Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 RESTATED
EMPLOYMENT AGREEMENT 
 of 

TIMOTHY J. CONWAY 
 EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of October 9, 2016 (the “Effective Date”), between NEWSTAR FINANCIAL, INC., a Delaware corporation (the “Company”), and Timothy J. Conway (“Executive”). This Agreement fully
supersedes the Employment Agreement that Executive executed on October 9, 2013. 
 In consideration of the mutual agreements set forth below and for
other good and valuable consideration given by each party to this Agreement to the other, the receipt and sufficiency of which are hereby acknowledged, the Company agrees to employ Executive and Executive agrees to serve the Company as an employee
pursuant to the terms and subject to the conditions that follow. 
  

	1.	Employment. 

  

	 	(a)	The Company hereby agrees to employ Executive, and Executive hereby agrees to accept employment with the Company, upon the terms and conditions contained in this Agreement, effective as of the Effective Date.

  

	 	(b)	Executive’s employment with the Company shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until the second (2nd) anniversary of the Effective Date and thereafter
shall automatically renew for one additional one (1) year period unless a notice of intent not to renew shall be delivered in accordance with Section 18 by either the Company or Executive, as the case may be, at least ninety (90) days
prior to the second (2nd) anniversary date, provided that either party may make any renewal contingent upon the parties’ agreement to add to, delete, or modify the terms of this Agreement by providing a notice to the other party at least
ninety (90) days prior to the second (2nd) anniversary date. The parties shall have a 30-day window to agree to any additional, deleted or modified terms and, if no agreement can be reached, then the initial contingent notice of renewal
shall be deemed a notice of non-renewal unless the parties agree otherwise. The term of Executive’s employment under this Agreement shall be referred to as the “Term.” 

 

	 	(c)	In the event that this Agreement expires, whether as a result of non-renewal or as a result of the end of the one-year renewal, Executive shall revert to being an at-will employee of the Company, subject to the terms of
Sections 8, 9 and 10 of this Agreement and any related enforcement provisions, and provided that nothing in this Agreement shall prevent either party from terminating this Agreement pursuant to Section 6 at any time prior to the expiration
of the Term. 

  

	 	(d)	Executive represents to the Company that he has no present intention to terminate employment with the Company. 

  
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	2.	Duties. During the Term, Executive shall serve on a full-time basis as the Chief Executive Officer of the Company. Executive’s duties and responsibilities as the Chief Executive Officer of the Company
shall include those duties customarily associated with an officer with a similar title or as may be assigned to him from time to time by the Board of Directors of the Company or any committee thereof (the “Board of Directors”). Executive
shall be assigned to work primarily out of the Company’s Boston, Massachusetts office or any other Company office that is or will be located within 20 miles thereof (the “Primary Office Location”), it being understood and agreed that
Executive shall be required to travel as necessary in the course of his employment. Executive shall devote his full business-time attention and energies and use his best efforts in his employment with the Company; provided, however, that this
Agreement shall not be interpreted as prohibiting Executive from 

  

	 	(a)	serving on the boards of directors of unrelated, non-competitive companies; or 

  

	 	(b)	managing his personal affairs or engaging in charitable or civic activities; 

 so long as, in
each case, such activities do not interfere in any material respect with the performance of Executive’s duties and responsibilities hereunder and are in accordance with the policies and procedures of the Company. 

 

	3.	Compensation and Benefits. In consideration of entering into this Agreement and as full compensation for Executive’s services hereunder, during the Term, Executive shall receive the following
compensation and benefits: 

  

	 	(a)	Base Salary. The Company shall pay to Executive a base salary (“Base Salary”) at a gross rate of $750,000 per annum. Executive’s Base Salary shall be payable in substantially equal
installments in accordance with the payroll policies from time to time in effect at the Company. Executive’s Base Salary may be subject to additional increase (but shall not be subject to decrease) on an annual basis as the Board of Directors
shall determine. 

  

	 	(b)	 Incentive Bonuses. Executive shall be eligible to participate in such annual incentive bonus programs as
the Board of Directors may adopt from time to time for members of senior management of the Company (“Incentive Bonus”). The Company will establish a target for the Incentive Bonus for the Executive at the beginning of each year
(“Target Incentive Bonus”), provided that for each year of the Term the Target Incentive Bonus will not be below the 2016 Target Incentive Bonus of $1,650,000, and for 2017 a $1,750,000 Target Incentive Bonus, and provided that if the
Company does not establish a Target Incentive Bonus within 90 days of the start of the year, the Target Incentive Bonus shall be set automatically at the same amount as the last Company-established Target Incentive Bonus. The Target Incentive
Bonus is not a guarantee. Actual Incentive Bonus payments, if any, will be determined by the 

  
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Company in its sole discretion as limited by and in compliance with Section 162(m) of the Internal Revenue Code of 1986, as amended (the
“Code”), to the extent applicable to the Company, and based on Company, business and individual performance, and the actual Incentive Bonus paid, if any, may include a mix of current-year cash compensation, deferred cash compensation
and/or equity compensation in the Company’s sole discretion. 
  

	 	(c)	Vacation. Executive shall be entitled to accrue up to five (5) weeks of paid vacation per calendar year. Vacation time will accrue in accordance with the usual vacation policies in effect at the Company
from time to time, provided that notwithstanding anything in any Company policy to the contrary, Executive shall not be permitted to carry over any accrued but unused vacation time from one calendar year to the next; any accrued but unused vacation
time at the end of a calendar year shall be forfeited. 

  

	 	(d)	Parking. The Company shall pay the costs of monthly automobile parking for Executive at Executive’s Primary Office Location. 

 

	 	(e)	Other Benefits. Executive shall participate in and be eligible to receive, but without duplication, all other benefits (i.e., benefits other than those of the types covered in Sections 3(a) - (d)) offered to
senior executives of the Company, including, without limitation, retirement income and health plans and other health and welfare plans, under and in accordance with the provisions of any employee benefit plan adopted or to be adopted by the Company
(collectively, the “Benefit Plans”) other than any severance benefits offered in accordance with any such plan expect that is provided in this Agreement. Except as set forth herein, Executive shall not be entitled to any other benefits.

  

	 	(f)	Compensation shall be subject to any forfeiture or clawback policy established by the Company generally for senior executives from time to time and any other such policy required by applicable law. 

 

	4.	Equity Ownership Requirement. During the Term, Executive shall be required to own Company stock in an aggregate then-current fair market value equal to Executive’s then-current Base Salary multiplied
by five (the “Ownership Level”). 

  

	 	(a)	Stock Eligible for Holdback. To satisfy his obligations under this Section, the following forms of Company stock shall be considered: 

 

	 	(i)	All vested and unvested shares awarded under the Company’s Equity Incentive Award Plan (the “Plan”), including restricted stock and performance shares but not including any vested but unexercised stock
options; 

  

	 	(ii)	All stock beneficially owned by Executive and Executive’s spouse; and 

  
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	 	(iii)	All stock held by any of Executive’s estate planning vehicles. 

  

	 	(b)	Certification of Holdback. For purposes of calculating compliance with the Ownership Level, Executive’s Base Salary and the fair market value of the Company’s stock shall be measured once
per calendar year at such time as the Compensation Committee of the Board of Directors may direct, but in any event no later than December 1 of each calendar year. Executive shall certify to the Company’s Head of Human Resources once
per calendar year whether the Ownership Level required under this Section has been satisfied, and Executive shall provide such documentation as may reasonably be requested to allow the Head of Human Resources to confirm such certification.

  

	 	(c)	Insufficient Awards of Stock. If Executive has not been granted or has not vested sufficient stock to meet the Ownership Level, then all shares resulting from the vesting of any restricted stock award under the
Plan shall be subject to the holdback described in this Section until such time as the value of all of Executive’s shares eligible for the holdback exceeds the Ownership Level. 

 

	 	(d)	Exceptions. The Ownership Level requirements set forth in this Section are subject to such exceptions as the Compensation Committee of the Board of Directors may grant in its sole discretion if compliance with
this Section would create a severe hardship for Executive or would prevent Executive from complying with a court order (e.g., as part of a divorce settlement). 

  

	5.	Reimbursement for Expenses. During the Term, Executive shall be entitled to incur on behalf of the Company reasonable and necessary expenses in connection with his duties in accordance with Company’s
policies and the Company shall pay for or reimburse Executive for all such expenses upon presentation of proper receipts therefore. Executive shall comply with such reasonable limitations and reporting requirements with respect to such expenses as
the Company may establish from time to time. 

  

	6.	Termination. Executive’s employment hereunder may be terminated at any time during the Term as follows (each, a “Termination Event”): 

 

	 	(a)	Automatically in the event of the death of Executive. 

  

	 	(b)	At the option of the Company, by the Board of Directors (acting through the Chairman or Secretary) or by written notice to Executive in the event of the Permanent Disability of Executive. As used herein, the term
“Permanent Disability” shall mean a physical or mental incapacity or disability which renders Executive unable, with or without a reasonable accommodation, to render the services required hereunder (A) for one hundred eighty
(180) days in any twelve (12) month period or (B) for a period of ninety (90) consecutive days. 

  
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	 	(c)	At the option of the Company for Cause. For purposes of this Agreement, the Company shall have “Cause” to terminate Executive’s employment if any of the following occurs: 

 

	 	(i)	Executive continuously fails to perform substantially Executive’s duties with the Company or one of its affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a
written demand for substantial conformance is delivered to Executive by the Board of Directors, which specifically identifies the manner in which the Board of Directors believes that Executive has not substantially performed Executive’s duties,
or 

  

	 	(ii)	Executive engages in illegal conduct or gross misconduct which is injurious to the Company or its affiliates, whether from a monetary perspective or otherwise, or 

 

	 	(iii)	Executive is convicted of, or pleads guilty or nolo contendere to, any felony or any other crime involving moral turpitude, or 

  

	 	(iv)	Executive materially breaches his obligations under Section 8 or Section 9 hereof, or 

  

	 	(v)	Executive materially violates his obligations under Section 4 hereof. 

 Executive cannot be
terminated for “Cause” as defined in (i), (iv), or (v) unless the Company first has notified Executive in writing that his employment is being terminated for Cause which notice shall specify the Cause event and Executive is given an
opportunity, at least 30 days after receipt of such written notice from the Company, to make a presentation to the Board of Directors that Executive should not be terminated for Cause. 

 

	 	(d)	At the option of the Company’s Board of Directors at any time without Cause. 

  

	 	(e)	At the option of Executive for Good Reason. For purposes of this Agreement, Executive shall have “Good Reason” to terminate this Agreement if any of the following occurs without the written consent of
Executive (each a “Good Reason Condition”): 

  

	 	(i)	a reduction in Executive’s annual Base Salary from such Executive’s annual Base Salary then in effect or a change in incentive plan structure or terms that would be materially adverse to executive;

  

	 	(ii)	 a material diminution of Executive’s duties following a Change in Control (for purposes of this Agreement, a
material diminution of duties shall include, but not be limited to any of the following, (i) the loss of the Executive’s position and title of Chief Executive Officer 

  
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	 	with the Company; (ii) any requirement that the Executive report to a corporate officer or employee of the company instead of reporting directly to the Board of Directors; (iii) the assignment to the Executive
of any duties inconsistent with or significantly different from his duties, responsibilities, and status as an officer and executive with a public company as then in effect); or 

 

	 	(iii)	a forced relocation by the Company of Executive from the Primary Office Location to a location greater than twenty (20) miles from his Primary Office Location. 

Notwithstanding the foregoing, in order for Good Reason to occur, Executive must reasonably determine in good faith that a Good Reason
Condition has occurred, Executive must provide written notice to the Board of Directors of the occurrence of the Good Reason Condition within 45 days of the initial occurrence of such condition, Executive must cooperate in good faith with the
Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the Good Reason Condition, notwithstanding such efforts, the Good Reason Condition must continue to exist, and Executive
must provide the Company with written notice of termination which establishes a termination date within 30 days after the end of the Cure Period. If the Company cures the Good Reason Condition during the Cure Period, Good Reason shall be deemed
not to have occurred. 
  

	 	(f)	At the option of Executive, at any time, for any reason, on ninety (90) days prior written notice to the Company. 

  

	 	(g)	At the option of Executive upon Retirement. For purposes of this Agreement, “Retirement” shall mean when Executive is fifty-five (55) years of age or older, Executive has completed at least five
(5) years of service with the Company, and Executive provides at least ninety (90) days advance written notice of his intent to retire. 

  

	7.	Payments. 

  

	 	(a)	Death. If the Termination Event is due to Executive’s death, Executive’s legal representatives shall be entitled to receive, as soon as practicable following the date of termination: 

 

	 	(i)	any accrued but unpaid Base Salary through the date of termination, any unpaid Incentive Bonus for the immediately preceding year, and any accrued and unpaid vacation pay or other benefits which may be owing in
accordance with the Company policies and applicable law (the “Accrued Obligations”), plus 

  

	 	(ii)	an amount equal to the Target Incentive Bonus in respect of the then-current year, pro-rated for the period from the beginning of the then current-year and ending on the date of termination, payable in a lump sum as
soon as practicable following the date of termination (the “Pro Rated Bonus”), plus 

  
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	 	(iii)	acceleration of vesting and exercisability of all equity and deferred cash incentive awards (the “Incentive Equity”) issued to Executive under the Plan. For purposes of this Agreement, “vesting”
shall mean, in the case of any restricted stock issued under the Plan, ceasing to be subject to forfeiture and payment dates of any deferred cash awards granted under the Plan are not accelerated as a result of the application of any such vesting
acceleration provision of this Agreement, plus 

  

	 	(iv)	a period of the lesser of (A) two (2) years following the date of termination or (B) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options.

  

	 	(b)	Permanent Disability. If the Termination Event is due to Executive’s Permanent Disability, Executive or his legal representatives shall be entitled to receive, as soon as practicable following the date of
termination: 

  

	 	(i)	Any Accrued Obligations, plus 

  

	 	(ii)	the Pro Rated Bonus, plus 

  

	 	(iii)	acceleration of vesting and exercisability of all Incentive Equity, plus 

  

	 	(iv)	a period of the lesser of (A) one (1) year following the date of termination or (B) the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options.

  

	 	(c)	Termination Without Cause or for Good Reason. If the Termination Event is termination by the Company at any time during the Term without Cause or by Executive at any time during the Term for Good Reason,
Executive shall be entitled to: 

  

	 	(i)	any Accrued Obligations, plus 

  

	 	(ii)	an amount equal to the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, pro-rated for the period from the beginning of the then current year and ending on the date of termination,
payable in a lump sum as soon as practicable after the date of termination, plus 

  

	 	(iii)	the Base Salary (which shall be the Base Salary as of the date of termination) during the Severance Period (as defined in Section 7(g)), payable in accordance with the payroll practices then in effect at the
Company, plus 

  
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	 	(iv)	an amount equal to two times the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, payable as soon as practicable following the date of termination, plus 

 

	 	(v)	the continuation of all health benefits during the Severance Period at the same cost to Executive as though Executive continued his employment with the Company, plus 

 

	 	(vi)	the continued vesting and exercisability of all Incentive Equity for the entire remaining vesting period, plus 

  

	 	(vii)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options 

 

	 	(d)	Termination for Cause or Voluntary Termination by Executive. If the Termination Event is termination by the Company for Cause pursuant to Section 6(c) or termination by Executive pursuant to
Section 6(f), except for any Accrued Obligations, Executive shall not be entitled to receive severance or any other compensation or benefits after the last date of employment with the Company. If the termination is a Voluntary Termination by
Executive, all of the Incentive Equity that is unvested as of the date of termination shall be forfeited for no consideration and Executive shall have the lesser of (i) one (1) year following the date of termination or (ii) the
remaining term (as set forth in the applicable grant notice) to exercise any vested stock options. If the termination is for Cause, all of the Incentive Equity that is unvested as of the date of termination shall be forfeited for no consideration
and, in the Company’s sole discretion, Executive may be granted the lesser of (i) one (1) year following the date of termination or (ii) the remaining term (as set forth in the applicable grant notice) to exercise any vested
stock options. 

  

	 	(e)	Termination Upon Retirement. If the Termination Event is due to the Retirement of Executive, Executive shall be entitled to receive, as soon as practicable following the date of termination: 

 

	 	(i)	any Accrued Obligations, plus 

  

	 	(ii)	an amount equal to the Incentive Bonus paid or earned but unpaid to Executive in respect of the previous year, pro-rated for the period from the beginning of the then current year and ending on the date of termination,
payable in a lump sum as soon as practicable following the date of such termination, but only if Executive retires effective as of the expiration of the Term of this Agreement, plus 

 

	 	(iii)	continued vesting and exercisability of all Incentive Equity, plus 

  
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	 	(iv)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options; 

 

	 	(f)	Change of Control. 

  

	 	(i)	Special Payment. If, at any time during the two (2) year period following a Change of Control (as defined in Section 7(f)(ii)), Executive’s employment is terminated without Cause or by Executive
for Good Reason, then instead of the payment set forth in subsection 7(c) Executive will receive: 

  

	 	(1)	Any Accrued Obligations, plus 

  

	 	(2)	an amount equal to two (2) times Base Salary (which shall be the Base Salary as of the date of termination), payable in a lump sum as soon as practicable following the date of termination, plus 

 

	 	(3)	the Pro Rated Bonus, plus 

  

	 	(4)	an amount equal to two (2) times the Target Incentive Bonus in respect of the then-current year, payable in a lump sum as soon as practicable following the date of termination, plus 

 

	 	(5)	the continuation of all health benefits during the Severance Period, plus 

  

	 	(6)	acceleration of vesting and exercisability of all Incentive Equity, plus 

  

	 	(7)	a period equal to the full length of the remaining term (as set forth in the applicable grant notice) to exercise any vested stock options; 

 

	 	(ii)	Change of Control Defined. For purposes of this Section, the term “Change of Control” shall mean the occurrence of one or more of the following events: 

 

	 	(1)	the consummation of a merger or consolidation of the Company with or into any other corporation or other entity in which holders of the Company’s voting securities immediately prior to such merger or consolidation
will not, directly or indirectly, continue to hold at least a majority of the outstanding voting securities of the Company; 

  

	 	(2)	a sale, lease, exchange or other transfer (in one transaction or a related series of transactions) of all or substantially all of the Company’s assets; 

  
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	 	(3)	the acquisition by any person or any group of persons, acting together in any transaction or related series of transactions, of such quantity of the Company’s voting securities as causes such person, or group of
persons, to own beneficially, directly or indirectly, as of the time immediately after such transaction or series of transactions, 50% or more of the combined voting power of the voting securities of the Company other than as a result of

  

	 	(A)	an acquisition of securities directly from the Company or 

  

	 	(B)	an acquisition of securities by the Company which by reducing the voting securities outstanding increases the proportionate voting power represented by the voting securities owned by any such person or group of persons
to 50% or more of the combined voting power of such voting securities; or 

  

	 	(4)	a change in the composition of the Board of Directors within a two (2) year period such that a majority of the members of the Board of Directors are not Continuing Directors. As used herein, the term
“Continuing Directors” shall mean as of any date of determination, any member of the Board of Directors of the Company who 

  

	 	(A)	was a member of Board of Directors of the Company immediately after the Effective Date of this Agreement, or 

  

	 	(B)	was nominated for election or elected to the Company’s Board of Directors with the approval of, or whose election to the Board of Directors was ratified by, at least a majority of the Continuing Directors who were
members of the Company’s Board of Directors at the time of that nomination or election; 

 provided,
however, (i) that each such event shall also constitute a “change in control event” within the meaning of Treas. Reg. §1.409A-3(i)(5)(i), (ii) that in no case shall the public offering and sale of the Company’s
Common Stock by its stockholders pursuant to a registered secondary offering or the voluntary or involuntary bankruptcy of the Company constitute a Change of Control. 
  

	 	(g)	Severance Period Defined. For purposes of this Agreement, “Severance Period” shall mean the period beginning on the date of termination of Executive’s employment and ending on the date which is two
(2) years thereafter. 

  
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	 	(h)	Condition to Payment. All payments and benefits due to Executive under this Section 7 which are not otherwise required by law shall be contingent upon (i) delivery by Executive (or Executive’s
beneficiary or estate), within 60 days of the effective date of termination of an irrevocable separation agreement in such form as determined by the Company in its sole discretion, including a general release of all claims to the maximum extent
permitted by law against the Company, its affiliates and its and their current and former stockholders, directors, employees and agents (in substantially the form attached as Exhibit A) and (ii) compliance by Executive with his obligations
under any stockholder, restricted stock or other agreement to which the Company and Executive are a party; and further provided that if the 60 day period in clause (i) spans two calendar years, then no payment shall begin prior to
January 1 of such second calendar year. 

  

	 	(i)	No Other Severance. Executive hereby acknowledges and agrees that, other than the severance payments described in this Section 7, upon termination, Executive shall not be entitled to any other severance
under any Company benefit plan or severance policy generally available to the Company’s employees or otherwise. 

  

	8.	Confidentiality. 

  

	 	(a)	Executive agrees that Confidential Information was and shall be made available in connection with Executive’s employment by or consultancy with the Company. Executive acknowledges that the Confidential Information
that he develops or invents in connection with his employment by the Company or has obtained or will obtain in connection therewith is the property of the Company. Executive agrees that he will not use any Confidential Information for his own
benefit or for the benefit or any other person or entity or disclose any Confidential Information to any other person, except that Confidential Information may be disclosed: (i) to the extent required by applicable law, rule or regulation
(including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which Executive is subject); provided that Executive gives the Company
prompt notice of such requests, to the extent practicable, so that the Company may seek an appropriate protective order or similar relief (and Executive shall cooperate with such efforts by the Company at the Company’s expense, and shall in any
event make only the minimum disclosure required by such law, rule or regulation unless Executive reasonably believes that other disclosure is necessary or advisable in order to avoid adverse consequences to Executive), (ii) if the prior written
consent of the Board of Directors shall have been obtained, or (iii) to such Persons to the extent necessary in the reasonable judgment of Executive to perform his duties as an employee of the Company and, in his reasonable judgment, such
disclosure is not harmful to the Company. 

  
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	 	(b)	“Confidential Information” shall mean any information relating to the business or affairs of the Company or, as provided below, any of its affiliates, including, but not limited to, customer identities,
potential customers, employees, business and financial strategies, methods or practices, business plans, financial models, proposals, documents or materials owned, developed or possessed by the Company, profit margins or other proprietary
information used by the Company or any of its affiliates; provided that Confidential Information shall not include (i) information that is or becomes generally known to the public other than as a result of a disclosure by Executive in
violation of this Agreement, (ii) information that was known to Executive prior to becoming an employee of the Company or (iii) information which becomes known to Executive following a Termination Event, through no wrongful act of
Executive, by disclosure from a third party unless Executive has reason to believe that such third party is under an obligation or duty of confidentiality or secrecy with respect to such information or is an employee, officer, director or
stockholder of the Company; and provided, further, that (A) in such case where any affiliate has a separate confidentiality requirement or agreement to which the Company is subject, such confidentiality requirement or agreement
shall supersede the requirements herein and (B) unless a confidentiality requirement or agreement referred to in the preceding clause (A) exists with respect to an affiliate, Confidential Information for purposes of this definition as it
relates to affiliates shall be deemed to include only Confidential Information of affiliates, the employees or consultants of which, are participants or observers at meetings of the Board of Directors of the Company. 

 

	9.	Restrictive Covenants. 

  

	 	(a)	During the Term and for a period of two (2) years following the cessation of Executive’s employment with the Company for any reason (whether initiated by the Company or by Executive, and whether during or
following the expiration of the Term of this Agreement), Executive shall not, directly or indirectly 

  

	 	(i)	cause, solicit, induce or encourage any employees, consultants or contractors of the Company to leave such employment or service, or hire, employ or otherwise engage any such individual, or 

 

	 	(ii)	cause, induce or encourage any customer, supplier or licensor of the Company, or any other Person who has a material business relationship with the Company, to terminate or modify any such relationship.

  
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	 	(b)	During the Term and for a period of two (2) years following cessation of Executive’s employment with the Company for any reason (whether initiated by the Company or by Executive, and whether during or
following the expiration of the Term of this Agreement) Executive shall not, directly or indirectly alone or as a partner, officer, director, shareholder, member, sole proprietor, employee or consultant of any other firm or entity, personally engage
or participate in any Restricted Business, as such term is defined below, as a material portion of his responsibilities. 

  

	 	(c)	The parties hereto agree that, if any court of competent jurisdiction in a final nonappealable judgment determines that a specified time period, a specified business limitation or any other relevant feature of this
Section 9 is unreasonable, arbitrary or against public policy, then a lesser time period, business limitation or other relevant feature which is determined to be reasonable, not arbitrary and not against public policy may be enforced against
the applicable party. 

  

	 	(d)	“Restricted Business” shall mean any of the following: 

  

	 	(i)	the business of directly extending senior loans to middle-market companies as targeted by the Company at the effective date of Executive’s cessation of employment with the Company; 

 

	 	(ii)	any other material line of business engaged in by the Company, and in which Executive materially participated or obtained Confidential Information about, as of the effective date of Executive’s cessation of
employment with the Company. 

  

	 	(e)	The Board of Directors of the Company, or following a Change of Control the senior management team of the acquiring company, shall, in its sole discretion, have the authority and discretion to waive any provision of
this Section 9 or to make a determination that a business is not a Restricted Business for purposes hereof. 

  

	10.	Injunctive Relief. The parties acknowledge and agree that restrictions contained in Sections 8 and 9 of this Agreement are necessary for the protection of the business and goodwill of the Company and
are considered by Executive to be reasonable for such purpose. Executive agrees that any breach or threatened breach of Sections 8 or 9 will cause the Company substantial and irrevocable damage that is difficult to measure. Therefore, in the
event of any such breach or threatened breach, Executive agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and
the right to specific performance of the provisions of Sections 8 and 9 of this Agreement and Executive hereby waives the adequacy of a remedy at law as a defense to such relief. 

  
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	11.	Excess Parachute Payments. If any payment or benefit Executive would receive under this Agreement, when combined with any other payment or benefit Executive receives pursuant to the termination of
Executive’s employment with the Company (“Payment”) would constitute in whole or in part an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, subject to the
excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be either (i) the full amount of such Payment or (ii) such lesser amount (with cash payments being reduced before equity
compensation) as would result if the Payment were reduced until no portion of the Payment was subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal state and local employment taxes, income taxes,
and the Excise Tax, results in Executive’s retention, on an after-tax basis, of the greater net amount. 

  

	12.	Survival; Conflicting Terms. The provisions of Section 7, Section 8 and Section 9, and all related enforcement provisions, shall survive any termination of this Agreement and remain
applicable according to their terms (whether under Section 6 or as a result of the expiration of the Term). Section 7(f) shall survive a Change of Control regardless of whether this Agreement is terminated in connection with a Change of
Control or expires by its terms following a Change of Control. In the event of a conflict between the terms of this Agreement and any Incentive Equity documentation, the terms of this Agreement regarding the Incentive Equity shall prevail.

  

	13.	Indemnification. If Executive is a party to any action, suit or proceeding by reason of the fact that Executive is or was an officer or agent of the Company (a “Proceeding”), the Company
will indemnify Executive to the fullest extent permitted by the laws of the state of the Company’s incorporation, in effect at that time, or the certificate of incorporation and bylaws of the Company, whichever affords the greater protection to
Executive. 

  

	14.	Advancement of Expenses. The Company shall advance, to the extent not prohibited by law, expenses incurred by Executive in connection with any Proceeding not initiated by the Executive, and such
advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding. The Executive shall
qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Executive undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately
determined by the Company, in its sole discretion that Executive is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This Section 13 shall not apply to any
claim made by Executive for which indemnity is excluded by applicable law. 

  

	15.	Withholding Taxes. Executive acknowledges and agrees that the Company may directly or indirectly withhold from any payments under this Agreement all federal, state, city or other taxes that will be
required pursuant to any law or governmental regulation. 

  
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	16.	Section 409A. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and
any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date (“Section 409A Guidance”).
Notwithstanding any provision of the Agreement to the contrary, (i) if, at the time of Executive’s separation of service from the Company, Executive is a “specified employee” as defined in 409A Guidance and the deferral of the
commencement of any payments or benefits otherwise payable hereunder as a result of such separation of service is necessary in order to prevent any accelerated or additional tax under 409A Guidance, then the Company will defer the commencement of
the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s separation of service with the Company
(or the earliest date as is permitted under Section 409A), with any payments that otherwise would have been paid during the six-month period accumulating and paid to Executive in a lump sum on the first business day following the expiration of
such six-month period and the remaining payments, if any, due after the six-month period following Executive’s separation from service paid in accordance with the terms of the applicable provision of this Agreement and (ii) if any other
payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A, the Company may (a) adopt such amendments to the Agreement, including amendments with
retroactive effect, that the Company determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the Agreement and/or (b) take such other actions as the Company determines necessary or appropriate to
comply with the requirements of 409A Guidance. The Company shall consult with Executive in good faith regarding the implementation of this Section 16; provided that none of the Company, any of its affiliates, or any of their employees or
representatives shall have any liability to Executive with respect thereto. Each payment under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A of the Code, and all payments payable as soon
as practicable following a date of termination will be paid prior to the 15th day of the third month following the date such payment becomes due hereunder. To the extent any reimbursement or
in-kind benefit due to Executive under this Agreement constitutes “deferred compensation” under Section 409A of the Code, any such reimbursement or in-kind benefit shall be paid to Executive in a manner consistent with Treas. Reg.
Section 1.409A-3(i)(1)(iv). 

  

	17.	 Effect of Prior Agreements. This Agreement constitutes the sole and entire agreement and
understanding between Executive and the Company with respect to the matters covered hereby and thereby, and there are no other promises, agreements, representations, warranties or other statements between Executive and the Company in respect to such
matters not expressly set forth in this Agreement. 

  
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	 	This Agreement supersedes all prior and contemporaneous agreements, understandings or other arrangements, whether written or oral, concerning the subject matter hereof, except that the terms of the Plan and any grant
documents relating to any pre-existing Incentive Equity shall remain in full force and effect following Executive’s execution of this Agreement. 

  

	18.	Notices. Any notice required, permitted, or desired to be given pursuant to any of the provisions of this Agreement shall be deemed to have been sufficiently given or served for all purposes when
telecopied, when delivered by hand or received by registered or certified mail, postage prepaid, or by nationally reorganized overnight courier service addressed to the party to receive such notice at the following address or any other address
substituted therefore by notice pursuant to these provisions: 

 If to the Company, at: 

NewStar Financial, Inc. 

500 Boylston Street 

Suite 1250 

Boston, MA 02116 

Attention: Jennifer H. Muldoon 

Facsimile: (617) 830-0010 

If to Executive, at: 

Timothy J. Conway 

12 Sanderson Lane 

Weston, MA 02493 
  

	19.	Assignability. The obligations of Executive may not be delegated and Executive may not, without the Company’s written consent thereto, assign, transfer, convey, pledge, encumber, hypothecate or
otherwise dispose of this Agreement or any interest herein. Any such attempted delegation or disposition shall be null and void and without effect. The Company and Executive agree that this Agreement and all of the Company’ rights and
obligations hereunder may be assigned or transferred by the Company to and may be assumed by and become binding upon and may inure to the benefit of any affiliate of or successor to the Company. The term “successor” shall mean, with
respect to the Company, any other corporation or other business entity which, by merger, consolidation, purchase of the assets, or otherwise, acquires all or a material part of its assets. Any assignment by either of the Company of its rights or
obligations hereunder to any affiliate of or successor of the Company shall not be a termination of employment for purposes of this Agreement. 

  

	20.	Modification. This Agreement may not be modified or amended except in writing signed by the parties. No term or condition of this Agreement will be deemed to have been waived except in writing by the party
charged with waiver. A waiver will operate only as to the specific term or condition waived and will not constitute a waiver for the future or act on anything other than that which is specifically waived. 

  
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	21.	Governing Law. This Agreement has been executed and delivered in the Commonwealth of Massachusetts and its validity, interpretation, performance and enforcement will be governed by the laws of that state
applicable to contacts made and to be performed entirely within that state. 

  

	22.	Severability. All provisions of this Agreement are intended to be severable. In the event any provision or restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in
part, such finding will in no way affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that any such invalid or unenforceable provision will be deemed modified so that it will be enforced
to the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restriction herein to be unreasonable in any respect, such court may limit this Agreement to render it reasonable in the light of
the circumstances in which it was entered into and specifically enforce this Agreement as limited. 

  

	23.	No Waiver. No course of dealing or any delay on the part of the Company or Executive in exercising any rights hereunder shall operate as a waiver of any such rights. No waiver of any default or breach of
this Agreement shall be deemed a continuing waiver of any other breach or default. 

  

	24.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original by the party executing the same but all of which together will constitute one and
the same instrument. For the convenience of the parties, facsimile and pdf signatures shall be accepted as originals. 

  

	25.	Binding Arbitration. 

  

	 	(a)	 Binding Arbitration. Except as expressly set forth in this Section, in the event any dispute should arise
between the Parties with respect to any of the terms and conditions of this Agreement and/or Executive’s employment with the Company, the parties agree that any and all controversies, claims or disputes between them, including but not limited
to any claim arising under tort or contract law and any claim arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans with Disabilities Act, the Family and Medical Leave Act, the Genetic Information
Nondiscrimination Act, the Rehabilitation Act, the Age Discrimination in Employment Act, the Massachusetts Fair Employment Practices Act (G.L. c. 151B), the Massachusetts Wage Act or any other local, state or federal statute, regulation or policy in
any way relating to rights of employees, shall be submitted to final and binding arbitration, to be held in Boston, Massachusetts in accordance with the Employment Arbitration Rules and

  
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	 	Procedures, including the Optional Appeal Procedure, as established by JAMS or its successor (“JAMS”) and as in effect at the time the request for arbitration is made (the “Arbitration Rules”), and
to be administered by JAMS. Issues of arbitrability shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1-16, and not state law. The arbitration shall be conducted before a single neutral arbitrator appointed in accordance with
the Arbitration Rules. The arbitrator may award any form of remedy or relief that would otherwise be available in court (including equitable relief such as injunctions, temporary restraining orders, etc.), consistent with applicable law. Unless the
parties agree otherwise, the neutral arbitrator and the members of any appeal panel shall be former or retired judges or justices of any Massachusetts state or federal court with experience in matters involving employment disputes. The party
initiating arbitration will be responsible for paying the filing fee for the arbitration required by the arbitration service provider; provided, however, Executive’s payment of any such filing fee shall not exceed the filing fee for a civil
action in the Massachusetts state court system and the Company shall reimburse Executive for any such fee in excess of that amount. The Company will pay the arbitrator’s fee to the extent required by law. Any award pursuant to said arbitration
shall be accompanied by a detailed written opinion of the arbitrator setting forth the reason for the award. Executive knows that options other than arbitration, such as state and federal administrative and judicial remedies, are available to
resolve any discrimination claim, and despite such knowledge Executive agrees to arbitrate all claims pursuant to this Section. Executive understands that by signing this Agreement, he is waiving, and will forever be precluded from asserting, his
right to utilize statutory administrative procedures and to seek judicial remedies with respect to such claims. 

  

	 	(b)	Exceptions. The Parties agree not to institute any litigation or proceedings against each other in connection with this Agreement except as provided in this Section, provided, however, that the Company shall have
the right to seek injunctive relief or other equitable remedies in a court of competent jurisdiction as provided in Section 10 or with regard to any other Restrictive Covenant (e.g., non-disclosure, non-competition, non-solicitation, etc.)
between the Company and Executive. Any such injunctive relief or other equitable remedies shall be sought exclusively in any federal or state court of competent jurisdiction in the Commonwealth of Massachusetts, and both parties consent to the
exclusive jurisdiction of the state and federal courts of Massachusetts for such purposes. Moreover, nothing in this Section shall be construed to preclude Executive from participating or cooperating in any investigation or proceeding conducted by
the Massachusetts Commission Against Discrimination, the Equal Employment Opportunity Commission or any other administrative agency. However, in the event that a charge or complaint is filed against the Company with any administrative agency or in
the event of an authorized investigation, charge or lawsuit filed against the Company by any administrative agency, Executive expressly waives and shall not accept any award or damages from such a proceeding but instead will pursue any claim for
such damages in an arbitration proceeding as set forth in this Section. 

  
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	 	(c)	Fees and Expenses. Executive or his beneficiaries shall pay all attorney’s fees and expenses incurred by Executive or his beneficiaries in resolving any claim or dispute arising out of or relating to this
Agreement. If it is finally determined that Executive or his beneficiaries prevailed with respect to such claim or dispute, the Company shall reimburse all attorney’s fees and expenses incurred by Executive. 

 

	 	(d)	Confidentiality. The parties will keep confidential, and will not disclose to any person, except as may be required by law, the existence of any controversy under this Section 25, the referral of any such
controversy to arbitration or the status or resolution thereof. In addition, the confidentiality restrictions set forth in Section 8 shall continue in full force and effect. 

 

	26.	Acknowledgment. Executive acknowledges that before entering into this Agreement, Executive has had the opportunity to consult with any attorney or other advisor of Executive’s choice, and that this
provision constitutes advice from the Company to do so if Executive chooses. Executive further acknowledges that Executive has entered into this Agreement of Executive’s own free will, and that no promises or representations have been made to
Executive by any person to induce Executive to enter into this Agreement other than the express terms set forth herein. Executive further acknowledges that Executive has read this Agreement and understands all of its terms, including the waiver of
rights set forth in Section 25. 

  
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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day written above. 

 

			
	NEWSTAR FINANCIAL, INC.
		
	By:	 	/s/ John Kirby Bray
		 	Name: John Kirby Bray
		 	Title: Chief Financial Officer
	
	TIMOTHY J. CONWAY
	
	/s/ Timothy J. Conway

  
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Exhibit A 
 Form of General Release of Claims (to be
included in a comprehensive separation agreement, which will contain additional terms) 
 General Release. Except with respect to any rights, obligations
or duties arising out of this Agreement, and in consideration of the payments and benefits set forth in this Agreement, Executive hereby releases and discharges NewStar and anyone acting by, through or on behalf of NewStar, including but not limited
NewStar’s directors, officers, employees, stockholders, representatives and agents (collectively, the “Releasees”), to the fullest extent permitted by law, of and from any and all complaints, charges, lawsuits or claims for relief of
any kind by Executive that he now has, ever had or ever may have against the Releasees, or any of them, whether known or unknown, arising out of any matter or thing that has happened before he signs this Agreement, including but not limited to
(i) claims for tort or contract; (ii) claims arising out of, based on, or connected with Executive’s employment, including terms and conditions of employment, by NewStar and the cessation of that employment; and (iii) claims
arising under any federal, state or local labor, employment or discrimination laws, including but not limited to the following (all as amended): Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967
(“ADEA”), the Americans with Disabilities Act (“ADA”), the Equal Pay Act of 1963, the Genetic Information Non-Discrimination Act, the Family and Medical Leave Act, the Massachusetts Fair Employment Practices Act (G.L. c. 151B),
the Massachusetts Civil Rights Act, the Massachusetts Equal Rights Act, the Massachusetts Wage Act, and any other local, state or federal law, policy, order, regulation or guideline affecting or relating to claims or rights of employees. The release
contained herein is a GENERAL RELEASE, including of statutory claims. Nothing in this Agreement shall be construed to preclude Executive from participating or cooperating in any investigation or proceeding conducted by the Equal Employment
Opportunity Commission, or any other local, state or federal administrative agency, including with respect to a challenge to this General Release. However, in the event that a charge or complaint is filed against the Releasees, or any of them, with
any administrative agency or in the event of an authorized investigation, charge or lawsuit filed against the Releasees, or any of them, by any administrative agency, Executive expressly waives and shall not accept any award or damages therefrom.

  
 21EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

THIS AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is entered into as of October 4, 2016, by
and among Colony Starwood Homes (formerly known as Starwood Waypoint Residential Trust), a Maryland real estate investment trust (“Oakland”), Oakland Capital (as defined below), the Colony Entities (as defined below) and the Colony
Holding Funds (as defined below). Certain capitalized terms used herein shall have the meanings ascribed to such terms in Section 1. 

RECITALS: 

WHEREAS, Oakland entered into that certain Registration Rights Agreement as of September 21, 2015 (the “Initial
Agreement”); and 
 WHEREAS, pursuant to Section 11(d) of the Initial Agreement, Oakland, Oakland Capital, the Colony
Entities and the Colony Holding Funds (with the Colony Entities and the Colony Holding Funds collectively constituting Holders of at least a majority of the “Registrable Shares” (as defined in the Initial Agreement) (excluding the
“Registrable Shares” held by Oakland Capital Holders)) desire to amend and restate the Initial Agreement as provided in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the covenants of the parties set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to the terms and conditions set forth herein, the parties hereby agree as follows: 

Section 1. Certain Definitions. In this Agreement, the following terms have the following respective meanings: 

“Affiliate” of any Person means any other Person directly or indirectly controlling or controlled by or under common control
with such Person. For the purposes of this definition, “control” when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Board” means the Board of Trustees of Oakland. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in
New York, New York are authorized or obligated by applicable law, regulation or executive order to close. 
 “Colony
Allocation” has the meaning ascribed to it in Section 2(c).
 “Colony Entities” means CFI CSFR Investor,
LLC, a Delaware limited liability company, Colony Distressed Credit Fund II, L.P., a Delaware limited partnership, Series X Holdco, LLC, a Delaware limited liability company, and Manager Holdco, LLC, a Delaware limited liability company. 

  
 1 

 “Colony Holders” means the Colony Entities, Colony AH Member, LLC, CCCAH
Management Partners, LLC, ColCo Strategic Partners, L.P., Colony Capital CAH, L.P. and their permitted transferees, provided such transfer is in accordance with Section 10. 

“Colony Holding Funds” means Colony American Homes Holdings I, L.P., a Delaware limited partnership, Colony American Homes
Holdings II, L.P., a Cayman Islands exempted limited partnership, Colony American Homes Holdings III, L.P., a Delaware limited partnership, and Colony American Homes Holdings IV, L.P., a Cayman Islands exempted limited partnership. 

“Commission” means the Securities and Exchange Commission or any other federal agency at the time administering the
Securities Act. 
 “Common Stock” means common shares of Oakland, par value $0.01 per share. 

“Company Notice” has the meaning ascribed to it in Section 2(b). 

“Contribution Agreement” means the Contribution Agreement dated as of September 21, 2015 among Oakland and the other parties
thereto. 
 “Demand Registration” has the meaning ascribed to it in Section 2(a). 

“End of Suspension Notice” has the meaning ascribed to it in Section 4(c). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the relevant time. 
 “FINRA” means the Financial Industry Regulatory
Authority. 
 “Holder” means (i) the Colony Holders, (ii) the Oakland Capital Holders and (ii) each Person holding
Registrable Shares as a result of a transfer, distribution or assignment to that Person of Registrable Shares (other than pursuant to an effective Resale Registration Statement or Rule 144), provided, if applicable, such transfer,
distribution or assignment is made in accordance with Section 10 of this Agreement.
 “Indemnified Party” has the
meaning ascribed to it in Section 8(c). 
 “Indemnifying Party” has the meaning ascribed to it in Section
8(c). 
 “Initial Agreement” has the meaning ascribed to it in the recitals hereof. 

“Majority Selling Holders” means (i) Oakland Capital Holders holding at least a majority of the Registrable Shares proposed
to be included by Oakland Capital Holders in an underwritten sale, if any of their Registrable Shares are proposed to be included in an 

  
 2 

 
underwritten sale of Registrable Shares, and (ii) Colony Holders holding at least a majority of the Registrable Shares proposed to be included by Colony Capital Holders in an underwritten sale,
if any of their Registrable Shares are proposed to be included in an underwritten sale of Registrable Shares. 
 “Maximum Number of
Shares” has the meaning ascribed to it in Section 2(c). 
 “Merger Agreement” means the Agreement and Plan
of Merger dated as of September 21, 2015 among Oakland and the other parties thereto. 
 “NYSE” means the New York Stock
Exchange.
 “Oakland Capital” means Starwood Capital Group Global, L.P., a Delaware limited partnership. 

“Oakland Capital Allocation” has the meaning ascribed to it in Section 2(c).

“Oakland Capital Holders” means Oakland Capital and its permitted transferees. 

“Oakland OP” means Colony Starwood Homes Partnership, L.P., a Delaware limited partnership. 

“OP Partnership Agreement” means the Second Amended and Restated Limited Partnership Agreement of Oakland, dated
January 5, 2016, by and between Oakland, Oakland Capital and Colony Starwood Homes GP, Inc., as amended from time to time. 

“OP Units” means common units of limited partnership interest issued by Oakland OP that are redeemable for cash or, at the
option of Oakland, subject to purchase by Oakland for cash or Common Shares. 
 “Person” means an individual, partnership,
corporation, business trust, limited liability company, limited liability partnership, joint stock company, trust, unincorporated association, joint venture or other entity. 

“Piggyback Registration” has the meaning ascribed to it in Section 3(a). 

“Prospectus” means the prospectus included in any Resale Registration Statement (including a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective Resale Registration Statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement or any issuer free
writing prospectus (as defined in Rule 433 under the Securities Act), with respect to the offering of any portion of the Registrable Shares covered by such Resale Registration Statement, and all other amendments and supplements to the prospectus,
including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such prospectus. 

  
 3 

 “Registrable Shares” means, with respect to any Holder, (i) the shares of Common
Stock that were issued pursuant to the Merger Agreement, including pursuant to any indemnification provision therein, either owned of record or beneficially by such Holder, (ii) the shares of Common Stock that are issued or issuable to such Holder
upon any purchase by Oakland of any OP Units issued pursuant to the Contribution Agreement and (iii) any additional securities issued or issuable as a dividend or distribution on, in exchange for, or otherwise in respect of, such shares of Common
Stock (including as a result of combinations, recapitalizations, mergers, consolidations, reorganizations or otherwise); provided that shares of Common Stock shall cease to be Registrable Shares with respect to any Holder at the time such
shares have been (a) sold pursuant to a Resale Registration Statement or sold pursuant to Rule 144 or (b) sold to Oakland or any of its subsidiaries. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with this Agreement,
including (i) all fees of the Commission, the NYSE or such other exchange on which the Registrable Shares are listed from time to time, and FINRA, (ii) all fees and expenses incurred in connection with compliance with federal or state securities or
blue sky laws (including any registration, listing and filing fees and reasonable fees and disbursements of counsel in connection with blue sky qualification of any of the Registrable Shares and the preparation of a blue sky memorandum and
compliance with the rules of FINRA and NYSE or other applicable exchange), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, duplicating, printing, delivering and distributing any Resale Registration
Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates and any other documents relating to the performance under and compliance with this Agreement, (iv) all fees and expenses incurred in
connection with the listing or inclusion of any of the Registrable Shares on the NYSE or other applicable exchange pursuant to Section 5(j), (v) the fees and disbursements of counsel for Oakland and of the independent public accountants of
Oakland (including the expenses of any special audit, agreed upon procedures and “cold comfort” letters required by or incident to such performance), and (vi) any fees and disbursements customarily paid in issues and sales of securities
(including the fees and expenses of any experts retained by Oakland in connection with any Resale Registration Statement); provided, however, that Registration Expenses will exclude brokers’ or underwriters’ discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Shares by a Holder and the fees and disbursements of any counsel to the Holders other than as provided for in clause (ii) above. 

“Renewal Deadline” has the meaning ascribed to it in Section 2(g).

“Resale Registration Statement” means any one or more registration statements of Oakland filed under the Securities Act,
whether pursuant to a Demand Registration, Piggyback Registration or otherwise, covering the resale of any of the Registrable Shares pursuant to the provisions of this Agreement, and all amendments and supplements to any such registration
statements, including post-effective amendments and new registration statements, in each case including the prospectus contained therein, all exhibits thereto and all materials and documents incorporated by reference therein. 

“Rule 144,” “Rule 158,” “Rule 415” or “Rule 424,” respectively, means such
specified rule promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission as a replacement thereto having substantially the same
effect as such rule. 

  
 4 

 “Rule 144 Holders” has the meaning ascribed to it in Section 9. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission
thereunder, all as the same shall be in effect at the relevant time. 
 “Selling Expenses” means, if any, all underwriting
or broker fees, discounts and selling commissions or similar fees or arrangements and transfer taxes allocable to the sale of the Registrable Shares included in the applicable offering.

“Suspension Event” has the meaning ascribed to it in Section 4(c). 

“Suspension Notice” has the meaning ascribed to it in Section 4(c). 

Section 2. Demand Registration Rights. 

(a) Subject to the provisions hereof: (i) each Oakland Capital Holder; or (ii) each Holder (or Holders in the aggregate) that hold(s)
Registrable Shares with an aggregate market value of at least $100 million (based on the closing price of the Common Stock on the NYSE on the date of delivery to Oakland of the notice required by this sentence); at any time from and after the date
hereof, may request registration for resale under the Securities Act of all or part of the Registrable Shares (a “Demand Registration”) by giving written notice thereof to Oakland (which request will specify the number of shares of
Registrable Shares to be offered by such Holder, whether the intended manner of sale will include or involve an underwritten offering and whether such Resale Registration Statement will be a “shelf” Resale Registration Statement under Rule
415 promulgated under the Securities Act). Subject to Sections 2(c) and 2(e) below and the penultimate sentence of this Section 2(a), Oakland will use commercially reasonable efforts (i) to file a Resale Registration
Statement (which will be a “shelf” Resale Registration Statement under Rule 415 promulgated under the Securities Act if requested pursuant to such Holder’s request pursuant to the first sentence of this Section 2(a))
registering for resale such number of Registrable Shares as requested to be so registered within 30 days in the case of a registration on Form S-3 (and 60 days in the case of a registration on Form S-11 or such other appropriate form) after such
Holder’s request therefor and (ii) to cause such Resale Registration Statement to be declared effective by the SEC as soon as reasonably practicable thereafter. Notwithstanding the foregoing, Oakland will not be required to effect a
registration pursuant to this Section 2(a): 
 (i) with respect to securities that are not Registrable Shares; 

(ii) if such request results in the cumulative requests for Demand Registration either by Oakland Capital Holders or by Colony
Holders, for which a registration statement has been filed and declared effective, exceeding three (3); 
 (iii) within 180
days after the effective date of a prior registration in respect of Oakland’s Common Stock; or 
 (iv) if an Oakland
Capital Holder does not seek to include Registrable Shares in such registration and the aggregate market value of all Registrable Shares sought to be included in such registration (including the Registrable Shares of other Holders requesting
inclusion pursuant to Section 2(b)) is less than $100 million (based on the closing price of the Common Stock on the NYSE on the fifth day after the delivery of the Company Notice pursuant to Section 2(b)). 

  
 5 

 If permitted under the Securities Act, such Resale Registration Statement will be one that is automatically
effective upon filing. Notwithstanding anything to the contrary contained in this Section 2(a), if at the time Oakland receives a request for a Demand Registration Oakland has an effective shelf registration statement, Oakland may include all
or part of the Registrable Shares covered by such request (including the Registrable Shares of other Holders requesting inclusion pursuant to Section 2(b)) in such shelf registration statement, including by virtue of including the Registrable
Shares in a prospectus supplement to such shelf registration statement and filing such prospectus supplement pursuant to Rule 424(b)(7) under the Securities Act (in which event, Oakland shall be deemed to have satisfied its registration obligation
under this Section 2(a) with respect to such Demand Registration request and such shelf registration statement shall be deemed to be a Resale Registration Statement for purposes of this Agreement and such request shall count toward the total
number of Demand Registrations of the Oakland Capital Holders (if such request was initiated by an Oakland Capital Holder) or the Colony Holders (if such request was initiated by a Colony Holder), subject, as to all of the foregoing, to compliance
with the provisions of this Agreement regarding underwritten offerings, if such Demand Registration request specified an intention to effect an underwritten offering of Registrable Shares); provided, that, for the avoidance of doubt, (i) if
Oakland includes Registrable Shares in a shelf registration statement on its own initiative without receiving a request for a Demand Registration from a Holder, such shelf registration statement shall not count toward the total number of Demand
Registrations of any Holder or (ii) if the Registrable Shares of a Holder are included on a shelf Resale Registration Statement and such Holder requests Oakland fulfill its obligations under Section 5 with respect to such registration statement,
including without limitation, Section 5(n)-(p), such request shall not separately count toward the total number of Demand Registrations of such Holder. 

(b) Within 10 days after receipt of any request for a Demand Registration under Section 2(a), Oakland shall give written notice
of such requested registration (which shall specify the intended method of disposition of such Registrable Shares) to all other Holders of Registrable Shares (a “Company Notice”) and Oakland shall include (subject to the provisions
of this Agreement) in such registration, all Registrable Shares with respect to which Oakland has received written requests for inclusion therein within 5 Business Days after the delivery of such Company Notice; provided that any such
other Holder may withdraw its request for inclusion at any time prior to executing the underwriting agreement or, if none, prior to the applicable registration statement becoming effective. Oakland may include in a Demand Registration shares of
Common Stock for sale for its own account or for the account of other security holders of Oakland.
 (c) If such Demand Registration
is in respect of an underwritten offering and the managing underwriters of the requested Demand Registration advise Oakland and the Holder(s) covered by such Demand Registration that in the reasonable opinion of the managing

  
 6 

 
underwriters the number of shares of Common Stock proposed to be included in the Demand Registration exceeds the number of shares of Common Stock that can be sold in such underwritten offering
without materially delaying or jeopardizing the success of the offering (including the offering price per share) (such maximum number of shares, the “Maximum Number of Shares”), Oakland will include in such Demand Registration only
such number of shares of Common Stock that, in the reasonable opinion of the managing underwriters, can be sold without materially delaying or jeopardizing the success of the offering (including the offering price per share), which shares of Common
Stock will be so included in the following order of priority, unless otherwise agreed by Oakland and the Holders covered by such Demand Registration: (i) first, the Registrable Shares of Holders, provided that (A) the number of
Registrable Shares of Oakland Capital Holders included in such Demand Registration shall not exceed the greater of (1) fifty percent (50%) of the Maximum Number of Shares (the “Oakland Capital Allocation”), and (2) the Oakland
Capital Allocation, plus, if any, the remainder of the Colony Allocation (such number of shares shall be allocated among such Oakland Capital Holders on a pro rata basis according to the number of Registrable Shares requested to be included
by each such Oakland Capital Holder), and (B) the number of Registrable Shares of the Colony Holders included in such Demand Registration shall not exceed the greater of (1) fifty percent (50%) of the Maximum Number of Shares (the “Colony
Allocation”), and (2) the Colony Allocation, plus, if any, the remainder of the Oakland Capital Allocation (such number of shares shall be allocated among such Colony Holders on a pro rata basis according to the number of Registrable
Shares requested to be included by each such Colony Holder) and (ii) second, any shares of Common Stock Oakland proposes to sell. 

(d) If any of the Registrable Shares covered by a Demand Registration are to be sold in an underwritten offering, Oakland shall have
the right to (i) select the underwriters (and their roles) in the offering and (ii) determine the structure of the offering and negotiate the terms of any underwriting agreement as they relate to the Holders, including the number of shares to be
sold (if not all shares offered can be sold at the highest price offered by the underwriters), the offering price and underwriting discount; provided that such underwriters, structure and terms are reasonably acceptable to Majority Selling
Holders.
 (e) Notwithstanding the foregoing, if the Board determines in its good faith judgment that the filing of a Demand
Registration would (i) be seriously detrimental to Oakland in that such registration would interfere with a material corporate transaction, or (ii) require the disclosure of material non-public information concerning Oakland that at the time is not,
in the good faith judgment of the Board, in the best interests of Oakland to disclose and is not, in the opinion of Oakland’s counsel, otherwise required to be disclosed, then Oakland will have the right to defer such filing for the period
during which such registration would be seriously detrimental; provided, however, that (x) Oakland may not defer such filing for a period of more than 60 days after receipt of any demand by a Holder, and (y) Oakland will not exercise
its right to defer a Demand Registration more than once in any 12-month period. Oakland will give written notice of its determination to the requesting Holder(s) to defer the filing and of the fact the purpose for such deferral no longer
exists, in each case, promptly after the occurrence thereof. 
 (f) Upon the date of effectiveness of any Demand Registration,
Oakland will use commercially reasonable efforts to keep the Resale Registration Statement continuously effective until such time as all of the Registrable Shares covered by such Demand Registration have been sold pursuant to such Demand
Registration.

  
 7 

 (g) If, by the third anniversary (the “Renewal Deadline”) of the initial
effective date of a Resale Registration Statement filed pursuant to Section 2(a), any of the Registrable Shares remain unsold by the Holders included on such registration statement, Oakland will file, if it has not already done so and is
eligible to do so, a new Resale Registration Statement covering the Registrable Shares included on the prior Resale Registration Statement; if at the Renewal Deadline Oakland is not eligible to file an automatic shelf registration statement, Oakland
will, if it has not already done so, file a new Resale Registration Statement and will use commercially reasonable efforts to cause such Resale Registration Statement to be declared effective within 180 days after the Renewal Deadline; and Oakland
will take all other action necessary or appropriate to permit the public offering and sale of the Registrable Shares to continue as contemplated in the expired Resale Registration Statement. References herein to Resale Registration Statement
shall include such new shelf registration statement. 
 Section 3. Piggy-Back Registration Rights. 

(a) If at any time Oakland has registered, or has determined to register, any of its securities for its own account or for the account
of other security holders of Oakland on any registration form (other than on Forms S-4 or S-8) that permits the inclusion of the Registrable Shares (a “Piggyback Registration”), Oakland will give the Holders written notice thereof
promptly (but in no event less than 5 Business Days prior to the anticipated filing date) and, subject to Section 3(b), will include in such registration all Registrable Shares requested to be included therein pursuant to the written request
of one or more Holders received within 5 Business Days after delivery of Oakland’s notice.
 (b) (i) If a
Piggyback Registration is initiated as a primary underwritten offering on behalf of Oakland, and the managing underwriters advise Oakland and the Holders that, in the reasonable opinion of the managing underwriters, the number of shares of Common
Stock proposed to be included in such registration exceeds the Maximum Number of Shares, Oakland will include in such registration, unless otherwise agreed by Oakland and the Holders, (A) first, the number of shares of Common Stock that Oakland
proposes to sell, and (B) second, the Registrable Shares of Holders, provided that (1) the number of Registrable Shares of Oakland Capital Holders included in such registration shall not exceed the greater of (a) the Oakland Capital
Allocation, and (b) the Oakland Capital Allocation, plus, if any, the remainder of the Colony Allocation (such number of shares shall be allocated among such Oakland Capital Holders on a pro rata basis according to the number of Registrable
Shares requested to be included by each such Oakland Capital Holder), and (2) the number of Registrable Shares of the Colony Holders included in such registration shall not exceed the greater of (a) the Colony Allocation, and (b) the Colony
Allocation, plus, if any, the remainder of the Oakland Capital Allocation (such number of shares shall be allocated among such Colony Holders on a pro rata basis according to the number of Registrable Shares requested to be included by each
such Colony Holder). For purposes of the calculations under Section 3(b)(i)(B), each of the Oakland Capital Allocation and the Colony Allocation shall be reduced by the number of shares to be sold by Oakland.

  
 8 

 (ii) If a Piggyback Registration is initiated as an underwritten registration on
behalf of a holder of shares of Common Stock other than under this Agreement, and the managing underwriters advise Oakland that, in the reasonable opinion of the managing underwriters, the number of shares of Common Stock proposed to be included in
such registration exceeds the Maximum Number of Shares, then Oakland will include in such registration, unless otherwise agreed by Oakland and the holders (including the Holders, if any), (A) first, the number of shares of Common Stock requested to
be included therein by the holder(s) requesting such registration, (B) second, the Registrable Shares of Holders, provided that (1) the number of Registrable Shares of Oakland Capital Holders included in such registration shall not exceed the
greater of (a) the Oakland Capital Allocation, and (b) the Oakland Capital Allocation, plus, if any, the remainder of the Colony Allocation (such number of shares shall be allocated among such Oakland Capital Holders on a pro rata basis
according to the number of Registrable Shares requested to be included by each such Oakland Capital Holder), and (2) the number of Registrable Shares of the Colony Holders included in such registration shall not exceed the greater of (a) the Colony
Allocation, and (b) the Colony Allocation, plus, if any, the remainder of the Oakland Capital Allocation (such number of shares shall be allocated among such Colony Holders on a pro rata basis according to the number of Registrable Shares
requested to be included by each such Colony Holder) and (C) third, the number of shares of Common Stock that Oakland proposes to sell. For purposes of the calculations under Section 3(b)(ii)(B), each of the Oakland Capital Allocation
and the Colony Allocation shall be reduced by the number of shares to be sold by the holder(s) requesting such registration. 
 (c)
If any Piggyback Registration is a primary or secondary underwritten offering, Oakland will have the right to select, in its sole discretion, the managing underwriter or underwriters to administer any such offering. 

(d) Oakland will not grant to any Person the right to request Oakland to register any Common Stock in a Piggyback Registration unless
such rights are consistent with the provisions of this Section 3. 
 Section 4. Suspension.

(a) Subject to the provisions of this Section 4 and a good faith determination by Oakland that it is in the best interests of
Oakland to suspend the use of any Resale Registration Statement, following the effectiveness of such Resale Registration Statement (and the filings with any U.S. federal or state securities commissions), Oakland, by written notice to the Holders,
may direct the Holders to suspend sales of the Registrable Shares pursuant to such Resale Registration Statement for such times as Oakland reasonably may determine is necessary and advisable (but in no event for more than 30 days in any 90-day
period or 90 days in any 365-day period), if any of the following events will occur: (i) an underwritten public offering of Common Stock by Oakland if Oakland is advised by the underwriters that the concurrent resale of the Registrable Shares by the
Holders pursuant to the Resale Registration Statement would have a material adverse effect on Oakland’s offering; (ii) there is material non-public information regarding Oakland that (A) Oakland determines not to be in Oakland’s best
interest to disclose, (B) would, in the good faith determination of Oakland, require any revision to the 

  
 9 

 
Resale Registration Statement so that it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and (C) Oakland is not otherwise required to disclose; or (iii) there is a significant bona fide business opportunity (including the acquisition or
disposition of assets (other than in the ordinary course of business), including any significant merger, consolidation, tender offer or other similar transaction) available to Oakland that Oakland determines not to be in Oakland’s best
interests to disclose. 
 (b) Upon the earlier to occur of (i) Oakland delivering to the Holders an End of Suspension Notice, or (ii)
the end of the maximum permissible suspension period, Oakland will use commercially reasonable efforts to promptly amend or supplement the Resale Registration Statement on a post-effective basis, if necessary, or to take such action as is necessary
to make resumed use of the Resale Registration Statement so as to permit the Holders to resume sales of the Registrable Shares as soon as possible. 

(c) In the case of an event that causes Oakland to suspend the use of a Resale Registration Statement (a “Suspension
Event”), Oakland will give written notice (a “Suspension Notice”) to the Holders to suspend sales of the Registrable Shares, and such notice will state that such suspension will continue only for so long as the Suspension
Event or its effect is continuing and Oakland is taking all reasonable steps to terminate suspension of the effectiveness of the Resale Registration Statement as promptly as possible. The Holders will not effect any sales of the Registrable
Shares pursuant to such Resale Registration Statement (or such filings) at any time after it has received a Suspension Notice from Oakland and prior to receipt of an End of Suspension Notice. If so directed by Oakland, each Holder will deliver
to Oakland (at the reasonable expense of Oakland) all copies other than permanent file copies then in such Holder’s possession of the Prospectus covering the Registrable Shares at the time of receipt of the Suspension Notice. The Holders may
recommence effecting sales of the Registrable Shares pursuant to the Resale Registration Statement (or such filings) following further notice to such effect (an “End of Suspension Notice”) from Oakland, which End of Suspension
Notice will be given by Oakland to the Holders in the manner described above promptly following the conclusion of any Suspension Event and its effect. 

Section 5. Registration Procedures. In connection with the obligations of Oakland with respect to any registration pursuant
to this Agreement, Oakland will: 
 (a) prepare and file with the Commission, as specified in this Agreement, each Resale
Registration Statement, which will comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the Commission to be filed therewith, and use commercially reasonable efforts
to cause any Resale Registration Statement to become and remain effective as set forth in Section 2; 
 (b) subject to
Section 4, (i) prepare and file with the Commission such amendments and post-effective amendments to each such Resale Registration Statement as may be necessary to keep such Resale Registration Statement effective for the period described in
Section 2 hereof, (ii) cause each Prospectus contained therein to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 or any 

  
 10 

 
similar rule that may be adopted under the Securities Act, and (iii) comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities
covered by each Resale Registration Statement during the applicable period in accordance with the intended method or methods of distribution specified by the Holders of Registrable Shares covered by such Resale Registration Statement; 

(c) furnish to the Holders of Registrable Shares covered by a Resale Registration Statement, without charge, such number of copies of
each Prospectus, including each preliminary Prospectus, and any amendment or supplement thereto and such other documents as any such Holder may reasonably request, in order to facilitate the public sale or other disposition of the Registrable
Shares; Oakland hereby consents to the use of such Prospectus, including each preliminary Prospectus, by such Holders in connection with the offering and sale of the Registrable Shares covered by any such Prospectus; 

(d) use commercially reasonable efforts to register or qualify, or obtain exemption from registration or qualification for, all
Registrable Shares by the time the applicable Resale Registration Statement is declared effective by the Commission under all applicable state securities or “blue sky” laws of such domestic jurisdictions as any Holder covered by a Resale
Registration Statement may reasonably request in writing, keep each such registration or qualification or exemption effective during the period such Resale Registration Statement is required to be kept effective pursuant to Section 2 and do
any and all other acts and things that may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such Registrable Shares owned by such Holder; 

(e) notify each Holder with Registrable Shares covered by a Resale Registration Statement promptly and, if requested by any such
Holder, confirm such advice in writing (i) when such Resale Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (ii) of the issuance by the Commission or any state securities
authority of any stop order suspending the effectiveness of such Resale Registration Statement or the initiation of any proceedings for that purpose, (iii) of any request by the Commission or any other federal or state governmental authority for
amendments or supplements to such Resale Registration Statement or related Prospectus or for additional information, and (iv) of the happening of any event during the period such Resale Registration Statement is effective as a result of which such
Resale Registration Statement or the related Prospectus or any document incorporated by reference therein contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the
statements therein not misleading (which information will be accompanied by an instruction to suspend the use of the Resale Registration Statement and the Prospectus until the requisite changes have been made); 

(f) during the period of time referred to in Section 2, use its best efforts to avoid the issuance of, or if issued, to obtain
the withdrawal of, any order enjoining or suspending the use or effectiveness of a Resale Registration Statement or suspending the qualification (or exemption from qualification) of any of the Registrable Shares for sale in any jurisdiction, as
promptly as practicable; 

  
 11 

 (g) upon request, furnish to each requesting Holder with Registrable Shares covered by a
Resale Registration Statement, without charge, at least one conformed copy of such Resale Registration Statement and any post-effective amendment or supplement thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested); 
 (h) except as provided in Section 4, upon the occurrence of any event contemplated by Section 5(e)(iv),
use commercially reasonable efforts to promptly prepare a supplement or post-effective amendment to a Resale Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document so
that, as thereafter delivered to the purchasers of the Registrable Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and, upon request, promptly furnish to each requesting Holder a reasonable number of copies of each such supplement or post-effective amendment; 

(i) enter into customary agreements and take all other action in connection therewith in order to expedite or facilitate the
distribution of the Registrable Shares included in such Resale Registration Statement; 
 (j) use commercially reasonable efforts
(including seeking to cure in Oakland’s listing or inclusion application any deficiencies cited by the exchange or market) to list or include all Registrable Shares on any securities exchange on which such Registrable Shares are then listed or
included, and enter into such customary agreements including a supplemental listing application and indemnification agreement in customary form; 

(k) prepare and file in a timely manner all documents and reports required by the Exchange Act and, to the extent Oakland’s
obligation to file such reports pursuant to Section 15(d) of the Exchange Act expires prior to the expiration of the effectiveness period of the Resale Registration Statement as required by Section 2 hereof, Oakland will register the
Registrable Shares under the Exchange Act and maintain such registration through the effectiveness period required by Section 2; 

(l) (i) otherwise use commercially reasonable efforts to comply in all material respects with all applicable rules and regulations of
the Commission, (ii) make generally available to its stockholders, as soon as reasonably practicable, earnings statements (which need not be audited) covering at least 12 months that satisfy the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder, and (iii) delay filing any Resale Registration Statement or Prospectus or amendment or supplement to such Resale Registration Statement or Prospectus to which any Holder of Registrable Shares covered by any Resale Registration
Statement will have reasonably objected on the grounds that such Resale Registration Statement or Prospectus or amendment or supplement does not comply in all material respects with the requirements of the Securities Act, such Holder having been
furnished with a copy thereof at least two Business Days prior to the filing thereof; provided, however, that Oakland may file such Resale Registration Statement or Prospectus or amendment or supplement following such time as Oakland
will have made a good faith effort to resolve any such issue with the objecting Holder and will have advised the Holder in writing of its reasonable belief that such filing complies in all material respects with the requirements of the Securities
Act; 

  
 12 

 (m) cause to be maintained a registrar and transfer agent for all Registrable Shares
covered by any Resale Registration Statement from and after a date not later than the effective date of such Resale Registration Statement; 

(n) in connection with any sale or transfer of the Registrable Shares (whether or not pursuant to a Resale Registration Statement) that
will result in the securities being delivered no longer constituting Registrable Shares, cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing the Registrable Shares to be sold, which certificates
will not bear any transfer restrictive legends arising under federal or state securities laws, and to enable such Registrable Shares to be in such denominations and registered in such names as the Holders may request at least three Business Days
prior to any sale of the Registrable Shares; 
 (o) cause management of Oakland to cooperate as may be reasonably requested with each
of the Holders of Registrable Shares covered by a Resale Registration Statement (i) with respect to sales or placements of Registrable Shares (A) with an aggregate offering price of at least $250 million or (B) that constitute the sale or placement
of all of the remaining Registrable Shares of the Oakland Capital Holders or of the Colony Holders, including by participating in roadshows, one-on-one meetings with institutional investors, and (ii) with respect to all sales or placements, any
request for information or other diligence request by any such Holder or any underwriter; 
 (p) in connection with a public offering
of Registrable Shares, whether or not such offering is an underwritten offering, use commercially reasonable efforts to obtain a “comfort” letter from the independent public accountants for Oakland and any acquisition target of Oakland
whose financial statements are required to be included or incorporated by reference in any Resale Registration Statement, in form and substance customarily given by independent certified public accountants in an underwritten public offering,
addressed to the underwriters, if any, and to the Holders of the Registrable Shares being sold pursuant to each Resale Registration Statement; 

(q) execute and deliver all instruments and documents (including an underwriting agreement or placement agent agreement, as applicable
in customary form) and take such other actions and obtain such certificates and opinions as sellers of the Registrable Shares being sold reasonably request in order to effect a public offering of such Registrable Shares and in such connection,
whether or not an underwriting agreement is entered into and whether or not the offering is an underwritten offering, (i) make such representations and warranties to the Holders of such Registrable Shares and the underwriters, if any, with respect
to the business of Oakland and its subsidiaries, and the Resale Registration Statement and documents, if any, incorporated by reference therein, in each case, in form, substance and scope as are customarily made by issuers to underwriters in
underwritten offerings, and, if true, confirm the same if and when requested, and (ii) use commercially reasonable efforts to furnish to the selling Holders and underwriters of such Registrable Shares opinions and negative assurance letters of
counsel to Oakland and updates thereof (which counsel and opinions (in 

  
 13 

 
form, scope and substance) will be reasonably satisfactory to the managing underwriters, if any, and counsels to the selling Holders of the Registrable Shares), covering the matters customarily
covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such counsel and any such underwriters; and 

(r) upon reasonable request by a Holder, Oakland will file an amendment to any applicable Resale Registration Statement (or Prospectus
supplement, as applicable), to name additional Holders of Registrable Shares or otherwise update the information provided by any such Holder in connection with such Holder’s disposition of Registrable Shares. 

Section 6. Required Information. 

(a) Oakland may require the Holders to furnish in writing to Oakland such information regarding such Holder and the proposed
distribution of Registrable Shares by such Holder as Oakland may from time to time reasonably request in writing or as will be required to effect the registration of the Registrable Shares, and no Holder will be entitled to be named as a selling
stockholder in any Resale Registration Statement or use the Prospectus forming a part thereof if such Holder does not provide such information to Oakland. Each Holder further agrees to furnish promptly to Oakland in writing all information
required from time to time to make the information previously furnished by such Holder not misleading. 
 (b) Each Holder agrees
that, upon receipt of any notice from Oakland of the happening of any event of the kind described in Section 5(e)(ii), Section 5(e)(iii) or Section 5(e)(iv) hereof, such Holder will immediately discontinue disposition of
Registrable Shares pursuant to a Resale Registration Statement until (i) any such stop order is vacated, or (ii) if an event described in Section 5(e)(iii) or Section 5(e)(iv) occurs, such Holder’s receipt of the copies of
the supplemented or amended Prospectus. If so directed by Oakland, such Holder will deliver to Oakland (at the reasonable expense of Oakland) all copies, other than permanent file copies then in such Holder’s possession, in its possession of
the Prospectus covering such Registrable Shares current at the time of receipt of such notice. 
 Section 7. Expenses of
Registration. Oakland will pay all Registration Expenses in connection with the registration of the Registrable Shares pursuant to this Agreement and any other actions that may be taken in connection with the registration contemplated
herein. Each Holder participating in a registration pursuant to Section 2 or Section 3, will bear such Holder’s proportionate share (based on the total number of Registrable Shares sold in such registration) of all Selling
Expenses and any other expense relating to a registration of Registrable Shares pursuant to this Agreement and any other Selling Expenses relating to the sale or disposition of such Holder’s Registrable Shares pursuant to any Resale
Registration Statement; provided, however, that each such Holder shall be responsible for its own counsel’s fees and expenses (and no other Holder shall have any responsibility in respect of such fees and expenses). 

Section 8. Indemnification and Contribution. 

(a) Oakland will indemnify and hold harmless each Holder of Registrable Shares covered by a Resale Registration Statement, each person
who controls any such Holder 

  
 14 

 
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors, members, managers, stockholders, partners, limited partners, agents and
employees of each of them (each an “Indemnified Party”), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including reasonable attorneys’ fees) and
expenses (collectively, “Losses”), as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in a Resale Registration Statement or any Prospectus or in any amendment or
supplement thereto or in any preliminary Prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or
supplement thereto, in light of the circumstances under which they were made) not misleading, or (ii) any violation or alleged violation by Oakland of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation
thereunder, in connection with the performance of its obligations under this Agreement; in each case, except to the extent, but only to the extent, that (A) such untrue statement or omission is based upon information regarding such Holder furnished
in writing to Oakland by or on behalf of such Holder expressly for use therein, or (B) such information relates to such Holder or such Holder’s proposed method of distribution of the Registrable Shares and was approved in writing by or on
behalf of such Holder expressly for use in the Resale Registration Statement, such Prospectus or in any amendment or supplement thereto. 

(b) Each Holder of Registrable Shares covered by a Resale Registration Statement will, severally and not jointly, indemnify and hold
harmless Oakland, each director of Oakland, each officer of Oakland who will sign a Resale Registration Statement, each underwriter, broker or other Person acting on behalf of the holders of securities included in a Resale Registration Statement,
and each Person who controls any of the foregoing Persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) against any Losses, as incurred, arising out of or relating to any untrue or alleged untrue
statement of a material fact contained in a Resale Registration Statement or any Prospectus or in any amendment or supplement thereto or in any preliminary Prospectus, or arising out of or relating to any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, but only to the extent that (i) such
untrue statement or omission is based upon information regarding such Holder furnished in writing to Oakland by or on behalf of such Holder expressly for use therein, or (ii) such information relates to such Holder or such Holder’s proposed
method of distribution of the Registrable Shares and was approved in writing by or on behalf of such Holder expressly for use in the Resale Registration Statement, such Prospectus or in any amendment or supplement thereto. 

(c) Each party entitled to indemnification under this Section 8 (the “Indemnified Party”) will give notice to
the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, but the omission to so notify the Indemnifying
Party will not relieve it from any liability which it may have to the Indemnified Party pursuant to the provisions of this Section 8 except to the extent of the actual damages suffered by such delay in notification. The Indemnifying
Party will assume the defense of such action, including the employment of counsel to be chosen by the Indemnifying Party to be reasonably satisfactory to 

  
 15 

 
the Indemnified Party, and payment of expenses. The Indemnified Party will have the right to employ its own counsel in any such case, but the legal fees and expenses of such counsel will be
at the expense of the Indemnified Party, unless (i) the employment of such counsel will have been authorized in writing by the Indemnifying Party in connection with the defense of such action, (ii) the Indemnifying Party will not have employed
counsel to take charge of the defense of such action or (iii) the Indemnified Party will have reasonably concluded that there may be defenses available to it or them which are different from or additional to those available to the Indemnifying Party
(in which case the Indemnifying Party will not have the right to direct the defense of such action on behalf of the Indemnified Party), in any of which events such fees and expenses will be borne by the Indemnifying Party. No Indemnifying
Party, in the defense of any such claim or litigation, will, except with the consent of each Indemnified Party, consent to the entry of any judgment or enter into any settlement unless such judgment or settlement (i) includes an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation, and (ii) does not include a statement as to or an admission of fault, culpability or a
failure to act, by or on behalf of any Indemnified Party.
 (d) If the indemnification provided for in this Section 8 is
unavailable to a party that would have been an Indemnified Party under this Section 8 in respect of any expenses, claims, losses, damages and liabilities referred to herein, then each party that would have been an Indemnifying Party hereunder
will, in lieu of indemnifying such Indemnified Party, contribute to the amount paid or payable by such Indemnified Party as a result of such expenses, claims, losses, damages and liabilities in such proportion as is appropriate to reflect the
relative fault of the Indemnifying Party on the one hand and such Indemnified Party on the other in connection with the statement or omission which resulted in such expenses, claims, losses, damages and liabilities, as well as any other relevant
equitable considerations. The relative fault will be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to
information supplied by the Indemnifying Party or such Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. Oakland and each Holder agree
that it would not be just and equitable if contribution pursuant to this Section 8 were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to above in
this Section 8(d). 
 (e) No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (f)
In no event will any Holder be liable for any expenses, claims, losses, damages or liabilities pursuant to this Section 8 in excess of the net proceeds to such Holder of any Registrable Shares sold by such Holder. 

Section 9. Rule 144. Oakland shall, at Oakland’s expense, for so long as (i) any Holder holds any Registrable Shares
or (ii) any holder that was issued shares of Common Stock pursuant to the Merger Agreement or any direct or indirect transferee of such holder holds any such shares (collectively the holders described in (i) and (ii), the “Rule 144
Holders”), use 

  
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commercially reasonable efforts to cooperate with the Rule 144 Holders, as may be reasonably requested by any Rule 144 Holder from time to time, to facilitate any proposed sale of Registrable
Shares by the requesting Rule 144 Holder(s) in accordance with the provisions of Rule 144, including by using commercially reasonable efforts (i) to comply with the current public information requirements of Rule 144 and (ii) to provide opinions of
counsel as may be reasonably necessary in order for such Rule 144 Holder to avail itself of such rule to allow such Holder to sell such Registrable Shares without registration.

Section 10. Transfer of Registration Rights. The rights and obligations of a Holder under this Agreement may be transferred
or otherwise assigned to a transferee or assignee of Registrable Shares, provided (i) such transferee or assignee is or becomes a party to this Agreement or agrees in writing to be subject to the terms hereof to the same extent as if
such transferee or assignee were an original party hereunder, and (ii) Oakland is given written notice by such Holder of such transfer or assignment stating the name and address of such transferee or assignee and identifying the securities with
regard to which such rights and obligations are being transferred or assigned.
 Section 11. Miscellaneous. 

(a) Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement and any claim, controversy or dispute arising under
or related in any way to this Agreement, the relationship of the parties, the transactions contemplated by this Agreement and/or the interpretation and enforcement of the rights and duties of the parties hereunder or related in any way to the
foregoing, will be governed by and construed in accordance with the laws of the State of Maryland without giving effect to any choice or conflict of law provision or rule (whether of the State of Maryland or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Maryland. 
 EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE STATE OF MARYLAND FOR THE PURPOSES OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY AND AGREES THAT ALL CLAIMS IN
RESPECT OF THE SUIT, ACTION OR OTHER PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH PARTY AGREES TO COMMENCE ANY SUCH SUIT, ACTION OR OTHER PROCEEDING IN ANY STATE OR FEDERAL COURT SITTING IN THE STATE OF MARYLAND. EACH
PARTY WAIVES ANY DEFENSE OF IMPROPER VENUE OR INCONVENIENT FORUM TO THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT AND WAIVES ANY BOND, SURETY, OR OTHER SECURITY THAT MIGHT BE REQUIRED OF ANY OTHER PARTY WITH RESPECT THERETO. ANY PARTY
MAY MAKE SERVICE ON ANY OTHER PARTY BY SENDING OR DELIVERING A COPY OF THE PROCESS TO THE PARTY TO BE SERVED AT THE ADDRESS AND IN THE MANNER PROVIDED FOR THE GIVING OF NOTICES IN SECTION 11(e). NOTHING IN THIS SECTION 11(a),
HOWEVER, WILL AFFECT THE RIGHT OF ANY PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AT EQUITY. EACH PARTY AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING SO BROUGHT WILL BE CONCLUSIVE AND MAY BE ENFORCED BY SUIT
ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW OR AT EQUITY. 

  
 17 

 EACH OF THE PARTIES HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR
CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EACH OF THE PARTIES (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (ii) ACKNOWLEDGES THAT SUCH OTHER PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED HEREIN. 
 (b) Entire Agreement. This Agreement constitutes
the full and entire understanding and agreement among the parties with regard to the subject matter hereof.
 (c) Interpretation
and Usage. In this Agreement, unless there is a clear contrary intention: (i) when a reference is made to a section, an annex or a schedule, that reference is to a section, an annex or a schedule of or to this Agreement; (ii) the singular
includes the plural and vice versa; (iii) reference to any agreement, document or instrument means that agreement, document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof; (iv) reference to
any statute, rule, regulation or other law means that statute, rule, regulation or law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated
thereunder, and reference to any section or other provision of any law means that section or provision from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of that section or
provision; (v) “hereunder,” “hereof,” “hereto,” and words of similar import will be deemed references to this Agreement as a whole and not to any particular article, section or other provision of this Agreement; (vi)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description preceding such term; (vii) references to agreements, documents or instruments will be deemed to refer as well
to all addenda, exhibits, schedules or amendments thereto; and (viii) the terms “writing,” “written” and words of similar import will be deemed to include communications and documents in e-mail, fax or any other similar
electronic or documentary form.
 (d) Amendment. No supplement, modification, waiver or termination of this Agreement
will be binding unless executed in writing by Oakland, Oakland Capital Holders holding at least a majority of the Registrable Shares held by Oakland Capital Holders and Colony Holders holding at least a majority of the Registrable Shares held
by Colony Holders. 
 (e) Notices, etc. Each notice, demand, request, request for approval, consent, approval,
disapproval, designation or other communication (each of the foregoing being referred to herein as a notice) required or desired to be given or made under this Agreement will be in writing (except as otherwise provided in this Agreement), and will
be effective and deemed to 

  
 18 

 
have been received (i) when delivered in person, (ii) when receipt is acknowledged by recipient if sent by fax or e-mail, (iii) five (5) days after having been mailed by
certified or registered United States mail, postage prepaid, return receipt requested, or (iv) the next Business Day after having been sent by a nationally recognized overnight mail or courier service, receipt requested. Notices will be
addressed as follows: (i) if to a Holder, at such Holders’ address or fax number as such Holder will have furnished to Oakland in writing; (ii) if to any assignee or transferee of a Holder, at such address or fax number as such
assignee or transferee will have furnished Oakland in writing; or (iii) if to Oakland, at the address of its principal executive offices and addressed to the attention of the President, or at such other address or fax number as Oakland will
have furnished to the Holders. Any notice or other communication required to be given hereunder to a Holder in connection with a registration may instead be given to a designated representative of such Holder. 

(f) Counterparts. This Agreement may be executed in any number of counterparts, each of which may be executed by fewer than
all of the parties hereto (provided, however, that each party executes one or more counterparts), each of which will be enforceable against the parties actually executing such counterparts, and all of which together will constitute one
instrument. This Agreement may be executed in any number of separate counterparts (including by means of facsimile or portable document format (pdf)), each of which is an original but all of which taken together will constitute one and the same
instrument. 
 (g) Severability. In the event that any provision of this Agreement becomes or is declared by a court of
competent jurisdiction to be illegal, unenforceable or void, this Agreement will continue in full force and effect without said provision. 

(h) Section Titles. Section titles are for descriptive purposes only and will not control or alter the
meaning of this Agreement as set forth in the text. 
 (i) Successors and Assigns. This Agreement will be binding upon
the parties hereto and their respective successors and permitted assigns and will inure to the benefit of the parties hereto and their respective successors and permitted assigns. If any successor or permitted assignee of any Holder will
acquire Registrable Shares in any manner, whether by operation of law or otherwise, (i) such successor or permitted assignee will be entitled to all of the benefits of a “Holder” under this Agreement and (ii) such Registrable
Shares will be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Shares such Person will be conclusively deemed to have agreed to be bound by all of the terms and provisions hereof.

(j) Remedies; No Waiver. Each party acknowledges and agrees that the other parties would be irreparably damaged in the
event that the covenants set forth in this Agreement were not performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed that each party hereto will be entitled to seek an injunction to specifically
enforce the terms of this Agreement solely in the courts specified in Section 11(a), in addition to any other remedy to which such party may be entitled hereunder, at law or in equity. 

No failure or delay by a party in exercising any right or remedy provided by law or under this Agreement will impair such right or remedy or
operate or be construed as a waiver 

  
 19 

 
or variation of it or preclude its exercise at any subsequent time and no single or partial exercise of any such right or remedy will preclude any further exercise of it or the exercise of any
other remedy.
 (k) Attorneys’ Fees. If Oakland or any Holder brings an action to enforce its rights under this
Agreement, the prevailing party in the action is entitled to recover its costs and expenses, including reasonable attorneys’ fees, incurred in connection with such action, including any appeal of such action. 

(l) Changes in Securities Laws. In the event that any amendment, repeal or other change in the securities laws will render
the provisions of this Agreement inapplicable, Oakland will provide the Holders with substantially similar rights to those granted under this Agreement and use its good faith efforts to cause such rights to be as comparable as possible to the rights
granted to the Holders hereunder. 
 *** 

  
 20 

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

			
	COLONY STARWOOD HOMES
		
	By:	 	 /s/ Ryan Berry

	Name:	 	Ryan Berry
	Title:	 	EVP – General Counsel
	
	STARWOOD CAPITAL GROUP GLOBAL, L.P.
		
	By:	 	 /s/ Thomas Bowers

	Name:	 	Thomas Bowers
	Title:	 	Managing Director
	
	CFI CSFR INVESTOR, LLC
	
	By: Colony Capital Operating Company, LLC, as sole managing member
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President
	
	COLONY DISTRESSED CREDIT FUND II, L.P.
	
	By: Colony Capital Credit II, L.P., its general partner
	
	By: ColonyGP Credit II, LLC, its general partner
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President

  
 21 

 
			
	SERIES X HOLDCO, LLC
	
	By: Manager Holdco LLC, its managing member
	
	By: Colony AH Member, LLC, its managing member
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President
	
	MANAGER HOLDCO, LLC
	
	By: Colony AH Member, LLC, its managing member
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President
	
	COLONY AMERICAN HOMES HOLDINGS I, L.P.
	
	By: ColonyGP American Homes, LLC, its general partner
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President
	
	COLONY AMERICAN HOMES HOLDINGS II, L.P.
	
	By: ColonyGP American Homes, LLC, its general partner
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President

  
 22 

 
			
	COLONY AMERICAN HOMES HOLDINGS III, L.P.
	
	By: ColonyGP American Homes, LLC, its general partner
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President
	
	COLONY AMERICAN HOMES HOLDINGS IV, L.P.
	
	By: ColonyGP American Homes, LLC, its general partner
		
	By:	 	 /s/ Mark H. Hedstrom

	Name:	 	Mark H. Hedstrom
	Title:	 	Vice President

  
 23

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