its Affiliates shall pursue any Target Asset generated by or presented to the Manager and/or its Affiliates (a
“Suitable Investment”) only through the Company or a subsidiary of the Company unless: (i) prior approval has been obtained from a majority of the Board of Directors, including a majority of the Independent Directors, that such
Suitable Investment may be pursued by a Person other than the Company or its Affiliates; (ii) such Suitable Investment is presented to a Person other than a Successor Fund (as defined below) for which the Manager or any of its Affiliates serves
as a director of, or in a fiduciary capacity to, such Person and the Suitable Investment is pursued by such Person; (iii) such Suitable Investment is pursued by a Pre-Existing Investment Vehicle (as defined below); (iv) such Suitable
Investment is a personal residence of personnel of the Manager and its Affiliates; (v) such 

 
Suitable Investment is a follow-on investment to an existing investment; or (vi) such Suitable Investment is pursued through a company in which the Manager or its Affiliate (x) does not
directly participate in the management of such Suitable Investment and (y) does not own more than 20% of such Suitable Investment, in which cases such Suitable Investment may be pursued by the Manager and/or its Affiliates without the
participation of the Company or its Subsidiaries. “Successor Fund” means any investment vehicle for which the Manager or an Affiliate of the Manager acts as the manager or the primary source of transactions and that has investment
objectives similar to those of the Company. “Pre-Existing Investment Vehicle” means any investment vehicle sponsored or managed by the Manager or any of its Affiliates that was existing as of the date of the Original Agreement and which
has as a part of its investment mandate the authority to invest in the Target Assets and has available capital to make such an investment. 
 1.02 Co-Investment. If, pursuant to Section 1.01, the Manager or its Affiliates would be entitled to pursue a Suitable Investment without the participation of the Company or its Subsidiaries,
the Manager shall be permitted to cause the Company or its Subsidiaries, on the one hand, and the Manager’s Affiliates, on the other hand, to invest in such Suitable Investment on a side-by-side basis on an allocation ratio determined for such
Suitable Investment in the discretion of the Manager and the general partner or manager of the participating Affiliate(s). 

ARTICLE II  
 Term 
  

2.01 Term. This Agreement shall be effective as of the date first written above and shall terminate on the first to occur of any
of the following events: 
 (a) Immediately upon the execution by all parties hereto of a written agreement to terminate this
Agreement (or upon the effective date of such termination as specified in such written agreement); provided, however, that such termination shall not be effective unless and until it has been consented to by a majority of the Board of
Directors, including a majority of the Independent Directors; or 
 (b) At such time as either (i) the Management Agreement
is terminated by any party thereto, for any reason, or (ii) the Manager ceases to be the manager of the Company and its subsidiaries for any reason. 
 2.02 Rights of Termination. If this Agreement is terminated, such termination shall be without any further liability or obligation of either party to the other, except as provided in
Section 3.07. 
 ARTICLE III  
 Miscellaneous Provisions 
 3.01 Assignment. This Agreement may not
be assigned by any party hereto without the prior written consent of the other parties. 

  
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 3.02 Notice. 
 (a) All notices, demands or requests provided for or permitted to be given pursuant to this Agreement must be in writing, to the following addresses: 

If to the Manager: 
 CAH Manager, LLC. 
 2450 Broadway, 6th Floor 

Santa Monica, California 90404 
 If to the Company: 
 Colony American Homes, Inc. 

2450 Broadway, 6th Floor 
 Santa Monica, California 90404 
 (b) All notices, demands and requests to be sent
to a party hereto pursuant to this Agreement shall be deemed to have been properly given or served if: (i) personally delivered, (ii) deposited for next day delivery by Federal Express, or other similar overnight courier services,
addressed to such party, (iii) deposited in the United States mail, addressed to such party, prepaid and registered or certified with return receipt requested or (iv) transmitted via facsimile or other similar device to the attention of
such party. 
 (c) All notices, demands and requests so given shall be deemed received: (i) when personally delivered,
(ii) twenty-four (24) hours after being deposited for next day delivery with an overnight courier, (iii) forty-eight (48) hours after being deposited in the United States mail, or (iv) three (3) hours after being
transmitted via facsimile or otherwise transmitted and receipt has been confirmed. 
 3.03 Binding Nature of Agreement;
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

3.04 Entire Agreement. This Agreement contains the entire agreement and understanding among the parties hereto with respect to the
subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with respect to the subject matter of this
Agreement, including but not limited to the Original Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. 

3.05 Amendments. This Agreement may be amended or modified only by an agreement in writing signed by all parties hereto;
provided, that any such amendment shall not be effective unless and until it has been approved by a majority of the Board of Directors, including a majority of the Independent Directors. 

  
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 3.06 No Implied Waivers; Remedies. No failure or delay on the part of any party in
exercising any right, privilege, power, or remedy under this Agreement, and no course of dealing shall operate as a waiver of any such right, privilege, power or remedy; nor shall any single or partial exercise of any right, privilege, power or
remedy under this Agreement preclude any other or further exercise of any such right, privilege, power or remedy or the exercise of any other right, privilege, power or remedy. No waiver shall be asserted against any party unless signed in writing
by such party. The rights, privileges, powers and remedies available to the parties are cumulative and not exclusive of any other rights, privileges, powers or remedies provided by statute, at law, in equity or otherwise. Except as provided in this
Agreement, no notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in any similar or other circumstances or constitute a waiver of the right of the party giving such notice or making such
demand to take any other or further action in any circumstances without notice or demand. 
 3.07 Governing Law. THIS
AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF CALIFORNIA. EACH OF THE PARTIES HEREBY IRREVOCABLY AGREES THAT THE COURTS OF THE STATE OF CALIFORNIA SHALL HAVE EXCLUSIVE JURISDICTION IN CONNECTION WITH ANY
ACTIONS OR PROCEEDINGS ARISING BETWEEN THE PARTIES UNDER THIS AGREEMENT. EACH OF THE PARTIES HEREBY IRREVOCABLY CONSENTS AND SUBMITS TO THE JURISDICTION OF SAID COURTS FOR ANY SUCH ACTION OR PROCEEDING. EACH OF THE PARTIES HEREBY WAIVES THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF ANY SUCH ACTION OR PROCEEDING IN SAID COURTS. 
 3.08 Headings. The
headings contained in this Agreement are for convenience only and shall not affect the construction or interpretation of any provisions of this Agreement. 
 3.09 Severability. If any provision of the Agreement shall be held to be invalid, the remainder of the Agreement shall not be affected thereby. 

3.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
representatives on the date first written above. 
  

							
		 		 	MANAGER
			
	Address:	 		 	 CAH Manager, LLC,

a Delaware limited liability company

	 2450 Broadway
 6th Floor
	 		 	
	Santa Monica, California 90404	 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  

							
		 		 	COMPANY
			
	Address:	 		 	 COLONY AMERICAN HOMES, INC.,
 a Maryland corporation

	 2450 Broadway
 6th Floor
	 		 	
	Santa Monica, California 90404	 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  
 [CAH Investment Allocation Agreement
– Signature Page]EX-10.4

 EXHIBIT 10.4 
 FORM OF LICENSE AGREEMENT 
 This LICENSE AGREEMENT is made and entered into
as of [•], 2013 by and between COLONY CAPITAL, LLC, a Delaware limited liability company (“Licensor”) and COLONY AMERICAN HOMES, INC., a Maryland corporation (“Licensee”). Capitalized terms used but not defined
herein have the meanings ascribed to such term in the Restructuring Agreement (as defined below). 
 W I T N E S S E T H:

 WHEREAS, Licensor, which is an affiliate of the manager of Licensee, desires to grant to Licensee a license to use the
Colony Intellectual Property (as hereinafter defined). 
 NOW, THEREFORE, in consideration of the foregoing and of the covenants
and agreements herein provided, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Licensor and Licensee hereby agree as follows: 

Section 1. GRANT AND SCOPE OF LICENSE. 
 1.01 Licensor hereby grants to Licensee, for the term set forth in Section 1.02 below, a non-exclusive, non-transferable, royalty-free license to use, and to sublicense or permit Licensee’s
affiliates to use (provided each such affiliate complies with all of the terms and conditions of this Agreement), the Colony Intellectual Property, in connection with the business of Licensee and its affiliates and subject to and in accordance with
the terms and conditions of this Agreement (the “License”). Licensee shall cause each of its affiliates to fully comply with all of the terms and conditions of this Agreement. In the event an affiliate of Licensee fails to comply
with any of the terms or conditions of this Agreement, Licensee shall be responsible for any such failure. Notwithstanding anything to the contrary contained herein, Licensor reserves the right to further license the Colony Intellectual Property at
its sole discretion. For purposes of this License, “Colony Intellectual Property” means all right, title and interest in all present and future trade names, trademarks, logos, Internet domain names and other intellectual property
relating to the Colony franchise held by Licensor from time to time. 
 1.02 The License shall be perpetual unless otherwise
terminated pursuant to Section 4. 
 Section 2. QUALITY CONTROL. 

2.01 Licensee shall use the Colony Intellectual Property only in connection with specified business activities of a high standard of
quality, so as to preserve the goodwill associated with such property. Upon reasonable prior notice, Licensee shall cooperate with Licensor in respect of any and all reasonable procedures and requirements established by Licensor which are designed
to preserve the goodwill associated with the Colony Intellectual Property and are notified to Licensee. In order to ensure Licensor’s control over the quality of the activities performed by Licensee in connection with the use of the Colony
Intellectual Property, Licensee shall permit the authorized representatives of Licensor to review and inspect Licensee’s uses of the Colony Intellectual Property at all reasonable times. 

2.02 Licensee bears the exclusive responsibility to assure that any activities Licensee undertakes in connection with the use of the
Colony Intellectual Property comply with all applicable statues, laws, ordinances, codes, regulations, rules or requirements of any government, governmental authority, regulatory agency or self-regulatory body wherever located. 

  
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 Section 3. OWNERSHIP AND PROTECTION. 

3.01 Licensor represents and warrants that it owns the Colony Intellectual Property and the goodwill associated therewith and has all
rights necessary to grant the licenses in the Colony Intellectual Property to Licensee as set forth herein. Licensee acknowledges such ownership by Licensor, and Licensee shall do nothing inconsistent therewith. Licensee further acknowledges that
the Colony Intellectual Property is part of the business of Licensor. Licensee agrees that it shall not, during the term of this Agreement or at any time thereafter, contest the fact that Licensee’s rights under this Agreement (i) are
solely those of a licensed used and (ii) shall cease upon termination of this Agreement, subject to Section 4.04. During and after the term of this License, Licensee shall not adopt, use or attempt to register any name, brand, logo, mark
or other identifier, or perform any act, that Licensee reasonably believes is likely to disparage, dilute or be confusingly similar to the Colony Intellectual Property. 
 3.02 Licensee shall notify Licensor of any infringement of the Colony Intellectual Property promptly upon Licensee becoming aware of such infringement. Licensor has and shall retain the sole and exclusive
right, in its sole discretion and at its own expense, to bring infringement proceedings involving the Colony Intellectual Property and to retain all amounts rewarded as relief therein or in settlement thereof. 

Section 4. TERMINATION. 
 4.01 The License and this Agreement (except as set forth in Section 6.07 and 4.04.) will terminate immediately upon the earlier to occur of (i) the mutual written agreement of the parties
hereto, (ii) such time as CAH Manager, LLC, or an affiliate thereof, ceases to be the manager of Licensee and (iii) the dissolution of Licensee. 
 4.02 Licensor shall have the right to terminate the License and this Agreement, upon written notice to Licensee if Licensee materially breaches any of the provisions of this Agreement and Licensee fails
to cure such material breach within thirty (30) days of receiving written notice of such material breach from Licensor. 

4.03 It is understood and agreed that except for Licensee’s right to use the Colony Intellectual Property as set forth in this
Agreement, Licensee shall have no right, title or interest in or to the Colony Intellectual Property, and that all such rights will immediately terminate and revert to Licensor upon termination of this License. All goodwill associated with
Licensee’s use of the Colony Intellectual Property shall accrue to the benefit of Licensor. Licensee hereby quitclaims to Licensor ownership of all intellectual property rights that may accrue to Licensee relating to the Colony Intellectual
Property, and Licensee agrees at all times during and after this License to execute any document(s) necessary to perfect Licensor’s title to the foregoing. Any such assignment, transfer or conveyance shall be without consideration other than
the mutual agreements contained herein. 
 4.04 Upon termination of the License and after a period of three (3) months to
ramp down Licensee’s use of the Colony Intellectual Property (the “Ramp Down Period”), Licensee shall promptly discontinue all use, and refrain from all future use, of the Colony Intellectual Property, including such use in any
format confusingly similar thereto. During the Ramp Down Period, Licensee shall use the Colony Intellectual Property for transition purposes only until it can discontinue the use of the Colony Intellectual Property, and Licensee shall use its
commercially reasonable efforts to discontinue use of the Colony Intellectual Property as soon as reasonably practicable following termination of the License. 

  
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 Section 5. INJUNCTIVE RELIEF. 

Licensee acknowledges and admits that there would be no adequate remedy at law for its failure to use the Colony Intellectual Property in
accordance with the terms and conditions of this Agreement or for its failure to cease its use of the Colony Intellectual Property at the termination of the License, and Licensee agrees that in the event of any such failure, Licensor shall be
entitled to seek equitable relief by way of a temporary restraining order, preliminary and permanent injunction and such other and further relief as any court with jurisdiction may grant. 

Section 6. GENERAL PROVISIONS. 
 6.01 Nothing in this Agreement shall create any relationship between Licensor and Licensee beyond that of licensor and licensee. 
 6.02 THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

6.03 The agreements contained in this Agreement are for the sole benefit of the parties hereto and their permitted successors and
permitted assigns, and they will not be construed as conferring and are not intended to confer any rights on any other persons. 

6.04 Licensor may not assign or delegate its rights and obligations under this Agreement without the prior written consent of Licensee,
which consent may not be unreasonably withheld. Because this Agreement is personal in nature as to Licensee, unless otherwise permitted pursuant to the terms of this Agreement, Licensee may not assign, delegate, sublicense, or otherwise encumber its
rights or obligations under this Agreement in any manner, whether by operation of law or otherwise, absent the prior written consent of Licensor, which consent may be given or withheld in the sole discretion of Licensor. Any attempted assignment,
delegation, sublicense or other encumbrance in violation of this Section 6.04 shall be void. 
 6.05 This Agreement embodies
the entire agreement between the parties hereto with respect to the use of the Colony Intellectual Property and, except as provided herein, supersedes any and all prior or contemporaneous oral or written understandings, negotiations or
communications on behalf of such parties with respect to the subject matter hereof. This Agreement may be amended only by an instrument in writing duly executed by each of the parties hereto and any such amendment so duly executed in writing shall
be binding on the parties hereto. 
 6.06 The paragraph and section headings used herein are descriptive only and shall not
affect the meaning or interpretation of this Agreement. 
 6.07 Notwithstanding any termination of this Agreement, the
parties’ rights and obligations, acknowledgements and covenants under Sections 3, 4, 5 and this Section 6 will survive such termination and remain in full force and effect. 

6.08 If any term or provision of this Agreement is held or deemed to be invalid or unenforceable, in whole or in part, by a court of
competent jurisdiction, such provision shall be automatically reformed and construed so as to be valid, operative and enforceable to the maximum extent permitted by law or equity while more nearly preserving its original intent; such invalidity
shall not render invalid or unenforceable the remaining terms and provisions of this Agreement. 

  
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 6.09 Each of the parties hereto agrees to execute and deliver all such instruments and do
all acts reasonably necessary, desirable or proper as may be reasonably requested by any other party hereto to carry out the purposes of this Agreement. 
 6.10 Failure on the part of a party in any one or more instances to enforce any of its rights that arise in connection with this Agreement, or to insist upon the strict performance of any of the terms,
conditions or covenants of this Agreement, shall not be construed as a waiver or relinquishment for the future of any such rights, terms, conditions or covenants. No waiver of any condition of this Agreement shall be valid unless it is in writing.

 6.11 This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
when taken together shall constitute one and the same Agreement. 
 6.12 EXCEPT AS EXPRESSLY SET FORTH HEREIN, LICENSOR MAKES NO
REPRESENTATIONS OR WARRANTIES PERTAINING TO THE COLONY INTELLECTUAL PROPERTY. FOR EXAMPLE AND WITHOUT LIMITATION, LICENSOR EXPRESSLY DISCLAIMS ALL WARRANTIES, IMPLIED OR OTHERWISE, REGARDING NONINFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE.

  
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 IN WITNESS WHEREOF, the parties to this Agreement have duly executed it as of the date first
above written. 
  

			
	 COLONY CAPITAL, LLC,

a Delaware limited liability company

		
	By:	 	COLONY CAPITAL, LLC,
		
	By:	 	
		 	Name:
		 	Title:
		
	By:	 	
		 	Name:
		 	Title:
	
	 COLONY AMERICAN HOMES, INC.,
 a Maryland corporation

		
	By:	 	
		 	Name:
		 	Title:

  
 [CAH License Agreement –
Signature Page]

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